This is not news. Let me remind all the Macquarie financing was...

This is not news.  Let me remind all the Macquarie financing was undertaken after equity funding to buy the second half of Mereenie proved impossible and RC knocked on the door of every lender he could think of and was refused by all.  This was the best deal the CTP board could find, so they took it.

Yes, it is expensive money.  Yes, it gobbles up early gas sales revenue at a discount.

I refer to this in my 1 Sept post:

https://hotcopper.com.au/threads/ann-grant-of-atp-2031.4395128/page-8?post_id=35347991#.W6wqWy9L1EI

Without seeing the contract, we cannot know whether Macquarie can choose to be repaid in cash or gas. The gas option is likely their security, not necessarily their preferred payment method.  

The saving grace is that both the Macquarie loan and PWC take-or-pay liabilities (an interest-free loan) will roll off quickly, directly boosting the balance sheet.  These liabilities are also why the Mereenie pipe capacity improvements are not being undertaken ahead of NGP and are pencilled in for a year hence, despite their obvious immediate benefits.

PV13 drilling away.  

Ash