Ann: New Wet Gas Discovery at Varanus South-1, page-36

with a big capex committed to replace reserves the debt cannot be paid off tmrw. $125 mil was raised when Aussie was 1.03. Simple loss is $25 mil and rising if AUD keeps sliding courtesy RBA. The debt holders have an option to redeem early next year if I recollect there was a 2 year window. at 6% USD ie 7% AUD int rate its not cheap either. A 4% upfront brokerage takes that to 8% p.a. Remember juniors don't pay div either. Fundamentals are strong but Sentiment is v weak. $WPL $STO are safer then the rest of the oilies. Technically 70-75 should be a bottom I Hope. Lucky I sold most of it at 140 so current holding is free