debt arrangement, page-11

Think that that is correct, tilleydog, except for the demerged assets, that is.

Not quite sure how the EFS leasing rights will be re-structured. I assume that TXN acquired rights over all formation levels. If so, from those lease rights, it will carve out the EFS and deeper formation rights and will "retain" rights over the shallower formations. That could be done by creating new lease rights for the shallower formations and by granting those rights to Talon. That is more likely than assignment to Talon of the existing leases granted by a large number of land owners and then a lease back to TXN.

As regards the debt facility: the news release says that it is repayable upon the merger with SEA proceeding. At that point, SEA will put its subsidiary in funds to enable it to repay the facility and continue with the drilling programme. That is the way that I read it.

As to TXN's cash - that could be injected into Talon by way of share capital. It will be that enlarged share capital that will be distributed to TXN shareholders as the penultimate act of the demerger before SEA's offer for the TXN shares.