I smell bad news, page-14

June 2018 V_H.

Even if it was June 30th that provides the bank with unaudited Mar'18 Qtrly (which has no new drilling or wells put on production), the Half Yearly accounts which only have audit review and of course the current audited annual report.

How do you show progress, when you've only drilled 1 well in that time, which while consistently touted as on time and under budget has run into issues and requires remediation work to be able to be put into production (how sure of that??). Nothing being shown wrt to IOG monthly well production - which they have had since Jan 1 2017 - which is the cash flow of the company - and which clearly shows they cannot be cash flow positive on that alone (with no drilling). There also doesn't appear to be any progress on solving the associated gas production so Magellan not producing, Columbus and Marco Polo shut-in.

So the capital raising noted by FPL more than likely is going to have to address the principal repayment in some fashion. Of course oil may be $100/Bbl which helps FPL (and watch the claim about how they anticipated the recovery and were ready ... same fashion as anticipated the fall).