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From the September Quarterly:

"…net debt position of $64 million…"

"AWE is awaiting payment of approximately $15 million with the potential for additional cash payments following the execution of gas sales agreements…"

So $64 net debt - $15 mill outstanding payment - $38 institution cap raise - $10 mill retail cap raise = $1 mill net debt

Add on say $9 mill of incidentals? Brings it to a nice round $10 mill net debt assuming production has remained stagnant?

Then include the "additional cash payments".

Higher oil price since the September quarterly.
http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=3m

AUD dropped since the September quarterly.
http://xe.com/currencycharts/?from=AUD&to=USD&view=1Y

The December Quarterly will be interesting.

The takeover ought to be postponed until the December Quarterly is released.

China Energy has strategically chosen not to wait.