From Serica's Q2 Report:
In February 2009 the Company agreed an extension of its US$100 million debt facility
until November 2009. As of 25 August 2009, the Company’s debt facility was US$60
million drawn out of a total facility of US$100 million, resulting in a net debt position of
approximately US$40 million. Ongoing expenditure will be incurred prior to refinancing in
November 2009 however the receipt of revenues from the Kambuna field will put the
Company in a stronger financial position. Although the refinancing cannot be considered
certain in the current environment, the Company is currently engaged in discussions
with its existing lenders to refinance its debt facility.
The Kambuna operations suspension couldn't have come at a worse time :) However, production has now been resumed, see today's RNS so hopefully my Nov 20% pick is on track...
db
