Aboutoil,

Thanks for your explanation. I was also leaving out a few of the details. I agree with your numbers except I think you should count on 328 + 60 = 388 million invested at about 4% as the $60 million reserved (to fund a 1 year Debt Service Reserve account) will not be used for a year and will currently be invested.

Still very clear to me that a lot is riding on producing some oil to offset the interest charges and eventually pay off (or re-issue at a better rate) the $600 million. In addition to the ramp-up numbers at Pod1, the SOR (steam to oil ratio) could make or break us. I expect initial SOR numbers to be high, to account for the initial heat-up costs.

Interesting times - but the waiting is a bit frustrating.

XBB