The Alma Galia field, if/when it comes on stream mid year is forecast to have a production cost of over $90 per barrel
But if the credit is withheld part way through 2015 (because oil is too low ie the banks wont take the risk) they are short of cash, ...they can issue more shares to raise cash but the share price will be battered for current holders
As has been noted not all oil is hedged in 2015. Alma if it comes on stream has a production cost of $90 (I have read) would not be surprised if its postponed because they will make a loss on every barrel at any oil price below that. This is partly why they need more credit (to pay for the cappex)
the company has access to a rolling credit arrangement but there are strings attached ie the price of oil backward looking over a period of time
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