b'The following table presents our liquidity and financial position as of December 31, 2018:December 31, 2018(In thousands)Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 173,515Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,101Senior Notes at par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,000Drawings under the Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,325,000Drawings under the Corporate Revolver . . . . . . . . . . . . . . . . . . . . 325,000Net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,989,384Availability under the Facility(1) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 375,000Availability under the Corporate Revolver . . . . . . . . . . . . . . . . . . . $ 75,000Available borrowings plus cash and cash equivalents . . . . . . . . . . . $ 623,515(1) Includes letter agreements with existing financial institutions, entered into December2018, which obligated the financial institutions to provide the Company with an additionalcommitment of $100 million in the aggregate under the Facility effective January 31,2019.Capital Expenditures and InvestmentsWe expect to incur capital costs as we:\x7f drill additional wells and execute exploitation activities in Ghana, Equatorial Guinea and in theU.S. Gulf of Mexico;\x7f execute infrastructure-led exploration efforts in the U.S. Gulf of Mexico and Equatorial Guinea\x7f execute appraisal and exploration activities in a number of our exploration license areas; and\x7f acquire and analyze seismic on existing licenses and purchase seismic over new prospectiveareas.We have relied on a number of assumptions in budgeting for our future activities. These includethe number of wells we plan to drill, our participating and carried interests in our prospects includingdisproportionate payment amounts, the costs involved in developing or participating in the developmentof a prospect, the timing of third-party projects, the availability of suitable equipment and qualifiedpersonnel and our cash flows from operations. We also evaluate potential corporate and assetacquisition opportunities to support and expand our asset portfolio which may impact our budgetassumptions. These assumptions are inherently subject to significant business, political, economic,regulatory, environmental and competitive uncertainties, contingencies and risks, all of which aredifficult to predict and many of which are beyond our control. We may need to raise additional fundsmore quickly if market conditions deteriorate; or one or more of our assumptions proves to beincorrect or if we choose to expand our acquisition, exploration, appraisal, development efforts or anyother activity more rapidly than we presently anticipate. We may decide to raise additional funds beforewe need them if the conditions for raising capital are favorable. We may seek to sell equity or debtsecurities or obtain additional bank credit facilities. The sale of equity securities could result in dilutionto our shareholders. The incurrence of additional indebtedness could result in increased fixedobligations and additional covenants that could restrict our operations.90'