COC UK accounts are showing a balance of £1 so they don't have the capital to buy 42 m shares. CO started building their stake at the same time as JPM started reducing their stake I suspect it was a share swap to give them the power to influence the management of the company.
I'm also informed rightly or wrongly that they work on a % of the profits they produce. AIMVHO DYOR
I totally agree with about the incompetent waste of space we have at the helm and the yes men and women he has around him, but we need every penny we have in the bank if we are going to remain debt free and attractive to the industry.
Our share of the development of Etinde is $80m and if the two appraisal wells are successful the plan is to drill a third which will have to be paid for.
Add to that the cost of development of Bomono and we need every penny we have got including the $25m we receive when the FID is signed.
I also agree there has to be strict discipline on spending a and reduction in M&A and I suspect that is the job COC have been brought in for.
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