Was that written by a$%£&@~:%$^%£! well managed company over the last 3yrs I dont think so!! but, now is the time to move forward get the money in the bank! get drilling for 400mbls on first drill ready site by year end and we can move forward with confidence that mistakes will never be repeated!
SP Angel says: “Today’s update from the Company is a fair reflection of how far it has travelled since at the start of its financial year last July, to today; what a difference 12 months can make. Once under the cosh, with the value in Ntinde seemingly beholden to Ferrostaal, to today, where the Company has valorised the asset (to some extent) and has the firepower to continue its progress towards unlocking value within its portfolio of assets. While there are, and always will be, some questions over future funding and how it will Management its cash resources, these are no more so than any exploration company seeking its first revenues. Against that back drop, and the fact that Kevin’s past role at cairn was always looking at the cash flow, we see the Company being in a better position than most, possibly better than some who do derive some benefit from revenues. While there will always be enough for bears to sink their teeth in to, we believe that the current valuation offers a good entry point for what we believe is a well-managed company.
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