For now, let's just get Resolution 2 passed at the AGM. That's the first order of business.
If Resolution 2 doesn't pass, (and there's no guarantee that it will, after all, they're not calling people at their homes for nothing), then it could create problems for the company going forward, ...in addition to any problems they may have already created for themselves by not having done this sooner.
Yes this is nobulls posting !!!!!! I don't know how, but I missed these two paragraphs in the RNS. It changes the above analysis. Note we have a target date for Varang Farm-Out to commence. I think that makes the theory that Varang is some kind of story to keep us hooked until July 2016 so that we can be mugged by a bankruptcy sized inducement charge untenable. (I had only read the summary about Varang in the highlights when I wrote the analysis in the previous post). Of course the fall in the Brent crude price doesn't help, but there is a better than fair chance our biggest cost, the finance charges (the high cost of capital), will be under control soon. Verdict: this is a multibagger then. (I still want more reassurance that we are not wasting the gas revenue on another failed fraccing campaign to get Mirzaani #1, #2 and #5 to flow 300 bopd in total. (I'd rather the funds be used to pay down debt if there is any chance of another failure there).
Taribani Field Complex:
New Drilling: Planning and procurement are in progress related to commencement of operations associated with Phase I of the Varang Exploration farmout agreement. Operations are expected to commence during Q1 of 2015.
As previously announced, Phase I calls for the completion of three wells (estimated to be approximately US$17 million) over a period of 18 months. These wells are designed to continue exploitation of the Taribani Field's main reservoir objectives, as well as other associated horizons situated within a potentially prospective 1,000 meter geologic column situated between 2,000 meters and 3,000 meters in depth.
Surely mate. It's been a long haul this investment. I'm sure you feel the same as I do- happier with my investment here than at any time in the last 5 years. 2015 will start to show proper share price value. Any more good news and I can see a massive, nae, gigantian re rate.
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