So this is the end of this Company. The Egypt sale is subject the buyer's financing arrangements with oil in the 50s. Maybe Egypt does not transact at all. Ombrina Mare would take its own sweet time. Meanwhile the JV continues spending on Sea Lion, and Moody + Board rob wages & bonus. There will be no cash left in this Company. I will lose my shirt. I wish I had never taken on RKH exposure. Goodbye.
RE: Off thread, but relevant anyway.08 Aug 2019 07:47
The Company drip feeds its narrative via its paid hacks on this forum. That Edison research piece for example, which did not once question best execution in Egypt, or execution risk in that transaction, or whether Egypt signals potential partial sale of working interest in Sea Lion itself. To question the shop's kick-the-tyres narrative is all in quite good order.
The ones that ramp the price on this board are the real SHORT sellers who drum up cover bids for their SHORT. Just map out share movements with their historical post date/times. Some nicks are very chirpy just before the share px plummets. Beware.
Visionary leadership makes a huge difference to share prices. The 20% confidence is not because of project execution shortfalls or (post PIM) financing concerns. The 20% confidence is a cumulative outcome of Sam Moody and Board's ineptness. A new CEO that would recognize that RKH in its present shape is just an egg shell. Doesn't need the bloated staff in a s****y office. Instead needs real relationships with the Islanders.
Bootle: A different oil veteran CEO with gravitas, expected to spend more months in the Falklands, at a wage below 3mm+2mm shrs at 500k+ wage in Welbeck St, *that would call for a competitive bid for Abu Sennan, and not just decorate any price he sees * In short, a Chief Executive Officer, not a clown.