RE: Panoro Sale of AJE22 Oct 2019 16:03
Kentan, thanks for the informative post !
I agree with most of what you just said but I think the company is now well positioned to thrive. Yesterday's announcement was quite surprising, new directors with a wealth of experience, previously worked for the big boys (Shell, ExxonMobil , etc.) and great network of connections in the Oil sector, Osa himself is a precious asset to the company knowing his professional background, previous achievements and again his network of connections within the government sector in Nigeria .
Financially nothing to compare to where we were in H1 , A lot of cash in the bank, a"Swiss" on board & market maker as well. 2 more lifts and OML113 will be cash flow positive. Panoro's deal is a clear confirmation that our share in OML 113 should add much more value to our Market Capitalization than where it is at the moment.
Its also worth to mention that Manuel Lamboley, the new Non-executive Director is also a director of Zark Capital Limited, our new investor, to make sure their investment is properly managed [Manuel has long-standing relationships with major investors and financial advisers worldwide, with a particular focus on the natural resources sector. He has been a non-executive director of several listed companies in the mining and energy sectors, including International Mining & Infrastructure Corporation plc,]
Fingers crossed the sp will re-rate to 'low' teens before the end of the month.