Sofori30 Jun 2023 11:46
Now that Q2 has been and gone, what's in store for Q3 for HE1 and Noble?
Well one of the major possibilities that appears to me is that Sofori Drilling are, or have been advised, to put us both through the wringer, with the intention of squeezing more cash out of both parties.
They have us both by the goolies!
HE1 have talked about, failed to deliver, or been dumped on four previous unsuccessful Rig acquisitions in the last 18 months.
Noble lauded the numerous interested parties in their Farm-out, only to ditch the idea, and do a cash raise instead, at the final hour. Did they really have that much interest, in the first place? They have also openly shouted from the rooftops that they will be spudding in September. But they can't make up their minds on 1 drill or 2 drills!
Meanwhile Sofori, the company with no public face or substantial operating history, have been sitting on the LOI, which has no legal standing, in the knowledge that neither HE1 or Noble have the slightest chance in hell of getting an alternative Rig to Tanzania to drill in 2023, so they may well have decided to re-negotiate the rates for the shipping, mobilisation, drilling, and moving the Rig between sites.
So lets say as a ball park figure that the original estimated cost was $15m to carry out the proposals originally discussed, and they are now asking for 20% increase to "cover new inflationary costs" , we have another $3m to find before the ship leaves Tunisia! Perhaps both companies are being held to ransom?
Oh and have we pencilled in the cost to pay off the Somali Pirates?
Hopefully Monday or Tuesday will bring some good news, as trading in both Shares has been extremely quiet yesterday and today, probably in expectation of a coming update!
GLA
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