RE: 202412 Dec 2023 08:11
A very good post overnight, summarising what investors should know. That appalling history of inability to hit and hold deadlines is tantamount to huge dilution to SHs. Another person seeing 2025 earliest P1 gas now.
What that history of lack of delivery points to, when supercharged by the withdrawal by management of any SH engagement and accountability is shocking. The use of FB and Twitter to seep out bad news, unregulated channels of investor comms speaks volumes about the characters and competence of those running this company. If there was any good news, you’d have heard it. There is an unbroken track record dating back to 2016, but particularly since 2021, of mgt here not being open, honest and realistic with investors unfortunately. Look at the comms, history and mood music around P1 and P2 work streams, no way P1 gas before 2H25 I think, and that’s optimistic now. In terms of P2 funding and actual FID, that’s looking very very difficult. What interest rate will the bank get? What other giveaways will be made. Unfortunately the likelihood of these projects remaining with SOU look extremely slim to me. If Morocco engaged a well funded competent and integrated energy company, P1 would already be producing and P2 well on the way if not completed. If I were the Moroccans I’d hand these licences over to a team and company with the ability, experience, funding and competence to get the job done, not these run of the mill AIM corporate leeches.