RE: Running it up the flagpole26 May 2021 00:28
Any other proposals rest on there being commercial volumes of economically recoverable oil. We now know the oil ain't there. Plenty of water though....
"proven, probable and contingent resources of up to 2.6 billion barrels in the region, has had its proven plus probable reserves cut to just seven million barrels."
Not just PROBABLE but PROVEN as well!!
"Mr Kelty said this is “hardly a surprise” given the need for appraisal work and the failure at the main Lancaster field, which “suggests that the new reservoir model gives no confidence that recoverable oil lies there”.
Neither the judge, CA, any reputable fund, the OGA or HUR themselves can change the inevitable outcome of accepting a 5% share of whats left or 0%. And that's because there is going to be nothing left economically to recover once the debt has been addressed.
“The potential of the Lancaster field is much smaller than originally thought and cannot support the level of debt in the Company which was sized for a much larger Reserves and Contingent Resources base,” chief executive Antony Maris said."
Perhaps if some deluded fools stopped looking at the bod as crooks but as a bod who are out of options then you may start to begin to accept what is actually happening.
Despite what many claimed, there have been no bod resignations because there is no wrongdoing on their part to need to resign. No oil, no alternative plan available. And that includes equity raises via share placings. No lender would place against this given what we know hence if you actually read the 651 page Restructuring document it explains this in detail.
Wake up and smell the coffee!
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