Member Info for mikeg45

Rhambo, thank you for your response which is what I expected you to say, lets wait and see how correct you are.

Rhambo you seem to have all of the answers here so please could you explain this to me. Let's assume that you are correct and WV take over the company as debtholders what will they do with it? They are after all investors/ex bankers who do not know how to run an oil company and as we have seen so far they can not just sell the company and make a profit. Presumably then they will need the assistance of the BOD to run the company (regardless of how inept they seem to be) and would therefore need to come to some compromise with some of the board members. Would those board members who still hold shares in the company be willing to see the value of their holding wiped out completely?

Worldview now control most of PCI's debt so they can decide how that debt will be repaid. They currently hold circa 29% of the company and are unable to achieve a takeover at the offer price of 3p. So what if they can agree with the examiner affordable terms for PCI to repay the debt and allow the company to continue and develop the Algeria asset, that way WV makes money from the debt and also realises the potential of the gas as they are a major shareholder. Is that a potential win/win for everyone?

Does anyone know when we can expect some results from the drill in Kurdistan?