RE: news from last week7 Aug 2019 18:39
Been studying the accounts recently, a lot of things get missed in the basic RNS.
Maybe check out the cost of health benefits and the huge taxes they pay in Cameroon just for being there and not making any profit. They're definitely worried about Title and eligibility for royalties, it's mentioned a lot.
Eneo are unreliable payers, falling sales year on year, amotisation of around $6m dollars of debt for the next 4 years. capex needed for matanda and Turkey if it ends up signed, litigation costs, stuck gun, corruption, government interference and bureaucracy and a BOD who still put themselves first.
Specul8, i'm not convinced a non binding term sheet on a load of gas that they can't sell is reason enough to buy these at the moment ?!
Am I missing something ?