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Good Morning.
Taken with the recent EM resolution this now reeks of confidence the project is finally on the move.
The positives I take from the RNS are:
1 Clearly things are happening in the background. Not always a given with Art who has now shown the initiative we should expect from a CEO protecting share value.
2 We sidestepped the imminent huge dilution which I regarded as the main black cloud on the near horizon. With an expected incremental rising share over the next few months as we tick off the requirements leading to a drill the eventual dilution I hope will be negligible.
3 Underlines that timelines from all parties have been moved from the never/never to the soon/soon. With everyone pulling together to achieve the same goal too many eyes on Art for him not to deliver.
We still have the debt to equity restructure to come but with most relating to staff -- soon to be significant holders,let's hope the conflict in interest that creates works for all shareholders.
Surmising: I have been pontificating the delay in the original RF deal was not merely paperwork but something amiss for some time now. So perhaps the 'new' Art knowing he had the EM dispute/deal in his pocket was delaying so he could renegotiate the deal we now have in front of us?
Let's see if the ultimate arbiter --the market, agrees today...after all that's the only opinion that counts.
Good Morning
Ten days into our 35 day countdown with so much reportable news to come I'm hoping we move into the 'fun' transitional period any day now. Producing anything that isn't 'subject to','in principle' would be a welcome start Arthur!.
Regardless of the debatable merits of our RF [or other] and Essar deals in waiting we now have no choice but to take what comes so just hope Art can tie in with all the other moving parts as best he can to shareholder advantage.
I hope our pi clout is bolstered somewhat with the recent/soon change in shareholder dynamic within the COPL gang all wanting the same result...inc Art himself I might add with his extra skin in the game -- a spike in the sale of cattle prods in South Ken may be an indication the latest significant holders are on board.Though it bugs me that due to our useless BOD not attending to their responsibilities we've had to wait so long to expect our wayward CEO will start putting shareholder interest to the forefront rather than his own needs. Ludwig,The Viscount and the rest have a lot to answer for!
Re the possibility that IF this does come good he will roll us into another venture. As an LTH committed to the end I might welcome that but IMO due to Art age and credibility the more likely scenario is we go the Heritage route and sell out to a major at a premium after a couple of years where Art will then retire and buy himself a food court to wile away the years in bragging to anyone that will listen what a great oil man he was while we live off the scraps that are bestown our way as best we can.
Here's hoping for a cracking week
Good morning
Pondering
No secret I've been down on this recently now I'm seeing light at the end of the tunnel albeit with caveats.
Art caught everyone off guard last Thurs with timing - and more pertinently content [in principle] a welcome surprise so as a week into our critical 35 days has lapsed I'm rather hoping for more of the same today or Monday.
However while long term looks rosy the short term is a little more murky hence we are still priced as a failed explorer great for trading.
I put this down to the aforementioned credibility gap/Art effect as any newbie or institution only has to research his escapades at Oilexco and realise while his oilman skills not in doubt he has not learned from the 'errors in his way' which we are paying the price for now.I signed up pre Liberia in the hope his partners if not common sense would reign him in which now being evident I was wrong must be holding a lot of otherwise keen watching investors at bay. Not insurmountable!
Then we have the finance unknowns. IF we are still going ahead with RF,though after clearance delay perhaps not,we do have a painful dilution to contend with along with the poor reflection of partnering with such a dubious company.I believe we have an escape clause after eight months so let's hope we take it or better still we now have another alternative.
Hardly mentioned is the restructuring required to allow for the back pay/services to equity deal which I think cannot be written off and the fact our Essar deal [not the greatest IMO] and partnership agreement needs signing off along with the licence extension which I will concede with NNPC being involved to date should now be a formality as opposed to 'It will be alright on the night' Art talk.
Moving on,while all concerned parties have a clear road-map of what needs achieving with a laid out timeline to work within which I'm hoping was agreed by all as achievable IMO Art's job starts here.
Before getting to the 'fun part' where he can finally tuck into 'the meat in the sandwich' with abandon he needs to steer us through the murky period artfully to protect sp which will pay dividends later when the serious re-rate begins.
Firstly: by managing news flow as allowed releasing positives first to give sp a buffer against any fall --we'll never know if finance deal signed off alone will come out tops over dilution until it happens--so best mitigate risk, or simply drop as much other good news in the same RNS and spin the wheel.
Then most importantly-- he has to work hard to actually change perception and sell the company as a revenue driven near term producer in any forthcoming interviews/releases --mention of drill timetable along with a few cash forecasts allowing for variables eg production levels and POO would show he's moving forward and dare I say it try to come across as confident not arrogant
Let's hope last night's market carnage in US leaves us blue taking us into the weekend with a smile
Well what was I saying about Art not liking to drop good news!!! Oh how I love to be proved wrong!!!!
Still a little surprised it pre-empted the Prospectus RNS..
Cest la Vie....all good things come to those that wait.
Good Morning
"....we'll just have to make it up as we go along:-)).." indeed,not helped by a shoal or red herrings from our clown 'my word is my bond' CEO just to muddy the water further.
Despite recent steady sp gain--some from mm manipulation and the occasional P&D like yesterdays masterful play led by two of our regular posters/pumpers supported by a few of their colleagues making cameo appearances with what we have ahead of us I'm still floating between apprehension to occasional mild optimism......else I would not still be here.
As I've not posted for a couple of weeks if my concerns then were a little premature nothing has changed,looking at recent posts [P&D aside] re prospects of an approaching Prospectus clearance multi bag re-rate I feel I'm living in parallel universe. Surely now all holders must be getting a little nervous re our Hail Mary deal Prospectus so after over a month accept 'something' may well be amiss.
Regardless,should it eventually get through,and I pray it does, I'm still not sure where that leaves us. Namely we will have the first tranche of shares if not flooding the market as will be in RF hands--no shorting--honest!- they still represent dilution then there's the equity being used to pay off the staff [and Art?] from last year along with any creditors that Art talked into taking the debt for equity deal. Perhaps I'm being thick but unless Art is printing them where do these shares come from and how will this not inconsequential amount affect sp? Can anyone advise please.
Moving forward; from the way I read the end year RNS staff are taking last year back pay in equity but not clear re this year so worst case scenario we are back on the ball breaking overheads which after we have paid off any remaining accounts receivables by my calculations our influx will struggle to last two years. I stand to be corrected here.
Then the PSC: as far as I am concerned it still expires October so until we are notified otherwise that is how it stands. None of this 'they will extend if they can see progress being made' which as we haven't made any progress since DPR over three years ago --we still don't have NNPC ffs! means we're out for the count! or 'they will not throw Shoreline under the bus',maybe not but what about us...too many variables especially coming from Art hearsay.
Trying to finish on a positive note. Perhaps Art is hoping we wont need PSC extension as he is planning to release other positive info with the prospectus being cleared RNS .or shortly thereafter,hence the delay. And re Essar dispute IF Art claim of it being cornered on lack of finance so once we produce that it's a done deal I for one am really hoping he has convinced RF of the same. Then as simply circling back to prospective SPA providers they can cut out the bumf and come to an agreement within a time frame that ties in with PSC limitations....as in NOW.
Yep come on COPL we've waited long enough
I wonder if the hold up is because Art can't find anyone to prepare The Prospectus willing to be paid in dodgy equity?
Still I bet he's found an expensive restaurant in London impressed by how much he's blown on our expense account more than willing to accept payment in these golden tickets to prosperity.
Is he printing them?
Thanks R_Dunc you may be correct on RF lack of an Ann. I had asked and nobody tried to cover it so I continued to regard it as a negative...not a biggie either way.
Still nothing today? Surely others are beginning to raise their eyebrows but assume Art will continue to keep us in the dark which on this occasion I understand.I realize this is more of a one off but after he'd finished scratching his head --as did I-- I do struggle to believe this is merely a log jam in the hands of a desk jockey wherever he is working. Lets hope for tomorrow else as you said Q's need asking.
Yesterday volume 61 mill but 13 mill of that was my buy/sells so all in all nothing special there. Note the late 'buy' 3 mill at 0.0481 was indeed a sell of mine so if other 'buys' at the same price were sells I struggle to see the sp gain as a true reflection of the days activity. Add that to the fluctuating spread this morning and smells of manipulation which is often short lived. Let's see if the current sp rise can be sustained today.
Yes POO is gaining but Art has consistently said that is not the issue; the fact he achieved nothing when POO circa $70 does support that.
We wait and hope to see if Art can break his COPL duck and actually drag one deal that is not a std place across the line...lets see,after all it's only been circa three years.
Thanks R-Dunc I've always respected your posts and I'm not trying to get into a bun fight with you or any of the other LTH's.
I'm not saying it is Art that is holding this up per se more the case that the delay has got me thinking that what he and RF presented may not have passed muster and could now, if not totally rejected, need representing which when you consider how long it took him to get us here doesn't bear thinking about...even back to the drawing board? So still comes back to him if you follow my drift.I think we've all given him enough free passes --no more! Yes most CEO's may announce that but Art has a habit of sweeping things under the carpet. As I said any other company or CEO and I would not be having these negative thoughts. I've just been here too long and held too many which has given me nothing but pain and financial loss. While I'm feeling a lot better having unloaded a considerable % I still hold enough to want this to work but I'm just sick of the endless false dawns which is what I'm beginning to fear here ....at the end off the day all should land on the desk of the incompetent CEO....it's just he doesn't see it that way.
From my posting history you can see I have been pretty supportive up until the turning points where I drew the line in the sand mentioned recently. Just had enough!
No idea when RF normally announce deals but Art did so you would think they may follow suit. Not a biggie just the first red flag for me.
Good luck to all of us, lets hope we see some profit eventually but for most I think getting even is the main priority.
As time drags on I'm wondering if this is going to be the next thing we can add to the list Art keeps us waiting for without news.
If a normal company run by CEO I have a modicum of respect for I would not be sweating...but here we are again!
To repeat, the first red flag I spotted....if Art can announce why not RF/YA ?
Then even IF we get it I'm not so sure on a re-rate with the huge dilution and numerous hurdles ahead of Arthur. There may be a few RF/YA execs with their necks on the chopping block pretty soon. Art will just take everyone down with him on the good ship COPL...I'm not a great swimmer so hope I'm wrong!
Drill this year highly unlikely IMO
Guilty as charged aimofthegame I wish I could spot a shyster on sight...it would have saved me lot of money and anguish. I was blinded by the potential and believed what I wanted to inc Art endless lies. It has always been about the risk/reward which for sometime I decided in our favor but the latest letdown;one of many, keeping us waiting for an eternity only to find he's ended up with a company of last resort for a place with bells and whistles instead of the full deal--SPA,NNPC,PB etc as he had alluded to for some time swung it the other way,so not wanting to go through two more years BS to end up back in the same position and following his open ended wait for Covid end excuse,I came to my senses,enough is enough,I got there eventually! He can pull the wool over the eyes on a one to one but always falls down with his more binding announcements. I still hold and will roll the dice with whats remaining while concentrating on better more real opportunities elsewhere.
Thought for the day: Is Art an incompetent hiding behind being a crook or a crook hiding behind being incompetent?
Guitar: I cannot speak for anyone else reason for thinking we will not get approval but for me the fact we don't yet have it is fairy compelling. A run of the mill Place,Art one area of expertise,is usually rubber stamped and lands on the given date circa a week after Ann. If our deal is waiting on a rubber stamp why isn't it in our hand near three weeks from Ann or is there a problem meaning we will fail at the very last hurdle the same as every other attempt by our clown CEO at finance.There are further anecdotal pointers such as RF/YA still not mentioning what is a large undertaking for them and Art merely going through the motions interview and not following up to try and remedy that with another as promised. I will be as relieved as anyone should we land our deal at the last chance saloon but getting more nervous by the day.
I am not particularly buoyed by yesterdays sp rise created by temporary increase in POO,premature hopes for a vaccine along with wishful thinking re the global economy recovery.
Good Morning
The usual suspects are sounding the death knell and this time they may well be correct.
Thinking about it over the weekend I realized that I/we may have got it wrong on why the sp fell on news of finance instead of the expected spike based on them doing their DD. While Art poor performance certainly didn't help I now believe it was because of "Closing: expected approximately 1 week after the publication of the Prospectus for all share issuances" tucked away towards the end of the Ann[Apr 30th]. In other words then and now we have nothing! I did ask if anyone could advise if a rubber stamp or more to it but am still none the wiser apart from what sp indicates.
I realized we have had so many finance deals in the bag --guess 6/7 inc Art first broken promise Oct 2017 Normally not announced as hush hush only leaked to the chosen few but to date he's never managed to get one over the line despite it being a 'done deal', just paper work, crossing T's etc. So what on earth keeps scuppering us at the final stage..which is essentially where we are now--approaching 3 weeks since Ann?.I also wonder if this deal being not certain leaving us insolvent with no other options that spring to mind is the reason he didn't attend to the promised second interview. Then there are all the other red flags mentioned in my recent posts.Typical Art even at this critical juncture he's still keeping us in the dark. In the halcyon days of being 'one of the few' on at least two occasions in very similar situ's I have put it to Art: [Eg] "You told me on Friday you hoped finance would be finalized Monday and now several days past that date it's clear nothing is happening so can you please advise what happened to sink the deal in the very small interim" I've never had an explanation but whatever it was.it may well still be out there.
Having diligently topped up on every place and many Art promises --often selling real stocks that have since done well to finance the dream-- I did have a reasonable av but owned far too many so after dumping 2/3 of my hold last week it was if a weight had been lifted from around my neck not having quite so much relying on the whim of a lying imbecile. Helped by placing the funds in my Junior miners portfolio where they started gaining from the get go.It was always my hope to roll COPL profits into Junior miners when the time was right which could have proved lucrative instead of now hoping they will regain my losses from the buttons Art has left me.
Even if he gets it over this particular obstacle that will be great news but we're hardly home free.
Apart from us suckers who on earth would throw cash at an arrogant slime ball with a track record like Art.....$1 million invested when COPL was flying at 11p only just over 3 years ago [I held a few] would now be worth $2,727.27...PRAT
I still hold a fair few so pray he can do the reverse of that....but realistically
I'm angry.....very angry!
Nice to know someone's there and cares MisterPositive. I was beginning to think everyone had just given up and slung this in the bottom drawer. I did unload a further 5 mill yesterday leaving the balance of my second 1/3 hanging.
We both agree on Art weak points but after all this time with him making little to no progress --do we even have NNPC yet?--given the additional and growing global issues on top of his own which he still hasn't managed to get on top of I can't deny I'm pretty negative. Which runs against my norm as I want this dam thing to work as much as anyone I can assure you even with over half my hold sold.
As ever all would be so much better if he would just clarify exactly where we stand --not one of us knows-- and what direction he intends to take to actually lead us to a drill instead of just ignoring it with what rattles me the most--his open ended Covid excuse which truth be known is what pushed me over the edge leading to my sell off.
I'm aware "Closing is subject to regulatory approval"..... is standard but note in the original agreement Ann it's tucked away in a bottom corner 'hoped to be finalized within a week' and now two weeks later it suddenly appears everywhere...which tied in with the other points I made does worry me........after all it's devious Art we're dealing with hardly MisterTrustworthy.
We're on the same side so I sincerely wish your hopes of matters stabilizing over next few days/weeks come true but just can't see anything to base that on. Let wait and see.
Good Morning
Finance,is everybody comfortable with the oft repeated "Closing is subject to regulatory approval" can anyone comment on if it is indeed a rubber stamp or more to it than that? If so that may explain another thing--why when Art announced the agreement was there nothing reciprocal from RF / YA which is the norm? not even a squeak of what we have agreed is a fairly major undertaking for them!
I'm also concerned if they have a get out clause;they must be fretting seeing an announcement that should have buoyed sp which fell due to Art poor presentation skills and lousy interview ---now very much compounded by him having the arrogance to produce an end year report without amending what initially annoyed everyone: obsession with finance with scant mention of how/when we progress to drill instead repeating his open ended Covid get out clause and no mention of Essar legalities to mention the main points that any decent CEO would have noticed not well received and tried to quell market unease.....not our Art! And where is the second interview?
If the deal not sealed that may explain why he's taking the unusual some may say desperate step of trying to convert our accounts receivables into equity when surely he can simply say funds on the way. Doesn't this leave us open to a ****ed off [or other,eg friend of Essar] unsecured creditor attempting to put us into administration? Anyone with knowledge on this, thoughts appreciated. At least the courts being closed may work in our favour!
It's almost like he is sweeping everything into equity to simplify the pulling the plug process.
And unless Kola is playing a canny game I no longer hold any hope of him as our safety net. Again same as RF/YA Shorecan/COPL have never been mentioned by Shoreline or the bros and if he wanted we could have been drilling sometime ago.Also a red flag was raised when I was privy to a very cold email he wrote to Art complaining about 'his' investors writing to him about NNPC approval [I think] where he stated very clearly "This has nothing to do with me" while that was debated at the time the point is the way and in what context it was delivered that left me uncomfortable with our 'partnership'.
We're on our own sailing through a storm with a blind man who claims he has 20/20 vision at the helm. Imagine if we could hold an EGM and wire him up to a lie detector...now wouldn't that be fun,we could charge for admission and sell vids...that would keep us afloat for a while.
Yesterday I sold circa 1/3 of my hold,I may sell a further 1/3 all at a loss and hold 1/3 in the vague hope Art comes through. If we go into his Covid wait mode without news the sp will simply slip away IMO.
Apologies for the dismal content guys,I hope some, even all, can be discredited. I've always been supportive/positive when I see it that way and quite simply now I don't. And as I've had no joy opening my Sedar if anyone has managed that and has anything interesting from there...
After suffering 4/5 years of Art staggering incompetence on all fronts and nothing but lies I've finally had enough.
25 mill of those 'buys' at 0.038 were actually sells of mine which still leaves me with a considerable few which atm I'm considering off loading as IMO this can only sink further while we wait for his open ended "Covid' excuse/holiday to ....I don't even know what. Surely even he might mention he's circling back to cover old ground so shouldn't be long-- but no, not this marketing genius.
Yes the staff now have skin in he game but Hobsons choice I'd say as we have no cash to offer them and chance of getting a job elsewhere limited or non existent
So where does this leave us? Stuck with by far the worst CEO I've ever come across--nobody compares A totally uninterested partner, Kola...so much for him supporting us! A finance deal with a company of last resort which still has to be rubber stamped --and the hope our other accounts receivables can be converted into equity....jeez talk about Art dragging us down to rock bottom....he must stand so proud among his peers!
Note unless something in his MD&A tucked away in Sedar, this time not only a cursory mention of Oil//SPA/drilling --I presume falls under' moving forward' while he still insanely mentions the open ended Covid delay [holiday?] Not even the usual we're close etc banal platitudes... and dare I mention licence expiry?
Then there's still Essar,Agamore and anything else the cretin has up his sleeve and re his thought we could not foresee Covid etc --- we were already in this mess by then.
I still hold enough to hope this works out but am pretty well writing it off now.
Jiv, I used to have good comms with Art until I started to probe a little deeper and politely challenge some of his claims at which point I became persona non grata and he's not replied since so likely futile. However I am planning a subsequent post dependent on what is revealed in the coming interview and the deferred end year report. Let's hope the new company dynamic ushers in a new era of more forthright disclosure from Art.
Good morning all
To pre-empt matters somewhat: to my mind there are several things I would like to see Art clear up to at least get us on an even keel,heaven forbid maybe even a move back towards the last place level. Else this may well go into further free-fall
1 What happened to the promised second interview?
2 In the now due end year filing a clearer road map of how he intends to proceed rather than the usual platitudes. Bearing in mind RF will now see this and is likely a repeat of what he has put to them I hope we can now give it more gravitas.
3 Clarification on the 'we are on hold until the end of Covid crisis bombshell' He has stated now we have finance he intends to circle back to the original strategic investors ans potential SPA providers so apart from current POO which he has claimed he can work with, I can see little reason why that should be put on hold.
4 Salaries/overheads; how much were they were cut last year and will they continue to remain so or are they being cleared from our debt 'as a matter of bookkeeping' and then we return to the days outrageous o/heads.
Lets see
Good morning.
First and foremost I believe is the status of our licence which as far as I know expires Oct and until confirmed otherwise I think wise we still assume that is the case. Half of me would be happy with that as forces EM hand --sign it or lose it,which if NNPC are supporting us a further call reminding them that still stands would not go amiss.Extending it plays into EM hands and denies Nigeria much needed income. Time is still on our side....just.
However if extended as may be the case. Jiv interesting thought but shouldn't any attached debt to OPL226 been red flagged in the DD before initial deal completed. Then of course we are hoping RF legals would discover this or any problem on their DD. However if that is the case, it may well play in our favor as explains Essar reasoning.to potential SPA as that's all we need to complete this...Essar can then sod of.
NoEasy-- Mr Two Stars. I was aware EM missed the first couple of meets but the last I heard from Art was they asked for one where we had both Karims present/available along with Vis Astor---jeez how we need a real person,preferably a holder representing us in the bod!!!! see last line of this post. However I could never find out if it took place just getting Art brags we had won in response followed by yet more claims it is no longer an issue. Re my 'sit around the table',can we take it a step further;as in just get it done by any means possible, including Art coming down from his ivory tower.--I'm convinced he thinks he's running a Fortune 500 company,so instead of endless letters from silks he should be banging on their door willing to compromise--our initial deal gives us enough leeway--just to get the oil flowing.Any decent CEO should have had this sorted by now regardless. And if they still refuse to adhere to the shareholders good faith agreement surely that's another strike against them.
Possibly EM naively believe running down the clock on us will mean NNPC will eventually renege and let them retain 100% but seems that may prove wrong in which case Art showing we will be here for another two years was a good move
But what keeps nagging away at me is that it's Art that doesn't want it and is happy to play any games to extend his lifestyle.Jay hit the nail on the head....all we can do is now hope Art is motivated....sometimes I have my doubts. The cash he put in easily written off against a further two years robbing shareholders.And don't forget we are taking his word it is EM dispute holding us up....remember...NNPC, Africa time,staff reshuffle,the election,religious holidays,PB paperwork, banks, different jurisdictions...I'm sure there's more.
Lets see what the end year reveals...I believe that may prove an inflection point given the new company dynamic
Don't forget licence expiry in October! that's an Elephant in the room not been covered yet. He did once leak 'no way it will be extended' but recently mentioned 'no worry it will be extended'. If not in the end year we need that clarifying from him promptly preferably backed by something from NNPC Re the latest RNS garden path: to me it wasn't the content, dire as it was, that killed sp and hope but the feeling of being misled of by Art yet again as he had been propagating the untruth we're awaiting the long awaited Big Boy RNS or at least did nothing to quell it. I fell for it and still haven't got over feeling gutted --after he kept us waiting for an eternity with expectation growing when in reality he was merely biding his time to drop another place at first opportunity with new year 20% option opening up,I can't believe I/we didn't see that coming especially with recent mystery sp rise! it may well be with bells and whistles and if I've read it correctly lets hope we can opt out after 8 months saving full dilution IF we have the good news under our belt. Note Art in the interview from hell casually dropped out we most likely would roll it on ...the man just should not be in control of co finance!!! At least our absent partner Kola was astute enough place him as COO In Shorecan... I wonder should we ever get to that stage if he will still be draining us as well as being paid by Shorecan...cross that bridge when and if.
While the new hoped for baseline 0.007 may later prove to be a safety net against Art further screw up's that is far outweighed by his insane hope of taking a break until Covid crisis has passed....have the recent improvements global communication passed him by?
Re his mention of putting money into the company I'm sure the end year will show it was advantageous to keep his salary rolling in and then he has now given himself the option to t/f into shares which is a no brainer. PN either lost or gets a 10% return;shares either lose it or a multi bag. Always was his intention.
And IF he does another interview I hope he gets coached not to react like he's just been caught with a pubescent schoolboy in his room every time he's asked a Q outside his comfort zone of finance as opposed to the nasty subject of Oil and moving forward,
To try and finish this on a more positive note, one good thing that came from the interview was Art comment he is fine working with current POO level for numerous reasons,mentioning his success in the N sea,note he missed out how it ended,but he's said it now so lets hold him to it and I do believe there may be light at the end of the tunnel re his lack of disclosure with the new co dynamic that may well bite him in the ass with end of year filing a poss catalyst to the tables being turned on him.
Award yourself a star if you made it this far.Apologies for the length of this ramble, so much playing on my mind I got carried away.
Plenty of well researched posts from respected posters with good opinions from differing perspectives.But herein lies the problem;so much company confusion being debated when we should be discussing more relevant aspects of our investment -- yep I mean oil production guys,recall that distant dream! The objective as opposed to the subjective.
Take EM dispute; while not much is black/white surely in this instance either having this hanging over us is holding things up and responsible for the lengthy delay --irrespective of their shenanigans and reasoning,so unless sorted in an adult way we await resolution in court or it's none of the above and we can sail on regardless, in which case why the hell haven't we done so before running into Art's latest get out clause,Covid crisis. Thanks to our CEO not spelling it out clearly in say a monthly report none of us in reality have a clue hence the endless debate based on tidbits fed to us scavenging pi's from Cathy or via various holders which are in the main contradictory-- "EM is not holding us up" has been a fairly constant untruth, I believe the real truth is 'Finance/SPA can but wont proceed until an agreement found' so actually it IS holding us up Art. Thus creating a nasty Catch 22 as it seems we need finance in place to defeat the basis of their claim. All IMO...again why does he have to play these mind games with lack of clarity and dust kicking confusion,?
IMO R_Dunc is the closest anyone has got to calling it right but let me throw down the gauntlet; "Does anyone invested in Art's mess honestly think they have a clear idea of where we stand from DPR/ NNPC onward? likely not, Which means in effect we've all have our money on a roulette wheel spun in the dark being run by guys on day release from the local jail. A despicable way to treat people that have trusted their hard earned cash with him but hey maybe he has shown RF something he wants to hide from us...lets hope so, along with them quickly seeing the damage his appalling management is doing to their investment so they may pressure him to try act in a responsible manner which should then be reflected in a healthier sp.
As an aside I've still no idea why they can't stop squabbling and sit around a table until a resolution is found that suits all parties. Bring in an agreed on arbiter if necessary. I can think of so many variables it's surely not beyond them. I'm not blaming either side as due to Art we've never had it clearly explained. Ditto Agamore,I did manage to follow that for a while and can say it would be difficult for Art and his 'work experience' in house legals to handle it any worse...btw we're still in the dark on that one or is it going to reappear the same as EM?