RE: Alaric and his poodle14 Jun 2023 17:01
And Malcy says
CEO Oisin Fanning is right to be disappointed with this further delay in the refinancing but by the very nature of it it has been a ‘frustrating’ time without any ability to actually make things happen. The big advantage here is that the size of the prize will make up for it significantly, hopefully quite shortly.
Whilst this has meant a delay in the results and subsequent suspension operationally, things are actually going pretty well in Nigeria. Once ELI gets its permit renewals to allow the start up of full terminal operations, which will enable crude oil exports and generate cashflows due to San Leon followed by repayment of loans.
So, whilst the suspension is indeed a disappointment, there is nothing here that makes me think that investors should throw the baby out with the bathwater and will indeed be richly rewarded if they exercise patience and hang on in there.