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Eco Atlantic down to single figures
https://www.lse.co.uk/ShareChart.html?sharechart=ECO&share=Eco-atlantic
Tullow decision on Guyana looking more understandable right now
https://www.youtube.com/watch?v=TWW758fzqJg
It amazes me that after years of being slated for having too generous a dividend GSK is now told the dividend must now be increased. Seriously GSK cannot seem to please anyone. AZ remains the darling despite being totally over valued and dependent on a charismatic leader that won't be there much longer.
I think they may have tied the gas agreement to the TEN development plan. I am hopeful the Ghana will agree to both shortly. As usual it is a waiting game with anything involving government agencies but the pressure will be on now if Ghana wishes to keep receiving discounted gas.
I feel that GSK opted to settle because despite the overwhelming scientific evidence if it goes to trial they'd be at the mercy of a fickle California jury. It is not a favourable district for a rational outcome of the case based on facts.
The GRA has also issued back-tax notices to Gold Fields, Kosmos Energy and Africa’s largest wireless carrier MTN Group Ltd., which earlier this month said its bill for 8.2 billion cedi ($674 million) was dropped after discussions with authorities.
Some background to this, the GRA, the Ghana tax authority, has been sending spurious, back-dated tax demands to various companies operating in Ghana looking for a pay-off. It is nothing short of a "pay-to-play" squeeze on local businesses because Ghana is desparate for cash to fill the gap left by corruption. Tullow may end up paying something like 30 mil to get them to go away. It really is rather disappointing behaviour from Ghana where Tullow has always ran programs to invest in education and infrastructure, favoured local jobs and purchasing, and practised good corporate responsability. I hope such future community investements will be dramatically scaled back after this.
There are several examples, here is one:
https://www.dailymaverick.co.za/article/2023-01-15-mtn-rubbishes-ghana-tax-authoritys-r13bn-tax-claim/
https://www.bloomberg.com/news/articles/2023-02-03/ghana-scraps-672-million-back-tax-demand-from-mtn-after-talks