direct from RKH11 Dec 2019 12:28
Let me first of all assure you that the company is doing everything possible to unlock the Sea Lion development which has the potential to create huge value for shareholders.
Securing funding is the last remaining major milestone before Sea Lion can reach a final investment decision and all efforts are focused on securing such financing to allow the project to move into the execution phase. The formal loan application for the senior debt element of the financing package, which is the key remaining component, was submitted in July. We know that shareholders have waited a long time. However, if, as hoped, the application is well received, the company anticipates it could move into a phase of detailed lender due diligence and documentation before year-end.
Separately, we can also expect an outcome on the Ombrina Mare arbitration against Italy early in the new year.
I hope this email reassures you that the board is focused on doing everything it can to deliver the catalysts that it believes will drive share price appreciation and, importantly, that the company should have much greater clarity on two of the key catalysts – Sea Lion and Ombrina Mare – within the next six months.