For those with a bent to nostalgia and thought Sequa Petroleum was a real prospect a year or so ago, its defaulting on its bond interest. [link] My theory has always been that TOR only used them to convince the Faithfull that he could execute a deal. .
Bullseye, read the Dec RNS again. As I highlighted twice before they agreed the "basis" for a rollover, not a rollover.
Lansdowne's placing has to be small but badly-needed good news for Providence. My take on the Transocean award was that PVR would be 100% liable if LOGP couldn't stump up their $1.7m. The concern in the LOGP small print is the option to seek to raise £0.5m further, expressly to meet any further Transocean award costs that might arise. This is not elaborated upon!!
Hi Spuddy. That's a pretty damning resume. I read the earliest ones which I might have missed. The disingenuousness has been there from almost the start of the Barryroe find. For instance, in the link that discusses the independent assay to determine the quality of the crude, it states that "the wax content is 17% by weight and the nitrogen content is also low", deliberately implying that the wax content is low. Any crude with a content of over 5% is classified as high. 17% is very high and will be just one of the reasons for no farm out.
Hi Spuddy. I agree that wrongdoing may well be proven....but this is where the IIs nearly always let you down. Pity.
Thanks. I know all about Nigeria and corruption.....but the company was under the regulatortpy jurisdiction of the UK. Irrefutable fact.
Afren was a FTSE250 company in its hayday, ended its life on AIM. I guess you believe London isnt in Europe??
Spuddy, if they didnt lift a finger in the Afren disgrace, the Reg. Authorities are unlikely to do anything here. Are we in technical default re Melody? etc etc
So nice to know where their priorities lie.....