Ann: Minbos Investor Presentation - Angola Rising, page-450

Yep, I have been involved in project delivery all my career. I have never seen such a catastophuk on a pissant 50 million project as this. I was concerned when they described a $4 million design and construct contract an EPC (Engineer Procure Construct). EPC's are used on billion dollar oil and gas projects - this was a low value D&C. I invested as I saw a good project, easy delivery, small level of project funding required, and a project that with good social outcomes. I knew nothing about the management tea when I invested (lesson learnt for the future), but could not in my worst dreams imagine they could make such a mess of it. Then to fully staff up before they had finance draining cash that could be used for construction was nuts, and the options shambles just tops it off. I still think it is a good project, I am just now concerned that even with funding do they have the skill to complete it.