That's all makes sense but there are two things that don't make sense, which I think are the main factors behind the current SP:
1) We made 2 discoveries almost 6 months ago in a country that is energy starved, has rolling blackouts in their main cities and not to mention the seriously negative impact this power crises has on industry. However, nothing has happened on the ground since then because of the delayed PPSA which is delaying funding and therefore delaying the whole program. Why on earth is the Govt dragging their feet on this? Wouldn't they want us to get moving asap on the flow test, 3D, doing the pilot site, drilling the other sites?
2) If the expectation from potential JV/Funding partners was the same as yours - that the PPSA will definitely be signed off at some point (which I believe it will be) and at industry accepted rates then why do they need this to be signed off before doing a deal with us? It doesn't make sense unless they believe there is some "sovereign risk" in this atm. I know there is a lot of discussions going on in the background, but of all the different funding options mentioned (Mangwana Capital, Upstream JV, Farm-in, downstream customers, development banks etc.) nothing seems to have come to fruition yet and I don't believe that's because of bad management or a bad asset.
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