General Thoughts, page-4480

Hey polyh,
The problem of afe if i understend it good (The current situation) is that they dont have cash or they have littel amount of cash but they have debt of loan with big intrest that they need to pay...

I think they could be intersting position if:
1. They have rights to this licence for many years (30 and above)without any obligation to drill or develop during this time - ***I dont know the terms of this block***
2. if they will be the owner of 70-80% from this block if the other partners will leave... (i dont know if they get this % or what are the terms of this jv) i think they have right now 5-10% its too low...

3. if they will do a re-finanace of the capital with a big raise... (its not good to the current shereholders)

For now for me its not a good investment ...
too much risks
0 ability to develop it by themself...
They dont have other intersting assets...

so its good to put it on a list to follow but not to buy in the current situation... its too risky (my own opinion).

good luck.