Sad report as I read it. Sold the South african assets basically for less than nothing. 36% of profits for the next 10 years upto a maximum of $5 million wont cover the admin costs of keeping the company alive.
Getting sued for 36 million and possibly for another 90 million which might not be settled for 12 months is a chain around our neck. Company has only allocated 5 million for it, but hard to see them giving shareholders a one off return on any assets they might sell. Seems they will keep it for their admin costs to me.
Write down of 40 million on our Permian and Bakken assets also indicates a possible sad outcome of any deal on those properties anyway. :(
MPO Price at posting:
22.0¢ Sentiment: None Disclosure: Held
