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it pretty much means that we have lost our investment. BKP had over $7M in the bank as at 31/12/07 and now has only $700k. they are owed well over US$1.5M from the oil production in columbia which i doubt we will ever see. these funds were supposed to also be used to pay down their columbian investments, so in effect it is a double whammy. The Mali assets have been forfeitted to ENI, La Punta and any further production is gone, even though as already mentioned, no $$$ were ever paid to the company, and the chicuaco assets are pretty much worthless considering that the first drill in the area, Monza-1, discoverd only water. as for mauritania, i think the free carry is until august, after which they will also be forfeitted to Petronas unless of course they manage to sell down the assets, unlikely in my opinion.
the company never had any debts, just overcommitted itself, and in my opinion, there has been fraudulant activity behind the scenes and i believe the crooks running the show have been taking us for a ride for the past 12 months. i have supported the company since its listing and have lost a great deal considering my shareholding. i contacted the company on a regular basis however all they ever told me were lies. the market was never properly informed on its operations and this in itself should be grounds for further investigation by the regulators.