BT
Agree with your idea re AED extracting itself from Puffin.
With Sino the operator, and most of their technical staff transferred to Sino, AED are only a bystander for the Puffin project.
The early retirement of Tregonning may also support the idea that AED may choose a new direction or even cash out as you suggest.
If they could sell their share of Puffin for whatever, pay off the c/notes etc, and come out of it all with $100-150mil "net" cash they'd have a decent warchest.
The idea then would be to windup, or farmin/jv/merge into a "decent" near term development project that needs funding.
That said, I still wouldn't buy them because management are crap, but it would be better than persisting with Puffin.
Will be interesting to see what moves are made after the independent rpt
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