I acknowledge that this is a site where shareholders and others...

I acknowledge that this is a site where shareholders and others may make comment without possible ramifications but I would like to comment as a shareholder of Cervantes and Baraka

It may be timely to remind those who are not aware of the past that as an Oil company under the control of Oil experienced people Baraka lost some $48m of shareholders funds in about 4 to 5 years and went into receivership, came out and then was about to go back in again and possible liquidation when Cervantes Corporation and Zurich Securities ( Now New York Securities)provided loans to Baraka to meet their bills and raised approx $2m including funds from a lot of us Cervantes shareholders.

The currrent management of Baraka introduced the shale project to Baraka for no commission, no fees and no consideratrion whatsoever to ensure the relisting of the company in approx July of 2009.

The directors worked for the company for some 3 year thereafter for Directors fees of $2000 pcm only and organised a shared office including all administration, bookkeeping and numerous other inclusive costs of less than the cost of one girl. This is all in the past accounts for those willing to look before leaping.

It appears that some bloggers may have misread the announcement as Cervantes immediately receiving fees and commissions, but my reading is that they will oly receive fees in the event the funding project proceeds and the project is proven to be successful.

My personal view is that if the current loan agreement provides an entry into a large Iron Sands project and a future cash flow and capital appreciation against future capital raisings and dilution of shareholdersfunds, should not this be a good thing?

What if Statoil walk away after 2014?? what if the next lot of wells do not provide the results we are all hoping for ??

I think some of the comments on how Baraka got to where it is today and who is running it and how they manage the shareholders funds, considerint their holdings in the company and the price they paid for some of the recent shares as announced on the market, and that Cervantes should not be paid for once again assisting Baraka's shareholders is a little unfair.