Don't get confused by the current market cap and the actual value of the project to a third party - market cap was $500m at one stage before they even produced. Sonangol have spent $100m to date and would be looking at returning 20x that amount.
Obviously something going on behind the scenes causing delay to drilling, could be: 1. Still awaiting final approvals from Cupet 2. Negotiating terms with a farm-in partner. 3. Rig has dissappeared. 4. Sonangol has gone broke.
From what I understand is that the delay is outside AP's control and they are awaiting on their Cuban partners and this may be another week.
We should get news on the first shipment this week and results of the cleanup - ongoing production levels for 1B.
MAY Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
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