Let me answer your post while you unsmear those rose tinted glasses...
Kiwi they did do their best when they had cash on hand. Nope - look at the number of cash issues in the last year.
They were drilling at a great rate prior to running into unforeseen fault lines and having drill bits break and get stuck down the hole. Nope - unacceptable delays and spurious company announcements -including hurricanes / equipment delayed in the US / business class flights full / lost instruction manual for the drilling rig / dog ate my homework.
And did they see an opportunity to buy a larger share of the project when the funding partner ran out of cash, yes. Nope - no opportunity seen by the company - this was forced upon them, their partner stopped believing in and funding so it was pony up the lot from now on or the project was finished.
That to me shows how much they believe in the project that they even up and bought a bigger share when they knew it would drain all the funds out. One way of looking at this is if they didn’t believe they could make it happen would they have ever sacrificed big juicy pay checks in exchange for shares that will be worthless if the project fails?? Nope - window dressing only.
As I said the most successful formula that I’ve adopted is buying into companies that the people running it have a share in, and that share is getting bigger by the day! Well yes....but Nope in this case - have a look at your funds invested in this company vs the current sharemarket worth.
GLTAH
PRL Price at posting:
0.3¢ Sentiment: None Disclosure: Held
