Ann: Trading Halt, page-62

I think u'll get 1 more CR most probably around early to mid 2022 when there's a fair chunk of Capex outgoing for Phase-1 (pls refer slide-8 frm the 30th October Presentation). By then the company should have a good grip on the cash outflow & should b closer to production, so SP should have moved from its current levels when Development drilling starts off by the Black Rhino. Question is will they do provide regular updates to the mkt or just bundle in the drill progress in the Qtrly ? Thank god for MarineTraffic.

Also I think there will b more clarity for the mkt to grasp the status quo of the project, i.e
- FID,
- P/E decision,
- Equity sale or no sale,
- Govt in at 18%
- Overall Funds in place

Ballpark estimate for FAR should b USD28mil + Contingencies of USD68mil. And at some point they can consolidate the SOI. So bunker down as the shrapnels fly. Note, I haven't considered drilling expenses for wells in Gambia or GB, just Sangomar (Ph-1).


PS: Sometimes its not the size of a Dog in a fight, its the size of the fight in a Dog that matters - MarkTwain.