Most everything with GGP has run counter-intuitive.
I don't think the equity market would be open to GGP raising - shareholders wont support it and neither would a broker underwrite it - whats the point raising at 0.001?
So it has to be some form of debt from a non traditional vendor - even vendor financing (e.g. drill 3 wells for $5M and pay it over 2 years at say $250K/mth)
Reality is we should not be owing ANY vendors - capital was raised for this purpose already. This is what I was pointing out.
HAL is owed approx $700K BTW (said publicly in AGM). What was also said is vendor payments approx $200K/mth and admin overhead cost approx $100K/mth against $300K/mth revenue.
Don't forget of course that the revenue would be on a production decline rate and variable with PoO.
Understand that this presentation was initially prepared by SG. Left to CR to present it.
It has the look of "mea culpa" to it but I got to say that a forensic accountant might have a field day here. The really big question is "Where did the money go?" (the prior CR and draw downs were supposed do these things already).
To say hear that HAL is owed $700K was a "light bulb" moment.
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Held
