Fraccing should be a good ROI. I understand why GGP attempted it and why HAL agreed to vendor finance. But the results were pitiful. And that is what I'm saying about the $3.2mil, will it be value adding in anyway? I know their are no gaurantees in O&G, but we can use history to guide us. History says the money will evapouarate and we will have 20bopd as our reward.
Personally, I'd seriously consider abandoning the Permium. Concentrate on the secured lease only. Then expand if/when their is a turnaround, even if that means needing to acquire another project.
Another project is the best opportunity to leverage more funds. No legal issues, fresh hope and dreams.
Persisting with PB and not settling with Page will ultimately end in disaster imo.
PS. Im not that shocked by the $700k amount. Their was a time when we were all scratching our head wondering where the $$$ came from. Now we know. But it would have been nice if announced as it happened. The repayments do place stress on cash. Though at $200k/mnth it will quickly be repaid and then put towards opex.
GGP Price at posting:
2.5¢ Sentiment: Sell Disclosure: Not Held
