Outgoing Default Notice Link
I share your concerns Laz.
Very suspicious to me.
Now the presentation today, highlights the
OEL is actually in default to in Tanzania.
On 29 July OTTO made a large fanfare announcement that they had placed the Tanzania operator in default (link above).
BUT
Why, were we as shareholders, not informed at the time that the operator had placed
Otto in default for unpaid bills?
So now we all know Otto are in default too!
Can you really see the license being extended....I can't...Time to write off Tanzania. All JV partners are in default....its a deadlock situation, and can you see Swala Tanzania helping Otto?
(My neighbor throws stones at my house....I go wash his car, mow his lawns and manicure his gardens for him.)...LOL
This company has rapidly gone from a good spec to a serious concern, and has serious problems....they are in a rut and digging the deeper hole.
You have to me smart here....The July cash call of $120k attributed to Otto that is dropped into a presentation, would have been for work conducted perhaps May-June? (cash called July)....
Work has continued.....
I very much doubt that figure is accurate today...and could be much much higher, given the work would have continued through to today. Especially when work would have been intensifying over the later period when drilling was still on. (millions?)
EXTREME CAUTION required. The reporting, clarity, and timing of news, and material information is, as with any company that starts displaying this sort of antics in their reporting is normally not a good sign.
Expect more bad news...albeit downplayed...everyone needs to assess what they are being told, double the risk impact, then you might be closer to real
Sentiment cant change any lower:
Was Christmas Sale coming.....Now it's down to Christmas FIRE Sale coming.
