Had PE just been a 1 year and $1million proposition then it would have been wrapped up at least 12-18 months ago - we would have a result, had funding sorted and either way we would be at a higher price than where we are today.
Whoever told FAR that PE would take 12 months led FAR up the garden path.
Importantly whoever at FAR believed the '12 months' also did not do enough due diligence as a basic public search of ICC cases shows it is a rare event when cases are sorted in 12 months and in fact the vast majority last at least 2-3 or more years. If anyone doubts this I can dig up my posts from a long time ago showing this.
I wonder if FAR would have gone down this path had they known PE would take nearly 3 years and the impact it would have. No doubt we have had to raise at horrendously low shareprices which has destroyed a substantial amount of shareholder value.
Had PE not been entered into we would very likely have much cheaper JV funding sorted, less shares on issue due to not raising now at pre SNE find shareprices, also FID and First Oil may not have had the delays it has and first oil may have only been 12 months away rather than 24+ months.
No ownership of these decisions will be taken by FAR or recognised by some posters on here though.
It seems to be all about what is best for the company rather than the shareprice and shareholders.
'The shareprice will take care of itself'
Raising $150m at a price not seen since before a world class oil discovery over 5.5 years ago. If you read that about a random company you would think 'What a disaster'.
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