Fresh From The Cupboard, page-1413

As far as Bear Head being viable, this is probably the statement that stands out most from that 2 year old article:

“We’ve got bankers lined up to provide the debt, so our side is a little bit of technology, and a little bit of marketing and administration. We try to be fairly small and not spend a lot of money but try and focus on the projects,” Vesey said.

Guess what, they don’t have bankers to provide debt financing to BH and as BNParabis decided not to provide debt financing to Magnolia, we don’t even have it for Maggy. And the comment, about technology, marketing and admin, well I can’t even comment on that without reprisal!!


In regard to recent comments about Bear Head being in “an advanced stage of development”. It’s nearly 3 years since GV made that statement on a Conference Call. So here is what an ‘advanced stage of development’ apparently looks like:

Permits issued (Yes)
Natural gas supply ‘from anywhere’ (No)
Front end engineering design contracts signed (No)
Debt and / or equity financing (No)
Term Sheets or MOU signed (No)
Notice to Proceed (No)
Offtake (No)
FID (No)
Financial Close (No)
Begin construction (No)
Production (4 years after construction begins)

LNG said Fisherman’s Landing was in an advanced stage of development on the very day they let the lease expire. They never renewed the lease and didn’t inform share holders for weeks after.