General Thoughts, page-5917

Hmmmm, not sure I subscribe to this 'NAMCOR has had other issues' excuse.

For those who haven't watch the video or read up, this was reported around May - example "The government’s infusion of N$1.2 billion to stabilize the National Petroleum Corporation of Namibia has taken an unconventional route, bypassing direct cash injection to settle Namcor’s debts. Instead, the bailout funds were disbursed directly to Namcor’s suppliers and creditors last month (April), as confirmed by Namcor spokesperson Utaara Hoveka. This strategic move alleviates Namcor’s financial burden, providing a crucial lifeline to prevent potential liquidation. The bailout, facilitated by a sovereign guarantee, underscores the government’s commitment to support Namibia’s national oil company." (link)

We are now in October - six months after the bailout and more than enough time to review and sign a 4-5 page doc granting WDS the ability to utilise the 3D data. Furthermore and within the vid posted by Drswing, Uanguta refers to NAMCOR's effective inability to farm down licences to more than 10% holding, as they simply don't have the resources or money to explore, appraise and develop. They need production and revenue to commence asap before realistically entertaining holdings of more than 10%.

So why the hold-up with WDS then? I don't accept the 'NAMCOR is too busy, understaffed, we're on Africa time' lines. WDS has 15 months to farm in, obtain enviro clearance, arrange the rig and drill a well. We otherwise run the risk of losing the licence or relinquishing 50% of the area which we have fortunately avoided in the past. There's obviously a lot more to this story and we SHs are being deliberately kept in the dark.