re: good news galoc, & answer galoc questions
I think its GOOD news, POSSIBLY GREAT news; BUT some ambiguity.
Is there a separate, major investment grade, euro oil company or is it Cape Oil that is being referred to in this way?
Is the firm underwriting commitment a done deal, or does it still need to be ratified? How firm is it?
Is the setting up of the Galoc Production Company and EQUITY FUNDING it just a formality? or are there additional hoops to be jumped with regards to the funding element.
Great to see, however, that the proposal involves NDO maintaining its 22% equity stake and that the proposal is for NDO to be fully debt funded/underwritten if any funding is needed by NDO. This should mean no funding related delays for NDO and hopefully no usurious interest rates.
Any real move forword towards production at current oil prices would be a great thing imho.
Cheers OG
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