in case you missed it, page-7

Indeed Pakistan appears a dangerous place to Western eyes. “Rapidly destabilising” though implies it was stable in the first place which was not my impression!

Personally I attribute no value to the potential project (I would be a lot more interested in something in Vietnam) – but it seems rather harsh to count it as a liability, so you’re going to struggle to weaken my view of the company this way.

I agree few Westerners are going to want their capital at risk here and I’m no exception. But at this stage we’re only talking feasibility.

And for potential build – well Pakistani money may be rather happier with the country risk – or Chinese – if the project stacks up to a low technical risk and good IIR. Or even politically motivated Western money keen to help a friendly regime in an unfriendly country supply bread and circuses.

A deal where Cougar UK farms out the whole thing post feasibility study for, say, a 20% free carry can certainly be envisaged and would raise my valuation from zero!

Still it’s about time I emailed the company and the gameplan re Pakistan is certainly one of the areas I want to probe. The relationship with Cougar UK is another – which on the face of it looks like dodgy corporate governance.

PS – why keep your mouth shut? I’m afraid any of ironfist’s posts are invisible to me but sensibly pointing out what you perceive as negative points can only be to the benefit of those who are prepared to listen. We can all find ourselves wearing rose tinted specs from time to time and they’re bad for the wallet.