The way I read the AR,is income from existing oil (albeit low) has been reduced further because of water in the oil. The refinery cant handle it. They said in the report, this has been addressed "somewhat"? .Is the additional money raised specifically to solve the aforementioned problem? As I see it there's no point finding/ producing more oil, if it cant be refined. In the QR re Mailisu III#6 they mention Malisu#115 some 400m distant, has produced close to 300,000bbls with minimal water. I wonder if the oil specialist they originally hired to access the potential of their permits thought about such matters. I don't know sh#t from clay about oil drilling,but wont the deeper wells have the same problem?
CIG Price at posting:
15.0¢ Sentiment: None Disclosure: Held
