Its perplexing that Crusoe still have not finalised a PDA with KDP/KPO.
If I were to take a guess, I would assume that a prerequisite to go forth with a binding PDA, is that KPO have to fix their balance sheet. After all, it would be hard for KPO to fulfil their end of the bargain and take the sites to FEED study with very little cash reserves.
Originally, KPO were prepared to sell off a stake in KDP to get the funds required. However, with a strong market now in Alberta for ready to go development projects, the team have pivoted to instead sell off some of their projects, rather than the company itself. Smart decision and its almost certainly why KPO have Saddle Hills on the market.
The question is how close are we to a sale? TwelveSix were contracted a month or two back, so one would hope that a sale is very close.
IMO, this may be the catalyst to then unleash a great deal of progress on other fronts such as Crusoe. For now, we wait but for the brave, there is some serious upside at a market cap of about $14M. They may well get something like that in cash for Saddle Hills alone!
KPO Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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