Hello davo22,imo,They had the dream to secure a substantial gas reserve,tie the project up,then sell to a major for heaps of bucks.Unfortunately,for us stock holders,they appear to have ambition with ability all mixed up.We stock holders are stuck with stock devalued by a Boards incompetence while they still get paid a wage that in NO WAY reflects performance.And adding bonuses,for there pathetic conduct.Shame.IMO,our savior is JC (Pardon the pun) as JC & Co probaly have lost all credibility with financiers.(CERTAINLY HAVE WITH STOCK HOLDERS).I reckon,it was JC and his crudentials that convinced financiers to extend existing facilities perhaps convinsing them he, is the best person to get it out.Where else was the confidence going to come from? IMO,JS said to their lenders,"You can call in your loan and do your doe or you can listen to JC who has a plan." So the lenders are extending for what i would think is the last time till matters improve and,mae are going to pay for that opportunity.Yes Fortis would and should be concerned but I can assure you,if those wells blow like we have been told,any Bank would do business with MAE.That's why they are hitting them now.
Just my opinion
MAE Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
