setting the record straight .... allegations, page-5

Hi Spyda,

I thought someone else might have been willing to answer your query before now...but it seems there were no takers!!!

This story appears to have surfaced in Australia for the first time a few days ago when 123enen discovered it...so it is as much a surprise to me as it is to you.

The story in brief is:

Facts (IMHO, as I see it):

A private Australian company, Seyco (not to confused with any other company in any other country with the same name) secured the oil and gas rights to a huge acreage of potential oil fields off the coast of the Seychelle islands from a company called Petro Quest with the approval of the Seychelle's government.
WHN did a deal with Seyco to pay Petro Quest for the aquisition of the rights, and to pay for the Seismic survey which is already underway. (very rough figures are $1.5m to $2m for the aquisition and $7m for the seismic survey). In exchange, I understand both Petro Quest and Seyco shareholders got shares in WHN. WHN ending up having the direct rights to the these oil fields.

Errors ; Rumours:(IMHO, as I see it)

It seems some reporters in the Seychelles discovered the $7m figure and speculated that a company with no history of oil exploration bought this huge acreage and on-sold it to WHN for a cool $7m profit...end of story!!!
The reporters speculated that the actual acreage was sold...not just the rights and that for all this to happen so conveniently,the Seychelles government's representatives must have been bribed and/or were currupt. (Conspiracy theory)

The letter:

Is by Lane Franks, President of Petro Quest International. It is an open letter to the editor of the on-line newspaper "Seychelle's Nation".
He wrote it to "Put the record straight".

http://www.nation.sc/index.php?art=21885

Obviously the letter is very well written and it's accuracy cuts holes in all the rumours and conspiracy theories.

So...that where we are now!!!
Cheers