So, to pass (yet more) time till the announcement let's speculate on the process and timing of the Trading Halt.
I'm assuming farm out terms and legalities have been under discussion for some time. I can't see that a TH would be called for the Seychelles gov to increase it's stake. I'm not sure that'd be "material" to the project. For the TH notice to come out early this morning I think our board must last night have accepted whatever offer has been tendered.
Locking the halt in till Tuesday morning allows enough time to get on a flight, and get the signatures in place on Monday for a late Monday announcement. Though it's not rock solid, this suggests to me a European partner. So, who?
Afren: UK based and have knowledge of the area. WHL has said they want a like minded partner, and this has been explained as someone who shares their view of the geology in the Seychelles. Common major shareholder in the Seychelles gov.
Shell: Dutch based. Have apparently stated it wants to catch up in Africa versus some peers, and a neat deal could maybe be stitched together with its knowledge of Palta to this point.
Total: France based. Matt Fitall used to work for the company, and I believe it already has distribution operations in the Seychelles.
I think, as others have stated, Afren is most likely. What say you all?
GLTA, and have a great nervously excited weekend.
QFY Price at posting:
2.6¢ Sentiment: LT Buy Disclosure: Held
