Very sobering.
WPL's Sangomar development seems the only one of its projects going ahead despite looking for cost reduction.
This is bad news for FAR.
With senior debt (if it goes ahead) not being signed off till June from memory FAR's cash in the bank ( which is the reason they raised it with massive dilution) will be eaten up if the project remains on track.
WPL does not mention any cancelation of contracts let for Sangomar or any deferment of payments due.
With US$43m possibly already spent this quarter according to outflows in the last quarterly the screw are being firmly tightened.
As PC might have said, if you snooze you lose.
Very sobering. WPL's Sangomar development seems the only one of...
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