Take or pay really is just a contract where the buyer commits to spending at least a minimum amount each year, even if they decide they don't need all or any of what you are producing. It allows you to invest in infrastructure with the certainty that you will at worst break even. Hopefully Uley will be a great asset for EBR, particularly as the proposed thru-put is fourish times higher than the old plant, with resulting proportional gains for EBR via royalties etc.
Strange final year report. No mention of timing of drilling at Cooper, despite rig bookings and the need to complete these by the end of the year. More seismic perhaps was about all it said for that time period....And very strange to add another accountant (no reflection of Linda Bells skills) to the board. Leaves one engineer and two accountants to run an explorer with a broad portfolio! No mention that this is temporary until someone with experience and success in the mining game is found to replace Tony. At least Tony had an excellent track record with Falcon etc...They said they dumped him as a consultant following the conviction which seems silly. Given his skills it would be an ideal position for him to hold during his rehabilitation! At least someone with an eye for potential projects would be around then. The current Board just looks like a holding pattern to steer existing projects through to their conclusion. Luckily there are a few of them (projects)!
EBR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
