wasa - I am not sure how old your are - better be under 30yo!!!!! as a holder haha - just to make it real clear is that I am sure you follow pvd - they have recently acquired the Madagascar licence and a spend of $15m to do seismic - and no doubt will get that back in back costs when they do a JV - why was that not do-able for GBP with $20m - right time frame - $$ in bank to cover seismic - reasonably good address in terms of action around them both nearby and to the west in tanz/Kenya.
by the time they get to a decent JV the admin costs will have eroded their position more and more ( as it has already done) to be able to do a decent JV deal without going back to the mkt.
their shares on issue and $$ in bank have always made them appear attractive and I have been in and out of them over the years - but now seeing the history of the last 3 years - at what point do I re enter - it could be 3 more years yet before they actually get anything ( if they do) and there is nothing many shareholders can do given distribution. there seems no imperative for management to take a risk given the last 3 year history. ANY analysis of the performance to date should mean that some of management/board be moved on and the Co re-energised and go take that risk which is what the Co was incorporated for!!??
GBP Price at posting:
7.3¢ Sentiment: None Disclosure: Not Held
