The directors may not be running this company for much longer. The reason being things have moved on some what and there is more interest in Namibia than ever before
The oil price is up and the drill rates are at the lowest ever seen for many many years. Don't forget this is deepwater exploration where the prize is huge, but the costs were also huge. Current day rates for the Poseidon have dropped from $650/day to just $139/day
The directors have a huge amount of experience and it is testament to them that they have managed to survive the industry down turn and arrive at the precise time to beable to make a deal.
Take a look at BPC on the LSE, they were around .6p with a £10m M/cap a couple of months ago and currently they have a £110m M/cap and are just in talks with a Major
As they say patience is where the money is and we are almost at the winning post imo
GBP Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
