Hi Wasa,GBP's website is pretty ordinary, agreed.They do seem to...

Hi Wasa,
GBP's website is pretty ordinary, agreed.
They do seem to update under the 'news link' but as for general site maintenance, I have come to the conclusion that they either are a bit old school and still live in an analogue world/and/or are very frugal with cash.

They managed to navigate the GFC pretty much in tact because of the strong cash position IMO. I would think that they defend this vigourously - not surprising given that the company is so tightly held.

They reduced exposure on this second Ugandan well too, wisely imo. Will still have $23 mil in the tank after drilling. If it is a motza, they are sufficiently well positioned overall to send the SP flying. On the downside, the project pipeline/cash position etc is still strong enough to merit a re-rating.
This stock has been definitely ignored but this new well should attract some much deserved attention, especially given the upcoming exposure to the 'Eagle ford discovery'

Re Kenya: They have a hearing in Jan in the British High Court to recover losses from Woodside Petroleum. They must think they have a good chance if they have taken on Goliath. This could also have something to do with maintaining a strong cash position,(as against being on the aquisition trail) to send a message to Woodside that they are not going to lie down.
Dont know how much they stand to recover, perhaps someone else can throw light on this. Have pasted an excerpt from the annual report below:

Hope this is helpful Wasa.
Cheers mate.

Notice has been given to Woodside Energy (Kenya) Pty Limited (Woodside) terminating the Farm-In Agreement
(FIA). The termination notice has been given based on Woodsides refusal to drill a second exploratory well in
the project area in accordance with the FIA and its failure to take any steps to remedy this refusal, which the
Company considers to be a repudiation and breach of the FIA.
The Company and joint venture partner Dana Petroleum (E&P) Limited are continuing legal proceedings to
recover losses suffered as a result. The proceedings have progressed to the pre-trial disclosure stage. The
Company anticipates a hearing in the English High Court of Justice in 2010.