ROS .. the gamblers anonymous thread !!!

The banks loaned 60m secured on what was then expected to be an ongoing revenue stream (gas in the ground, long-term supply contract agreed, just a bit of infrastructure to put in - safe as houses!) - the last thing anyone at the bank expected was that they'd have to make do with just the money from oil services (and whatever 7H is sold for - unlikely to be much IMO).

As to the 14.1m valuation, the bank wasn't going to get anything more than its 12m from the sale, so why should they care? A number of the directors benefited directly from a cheap sale so they weren't likely to make a fuss. The only mugs in this game are posting right here :-(.

In the scheme of things it's probably not important - provided they keep going, if any of the prospects come in then there's still a chance it will all come good. A few more million from the sale might have kept ROS in the game a little longer, or perhaps allowed a little further activity - in the absence of more money then yet more interminable waiting appears to be our lot from now on.