"Yea sorry forgot to mention that. It was stated that there main focus was on West Med however they will be using some of the funds that they have for Kermekol.
Also in relation to funding it was said that the bonds they have are enough to cover Well 105 probably until mid next year however he was confident to say that they had another I think 20 million from ING "
The loan will be covered by ING selling $25 million through the market. It seems from the above quote that this is going to happen in June >. Before that you have the second Bond which was why the AGM had to be held today.
Seems this company has an insatiable appetite for money. Amazed that no one questioned how they will manage to have blown the money from both Bonds in just 36 weeks. Makes you wonder how long the loan will last.
No wonder they arent very interested in Kermekol, it wont provide the money they are burning through.
imo
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