Post by
BMackAK on Apr 06, 2021 2:20pm
History of SASB
FWIW, I sent an email to AH yesterday regarding the history of SASB and he responded very quickly with the level of detail I was asking for. I hope he is busy securing financing, so I kept my question short. My question was regarding the history of SASB an why, if it's such a great asset, is was basically abandoned. Also, why the prior company, Tiway, did not use FCF to develop existing identified, yet undeveloped reserves. Per AH, Tiway had operations all over the world and was in a cash crunch and sold off assets on the cheap. Park Place Energy (PPE) did not have proper documentation on the well reserves after the purchase as it was misplaced somehow. It took a year to get the reserves recertified, which I believe was done under the new Trillion moniker. Also, he explained that TPAO is basically a silent partner and relies on the private partner to take the lead on development, so that explains why TPAO hasn't jumped in.
Also, BTW, I did as much due diligence as I felt I could do via the internet. I poured over financial and reserve reports and SEC filings as well as history of the owners and principles. I didn't see anything problematic, i.e., unscrupulous characters, but it's clear that TCFF has been running on vapors for a few years (pun intended), selling a bit of stock here and there, as well as taking on a little high-interest debt ("high" because of no/low FCF to repay - higher risk to loaner) to keep things afloat. It will be an amazing story if they pull it off. I'm bullish and cautiously optimistic.
Comment by
SirJulius on Apr 06, 2021 3:30pm
You hope that Arthur is busy securing the financing. Last week I asked him about the financing and it sounds like it will be soon. Hi xxx, Yes working on it, soon. Cheers, Arthur