GREY:PMGLF - Post by User
Comment by
maxleverageon Apr 04, 2013 8:42pm
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Post# 21213473
RE: Pacific Rubiales $10 Buyout PMG watch..
RE: Pacific Rubiales $10 Buyout PMG watch.. PRE would buy their pipeline assets for $300 M. Why would they pay $850 M for the equity (85 million shares @ $10) and assume $600 M debt ($1.45 B total) for basically Orito and Nevia production sharing contracts? (5,000 barrels oil per day, the government isn't giving the environmental permits to drill more wells so they just rework the old ones). Corcel is out of oil within 12 months. There is not much left to this company - disguting to see it just wither away and management does nothing. They couldn't find oil even if it had an Exxon sign on it. Just a matter of time before the dividend is cut.