Good Luck Longs Hey Guys,
I have pulled the plug on this investment, luckily I have sold at every stage from the 30's and now in the pennies it sucks but the management is just simple useless. Too many promises and barely any deliveries. Thanks for everyone who has been posting ( TeTsuo, BlindBat, Investpro2 as well as many others). JM has started selling stock at the 5.5 cent level and to me that's a pretty big red flag, one of the only things that gave me some hope was the large holdings by management and the relatively strong asset.
All in all though its only 5 MM to close the financing, why would anyone participate without any time of roadmap to get the rest to bring this thing into production? Management can claim and Asian fund will step up but at this point no one is giving them any credibility, this is probably why they can't close, cause there is not bigger picture strategy. Someone on this board said it best when referring to Wade's comments, it's simply too expensive. The asset may be good and there are definitely advantages to drilling and producing offshore in Nigeria but if you don't have the money, nothing else matters.
Anyways I hope it works out for you guys, for me it was time to cut this dog loose.
Cheers,
Johnny