RE:AGM Attendance UpdateAs far as number 6 goes, ("If the final results of WEI1 show light crude in the santonian it will be the single largest find amongst minors."), I would like to clarify.
I was at the meeting and I think Gtboy may have misinterpreted this comment. First of all, it didn't come from Suresh. There was a shareholder there who commented on the 210 feet of potential pay in the Santonian and said that if this, coupled with the 77' from the upper zones, were light crude, it would be ONE of the largest discoveries in the Guyana/Suriname basin (not the world), period, not only amongst minor exploration companies but amongst all exploration companies in that area, including Exxon.
Any news about further drilling that OilNow was spewing on about DID NOT come from anyone at the company. It seems they choose to put whatever spin they like into their reporting.
The port has been described as "Not a deep water port" by vice president Jagdeo. There was an article out today in Kaieteur News that basically states that CGX corroborates that this is the case, right now, BUT that it doesn't mean it can't be in the future, when demand would require it to be. It will be built in stages, growing with the need.
As far as the 4.7% goes, Suresh was quite clear that every option for raising funds for the shortfall was examined and that giving up the working interest was the best option. He said, if we had a way to raise $16M, he would have loved to hear it. I then commented on this stating that, at the end of the day, Frontera has a strangle hold on us and can get whatever they want, really. What other option do we have? They have their own agenda and taking WI works out in their best interest, obviously. This speaks to how confident they must be (my opinion) to keep on throwing money into this venture. DeAlba needs a home run for his Catalyst investors and I think he wants the biggest bang for his buck, in the ninth inning. DeAlba was not in the negotiations for this due to conflict of interest but that doesn't mean he didn't tell his CFO, "don't come home with anything less than 4.7%" (my words here).
Suresh was very clear, it all comes down to unlocking value for CGX and that will depend upon the report on the data to be obtained from the independent lab, to be release as soon as possible (one month left of the 2-3 month projection that they gave for the lab work). There is no speculating that can be done right now. I left the meeting a bit more optimistic then I went into the meeting. A little more time should tell us everything, hopefully!