RE:FWIWGreat research by Hamoudi.
But why are people so shocked? It was clear since the 'MOU' announcement that SGE was going into production alone (without SNV), and that they had at least a non-objection from the government. Now we know they actually have full support from many levels of government.
I believe the meeting and MOU were either designed to give SNV one last chance to meet its commitments (pay the cash that is owing, and produce a reserves report), or maybe just to give the appearance of giving SNV one last chance.
SGE is the operator and will produce and sell the oil. If SNV still believes itself to be a partner in the project, SNV will have to go to court to fight for a share (although SNV has legally defaulted long ago). What are the chances of SNV surviving long enough and finding the resources to even put up a fight? And with no ceo? (As the outgoing ceo has clearly decided SNV's case is hopeless, and he should be in a position to know.) Pretty much zero chances, I would say.
Somebody mentioned class action, which I think would be justified in principle, as the company has failed twice to produce the promised reserves report, and never disclosed why they failed. But what lawyer would take on a class action against a broke company?