RE: next pp?The partner Bendon is reported all paidup and staying current in note 5a of the 2009 Fin statements.
Here is what I could find on OLEraising capital;
January 2005 Oromin is awarded theSabodala property. In May of 2005 they form Oromin Joint VentureGroup with two partners. OLE 43.5%, partner1 43.5%, parnter2 13%.A total of $8 million dollars is to be spent on exploration by April17, 2007. OLE agrees to $5.2 million, partner1 agrees to $2.8million and a $4 million equity placement and a major role inproduction financing. OLE and partner1 will pro rate costs after theinitial $8 million.
Raised capital OLE; Exploration$ Sabodala
2000, $1,400,000, Loannearest million
2002, $250,000
2003, -$1,175,000, $225,000 issueless $1,400,000 loan repaid.
2004, $1,050,000
2005, $819,727, $625,000 at 12%convertible to 43 cents per share
and a warrant for an additionalshare for 43 cents.
2006, $22,960,000, $2.8 millionreceived from partner1 $10,000,000
per 2009 fin stat note 5a
2007, $17,569,087 $10,000,000
2008, -$600,000, Surge wants outof Santa Rosa and is repaid. $17,000,000
TOTAL $41 million, $37 million
2009, $26,900,000 ? $17million ?
Add in $2 million more cash out, leaves about$8 million in the bank on Feb 28, 2010.
Cash out is about $1 to $1.5 million amonth. 5 to 6 months worth of cash past feb brings us to Aug and itis usually announced 3 months in advance and that is now.
As much as I don't like it, I have toagree with you topoftheridge. There is no choice. ANTI up.