NET WORTH....Hello Everyone:
To be rich you need to use Buffet technique, buy millions of shares and wait a few years for huge payout.
LFD is sitting on potential 1 billion barrels of oil at $ 80 per barrel or $ 80 billion ASSET.
LFD is in bed with:
a) George Soros (net worth of $ 22 billion)
b) Genel (cash account $ 2.2 billion)
c) Stan Bharta (cash account $ 1 billion)
LFD spent nearly $ 50 million to date to get equipment, to do testing of areas to drill, to obtain contract and, you want investors to believe that with all these connections management cannot get $ 20 million to drill two holes as required by the PSC contract?
You must be dreamin.
The delay is related to VST drilling. There is no cash issue. What did you expect management to say, we will stall LFD drilling until we finish with VST. That would not sound very professional with investors.
So nice excuse of we are finalizing financing prior to drilling to buy enough time to complete VST drilling.
LFD has shown that when it wants financing, irregardless of price of share, it can be done in a matter of hours to a few days. Notice they did it with VST trading at 10 cents too, raising $ 9 million.
Money is there and big investors have been told of strategy which gives all family and friends and contacts a nice opportunity to buy millions of shares at 7 to 8 cents, like stealing candy from a baby. Once these nice friends have stuffed their pockets you will see stock soar.
Sure, the shorts have been right so far, but time frame is not 1 year. Come and see me with 12 months to 18 months when stock trades at $ 4 per share, you will look pretty stupid for having sold at 8 cents.
Lets make sure that the rich get richer, right Kurd30.
JMHO