RE: Dr. Mohamed Said's Scathing Report on HRN Yeah So?
Read the report and he basically says that he thinks that somalia has tons of oil and gas he just doesn't think HRN is gonna find it! Oh and the part about the president and prime minister in on the deal and should be charged with corruption? WELCOME to capitalism in Africa! What do u think altruism is rampant in East Africa when its pretty much not in the rest of the world? No sh*t the top dogs are gonna line there pockets, its ALWAYS been that way and always will be but if oil starts flowing in Somalia it will still BENEFIT the country overall! Oh and these two countries, Sudan and Somalia have lots of oil and gas just as he states and the only reason they are not on par with their western African cousins is there atrocious political situations! Who in their right mind except the Chinese would go into either of these countries wildcatting unless the terms were very lucrative to the companies involved? That being said they may or may not find oil. probably a 1 in 3 shot as far as i can tell but if you think the Lundin family and other deep pocket investors are drilling this for a tax loss i have a bridge in brooklyn to sell u! They are after oil and elephants if possible but even 750 million barrels at 60% to HRN is 450 million barrels! At 3-4 dollars per barrel proved up and u have a MKT cap of @1.5 billion or $20 a share on todays float. If they hit big then all those warrants come into play and u have a company with 150 million shares o/s and $70 million in the treasury with a share price of 8-10 per share and lots more drilling to go! If not u go back to the drawing board and start again! Welcome to oil exploration in the third world! GLTA in the future!
Longrider