Oh, how things change
I don't check the board often but the changes since the announced PP are breath taking.
Kenya who a month ago told us TPN just needed 2.2 million (to meet the cash call on block one), despite the fact it was really 3 million and they needed their share of drill costs on Block one, NOW tells us that they need 9 million. Thanks for catching up.
The PP is being done to let Birley and insiders get a discount price, the fact they still need a farm out surely indicates this. Hence, this need to issue the PP before Sala turns up dry isn't persuasive. If they are doing a further farm out why do a PP at all?
The 80% failure rate of Sala which is repeated constantly is a made up number. Pure and simple. Africa Oil leaks like a sieve and anyone in Kenya has a much better idea of whether the drilling is going well or not.
Bottom line: I was hoping a 1.25 to 1.50 drill speculation share price during in the fall. Then 3 to 5 dollars if they hit big. Now I have lower my hopes to 1.00 pre, 2-3 dollars with success. Sure, there a great opportunity for some good money to be made, but TPN management is not going to maximize if for we retail shareholders. Grin and bear it. And learn the difference between shareholder friendly management and those who aren't.