RE:Lack of Updates very CONCERNING !!!!Remember this from the Outlook section of the November 10, 2015 press release.
"The Corporation has also been informed by Promigas S.A. E.S.P. that due to operational delays in the expansion of the transportation capacity of the gas pipeline between Jobo and Cartagena, the new pipeline will begin operations with an additional capacity of 19 MMscfpd by December 30, 2015, total additional capacity of 50 MMscfpd by January 30, 2016, and total additional capacity of 65 MMscfpd by mid-February 2016. The Corporation’s current and continuing production of approximately 25 MMscfpd will not be affected by the delays related to the pipeline expansion, as this gas is sold via a separate pipeline. The Jobo gas processing plant expansion and Clarinete field tie-in remain on schedule to be completed prior to the end of November, and the Oboe-1 well is currently scheduled to spud mid November following the completion of rig maintenance."
No news is always bad news with these guys...if gas was flowing it would be press released. And what happened to Obe-1 Novemeber spud?
I thought that once the gas was flowing that their lenders would be flexible with the covenants that CNE is surely in breach of right now, but with no new incremental cash flow, look out for more dilution to CNE shareholders in the form of either equity issuance or asset sales.
Way to go team CNE, if you were just honest with shareholders and didn't always over promise and under deliver you might not be trading close to your 52 week low.
CNE is going to be sub $2.00 once they have to come clean on the delays on release of their year end financials.