earache wrote: Deal of the century? NOT! US$15.5m with maybe US$200k, max US$500k pa royalties over five years. It stinks.
SG has misled everyone. Check the values in new October corporate presentation. 1P value at US$23.8m and he gives away 2P reserves valued at US$66.1m. WTF? Oh, and all the pipeline and processing infrastructure plus customer base thrown in for free? WTF again!
Whilst putting out that presentation he's rejigging the TBNG side of subsids to meet sales terms with TBNG Ltd, London. This deliberately named to confuse private firm was only incorporated on 22nd Sept specifically for this sell out.
https://www.companysearchesmadesimple.com/company/uk/12896550/tbng-limited/
SG in bed with a proven crook? https://en.wikipedia.org/wiki/Ian_Hannam
"
FCA decision In July 2014, Hannam was fined £450,000 for market abuse by the UK's Financial Conduct Authority (FCA), "one of the largest handed down to an individual and was considered a major coup for the authority".[15][16] The fine was in connection with "wrongly disclosing confidential information to Iraqi Kurdistan's oil minister, relating to client oil firm Heritage in 2008", when Hannam was working for JP Morgan.[15] In April 2012, Hannam stood down as JP Morgan's global chairman of equity capital markets, in order to deal with the allegations."
https://www.cityam.com/london-s-king-mining-forced-pay-450k-fine/
Stinks all the way from Calgary to Ankara!