Re: Financing is very close
Here are my thoughts regarding current situation: 1) I am concerned that the financing has not been signed off by the appropriate Turkish ministry !! I live in South America, and delays like that often mean that the person who needs to sign off on the document requires some encouragement ($$). 2) Dr. Halleran has stated that he can finance in-house the first phase of drilling (2 proven discovered wells)...so as to start cashflow asap, but I don't think that revenue from warrant sales, existing cash on hand, and monthly oil revenue will be enough to complete the first phase. 3) Dr. Halleran has had a quite successful career as an oil geologist (founded Canacol in 2006) and has quite a bit of skin in the game. So, at this point, I cross my fingers and have faith in Dr. Halleran.