RE:RE:RE:RE:RE:petromindo.comark88 wrote: ark88 wrote: If this rumour is true, then one thing is clear, it is highly probable that SGE outfoxed Sonoro from the outset. All they had to do was to withhold the reserve report and Sonoro would be unable to obtain financing to meet its obligations. SGE just had to play dead for the 2 year term of the loan and then call the default and voila Selat is all yours.
The glimmer of hope that I can forsee is IF there's something in the "contract", MOU or whatever Sonoro signed with SGE that provides for some relief should the project proceed to production. Clearly I'm reaching here, but even a "first right of refusal" could be worth something in this tight energy market. GLTA!
Then of course, it comes down to who's lawyers were better, theirs or ours.
So much of litigation is not about who is right, but about the value of whats at stake and the value lost thru fighting. Hence so many cases are settled. Every day, Selat is increasing in value and the odds of throwing a few bones to Sonoro to walk away also increases.
As I said back when the default notice was annouced, lets hope we had good lawyers and if we did, lets hope management has the balls to be a pain to SGE.
wow Ark88 you posted this 2 days ago and I questioned how you know they engaged lawyers as it was not disclosed before...until today!
"Sonoro has attempted to communicate with SGE directly many times,
has recently engaged lawyers in Singapore to assist and through SKKMIGAS, the oil and gas regulator in Indonesia. All methods for communicating and discussions have failed."