RE:Selat not released back to SGE yet
StratCap wrote: On October 21, 2021, SGE advised Sonoro, via Asiavest Trust, Sonoro’s Trustee representative company in Singapore, that Sonoro was in default of the Convertible Debenture and Loan for approximately $1.6 million and $300,000 respectively (the “Loan Agreements”) and that SGE requests release of Sonoro’s 25% interest in the PSC to SGE. At this time Sonoro objected to such release due to inactivity by the Operator on the project. To date, there has been no release signed and a release agreement continues to be documented.
Lets hope that as part of any release agreement that is being negotiated comes with a cash payout for the 25% that SNV rightly owns less any monies owed for the loan and debenture. 25% of this PSC must be valuable based on the reserve report. Maybe need to cut management some slack for playing poker well and not showing their cards in these circumstances.
Anything less at this point would be disappointing to come this far with nothing in hand.