$224 million CAD That's how much Fec has spent over the years amassing their position in CGX shares. That position is currently worth only $80 million CAD at the moment.
That $224mil CAD is equivalent to 30% of FECs market cap. I'm sure FEC shareholders would have loved to seen that money spent elsewhere no doubt.
FEC management clearly got what they wanted all these years (ie, wounded CGX financially which enabled them to amass massive stake in Corentyne/cheap CGX shares). Ironically, FEC doesent have the excess cash to now finish the job and take more CGX WI/drill additional wells. A joke really on so many levels.
End of day, will De Alba let CGX die and thus sterilize FECs investment in CGX (and greater Corentyne?). One would surely hope not, but man, these guys sure take something that should be easy and turn it into a massive struggle.