Post by
kjs4381 on Nov 19, 2019 3:05pm
Dinning
Not sure if the blame falls on Dinning, at least not all. Essel is supposed to support Simba financially, with day to day expenses. They could have done a number of things to move Simba forward. Like come up with money to secure some other psc's. They did pay off some debt for Simba but that was all agreed to in the beginning. Even to get them to do that took a lot of nagging. They kept dangling a carrot, like they said they were going to buy a drill, they were going to buy a small oil producing piece of property and give it to Simba, never happened. They kept saying they were going to pay for a lot of things but it never happened. The only thing that they made sure of was the Kenyan government got paid and Essel had their name on the PSC. I think in total they have less than about 5 million invested in Simba. They'll end up with the Kenya PSC and no shareholders. I'm sure there's more than 447 bb in Kenya, but even if that's correct, drilling for 25 million plus what they have already invested is a small amount to pay for 447 bb. Jmo Don't blame Dinning or Hassan, they thought Essel was the saviour of Simba, just like the potash company that thought Essel was the answer. They smelled something funny with Essel and cut ties as soon as they could. It was too late for Simba.