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Monday, June 21, 2010 7:35:35 PM
A LOI was signed with DANA and we released a PR of its existance. We were required to keep it somewhat subdued.
Dana wanted the deal quiet until we got the 3rd partner. That was one of their requirements - to get a 3rd partner. I also think they did not want any competition from the majors as at that time they were limited on cash and did not want a bidding war they could not win.
That remained their requirement until after the latest 2d was shot. I think they were also incented to go hard on our deal with the Repsol LOI. They played the timing perfectly and I applaud their savy. I do really like Dana.
In the fall of 2008 - A delegation from Guinea was scheduled to come to Houston as we had numerous companies interested in being that 3rd partner.
About that same time, the world fell apart - Conte got sick and then died - a military coup took control of Guinea, oil went from 147 to 32.Our stock went from a high of 2.75 in the summer to .22 nine months later.
Dana was initially signed in 2008 to an LOI and has always been interested, but the multiple other companies got cold feet.Ray eventually closed that deal but on different terms.
I have been asked for more details and comparisons but I do not feel at liberty to say anything more. I believe Most of the oil companies are back and I hope we will see a bidding war when the 3d comes in.
Hope that helps!
Mike Watts
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