Anybody get a chance to read the MD&A yet? My take from it was this.
I really liked how mgmt went into more detail regarding the issues/problems/solutions/timeline facing their various JV's . In my opinion, mgmt has noticed a lot of frustration on these fronts and did a great job of addressing them to us shareholders. Another point on the scoreboard for this mgmt team in my book.
Albania JV is a long time away friends....a lot of issues to work out there both polically and legally.....also I think the JV with the Albanian company is not exactly turning out to be a match made in heaven. I was extrememly interested by this comment made within the MD&A:
"The joint venture believes that it could still achieve success by entering into a processing arrangement with an Albanian oil producer whereby the joint venture simply processes the producer’s oil for a fee. Producers are not subject to the excise tax on imported solvent/diluents and would be able to sell the oil products internationally or to local refineries. "
BNK anyone????
IMO, it all comes down to debt financing. Iraq oil production is still the make or break for this company....without financing they cannot explore, test, produce,etc...anything. I think another share offering would be disasterous.
All and all, I think mgmt are doing an excellent job and they have my full suppport. Good luck and hopefully we get some good news soon.
Comments appreciated
