Yes, I am still here.
Richard Wadsworth bought 138,000 shares today at $0.20. It was mainly 3 big time investors selling over the past few days. They were not selling because of anything having to do with the Company.
The Albania project stalled because of the recent change in regulation. The present JV partner is looking to back out. They are actively looking for someone and very hopeful to having him replaced very soon, and finally bring this project to completion.
Iraq oil production project is moving full steam ahead. They should be in production by late September.
Although the debt financing for the topping facility was hinged upon getting a Government Oil Supply contract, that is no longer the case. With the recent discovery of seismic data which was gathered by other parties (under Sadam`s rule), they now know exactly where to drill -not requiring to do any of their own seismic- and have realised that they will have enough oil that they won`t need the Government`s oil. Nevertheless, this puts the plans for their topping facility on hold until they start producing. This most probably scared some investors as this is added risk. A Government contract is a sure thing... this is not.
Of the three sellers, it would appear that one is still there. Once he is done, the share price should recover to above 25 cents.
The shares from the second $0.25 Private Placement are becoming free-trading on the 20th. However, I don`t believe that these shares will place any pressure on the share price, since the people who bought these are the buy & hold type. Nevertheless, the shares from the first $0.25 Private Placement are still out there, and will keep the pressure on the price close to $0.25.
The share price will appreciate next month, when the contruction of the oil wells begin. Once they are in production, they will have defied the odds, and the share price will finally reflect the true value of the Company.
