This appointment may be designed to bring in the next big phase in financing. Getting to 30,000 barrels per day production will need at least one billion dollars worth of capital. Some of that can be leveraged against production, more will have to be raised in the investment community.
The first big step was bringing in France's second largest oil company to the reservoir. The second was bringing in Mr. Node-Langlois, who has been a trusted steward of several billion dollars of private capital in Switzerland for three decades. Now, with Mr. Youyou taking a very active role in leading the board, you can see there is a determination to court very big league investment, with credible players at the table.
And the shares are trading today at a significant discount to the price paid by Maurel et Prom.
I am in for the long haul here.
