The funds are needed now to pay for the exploration work program obligations in Chad and Kenya that can’t be delayed without putting the Company’s onshore assets in potential jeopardy. The Company will not risk those assets, as they hold the greatest promise for near term value accretion. There are limited options with capital markets for oil projects constrained due to the glut of supply, but all options are being pursued, including private equity, private placements and, as you noted, convertible debt.
Without those thieves we would not have been able to get financing, at this point in time. Grimm reality.
What is CEPSA doing right now???
It seems they are working frantically, at a breakneck pace.
Will this convertible debt option continue in the short term future. Hopefully not, because it is toxic to the share price, not to the company, as in: killing, going belly up, etc.
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