Well let's have a look at why the SP may not be doing what we hoped for.
While the company announced additional funding today, they still have not met their own previously announced threshold for completion of the Fatalla well. The upshot is that SAPETRO has accepted that the company has the ability to, or has secured the remainder of the $15M total, as they have closed the farmout agreement.
From a shareholder perspective this still leaves uncertainty about the exact amount of equity we will hold. Although we are getting a better idea where we stand. Additionally the farmout closure release indicates that the company is currently a 50/50 partner with SAPETRO. This is still subject to change, per the agreement, depending on final well cost and HDYN'S contribution.
On an operational front, rig preparations appear to be continuing as planned on the revised schedule (based on maritime activity). Ray indicated at the shareholder meeting that final rig preparations would have to be completed in Guinean waters to meet the PSC schedule. The revised terms with PACD obviously gave rise to concerns by many (myself included) that significant additional costs could be accrued if the farmout did not close in a timely fashion so drilling could start. I feel the farmout agreement resolves this issue, though some still have concerns.
The final key to lagging share price may be the most obvious. Those who wish to own shares have had a LOOOONG time and numerous opportunities to accumulate; those who wished to add, and have the resources, could have participated in one of multiple offerings; and Institutions who participated in the past left when the stock was delisted.
I don't have interest in running the math to see where we potentially stand with share counts at this juncture. I will continue to wait and hold my current shares until all funding is in place, or the well comes in.......unless something changes ;-)
GLTA
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