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$Colombia and Latin America
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Re: A tip from the bankers the real conservative typeCreative accounting aligns with creative contracts and mystery buyers as well as refinancing. You can say you know what cash they have or what capex might be - but all of us are in the dark. When non cash write-offs occur regularly and options get thrown around as often as they have been there are lots of questions. Delayed capex projections are explainable as they have done - but I would rather have had the projection with a note to it which explains the option to change it depending on the outcome of those two drilling ops which were originally supposed to have been paid for by the mystery buyer. Is the money for Althenesol shares already distributed to make the order for the train a fact? What was paid and when was it paid (if ever) by the mystery buyer - when will CNE pay for the purchase of the recent deal? What are they projecting for cash flow in the remainder of this year - what oil contributions and what overheads? Yes, the deal was great and it makes some sense of a summer full of lies or broken assurances and failures to meet stated goals or even tell us when various wells came up wet or dry. Let us see some transparency of a financial nature for a solid few quarters before another big deal occurs and tell us when the gas contracts which are so easily achieved come about. Let us get a sense of security about all these things and all the asset value will begin to show up in the selling price. |
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