Re: Trick nor treat
Nothing seems to change with these guys. It's been over 15 months since the company claimed they were in takeover talks. They've claimed multiple party interest in these blocks for years. It hasn't taken any of our peers years to get deals done, nor have others been forced to take years off from drilling due to lack of funds. I could go on and one of course. Mike has close to zero leverage here and is running out of cash in a big hurry. If something falls through with his funding plans as has seemingly happened in the past, folks better hope they don't have more in this thing than they can afford to lose. In other words don't gamble the kids Christmas toy money on that December 5th date. I suspect Mike will settle for anything that he can get at this point, but IMO there isn't near the upside reward there once was. Normally when folks consider risk/reward they really don't consider the "risk" part of that as being zero but in this case it is. Yeah if he is forced to sell at a dime or .15 that would be a nice bump from current prices and that would be my guess as to the final result, but I would still be careful folks. JMHO