They need to start doing some JVs with a good prospective suitor...
Let that company get to know the assets we have... and also leverage our limited CAPEX, perhaps the Western Desert find would be a good one to JV on...
This way as soon as they get the PSCs re-negotiated we could try and get a deal done to sell the company to this prospective suitor... At any rate that needs to be the game plan now, get this thing sold as soon as we can get a reasonable valuation... $2.50/sh would be good.
In the mean time these guys need to move operations into a couple of construction trailers located on one of their leases... get rid of the 7 Board Members who obviously have not been able to put together a deal despite having had much higher valuations to to work with over the past few years... This 40M company doesn't need 7 Paid Board Members and an office full of expats in London to figure out what needs to be done at this point... Some potential players who are already have operations in the same area as ours would be:
Dana Petroleum (owned by Korean State Company)
North Petroleum (NPIC)
Anyone care to comment on a good prospective suitor ?