if one wants to know why the sp is not moving is that the market has no confidence in the managements teams ability to execute.
Looking thru the financials it highlights incompetence and a lack of due care. To spend 101m on development in 2017 (knowing apparently you going to do a mega land aquisition) and almost bringing the company to its knees is well lets just say plain crazy.
If it wasnt for the vitol deal and creditors allowing SEA to not pay debts on time the SP would have been 1c. Of course they also would not have known oil price would have risen and sustained above 60 in 2h as well.
So while they may have the cash and the land now, if second placement approved, there is still a hugh concern whether this management team will just squander the opportunity or knuckle down and actually do the work required to get the company into a position to be profitable.
So for all those who always ask why I own well 50% of my plan (gamble) will happen soon but then the next step is the ccrucial one. At moment I praying Mike retires and eric gets bored and moves on.
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