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Gallmat - what do you mean “I have moved on “ ?
@machiissmo..to be fair to PAT.. an rns every month plus, I think all emails/calls from sh answered.
If we are negotiating with GoI then I am sure a professional & diplomatic approach is the order of the day.
If we get to court then fair enough ..no punches need pulling.
Machissmo, this will reach a natural conclusion in 3yrs
In terms of moving on, i have taken my stake here and will deploy capital elsewhere.
I will probably not post much going forward.
Guys
Hopefully, the news we all are waiting for will be delivered soon. I am sure Mark reads the comments here. The elections are out of the way in India so can't be long for the news. GLA
I honestly think that they are waiting for the auction to at least start to issue the notice of arbitration, as that closes out any prospect of amicable settlement.
Maybe just maybe with all the twists and turns in the auction process..it might not even go ahead until this little claim problem is resolved?..
I agree as I have said before no one will buy something that has a third party claim on it until that is cleared
it is in Indias interests to do a deal to enable them to cash in on the sale
You’ve hit the nail on the head DBush, it would be mad to buy something that someone else has a claim on? Why would anyone wish to get involved in potentially damaging legal proceedings buying this, you would want to buy it free from any lien …..
Suggest you review past video's the CEO clearly said india can do what they like with asset as soverign state, BIT
Just states compensation is due.
In my view there is nothing to indicate any early settlement. The document we saw stated they
Reject our claim and the CEO it seems is trying to monitize our west african porfolio so we
Can go for the long hall.
I could be wrong of course, but there is no sign to me that india needs to settle soon
And our actions seem to confirm this
I get your point Gall..but companies who are bidding at auction ( I think others have said this) maybe be getting advice from their own lawyers..look so far I think we have had 3 dates now for the auction process...something isn't right with something
I fully understand your position Gallmat as you’ve sold up but I think longer term holders who have been here for a considerable amount of time have witnessed first hand the Indian way but unfortunately they are bound by the BIT agreement that they have signed, the International Courts will not look favourably on their behaviour and changing the law in order to take possession also goes against the Treaty and then making it Retrospective goes against the Treaty .
The GoR relies on three weak arguments that have been repeatedly raised and previously rebuffed by multiple tribunals, committees and courts of India, so even their own courts in India refute their claims!
Having been invested here for 3+ years, I'm of the view that India regards Panthera as an irritant to be ignored. This will only come into sharp relief when they get clobbered in international arbitration via the BIT.
In the interim, I expect that they are just going to try to sell the asset, ignore Panthera and its claim to Bhukia. What assurances they will give to bidders and retained liabilities on the sale are probably bound up in the $18M auction particulars.
@ejt..fully agree ..in regards to your last paragraph I still reckon the 'contract' along with local applicable taxes is ( unless it's been changed for the 3 rd attempt at auction) has satisfied registered bidders.
I Hope for all parties a good deal is reached this month & everyone can move on.
Has not satisfied!
I haven't sold up. I am just spending my time looking for other things ondo.l had good news.
Strip tinning last week.
This could drag on for a bit so paying less attention to pat.l
GLad you are still here Gallmat. A voice of reason.
Honestly there is nothing to analyse.
The next milestone is the west african portfolio. If we get even 6m USD for it, that
Gets us easily 3 yrs operational expense ( without drilling).
With that we have no further dilution.
Then all we need is a case that gets to a hearing, tbh we dont even need to win it!.
When we get to the hearing we will have changed our implied probability of winning .
Do we think we have a case worth hearing at least. I would think so given it wad worth
Hearing in indian courts, we need to at least visit the issues in international courts
When we issue our case is not that relevant, 1m from now or 2 months.
We will get out hearing and rerate without dilution
Honestly sod starting the arbitration, focus on selling west africa