The purchase had portrayed KKarim and his Shoreline Natural Resources as immune from the grave implications of falling oil price.
But recent disclosures attributed to the man charged with day to day running of the outfit reveals the big money acquisition by Karim as cosmetic attempt at covering deep level challenges the company is contending with.
Bada went as far as revealing Shoreline Natural Resources has had to take ‘haircut’ in it’s downstream operations.
And went on to make very concerning interpretations with the assertions that the company which closed the $850m OML 30 acquisition deal with Shell and partners in record time is battling
‘production which has been down by 40% since June...right now we are seeing figures that are very difficult for us to sustain’
He reportedly went on to give a hairy verdict ‘ If the prices continue to fall into Q1 AND Q2 of 2015, ten we start to be more concerned’.
Bada provided a gloomy glimpse into possibility of bailout finances ‘ with further divestment to take place, it becomes trickier to finance...when you stack the banking case with your lending partners, it becomes less attractive for the banks...they (banks) are going to demand mre equity from you to put in’
The Managing Director that was brutally honest about the position of his company and sector reportedly made the shocking disclosures during a television talk show.