Update ....
posted on
Oct 01, 2008 10:56AM
Engineering, procurement, construction & management of crude oil refineries.
Nazima was kind enough to give me a bit more to chew on then the usuall `Business is...`
Enjoy:
To date we have had a cease trade order in place from July 08th, 2008. That’s just over 2 months that no trading has occurred. I do not have an exact date that we will trade again. This is something the auditors will tell us. The auditors having given us the go ahead for the October 10th AGM means they have to complete the FS before this date.
The 2007 audit process is now in the closing phase. Our return to trading on the NEX-H will resume upon our filing the December 31, 2007, Audited Financial Statements and the First and Second Quarterly Reports of 2008. Winfield has engaged a separate CA firm to review all matters related to audit preparation, audit process and the unification of onshore and offshore accounting systems.
During this period of our cease trade, Management has continued to promote the business of the Company. Winfield has negotiated the site location of the Ras Lanuf Refinery from land held by the National Oil Company of Libya. The Libyan Foreign Investment Board has directed the Libyan Water, Gas and Electrical Directorates to provision for Winfield’s anticipated needs through the construction phase.
KBC Technology is halfway through their bankable feasibility report for the Mauritania Refinery. They await WorleyParsons environmental impact study and site confirmation.
Winfield has reapplied, with revised refinery economics, to the Tunisian Authorities to build, own and operate a new stand alone green fields 300,000 barrel per day oil refinery in the Tax Free Port of Zarzis, Tunisia.
We can only put out news when we have something material to advise the shareholders of. When we give you updates it has only been when we had solid back up for the news. All projects are moving at different paces but are still active. When there is a change that can be supported via documentation we will put a news release out.