Re: Ensco writes off value of seized rig

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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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GWhatesmidgets

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Re: Ensco writes off value of seized rig

in response to

Ensco writes off value of seized rig

mineonmoney

posted on Jul 16, 2009 10:04AM

Ensco suspended operations on the oil rig off Venezuela's Caribbean coast in January because the South American country owed it $35 million.

"Due to Petrosucre's failure to satisfy its contractual obligations and meet payment commitments, Ensco management believes it is remote that ENSCO 69 will be returned," the company wrote in a prepared statement.

Between news like this and the National Guard attacking opposition police stations....it doesn't do much to promote interest in a high priced buyout by major gold producers. Way to go Hugo...you big @$$hole!

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