In my opinion, Foley only knows 3 things with confidence. WWF has a licence agreement to build a refinery in Ras Lanuf, a licence agreement for feedstock, WWF needs cash to maintain operations and finance the refinery. Other than that, Foley does not know a lot more than what we know. From past NRs (and they are old) we know Foley relies on agents working in Libya on behalf of WWF. Foley repeats what they tell him.

Foley has to comes terms with the lack of interest in WWF. Why is it so difficult to close a small PP? Why is it, that even Libya does not want to provide working capital when they want 10% interest in the refinery, and the refinery is suppose to be so important to Libya?

Something stinks. Maybe Foley has run dry as a promoter. What happen to the Finance Framework that Foley agreed to in principle back in March (per April 2010 Update)? I can see many reasons why it is difficult to find new victims to put cash into the PP. Nothing is really adding up.

You really can not blame the hub leaders. They are just doing what they are suppose to do - create the hype. Hub leaders get their information from Foley, and Foley gets his information from other sources. Foley tries to spin the best he can with the information he gets.

David Baine 1 Foley 0

JMHO