UK 18:44 Friday, 23 October 2026
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Yet again LGO Energy (LGO) is issuing shares like confetti. Yet again it is announced at no-one is watching O'Clock and enough is enough, I let rip at this company and only half jokingly call for Big Dave Lenigas to resume control.
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Comments
Jason
Total placing+subscription at 2.5p is £6.72m shares. $25m Long-term Oil Swap Agreement with BNP Paribas also announced today ~ 1/2 drawn down for 2015 capex.
DUCK AND DIVE
I assume that DL is still in shadow-charge of LGO. It wouldn’t surprise me if he signs off the RNS’s.
Surely the regulators need to stop this trick of announcing a fund-raising after the cash has been raised? It isn’t feasible that this latest placing and accelerated book build was secured between snooze o’clock last night and morning glory today so LGO has abused the market by delaying the announcement. And not for the first time.
Clearly, Goudron is a long way from being self-financing. That’s not surprising at current oil prices but there is precious little transparency on flow rates, decline rates, lifting costs, operating profits, etc. It’s about time that LGO came clean. Independent analysts might wonder whether it would not have been prudent to shut in the operation until the outlook was rosier.
But on the face of it, the BNP Paribas oil swap agreement is a hefty injection of credibility which might see LGO re-rating before long. The trouble is, DL has been on the cusp of bringing home big financing deals before but something always seems to cut their legs off. Savvy PIs might want to see the colour of BNP Paribas’s money before getting too excited.
wildrides
Blimey Tom …………. I just had an E.mail update from Desperate Dan …….. I think he has flipped . He has put his own money into Sefton and is now acting chairman . He talks of buying new assets and a new dawn for the company ( in soft focus ) . Whats he been taking and is it legal ? Quick …….. get him sectioned before he loses all his hard earned . It must be a wind up ………….. is it April the 1st . Its no good ……… I need a lie down …… Nuuuuuuuuuuuuuurse …… meds please.