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.
This morning, Red Emperor Resources (RMP) announced that the Hawkeye-1 exploration well, offshore in the Philippines, has failed. The company’s share price is down 60%, as of writing. Once again private investors on AIM have suffered horrific losses at the hands of a pure play oil exploration company. This further calls into question the appropriateness of listing such shares on the market.
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