M&C Saatchi – how long is “the foreseeable future” for which it “remains confident about the liquidity status”?
Tom Winnifrith Bearcast: This is NOT a late April Fool: Bear raider Evil Knievil turns mega bullish on shares
The markets are starting to show signs of weakness and although we are yet to see any major downwards correction, it is starting to look more likely that we will get one.
Dublin-headquartered and AIM-listed Lansdowne Oil & Gas (LOGP) has seen its shares suspended since it announced an adverse ruling in the Court of Appeal on 13 April which left the company in need of, ahem, clarifying its financial position. This morning we had FY15 numbers which suggest that this was not the only problem, but the good news is that it is not going bust just yet: a bailout package has been put together.
AIM-listed Lansdowne Oil and Gas (LOGP) seems to have pulled off a neat trick in beating all the favourites (see HERE) in the race to become the next oiler to admit that its shareholders are toast. This morning an RNS was released entitled Capital Reorganisation, which comes in the wake of the company having lost out on a judgement in the Court of Appeal alongside fellow AIM-listed oiler Providence Resources (PVR). Having seen its shares consequently suspended pending financial clarification, today the company has a plan…..well, a bit of one at any rate.
This morning Lansdowne Oil & Gas (LOGP) was “pleased to announce its interim results”. Looking through the numbers and it is unclear quite what the company is pleased about. With its balance sheet in poor health and cash position a little on the precarious side, Lansdowne looks like it is going to need to raise money and soon. Not that the market seems to care, however. Lansdowne shares were up 6.25%, last seen, to 2.13p. So what might be behind this seemingly misplaced optimism?
Featuring Bacanora Minerals (BCN), Greatland Gold (GGP), Landsdowne Oil & Gas (LOGP), Sirius Minerals (SXX), Teathers Financial (TEA), Tern (TERN)
Featuring Alecto Minerals (ALO), Cap-XX (CPX), Imaginatik (IMGT), Landsdowne Oil & Gas (LOGP), Savannah Resources (SAV), Trap Oil (TRAP)
The second part of my Irish weekend shines the light on Lansdowne Oil & Gas (LOGP) partner to Providence Resources (PVR) on the Barryroe field. I outlined the case for Providence yesterday HERE. But there is more to Lansdowne than just Barryroe.
Lansdowne Oil and Gas (LOGP) is yet another AIM oil company that has been forgotten by many, but often that is the time to buy in. It was only a couple of years ago when there was a huge amount of interest in this Irish explorer off the back of the Barryroe appraisal drill and subsequent increases to resources there.
As is perhaps par for the course as far as stocks on the move are concerned like Landsdowne Oil & Gas, it tends to be the case that they move so fast, they can slip through your fingers. However, the positive fact here is that in the wake of a bear trap from below the floor of a rising 2011 price channel at 45p we would appear to have plenty of upside on tap here in term of a new rally.
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