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A statement is needed. A reliable source tells me that a placing is underway seeking to raise £500,000 at 0.5p. The shares are currently 0.65p-0.75p. Ouch.
Hong Kong based businessman Johnny Hon is a controversial chap. My interview with him at UK Investor covered the Gate Ventures AIM fiasco - as you can see HERE - but if he wants to build up a stake in a business he can buy a material stake - as we lucky shareholders have seen with R4E (R4E) - and now it appears that he has turned his attention to the MX Oil (MXO) pantomime.
There was I trying to get an early night's sleep and who should call, blissfully unaware that I was on Greek time. It was Stefan Oliver of MX Oil (MXO) concerned that the morons had told him that I had said that it was trying to get a £4 million placing away at 0.1p. Of course I had said nothing of the sort but Stefan went on the record to clarify the position.
According to Reuters the Mexican Government has revoked six oil licenses because the companies awarded the blocks did not in fact meet qualifying criteria. This appears to wipe out the Mexican asset base of MX oil (MXO). Oh dear.
A City source tells me that MX Oil (MXO) is - quite unbelievably - endeavouring to do another placing, this time at 1p.
It is crunch time for MX Oil (MXO) and especially it’s CEO Stefan Oliver who is in ‘last chance saloon’ when it comes to delivering and placating his shareholders!
Show Me the Money was not only an award winning TV programme fronted up by a terribly witty and intelligent chap whose name temporarily eludes me, but is also what shareholders in MX Oil (MXO) will be shouting at CEO Stefan Oliver today. The Nigerian moolah has still not arrived.
I warned you on Friday's bearcast that MX Oil (MXO) was trying to get a placing away at 0.75p and hey presto today we are told that it has indeed raised £2.5 million at 0.75p. The shares are down by 26% on the news at 0.8-0.85p: you dont need to thank me all at once for giving you a heads up. What is going on?
I suspect some MX Oil (MXO) shareholders might be surprised to hear this but I have good news for you. Ther historic losses of the PLC in the days before it was MX Oil CAN be carried forward and that means there will be no tax paid on the disposal of Aje. This is good news.
MX Oil (MXO) has confounded its critics and delighted the rampers with details of the sale of its stake in the Aje field in Nigeria and a small placing at 1.25p. The deal looks great in headline terms but is it really that good?
MX Oil (MXO) appears to have sold its Nigerian assets for a good price today. The devil is in the detail and having chatted to CEO Stefan Oliver I shall be looking at the detail very shortly. But before we go any further I applaud Mr Oliver for doing what the fuckwit regulators fail to do, that is to say tackling market abuse.
The little twerp just cannot help himself. Today he has announced that yesterday he sold his entire stake in MX Oil (MXO) - 16,666,667 shares. But looking at his tweets (deleted and undeleted) from yesterday the crook is clearly again breaking the law.
MX Oil (MXO) has not announced it yet but then we do tend to announce these things for it. But the placing needed to bail it out has been completed...at just 0.5p.
MX Oil (MXO) owning folks insist that the Front Puffin is already on its way from Singapore to Nigeria and they do so because New Africa Energy, the largest shareholder in the Aje block said so on Sunday as you can see in the screen grab below. Sadly...
This almost feels like intruding on private grief, shares in MX Oil (MXO) now trading at just 0.875p - well below the 1p par value of the - now clearly struggling - placing, but I have just a few more questions that shareholders should be asking the company in light of yesterday's statement.
It is not a good start to the week for MX Oil (MXO) as it has essentially confirmed my £2 million at 1p placing article from Friday. It is reshuffling the board, now considering asset sales, its shares are slipping and its moronic shareholders blame it all on Tom Winnifrith and are stating on twitter and on various chat room asylums that they are reporting me to the FCA.Where does one start?
I would expect MXO Oil (MXO) to confirm on Monday at 7 AM the success or otherwise of its £2 million placing at 1p which I revealed here. While it is about it I wonder if it might update on the short term (its words not mine) production at Aje as we play spot the Puffin.
Amazingly market abuser Chris Oil has not tweeted about this yet. But recent share price weakness at MX Oil (MXO) is now explained.
Earlier today we flagged up that Chris Oil was committing market abuse by revealing information given to him as an insider in claiming that he owned bonds in MX Oil (MXO). We passed this information onto the Nomad by sending it our article - apparently no-one at Cairn understands how twitter works. That forced MX to issue a statement saying it was doing a debt fund raising - which I gather Oil is participating in - but had not yet completed it. So not only was Oil revealing inside information but he was also lying...the issue is not yet done. As for whether you should follow the little twerp and sign up for the issue?
The little twerp just cannot help breaking the law. You will see in the tweets below that Chris Oil claims to be the largest shareholder in MX Oil (MXO) but that he is also a large bond holder in the AIM listed company. Er hang on...
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares of Boxhill Technologies (BOX), MX Oil (MX), President Energy (PPC) and offer some share price targets
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares of Manx Telecom (MANX), MX Oil (MXO), Teathers Financial (TEA) and offer some share price targets.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares in MX Oil, Strat Aero, Stratmin Global Resources , and setting share price targets for all three stocks
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares of Ferrex (FRX), Mercom Oil Sands (MMO), MX Oil (MXO), together with some share price targets.
Featuring 88 Energy (88E), Great Western Mining (GWMO), MX Oil (MXO), Orsu Metals (OSU), Stratex International (STI), W Resources (WRES) with share price targets for all five shares.
I’ve got to admit I like the MX Oil (MXO) story. There is plenty of reason for me not to like it, but despite this the fact remains that this is a company that has seized its opportunities. When CEO Stefan Olivier bellowed at me that he wanted me to buy into his MX Oil vision it provoked a wry smile. “Who the bloody hell does this man think he’s talking to?” I quietly wondered to myself, as I received a barrage of an elevator pitch down the phone. We haven’t spoken since, but the brash confidence of that first contact has left its mark. The question now is can MX Oil deliver on Olivier’s bullishness?
I mostly cover companies that I actually like based on the fundamentals, but there are times when it can pay to play the momentum. I think this will be the case with MX Oil (MXO) in the coming months, and despite not being overly keen on it long term, I do think we’ll see a decent rise from the current share price of around 2.67p.
What constitutes a “fair and reasonable” related transaction? This is the question shareholders in MX Oil (MXO) should be asking themselves after discovering on Monday that their company has agreed to pay Cornhill Asset Management a $1.8million bonus for sourcing the 5% stake in the OML 113 licence, offshore Nigeria. The $1.8million, contingent on two relatively minor conditions, is an extremely generous reward to Cornhill and its shareholders for an investment made less than six weeks ago. There are further difficult questions to answer about this transaction so I contacted Andrew Frangos, CEO of Cornhill Asset Management and Chairman of MX Oil, to see what he had to say.
Among the speakers at Zak Mir's event at Free Speech & Liberty Pizza last night (13 July 2015) was Andy Frangos of MX Oil (MXO). His conversation with the Sith Lord was recorded on video and can be seen below. To ensure you get priority free booking for Zak's future events register HERE
Featuring Active Energy, Forbidden Technologies, MX Oil, Redde and Tungsten Corporation
Andy Frangos of MX Oil (MXO) gave a detailed presentation on Monday 10th November at the most recent ShareProphets seminar - a video of which is below. I served him up a couple of questions which, to his credit, he took with humour.
Rewind back to 1938, Hitler takes control of the German Army and proceeds to invade Austria, the FA Cup Final is televised for the first time, and Mexican President Cardenas nationalises its country’s oil reserves. We all know what happened shortly after to Hitler, and watching the FA Cup Final on TV is now a thing of the norm. However not many will be aware of the implications of the Mexican oil reserves and how this could affect one AIM listed company; MX Oil (MXO).
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