The curse of ShareProphets strikes again. Those who view us as toothless can go post defamatory remarks on chatrooms while sitting in their smelly underpants in their social housing. Meanwhile another bent PLC director bites the dust thanks to our good work.
Having commented on the potential insider trading and undeclared related party deal at Predator Oil and Gas (PRD) only a few days ago and triggered Tom Winnifrith to write to the FCA, I’ve been drawn back again to look at a few further aspects. So often when you find something really questionable going on within a company, it is rarely a one-off and it would appear to be the case for this company.
Yesterday Peter Brailey exposed certain pre placing share trades in Predator Oil & Gas (PRD) by executive director Ron Pilbeam which I commented on in bearcast HERE. I cannot see how the FCA can stand idly by on this one and thus I have dropped the woke dullards a note demanding an urgent enquiry. The letter is below:
I wrote positively, if cautionusly about Predator Oil and Gas (PRD) back in March. A few things have happened since, including the drilling of the MOU-1 well in Morocco provided a very unclear outcome. However I have now come to the view having looked a few matters, including but not limited to the RNS today advising of Director share sales last week, that the corporate governance of this company is so poor, it is completely uninvestable.
Predator Oil & Gas (PRD) has announced further progress towards drilling at MOU-1, Morocco, and positive developments in Trinidad. This has been a great short term trading share tip from us.
Predator Oil & Gas (PRD) has noted a schedule which sees drilling of the MOU-1 well, northern Morocco, to commence next month and expected to take up to 20 days and that it “opens up the potential not only for further drilling on a licence covering 7,269 km² and containing multiple prospects, but also to assess additional opportunities where a proven operator can add value”.
Shares in Predator Oil & Gas (PRD) reached 15p earlier last month, but are now available at a 12.8p offer price £34 million market cap (11.3p offer price, £29 million market cap when this article first appeared). That is despite a recent positive ‘Business development update’ and upcoming potential catalysts. It was our March tip of the month, targeting 18p to sell.
I have followed Predator Oil and Gas (PRD) on and off since its listing back in 2018. With oil and gas interests in Trinidad, Ireland and Morocco, it has always seemed to have something that catches my eye. For me the focus now is very clearly the MOU-1 drill in Morocco, due to spud in Q2 this year. I rather like the potential.
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