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Tom Winnifrith Bearcast: Versarien is not the new Quindell, it is not a fraud but it will end in tears
After all the beastly things I have wriiten about Solo Oil (SOLO) and about him personally it was jolly brave of Neil Ritson to enter the Lion's Den and present at the show. In that regard, I take my hat off to him. Over to the brave man...
Solo Oil (SOLO) is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. It is involved in the Horse Hill play about which we are somewhat sceptical and thus we make no recommendation as it has announced a £2 million offer at 3.5p via PrimaryBid. Half ther cash will go on buying another 5% of Horse Hill from another company in the closely related nest of companies once associated with Big Dave Lenigas, Primorious.
This morning AIM-listed Solo Oil plc (SOLO) announced a $5 million death spiral facility with institutional investors and arranged by Riverfort. It is a convertible facility with 8% interest, and an option to repay in cash (with a small penalty). Beaufort Securities (house broker) issued a note this morning. It is utter horseshit – shame on you.
Beaufort Securities acts as house broker to Solo Oil (SOLO) so it is paid to write research on the company. Think of the relationship as being like that as between a hooker and a punter. The punter pays the bills. The hooker assures him that he is hung like a donkey. With that minor caveat I bring you a fairly detailed note from research analyst Charles Long at Beaufort out today. Apparently the shares, now 0.24p are worth 0.91p. But Hang on Henry...
The term “Special Situation” has often been used as labeling by the marketing teams of funds as a means of attracting added investor interest in some of their funds where a strategy to invest in a “Special Situation”…….well sort of exists.......the actual fact is, the discovery of true “Special Situations” that offer real opportunities for investors to gain an advantage because of the “Special Situation” rather than the underlying fundamentals of the equity in question are actually not so easy to come by. Which leads me nicely onto Solo Oil (SOLO) and Helium-One.
House broker Shore Cap has upped its share price target for Solo Oil (SOLO) from 0.8p to 0.9p in a detailed note (below) entitled “Adding helium to the mix”. Following the successful testing of Ntorya-2 and subsequent resource upgrade, and the acquisition of a 10% holding in the appropriately titled Helium One, it has increased its sum-of-the-parts valuation for Solo.
There was exciting news out yesterday from Solo Oil (SOLO) with its venture into the specialty gas market, it is taking up to a 20% stake in Tanzania focused Helium One Limited .
Eight days ago I predicted that Solo Oil (SOLO) would need to do a placing and suggested that 0.18p was the likely price. Well knock me down with a feather duster but it has today announced a placing to raise £2 million ( lets call it £1.85 million net) at, cue drum roll.....0.18p. Genius or what? Of course Solo is still rubber ducked as I shall explain. The shares at 0.23p remain a sell.
Earlier this week Solo Oil (SOLO) announced quite startling news - that it was to lapse an option to buy an additional 1.25% stake in the Kiliwani gas field a deal first announced back in February of this year. This leaves Solo's stake at 7.125% but begs very serious questions of Neil Ritson's floundering company. Is bankruptcy looming and is Kiliwani not living up to the hype?
Yesterday on the back of news from the Kiliwani gas field in bongo bongo land Neil Ritson, gopher to the fat aussie share ramper David Lenigas seemed keen to let share trading morons across the land know how exciting this was for Solo Oil (SOLO). Some morons paid up to 0.4p in the secondary market. The shares are now 0.27p to sell after the inevitable placing but the numbers still make no sense.
Just over a month ago Solo Oil (SOLO) announced it was increasing its stake in the Kiliwani gas project in bongo bongo land and that it would sign an SPA and hand over $500,000 within 30 days. 30 days was last Saturday and still we await an RNS but Solo can't do that because it has not got the cash so instead...
Solo Oil (SOLO) the David Lenigas created POS cannot stop telling us more ramptastic news from Horse Hill yet its shares are sliding again today. Why? Well there is a missing RNS on its acqusition out in Bongo Bongo land and the small matter of the placing it needs to do ASAP to pay for that deal and to stop the company going bust.
Ramp ramp ramp, Neil Ritson of Solo Oil (SOLO) is in full ramptastic action right now as he tries to pump the shares ahead of a placing - just do the frigging maths, a discounted offering is inevitable. You can't do the maths? Let me assist.
Oh dear it is not a very good day for Jabba The Hutt is it? The latest bad news is that a first winding up order has been submitted to Companies house for AIM listed Solo Oil (SOLO) - see below. But who is to blame?
This is a turn up for the books! California Joe, CJ to my friends writing an article for shareProphets? Well, it’s the time for goodwill to all men and women, even Tom Winnifrith and I also hear there’s a new editor position on the horizon so before certain BB Trolls start trolling “He’s after the editor’s job” I’ll just scotch that rumour. I'm not interested. Besides I'm sure Tom would have a head fit before he gave me the keys to the ‘free-speech empire lol! TW note there's no vacancy and I'd rather employ my cat - whose semi-literate work requires less editing - but you want to bash Lenigas so in the interests of free speech here's a platform
I am attracted to stunning women. My wife and, obviously, Cheryl Cole. Evil Knievil is attracted to fine wines. In fact to any wines. And it seems as if pouting ex Sefton Resources FD Raylene Whitford is attracted to overvalued cash strapped POS AIM listed oil Companies.
Having interviewed, and hence had to cling onto every word spoken by Neil Ritson, Chairman of Solo Oil (SOLO) for UK Investor Magazine, this Bull Call Of The Day has more than just the technicals behind it,
Knock me down with a feather. Following the hype the placings by the merry band of AIM listed Horse Hill participants is now underway. There has been no announcement yet but as I write...
David Lenigas is tweeting his upset with James Parter for having suggested that Solo Oil (SOLO) is a sell and has suggested that Mr Parter is likely to be sacked. Let me make this 100% clear to my friend Mr Lenigas and to other CEOs out there who think that I sack anyone for having an opinion. I will NEVER do that.
Solo Oil (SOLO) is one of a few AIM listed oil companies where there is activity on most fronts. The hot front to the south sees Solo progress gas exploration in Tanzania. The cold front in England sees Solo progress its oil exploration at Horse Hill. All eyes are on these two beasts after resource upgrades and the share price has rocketed to 0.6p making Solo worth £30 million. But there are great reasons to think this will at least halve by 2016.
Just over two months ago, Gary Newman (a little ambivalently) picked Solo Oil (SOLO) as his runner in the Horse Hill race. His reasoning had less to do with Horse Hill and more to do with the appraisal of the Ntorya gas condensate discovery in Tanzania, in which Solo retains 25%. As it turned out, this was another good call by Gary, albeit a reluctant one! At the start of the month, Solo announced a sizeable upgrade to the reserves at Ntorya-1 and the company’s share price hasn’t looked back. From an end of day close of 0.38p on September 3rd, this stock hit an intraday peak of 1.2p and now trades at 0.98p, last seen. This values Solo at £46.56million. Now that the company has secured a c.$8.6million funding package, the question is can Solo build on its recent fantastic gains?
I’ve been watching all the excitement surrounding the drilling of the Horse Hill 1 well in the UK, but personally am not convinced! I find myself wondering why NASDAQ-listed company Magellan Petroleum relinquished a 65% share of the PEDL137 license (which contains the Horse Hill prospect) simply in return for the farminee drilling it prior to its expiry date on September 30 2014.
Infill seismic survey at the Ruvuma natural gas acreage, onshore Tanzania, is set to finalise locations for new exploration drilling and accelerate commercial development.
While it may be argued successfully that the daily share price chart of Solo Oil is not one which at first glance may rev people up to pile in on the long side, it may be the case that the Tanzania focused resources group is enough of a slow burn technical contender to offer adventurous traders a punt which could double over the next 3-4 months.
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