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Yesterday’s Extraordinary General Meeting at Wessex Exploration (WSX) was a bad day for retail investors. But a good day for private investor activism. The beleaguered failed Board held on to their overpaid director fees and expense accounts by the skin of their yellow teeth.
The bumbling, fumbling over at Wessex Exploration (WSX) continues as the share -price tanked yet again yesterday as it did on an RNS release on Tuesday revealing the “Heads of Agreement relating to its proposed acquisition of Hague and London Oil BV (“HALO”), which is significant and potentially transformational for Wessex”. It is a sign of the desperation of the Board that they’ve resorted to emotional blackmail. Ether vote down Milroy Capital or we lose this deal! Absolutely disgraceful!
The near doubling in value of Wessex Exploration’s (WSX) stock, over the last twenty four hours, is worth a closer look. Wessex’s board claims the reason for this is because of the “advanced negotiations regarding a potential acquisition”. The alternative explanation is a tad more unpalatable for the directors. As I suggested here two weeks ago, it is entirely possible that speculators are positioning themselves in anticipation that next week’s boardroom coup is going to be successful!!!
Imitation is apparently the sincerest form of flattery, so you can imagine how thrilled I was to see my words make it into an RNS yesterday morning. Sure I had nothing to do with drafting said RNS and our terms of service are quite clear about not nicking our stuff, but, hey ho, these are mere details.
I’ve followed, with a loose interest, developments at Wessex Exploration (WSX). A well publicised coup is afoot to remove the board at a General Meeting on May 15th, but today the embattled directors released their secret weapon. And it made me laugh out loud when I read it.
I sense that Wessex Exploration (WSX) is lining up to provide an entertaining April for us all as rebel shareholders try to oust the board. My initial view was to back the board as the rebels appeared to be in bed with ex CEO Fred Dekker who is a prize arse as I explained HERE. But having spoken to Rebel Alliance commander Robert Milroy I am not so sure that the rebels should not be backed. Let me explain.
I am no great fan of Wessex Exploration (WSX) only partly because it employs one of the biggest dickheads in London as its PR man. However news that former CEO Fred Dekker is trying to oust the board sees me rally to the barricades in support of the incumbent board. At the forthcoming EGM you should a) back the board and b) tell Fred what a total arse he is. I have tracked down his home phone number for you.
Having reported a £5.80 million net cash outflow for its year ended 30th June 2013, AIM-listed Wessex Exploration (WSX) has opted out of paying up to £1.5 million of funding requests still expected to be made in 2013 by its Guyane Maritime Permit joint venture (‘Northpet’*) – which is set to lead to Wessex’s interest in the permit reducing from 1.25% to approximately 1.1%.
This is a high risk punt. You could lose 11/13th of your investment. But equally this might just be a multibagger.
Shares in both Wessex Exploration (WSX) and Northern Petroleum (NOP) have moved ahead sharply in recent days. We all know why these AIM listed oil explorers are in demand. Drilling is underway of the Zaedyus well in Guyane. This might well be a monster and both companies have a 1.25% stake in it. But the respective valuations are now insane.
It is a strange old world and I gather that some folks reckon that there is a bid on the way for AIM listed oil exploration penny share Wessex Exploration (WSX). I bet you 5000 Albanian Lekke that there is not and as such I would rate this stock, at 7.3p, a sell. If you want exposure to Guyane (the only real asset of note in Wessex) I would obtain it by buying AIM listed Northern Petroleum (NOP) at 67.5p.
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