The Eco loons vs Lyin' Steve Sanderson and Uk Oil & Gas (UKOG), it is hard to know which team to cheer for. You kind of want both to lose. The protestors at yesterday's AGM seem to think banners are more efffective if upside down. As the burly UK staffer tries to remove a prostesting bird he is desparate not to use his hands less she screams #MeToo. How entertaining.
As we await the latest heavily discounted bucket shop bailout placing – or worse – from AIM-listed UK Oil & Gas (UKOG), we have already had ramptastic 2D seismic processing from its duff Turkish assets and this morning it was announced that CEO Lyin’ Steve Sanderson has been buying shares. Quick, follow the man……..or not!
If folks are looking to punish Russian war criminals for atrocities committed in Ukraine, I suggest they be locked up for years and made to re-read today’s FY results from UK Oil & Gas (UKOG) fifty times a day. Wading through pages of ESG guff and self-congratulatory horse really does make one lose the will to live. But buried in it is a stark admission of impending share price doom
It was announced yesterday that CEO Lyin’ Steve Sanderson of AIM-listed UK Oil and Gas (UKOG) has again been buying shares in the market. But if you think this might be a buying signal, you need your head examining.
So what if women and children are being blown to shreds in Kiev. The “good” thing about that war is that it means we must stop using oil and gas produced by the evil Russians – we don’t use much anyway – and thus need to turn to UK Oil & Gas (UKOG) run by Lyin’ Steve Sanderson to bail us out. Talking of which, I wonder how the placing is going …
As I noted here last week, as things stand that hound from the AIM sewer UK Oil & Gas (UKOG) does not have sufficient cash to pay both its liabilities and its commitments and is burning cash like billy-o. Thus, it needs to ramp its shares aggressively to get away yet another discounted bucket shop placing, something that is imminent. And that brings us to Lyin’ Steve.
Of course this is good news for UK Oil & Gas (UKOG) though it does not change the elephant in the room, that is to say the looming cash crisis. Already this company has insufficiet cash to meet its liabilities and commitments and each day it burns another £5,000 to £10,000. The share price reaction today, a gain of 29% to 0.1475p is, thus, wholly unwarranted. The news is a positive but not that much of a positive.
