Keyword results: Afren

HUR
HUR
PREMIUM CONTENT

Hurricane Energy – Shareholder Action Afoot – Why Bother?

I wrote recently on the refinancing proposals for Hurricane Energy (HUR) and why I saw it as the endgame of current holders. I predicted the Bulletin Boards would be alive with negative commentary against the BOD. This has duly happened. One commentator has contacted the ShareProphets team with particularised points on why this may be a scam, and we are always happy to respond to considered reasonable requests for comment and assistance. I am happy to particularise why I do not consider Hurricane has been a scam.

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LEK
LEK
PREMIUM CONTENT

Lekoil – 3 Amigos pick over a corpse?

Lekoil (LEK) RNS’ed late yesterday that a significant shareholder (Metallon Corporation Limited), which holds 15.4% of the company equity has called for an EGM. It’s proposing three interesting new directors be elected to the board. With the shares suspended and the balance sheet a train wreck, the Lekoil board has the audacity to claim this is an attempt to control the company on the cheap!…

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LEK
LEK
PREMIUM CONTENT

Lekoil: promotion to Vomit List - Nigerian Scam award citation & we expose another $6 million black hole

Other than shareholders, few could have failed to be amused and appalled in equal measure by Lekoil (LEK) - which has repeatedly referred to itself as an indigenous Nigerian oil company - falling for the long running Nigerian e-mail scam of the ”we have loads of money..send us a deposit and we will make you rich..” type. By itself this incredible incompetence merits my original award of a Vomit list backup place. But we know now about partner payments and obligations after yesterday’s RNS and that merits a hurl to a full blown Vomit List place...

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LEK
LEK
PREMIUM CONTENT

Lekoil – It’s a good deal for the Partner and CEO..but is it for shareholders?

Lekoil (LEK) shares have really motored this year, posting a 100% gain in two days on the back of funding news for the Ogo asset in Nigeria. The realignment of interests with its partner (Optimum Petroleum Development Company) announced back in August 2019, was clearly a good deal for Optimum. This funding deal sees the asset move forward without costing it a penny and Lekoil’s CEO in particular does well from the deal, but is it a good deal for Lekoil shareholders?

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TCG
TCG
PREMIUM CONTENT

Thomas Cook – doing the Fandango

I wrote recently that, as a bear, one should not worry too much about big names appearing on the share register of a company of which one is short and have noticed that when a company is on the verge of failing, it is often the case that some bright spark decides to have a go and hoover up some equity…

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LEK
LEK
PREMIUM CONTENT

Lekoil – how was my crystal ball?

After pontificating on the position of Lekoil (LEK) prior to the results, it merits a review now that the results have been issued. So how did I do with my crystal ball, and where does it leave the company? 

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LEK
LEK
PREMIUM CONTENT

Lekoil – What will the 2018 year accounts reveal? Yet more red flags?

I have followed Lekoil (LEK) for some years now, and as each year goes by, I’ve become more questioning of the investment case. Like so many Nigerian based oilers, the potential seems high but is the reality ever realised? 

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QPP
QPP

Ominous silence from Quindell fraudster Rob Terry - might the SFO have news soon?

Normally the king of the fraudsters, Rob Terry of Quindell (QPP) infamy cannot keep quiet. He is desperate to tell us all about new disruptive developments at his new Ponzi, Quob Park. But as you can see below, the great man's Knob Park blog has been silent for almost three months. Perhaps there is something else on his mind?

Bearcast

Tom Winnifrith Bearcast: Adam Reynolds & NEW Departure, LoopUp stinks & praise for the SFO & FCR

I start with the departure of Adam Reynolds from New World Oil & Gas (NEW) explaining what - I think -went on. Then it is on to Afren (AFR)and how the SFO works in practice.I look at LoopUp (LOOP) where yesterday's statement rings less and less true and which looks more and more of a slam dunk short as a result. There is further comment on Westminster Group (WSG) and praise, with caveats, for the Ferrets, Ferrum Crescent (FCR).

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AFR
AFR

Former Afren bosses charged with $400 million fraud - good work SFO. Rob Terry next?

It has taken two years but two former bosses of Afren (AFR) will tomorrow be charged with fraud. Watch out Rob Terry your time will come too. Well done the Serious Fraud Office. 

Bearcast

Tom Winnifrith Bearcast - do not get fooled by Watchstone's cash claims & shoot the scumbag "rebels" at Stratex

Those seeking to oust the board at Stratex (STI) have not been playing with a straight bat as an RNS late yesterday made clear. They are vermin who should be sent packing. Ditto Professor Conroy of Conroy Gold & Natural Resources (CGNR). I have news on his latest courtroom scrape in Dublin and also on the Afren (AFR) whistleblower to whom I make a generous offer. I am warming to Blur (BLUR) after today's placing and am almost tempted to nibble now that ghastly Phil Letts and his even more ghastly Mrs have gone. There is a detailed analysis of interims from Watchstone (WTG) - Quindell as was. Do not get suckered by that headline cash number. It is not real and the shares are a sell. Finally there is an update on the African Potash (AFPO) and Paragon Diamonds (PRG) litigation. 

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AFR
AFR

BREAKING: Afren Whistleblower promises to tell all in London Tribunal on Monday

Remember the Afren (AFR) disaster 2015. Readers of this website were warned numerous times but still thousands of investors lost a packet. Afren was a story of over-gearing, falling oil prices, incompetence but also of fraud. Elekwachi Ukwu was the Afren plc Company Secretary and claims to have been fired for whistleblowing. Now Ukwu is preparing to spill the beans.

Dead cat Bounce: Entu, like moths to the flame, the Bulletin Board Morons line up to get burned

Two days ago Entu (ENTU) issued a statement which essentially said that its shares were worthless. Yet today the shares have rocketed by 230% to 4.3p. This is the classic dead cat bounce.

Bearcast

Tom Winnifrith Bearcast - The PLC Death List Update - 9 new entrants

I started the PLC death list in June 2015 with 21 members. The aim is to pick stocks that will either go bust or get slung off the AIM Casino. Each departure requires a nreplacement. With nine new entrants today 40 names have joined this select group. So far there have been two outright failures on my part, Mariana Resources (MARL) and Jersey Oil & Gas (JOG). There was one volte face but I was ahead at volte face point and it was a great call both short and long - Wandisco (WAND), two near kills, InternetQ (INTQ) and Monitise (MONI) and thirteen slam dunk kills: Cloudtag (CTAG), Worthington (WRN), African Potash (AFPO), Jiasen (JSI), Camkids (CAMK), China Chaintek (CTAK), JQW (JQW), Afren (AFR), Daniel Stewart (DAN), Sefton (SER), Outsourcey (OUT - boy I enjoyed that one - Afriag (AFRI) and Auhua. So 13 out of 31 = 40%+ - not bad eh?  Arguably that is 15 out of 31 - almost 50%! That leaves:

PMO
PMO

It’s Better to Travel than Arrive and Premier Oil has Arrived

I resisted the temptation to short Premier Oil (PMO) a year ago, along with Afren, Gulf Keystone and Petroceltic as it was never in the same basket case league as that lot. I even hitched a brief ride North as it became clear that a wipe out was not going to happen. (In case I come across as arrogant or smug I should declare that I was short Hurricane Energy at the time which more than did for the Premier rise) 

AVN
AVN

Avanti hurtles towards the trap door

Having seen Cloudtag (CTAG) demonstrate one of the golden rules of share trading here is another: run for the hills when a company starts messing with its creditors. Step forward Avanti Communications (AVN). 

AFR
AFR

BREAKING: Afren Shareholders seek crowdfunding to pursue directors in Court

I do not hold out much hope for this bunch and they should have heeded my oft repeated advice to sell their shares instead of insulting me. However it seems as if some Afren (AFR) shareholders want to fight on and nail the directors. In that - since I instinctively have no time for City fat cats I wish the Afren Legal Action Group (ALAG) the best of luck and if they can make the lives of directors who earned a fortune but failed, more miserable this Christmas that has to be a good thing don't you think? ALAG has written to its members thus: 

Igas – high noon in Oslo

At time of writing bondholders in AIM-listed over-indebted Igas Energy (IGAS) are meeting in Oslo, having been summoned by the company to consider proposals to waive certain bond covenants while a restructuring of the company’s capital is negotiated. Igas previously indicated that a bond covenant breach was anticipated to occur this very week. Will the bondholders play ball?

XEL
XEL

Xcite Energy PLC:  Still more than twice Overvalued at 1.5p

I have had rather a soft spot for the management of Xcite Energy (XEL) ever since it responded to a rise in its share price by effectively warning over exuberant retail punters that its shares were close to worthless.

Igas – New Year tip update: crunch time this week?

When I penned my one and only suggestion in the 2015 ShareProphets Christmas tipfest, AIM-listed Igas Energy (IGAS) shares sat at 18.5p on a market capitalisation of £55.3 million. They have been all over the place since then – up as high as 21p twice and down as low as 10p. They are currently 12p as the last bubble nonsense deflates gently but has anything really changed? Er, no. The company is still drowning in debt which it can’t repay and the lit fuse is now almost ten months shorter. Igas remains a stonking sell.

Igas – bondholder Dutch Auction lights up neon warning signs for equity holders

I’ve been a bear of Igas Energy (IGAS) ever since previous CEO Andrew “piggy” Austin’s shady dealings with Equities First Holdings LLC (EFH) when he walked away with millions in cash whilst still being able to claim that his interests in the shares were unchanged by the transaction. It ran rings around the disclosure rules. Ever since he walked (or, more likely, was pushed) it has been clear that he left the company drowning in debt and sitting on a ticking time-bomb. Yesterday came a surprise move, but one which could, perhaps, spell the end of the road for equity holders. Quite why the shares spiked (albeit temporarily) on the news is a mystery.

GKP
GKP

Gulf Keystone - Tick Tock Tick Tock it is one minute to midnight

There is massive speculation about Gulf Keystone (GKP) on the Bulletin Boards and I see that the shares are ahead at 4.2p today. But there are only two facts and I remind you of both as the clock is ticking, it is 11.59 Pm and at midnight shares in this company are likely to go pop.

GKP
GKP

Gulf Keystone tells its shareholders it is screwed - don't these poltroons remember Afren?

Without explicitly using the words "we are 100% fucked and shareholders face either total or near wipeout" drowning in debt Gulf Keystone (GKP) has today pretty much fessed up to what a mess it is in. Not for the first time, the company is telling shareholders that the game is up. Natch they think they know better. They obviously don't remember the last days of Afren.

GKP
GKP

Gulf Keystone Morons: what was that you were saying about institutional backing - M&G dumps its shares

The Morons who have ignored my advice to sell Gulf Keystone (GKP) all the way down from 180p to 6.6p today have occassionally argued that I cannot be right because fund managers are long and strong and they know more than a pizza delivery boy/alcoholic etc etc etc. Today M&G has sold its 5% stake and now owns no shares at all.

GKP
GKP

Gulf Keystone Full Year Numbers - What you smell is Toast, 1p best case target

As a bear of Gulf Keystone (GKP) since 180p, I note that the shares are now just 11p after the publication of results which are at every level just a disaster - even today this is a storming sell. Where to start?

Bearcast

Tom Winnifrith leap year Bearcast: the spectre of mass unemployment & a POS who deserves it, the liar Lenigas

Warning: The podcast contains both bad language and also a lot of abuse directed at Australians.I start with the guys who run Slater & Gordon and accept that they can't be thrown to saltwater crocs who have not eaten since Christmas. shame. Its all down to geography. I then move onto the liar David Lenigas, Rare Earth Minerals (REM) and LGO Energy (LGO). Then to Bingo Bango Bongo (BGO) WTF is going on? Petroceltic (PCI) - the new Afren in every respect - and then to 4D Pharma (DDDD), Finally I dwell on the spectre of mass unemployment in certain sectors in China, the UK and the USA and what it means.

PCI
PCI

Petroceltic: Moron "experts" from Bulletin Boards take it up the arse as bid comes in at 3p

Time and time again we bears warned folks that shares in Petroceltic (PCI) were essentially worthless. But the Bulletin Board Morons - as always - knew better. Tom Winnifrith is just a failed fund manager/pizza boy/alcoholic they chanted as they bid the shares to 20p+. Oh dear folks, this former oil analyst has no sympathy as today Petroceltic received a bid at just 3p per share and that is as good as it will get. The Morons - as ever - just do not know what they are talking about.

PCI
PCI

Further Thoughts on Petroceltic, still a storming sell

The website of hedge fund Worldview Capital doesn’t give much away.  We know that the principal is a Bulgarian named Angelo Moskov, and that one of the firm’s specialties is “Distressed debt situations including restructurings”. How much money the fund has under management or who the investors are is unclear. 

Nigel Somerville's share tips of the year Number 1 - Sell Igas

Shares in AIM-listed Igas (IGAS) have been heading south for almost two years. First we had the oil price coming off sharply. Then we had the Equities First scandal involving the former CEO selling shares when the market was told he was buying. And then the oil price slid some more. In early 2014 the shares peaked at 160p and it has been downhill all the way since then. The Christmas Eve close at 18.5p values the company at £55.3 million (source: ADVFN). But there is much further to go. Here are ten reasons why.

Tom

Tom Winnifrith's six big macro-economic calls for 2016

How many macro-economic forecasters does it take to change a lightbulb? None. You get someone who knows what they are doing to do it. In that vein I offer up my six big macro calls for 2016. I am a bottom up investor - my share tips of the year will follow - so this is not really my forte but I have views - and did study economics at university - and these shape my investment calls. So here goes.

Igas - do you believe the shareholders or the bondholders? The bondholders say sell!

We have noted already - in the wake of dire interims -  that AIM-listed Igas Energy (IGAS) has seen its bonds selling off to well below par value, and that Igas has warned on its bond covenants. The sell-off on its bonds has continued. With the shares having headed south before a bounce in the wake of favourable permitting news, shareholders might want to note the latest move in the bond price: it says sell.

Is Igas Energy the new Afren?

We noted the other day that AIM-listed Igas Energy (IGAS) had warned on its bond covenants in the dire Interims statement released last week. But it appears that we are not the only ones a tad concerned about Igas’ financial health.

Bearcast

Tom Winnifrith Bearcast 27 October: Is InternetQ another Globo? Chemring, Dialight & More

A busy day with my daughter beckons. In the evening it is the new James Bond film. But first a lunchtime bootcamp with Uncle Chris (Booker) to put her straight on the Evil Empire, the EU. In the podcast I ask if InternetQ (INTQ) is the new Globo (GBO)? Then I look at Chemring (CHG), Dialight (DIA) - another win for the bears - Afren (AFR) gets a mention as does LGO Energy (LGO), BP (BP.), Union Jack Oil & Gas (UJO) and - just to niggle Wildes - Premaitha (NIPT) whose shares are moving ahead nicely - more to go there!

DAN
DAN

Bank Holiday Bulletin Board Moron of the week (and last week's winner)

Is there no limit to the stupidity of some folks who post comments about shares on Bulletin Boards? And why do the morons all appear to own the same stocks in their portfolios of death? Worthington, Afren, Daniel Stewart, Quindell - will they all pile into Rangers FC when it relists? Probably only if Rob Terry takes a stake. In this shortened week I invite you to post the daftest and most inane comment you find about shares on twitter or on a Bulletin Board in the comments section below. The deadline is Sunday at midnight.

DAN
DAN

Daniel Stewart continues bottom fishing, how will Rob Terry’s Quob Park ever make a return?

With Rob Terry’s Quob Park Estate now owning 9.06% of Daniel Stewart (DAN), questions remain whether or not this investment can ever generate a return. Daniel Stewart has long been a favourite topic of ShareProphets and judging by one of its latest clients, Wheelsure Holdings PLC (WHLP), there is little sign that this discredited broker will ever break free from its bottom fishing reputation.

JR-Ewing

My hot oil shares tip – avoid the sector like the plague

I see that Gary Newman was tipping MX Oil (MXO) here yesterday. I admit that he knows far more about the company than I do. But I just think he is wrong. The problem is not the MX but the oil. This sector should be avoided like the plague.

RFC
RFC

A New Bulletin Board Moron of the Week Competition & last week’s winner: The power of Tom

The Bulletin Board Morons are noted sometimes for their denial (Afren delisted today, is there hope), sometimes for their sheer stupidity (Worthington Golden ticket holders) and sometimes for their ability to come up with conspiracy theories which are just the other side of insane (Quindell) and sometimes for letting bigotry or a blue mist overcome reality (Rangers FC). And that brings us to last week’s winning Bulletin Board Moron of the week.

DAN
DAN

Bulletin Board Moron of the Week – back again: this is fun

Afren may be in administration but some Bulletin Board Morons see upside for the shares. Other morons want Chris Oil to join the board at Sefton while others regard the FCA and SFO enquiries into Quindell as good news for Rob Terry. Meanwhile Worthington news must be imminent but for the morons no news is good news while news will also be good news. You can’t make this stuff up. And so let’s have another contest this week, as the Victorians visited asylums to peer at the insane we marvel at the Morons in the LSE and ADVFN asylums. You can see the full variety of insanity from last week HERE - The winner of last week’s contest was Juicin Drumroll with this gem from the LSE Asylum:

Bearcast

Tom Winnifrith Bearcast - seeking distraction - I am disgusted with the stockmarket

Two bad things today. West Ham kick off what is bound to be another season of Premiership disaster and more importantly my cat Tara seems to be very sick. Seeking distraction I read the Sunday financial press and feel disgusted, a sense of being made nauseous by the stench of corruption everywhere. Afren, Quindell, the financial press, it is tempting just to give up on shares. Is not the whole game rigged by the crony capitalists? It is not. But a lot of it is as I explain in this podcast. I end by explaining why my emails will go unanswered for days and twitter ignored almost completely for the next seven weeks. I have an urgent deadline.

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QPP
QPP

Notes from Underground - When your girlfriend says go to the GP, go to the GP

In the past seven days, 50,555 unique readers read 91,679 pages on ShareProphets. The circulation of the Investors Chronicle is c30,000. Shares is less than half of that. To our critics who think we do not count, we say think again. And here ae the ten most read stories. It is not just Quindell..

AFR
AFR

10 Shocking Moments At Afren I Never Want To Relive – Afren’s ex IR man spills the beans

Afren’s  (AFR) ex head of IR Simon Hawkins has just posted an amazing confession on LinkedIn which really begs the question who knew what and when about the corrupt management team. And have all the bad guys been named and shamed.  If you have lost money prepare to explode with rage. Mr Hawkins writes:

AFR
AFR

Margin calls Explained to a CFD Trading Afren owning Moron

We have been sent this question posted on a Bulletin Board by some sap who bought Afren (AFR) using CFDs. He seems unaware of the horror that unfolds on a margin call.

DAN
DAN

Bulletin Board Moron of the week – you asked it's back

In response to reader requests it is back, the all new Bulletin Board Moron of the Week. The ramblings of deranged blogger California Joe are barred to give all other morons a fair chance but any other BB Post or tweet which shows the sheer stupidity of some AIM Casino punters is eligible. Tweets by David John Hopkins or David Lenigas are eligible. We suggest that Sefton threads might prove happy hunting grounds this week although Afren, Worthington, Daniel Stewart and Quindell threads usually throw up some loons.

Monetise and Concha to fill the void left by Afren and Gate Ventures as prime shorts

I note that Afren (AFR) shareholders have finally been put out of their misery today as the company is put into administration. It had been apparent for some time that the shares were worth either an absolute top of 1p, the proposed restructuring price, or zero if the deal fell through. This did not stop punters paying 2p shortly before the shares were suspended. As bears in Afren we owe these people a big and heartfelt thank you.

Bearcast

Tom Winnifrith BearCast 1 August - The lesson of Afren & Executive Greed

In today's podcast I look at what is the critical lesson we draw from Afren's demise - that debt is crack cocaine for CEOs. Then there is the wider issue prompted by an RNS at no-one is watching O'clock Friday from Staffline of executive share options, LTIPs and greed.

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AFR
AFR

Afren Goes Bust! The Fat Lady Sings “It's tits up time lads”

Oh well you cannot say that you were not warned often enough on these pages. To the Bulletin Board Morons who abused us and said we did not know what we were talking about as we warned of impending doom, we say “enjoy poverty peasants” because it really is all over for Afren (AFR). And that is official, although no doubt on the LSE Asylum someone will spin news of administration as a buying signal for the shares.

AFR
AFR

Afren updates the market when everyone IS watching – ShareProphets RNS Translation Service

This morning Afren (AFR) released an odd RNS to say that the General Meeting scheduled for last Friday which it called off had not happened. Over to the ShareProphets RNS Translation Service to explain….(original in bold)

AFR
AFR

Red Flags at Night - Afren postpones restructuring indefinitely as it discusses further funding

As predicted HERE the currently proposed restructuring of Afren is dead in the water. Given that the shares are already suspended from trading, I see absolutely no excuse for this announcement coming after-hours, at 4.31pm – see HERE - it is contemptable. The General Meeting scheduled for Friday and the Scheme Meeting scheduled for Wednesday of next week have both been adjourned until further notice.  


Bearcast

Tom Winnifrith Bearcast 19 July - 10 top shares to short for summer

Okay, the sabbatical really does start this week so maybe not that many bearcasts from now. But for today I explain why the market will be harder for non profit stocks and on that basis I start with a reference to my 21 stock death list of last month (Afren looks to be the first to fall) HERE but also refer to the excellent must read piece by Lucian Miers yesterday HERE. And then I launch into my 10 top shorts for summer. Companies mentioned are:

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AVN
AVN

Resisting the Temptation to Gloat. Who is Next? Avanti Communications?

I am not a great one for gloating, but as I head off for the summer holiday, it is with a certain satisfaction that I note that four of the stocks that I have covered extensively here over the last year are currently suspended.

PCI
PCI

Petroceltic; open conflict breaks out with Worldview, not looking good for the share price

This lunchtime, Worldview released details of the subject matter of the EGM it has called for at Petroceltic International (PCI). In response to the “past history of very poor financial management and false claims”, Worldview now seeks to place restrictions on the board and to stop it pledging the company’s “crown jewel, namely its participation in the Ain Tsila asset, as a security for a contemplated $175 million bond issuance”. Reading through Worldview’s full announcement and it looks like things are about to get bloody over at Petroceltic.

AFR
AFR

ShareProphets RNS Translation Service: Afren’s Suspension Pending Clarification RNS

Ever keen to help people understand what is really being said, we have run today’s RNS from Afren (AFR) which announced a suspension of the shares pending clarification of the company’s financial position through our trusty ShareProphets RNS Translation Service. Here is what it said (original in bold):

AFR
AFR

Afren - the gift that keeps on giving (to the bears)

The gift (to we bears) that is Afren (LSE:AFR) keeps giving. On Thursday the shares traded above 2p again.  That is madness.

QPP
QPP

Notes from Underground - Vote Ouzo

In the past seven days, 49,934 unique readers read 89,803 pages on ShareProphets. The circulation of the Investors Chronicle is c30,000. Shares is less than half of that. To our critics who think we do not count, we say think again.

QPP
QPP

Bulletin Board Reality Denier of the Week Contest – Quindell, Afren or Worthington?

A special class of Bulletin Board Moron is the denier who insists that is what is patently bad news is in fact good news. The suspension of trading in shares in Quindell and an SFO/FCA probe? Yup according to the Quindell Echo that was – on balance good news. Worthington no news is good news if you are a denier. As for Afren, possibly bankruptcy well that is a buying opportunity for the denier.

AFN
AFN

ADVFN – what sort of person takes over the LSE Asylum?

This morning, ADVFN (AFN) confirmed speculation that it has entered into a heads of agreement with the directors of London South East about a possible takeover. Although this deal is still subject to “certain conditions” being met, it has piqued our interest - why would anyone wish to buy the LSE Asylum, a website noted for publishing duff reports of broker notes and for providng a platform for the countrys looniest Bulletin Board morons?

AFR
AFR

Afren – 10 Red Flags to consider before piling in to the Open Offer

One of the things which investors should ask themselves is: who gains? And with reference to Afren (AFR) this is a pertinent question. It surely is clear as day that it is the bondholders who have been calling the shots (or shorts!) since the company essentially ran out of cash. At any moment, the bondholders could have called in their cash and Afren would have been toast. That they didn’t suggests that the current proposals on the table offer the bondholders a better deal. It surely is better for shareholders too – the alternative being a certain wipe-out, as opposed to a gamble on recovery – but should shareholders put more of their cash into Afren via the Open Offer? I have grave reservations.

AFR
AFR

Afren: Turkeys May Vote For Christmas, 0p On Cards‏

The voting at yesterday's AGM from Afren (AFR) was interesting, to say the least. Whilst there was only a tiny proportion of shareholders who took part, there was a rather curious result. The majority of the resolutions got overwhelming support, not least the re-election of Alan Linn, who is the new head of the company.

AFR
AFR

Afren PLC Sell above 2p and Bank the Cash by the end of August

As I write shares in Afren (AFR) trade above 2p and there is plenty of borrow. These gifts do not come around often and the stock should be sold before it subsides. 2p is at the very least twice what the company is worth.

AFR
AFR

Is Afren trying to dupe its shareholders?

There is just so much to say about the restructuring it is hard to know where to start. A good place would be Waseem Shakoor’s piece HERE, but there are concerns that Afren is being, shall we say, less than helpful to its beleaguered shareholders as they decide upon whether to take part in the open Offer as part of the proposed restructuring.  Let us take a look at a few statements in the RNS and Prospectus from last Friday.

AIM_20

Time to get behind ShareProphets

When I returned as editor of ShareProphets at the start of the month a lot of people questioned why I would want to associate myself with this corrupt nest of shorters (or words to that effect). Today’s RNS from Quindell (QPP) has more than answered those doubters. This website does excellent work. No-one else ventures into the darker recesses of AIM in the way our intrepid contributors do. This market is in desperate need of reform and if a move towards that end ever gains momentum I fully expect us to be at its vanguard.

Bearcast

Tom Winnifrith Bearcast 24 June it is ouzo o'clock all day

Ching ching, a day to celebrate.  This podacst starts with two apologies ( one to Big Dave Lenigas) and covers Alecto, Daniel Stewart, Elementis, Afren, Mosman, Monitise and of couse Rob Terry, fraud, Quob Park and Quindell

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AFR
AFR

Afren equity is toast, ignore the spike says Waseem Shakoor

It has been some time since I wrote about Afren (AFR) but, suffice to say, anyone who chose to ignore the warnings about what would happen in a restructuring will now be sitting on very severe losses. From memory, I first called Afren out as a short at 7p, and then added heavily to that position as retail buyers drove the price up to as much as 14p. On Friday, the firm announced that the predicted dilution was on its way as a vast amount of shares would be issued to bond holders in exchange for a very modest reduction in debt:

Bearcast

Tom Winnifrith Bearcast 22 June, preparing to wipe the floor with Zak Mir

The floor wiping will start at 6PM tonight at Free Speech & Liberty Pizza - all welcome. I refect on the joy of writing about or investing in real companies with profits, cashflows and assets and lament the popularity of stocks which are nothing like that on the AIM Casino. I look at Armstrong Ventures now run by my old pal Peter Redmond and Pires Investments - also a POS. Then at Jiasen, Falanx (statement needed chaps), Afren, Mosman Oil & Gas and Touchstone Gold.

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APR
APR

Is APR the new AFR?

When a share price collapses it is often tempting to go bottom fishing on the basis that the fall is overdone. Some people use this as an investment strategy: look for the biggest fallers of the day and buy them: hoping that the bigger the fall, the bigger the bounce will be. Sometimes this works but it’s usually down to luck rather than judgement and more often than not ends in tears.

Bearcast

Tom Winnifrith Bearcast 20 June - smears & signing autographs

Recorded at 1 AM to work around the travel plans of pizza hardman Darren Atwater I am shattered after a shift as a waiter, cook, dishwasher and host at Free Speech & Liberty Pizza. I more shift today and then back to sabbatical. But I explain why I was autographing table cards here for Americans late last night. It all tuies in with what this website is trying to do but what crony capitalists are trying to stop us doing - I reveal the latest smears against me from those who resent us breaking news of certain placings. I also say why we break that news. Then I move onto Afren

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AFR
AFR

Red Flags at Night – Afren sticks two fingers up at shareholders facing wipe-out

After hours yesterday, Friday, at 6.26pm, came a truly horrific RNS for Afren (AFR) shareholders. Not that the scale of the devastation will come as any surprise to regular ShareProphets readers, Afren published full details of the previously announced restructuring. But to rub maximum salt into the wound, the RNS was released at the last moment possible before the system shut down for the weekend, and was the last company RNS of the day. Bell Pottinger, PR adviser to Afren, must be really proud of its work there. I hope the PR flunkies all slept well last night.

LEK
LEK

Lekoil looks a good buy with production looming

Lekoil (LEK) has had the misfortune to be tainted by the whole Afren (AFR) saga, but looks to be making good progress. Its share price had been on the decline anyway thanks to the falling oil price, but it really took a hit at the start of this year when the full extent of the problems that Afren were having came to light.

Bearcast

Tom Winnifrith BearCast 12 June

A pot pouri of a podcast today starting with the pronounciation pedant, the great Paul Scott. Then onto a cracking Zero Hedge article on how we should have treated the banksters in 2008 - we should have followed Iceland. Then on to Greece, Octagonal, Trap Oil, Nyota, Sefton, Afren, Alba Minerals, Monitise, Power Capital Global and Windar Photonics

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AFR
AFR

Winner of the flip flop pitchfork Ben Turney Bulletin Board Moron of the week #19 Contest

Flip flop himself posted a couple of entries and almost won but I would have been accused of fixing the contest so we can’t have that. As such the winner is Bondholder with a posting, needless to say, from the LSE Asylum 

LSE
LSE

More China fraud thoughts post the LSE AGM & Good news on Afren

Attending the London Stock Exchange (LSE) AGM on Wednesday was a profoundly depressing experience. It was like what one imagines a Communist Party Plenum in some third world country might be like, packed with muscular security and unsmiling jobsworths. Extremely un-British in all respects. A photocopy of a letter from my broker confirming my holding in the company was not deemed acceptable and I had to take a cab ride up the road to get the original.

AGK
AGK

Table of most shorted shares in London - 24/04/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the most shorted shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE.

The top 20 single net short positions in London - 24/04/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the 20 highest single net short positions and the changes (red if short increased, green if reduced) since a previous analysis HERE.

MTO
MTO

Table of most shorted shares in London - 10/04/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the most shorted shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE.

TCY
TCY

Changes in disclosable net short positions - week to 10/04/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

GBO
GBO

Q1 2015 Performance Update: top 20 single net short positions in London

From the weekly table published on this website, the following updates how the top 20 single net short positions in London have performed (green indicates the shares were not in the last weekly table of the quarter HERE, with the noted 'closing share price' then that of the publication date of the first weekly table in which the shares no longer appeared)...

AFR
AFR

Q1 2015 Performance Update: most shorted shares in London

From the weekly table published on this website, the following updates how the most shorted shares in London have performed (green indicates the shares were not in the last weekly table of the quarter HERE, with the noted 'closing share price' then that of the publication date of the first weekly table in which the shares no longer appeared)...

The top 20 single net short positions in London - 02/04/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the 20 highest single net short positions and the changes (red if short increased, green if reduced) since a previous analysis HERE.

Bearcast

Tom Winnifrith Bearcast: Horse Hill & Breaking snippets on Igas & Gate

Today's podcast has to start with the runners and riders in the great Horse Hill stakes. After today's news are the shares still cheap or a stonking short. I move on to hot rumours about Igas and to a taster of what is to come on Gate Ventures. It is then onto Afren, Daniel Stewart and a return to old fave ( and sender of snotty lawyers letters) Globo

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GKP
GKP

Tom Winnifrith’s Sell Tips for Easter No 2 – Gulf Keystone at 36p

I received shedloads of abuse when I first suggested selling Gulf Keystone (GKP) several moons ago at 186p – the shares are now 36p but where are the apologies? The sell case has changed but is in fact stronger now – my initial target is 10p.

Maple Energy – Picking over the carcass after hours

Tom Winnifrith had warned as far back as November (see HERE  ) that AIM Cesspit posterboy Maple Energy (MPLE) was in serious trouble. Anyone who hung on after that is now locked in to an undead corpse, suspended as it is with just the formalities to complete before being dispatched to the corporate knackers’ yard. The latest kick in the teeth for shareholders came at no-one-is-watching o’clock last night (at just after 5pm).

Bearcast

Tom Winnifrith Bearcast - April 1

I start with Aiden Earley and Worthington - Gotcha! It was NOT an April Fool, he really is speaking on "faith & money" at UK Investor Show on April 18. Then on to Quindell, Daniel Stewart, the criminal Rob Terry, Coms, Hunter Resources (sorry bad language in that section but the tools deserve it), Real Good Food, China Chaintek and the other Fujian frauds, Afren, The Innovation Group and then West African Minerals, Mwana, my good friend Jim Mellon and the issue of shareholder democracy.

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QPP
QPP

The top 20 single net short positions in London - 27/03/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the 20 highest single net short positions and the changes (red if short increased, green if reduced) since a previous analysis HERE.

Table of most shorted shares in London - 20/03/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the most shorted shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE.

AFR
AFR

Afren the RNS it forgot to release on Friday – it has brought in the SFO in to catch the crooks

I bring you below an Afren (AFR) press release dated last Friday which it appears not to have released via RNS. Oversight perhaps?

Bearcast

Tom Winnifrith Bearcast - 20th March

I save the best, Quindell, to the end of the podcast but ahead of that cover Gulfsands Petroleum, Igas, Gulf Keystone, Northern Petroleum, Mosman Oil & Gas, Afren, Digital Globe ( read Steve's piece HERE), Daniel Stewart, Gate Ventures before ending with Quenron and PWC.

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AFR
AFR

Changes in disclosable net short positions - week to 13/03/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

AFR
AFR

Afren; $75million open offer is a monstrous red herring – you only get 8.2%

Over the weekend, respected oil investor Paul Curtis (@paulcurtis123) sent me a spreadsheet, which provided detail to the number of shares Afren (AFR) proposes to issue under its recapitalisation plan. Paul’s efforts expose one startling revelation. The planned $75million open offer is a monstrous red herring. Below I explain why.

Bearcast

Tom Winnifrith Bearcast 16 March

In response to popular demand the "Steve Berry, crony capitalist, placing song" gets another airing. In this podcast I also cover Quindell, Afren, Premaitha (which RMPC owns), Mosman Oil & Gas, Berry's POS Touchstone Gold, Coms and Alba Minerals

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QPP
QPP

Bulletin Board Moron of the Week Competition 14 – Afren, Quindell & Worthington only

Given the sheer insanity of the LSE Asylum Quindell (QPP) thread last week and forthcoming Worthington (WRN) events and the denial among Afren (AFR) shareholders the competition is back but is limited to just these three stocks. Afren is a basket case the other two are fraudulent basket cases. Update: The Deputy Sheriff of AIM insists that postings on Tern (TERN) are deranged enough to be included.

GKP
GKP

Gulf Keystone still a storming short

Gulf Keystone (GKP) reminded potential suitors on Thursday why there was no reason to pay top dollar for it with the news that permission was needed from the 13% bondholders to avert the exercise of a put option which has been triggered by a fall in its asset value.

Bearcast

Tom Winnifrith Bearcast 14 March

Just a quick mention of the 57 year old punk who made my week - the full article is HERE. In the main podcast I look at oil stocks and ask is it time to buy? The answer is no - Gulf Keystone and Afren could both still fall by another 75%. I look at them, Igas and Mosman. Then onto why small City brokers are ALL failing and what needs to change

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AFR
AFR

Afren - Bondholders Harsher Than Envisaged

Where do I start with Afren and its announcement of Friday? Let's leave the horrors of the operational update aside and just concentrate on the finances of the restructuring. 

Changes in disclosable net short positions - week to 06/03/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

AFR
AFR

Afren RNS explained; why this stock has to be avoided (for now at least)

There is a slight chance that Afren (AFR) might prove to be a recovery gamble worth taking at some point. That time is most definitely not now. Careful reading of this morning’s complicated RNS from the company, concerning its proposed recapitalisation, confirms that whatever happens existing shareholders will be left with next to nothing. As unpalatable as some might find this, the numbers are categorical and at 5p (last seen) only widespread misinterpretation of today’s announcement sustains the current share price. Below I explain why.

Bearcast

Tom Winnifrith Very Good Mood Bearcast - 13 March

I start the podcast today with a little joke for Gareth at Sirius Minerals before dealing with Afren, Gulf Keystone, Mosman, Kea, Touchstone Gold, Cloudbuy, Powerhouse Energy and Gate Ventures. Steve Berry, you crony capitalist, I have a little song for you.

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AFR
AFR

Afren – First take on the omnishambles from Waseem & Tom

Today’s announcement from Afren (AFR) is a total shocker at every level. It is clear that the Bulletin Board Morons really do not get this as the level of delusion in their comments has reached new heights. These shares should be trading at 1p or less. And the apologies should be flowing.

Bearcast

Tom Winnifrith Bearcast - 9th March

For some reason I am in a good mood. Perhaps it is that some folks have the most useless lawyers on this planet! In this podcast I look at Afren, Coms and Transense Technology and all three raise wider issues other than their company specific woes.

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AFR
AFR

Afren & Gulf Keystone remain slam dunk shorts

I don't know what it is about oil that seems to bring out the worst in people but it is certainly the case that this sector is home to the most abusive and vituperative comments on the various financial bulletin boards.

AFR
AFR

Table of most shorted shares in London - 27/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the most shorted shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE.

AFR
AFR

Afren Shareholders Should Look to Petropavlovsk For Best Case Scenario

I've previously said that Petropavlovsk (POG) is a good example of what is likely to happen at Afren (AFR) – see HERE but what does that mean for the share price? 

AVN
AVN

Changes in disclosable net short positions - week to 27/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

Sefton Two

Tom Winnifrith Bearcast 5th March

I start with admin matters: I shall be served with an injunction by Aiden Earley, shadow director of the fraud Worthington at 4.30 PM and have a few snippets of bad news for Aiden. I congratulate Brokerman Dan on being named the share blogger of the year. Then to business. In this podcast I touch on Quindell, Move onto William Sinclair, Jiasen ( a China Norfolk), Tern, Sareum and Afren.

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AFR
AFR

Afren Defaults, Directors Now Working For Creditors

Afren (AFR) has defaulted as expected, and huge dilution is on its way for shareholders. I'm sorry for all genuine, non-abusive shareholders who are going to lose money in the company . I've been there, and anyone who has been in the market for a long time and claims differently is a liar. The Board of Directors are now duty bound to seek maximum recovery values for its creditors. Bonds currently trade at about 45c. 

Bearcast

Tom Winnifrith Bearcast - 4 March

I record from all the best locations - this time it is a hospital!. On the podcast today I feature Afren, Quindell, CCJs, Filtronic, Monitise and Fitbug for which I have a big question. Then to Worthington, I have the Qs Doug ware should be answering about the lies and fraud, will he give an A this afternoon?

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Bearcast

Tom Winnifrith BearCast - 2nd March

A pretty wide ranging podcast today but the theme is denial with a dose of China rubbish. I cover Worthington, Afren, Coms, Edenville Energy, Solgold, Craven House, JQW, Jiasen, Qihang, Naibu, China Chaintek, Camkids, Beowulf and more.

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The top 20 single net short positions in London - 20/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the 20 highest single net short positions and the changes (red if short increased, green if reduced) since a previous analysis HERE.

Saville

Markets, corruption, failure of regulation and how the Establishment reacts to scandal with denial

I am struck by the similarities between the myriad of scandals on AIM – and now the main market – exposed here on ShareProphets and the various horrendous scandals that we have, as a country, been faced with in recent times. Perhaps it might be seen as a grubby comparison to liken financial wrongdoing to the scandals of abuse with reference to Saville, Rotherham as well as the Hillsborough tragedy. But the similarities are there: the failings are the same and as a country we need to face it.

AFR
AFR

Afren – Not Good for Shareholders if true

Reports on Bloomberg this morning suggest that shareholders in Afren (AFR) are about to be diluted to buggery as bondholders step up to the plate to prevent insolvency. You cannot say you were not warned by many of us on this website. 1p here we come.

AFR
AFR

Table of most shorted shares in London - 20/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the most shorted shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE.

Changes in disclosable net short positions - week to 20/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

Bearcast

Tom Winnifrith Bearcast - 23rd February

Recorded outside the Kourounis Taverna in Kambos for reasons I explain this podcast starts with Mariana Resources as I try - and fail - to be charitable. I move into Quindell, Tower Resources, Mar City, Gulf Keystone, APR Energy and Afren.

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NBU
NBU

Tungsten, Naibu & Afren – 3 big bear wins on the way

The disappearance of the Executive board at Naibu (NBU) will come as no surprise to those who follow my writings. It caused quite a stir in the investment community even making the front page of the FT

QPP
QPP

Bulletin Board Moron of the Week Number 13 Competition

Oh dear. Having yesterday suggested that 99% of Bulletin Board posters are sane and just 1% morons I appear to be getting some stick from our readers for being too much of a nice guy. I can’t win.  With PWC looming for Quindell, insolvency looming for Afren and with the revalation of a fraud a day promised by me for Worthington, this week promises to see the loons in a true frenzy. Just remember:

Bearcast

Tom Winnifrith BearCast - 20 February

On today's podcast I look at Quindell (long time no speak) and Afren - the calm before the storm next week. I also look at Berkeley Minerals and at Solgold, Pinnacle Tech, Tavistock Investents, Sefton Resourcces/Brokerman Dan and long term dog & Bulletin Board darling Iofina. And there is comment on naughty, naughty Gotham City Research.

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Bearcast

Tom Winnifrith Bearcast 19th February

Point 1. PLEASE FILL IN THE BEARCAST SURVEY NOW - WE NEED JUST TEN MORE, THEN I SHALL STOP BUGGING YOU! In today's podcast I look at Afren, Jupiter Energy, Hunter Resources, Caza Oil & gas, Magnolia and the unpleasant way that Avation presents its results.

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Bearcast

Tom Winnifrith Bearcast 18 February - have fled Police in UK now in Greece edition

I cannot resist making a joke I made earlier about getting past passport control. That and a favour asked of all Bearcast listeners starts today's podcast, delayed because the internet connection from Kalamata is painfully slow. When we get there I shall discuss Naibu, Camkids, China Chaintek, Northern Petroleum (a genuine request to its lamentable board made in the spirit of friendship becuase I am such a nice guy), Alecto, Afren, Frontier Mining, Motive TV and Nighthawk.

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AFR
AFR

The top 20 single net short positions in London - 13/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the 20 highest single net short positions and the changes (red if short increased, green if reduced) since a previous analysis HERE.

AFR
AFR

Afren - the figures behind a debt/equity swap

I have bought another significant chunk of Afren debt this morning at 39.5c, flat (no accrued interest paid). It seems as though the bond market is not as delighted as the retail buyers of Afren shares over the upcoming restructuring of the Company and have dropped in price. 

Bearcast

Tom Winnifrith Bearcast 16 February - Market abuse and other matters

In today's podcast I discuss what exactly is market abuse and who commits it. I talk about how I reported myself for market abuse to the FCA when dealing with bully boy lawyers from Range Resources. And who really commits it. At a company level I look at 3 Legs Resources, Afren , TXO, Northern Petroleum and Mosman Oil and Gas.

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AFR
AFR

Afren & African Minerals – It just struck me

Both of these stocks were Bulletin Board darlings and both will ultimately deliver either total or near total wipe-out for shareholders. It just struck me that they have other things in common. And the price action as death approaches is the most striking.

Bearcast

Tom Winnifrith Bearcast: Investor Denial at Afren, Worthington & Quindell and generally

In this podcast I look once again at the issue of investor denial. The case studies are three companies all worth 0p per share: Afren, Quindell and Worthington. happy listening.

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Rainbow

You think we do not count, think again: reader stats & the ten most read stories

In the early days of Guido Fawkes, many people refused to believe that anyone was readering him and he could be ignored with impunity. He then began his running weekly stats and his critics were horrified. In that vein, ShareProphets is pleased to share some stats.

AFR
AFR

Afren – Seplat pulls out this is NOT GOOD news

I wrote yesterday that I doubted that Seplat would offer a deal that would prove acceptable to Afren's board and so it has proven. They have been told to sling their hook and off they go, having proved themselves to be time wasters. 

AFR
AFR

Afren Shares tank as bid talks off – still a sell at 5p – target 0p

You cannot say that Lucian Miers, the Great Waseem and myself did not warn you often enough! Bid talks with SEPLAT are officially off and Afren (AFR) shares have tanked to 5p. Next stop 0p. To those who responded with abuse, enjoy poverty suckers but it is still not too late to get out.

AFR
AFR

Afren - A Hypothetical Restructuring

There has been a lot of nonsense spouted on the bulletin boards over Afren (AFR) and its current financial predicament. For some reason, retail shareholders seem to think that they can dictate what happens to their Company now, even though it is out of cash and cannot meet its debt obligations. They argue that the Company has very valuable assets and so someone will come in to save them by paying a large premium to the current share price. 

QPP
QPP

Quindell Bulletin Board Moron of the Week 11 – a joint winner

Once again there were numerous entries which again demonstrated that some folk should not be allowed to be in charge of a piggy bank let alone trade in shares. You can see all the week eleven examples of lunacy on Quindell, Worthington and Afren HERE.  As it happens there is a tie for first place with both nominations coming from Juicin Drumroll.

Bearcast

Tom Winnifrith Bearcast - 12 February

I urge you all to listen to the earlier Quindell special podcast HERE as that slam dunk shows why the firm is bust and worth 0p. In this audio I also cover Afren, TXO, Gulf Keystone, Bacanora, David Lenigas, Circle Oil and Northcote Energy

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Bearcast

Tom Winnifrith Bearcast - 10 February

I start - as I would always do when I err - with an apology and correction on Scholium as per yesterday's Bearcast. I then go onto high handed CEOs who say they do not care about Private Investors and get a big come uppance. Step forward the little shit who runs Northern Petroleum, Keith Bush. I comment on Inspirit and Ambrian and going back to oil I disagree strngly with Ben Turney (HERE), Gulf Keystone remains a stonking sell. I also touch on Igas, Afren and Hurricane. En passant I touch on the china frauds like China Chaitek and Camkids.

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GKP
GKP

Gulf Keystone; fighting for survival or negotiating well?

If there is one topic guaranteed to start a row at ShareProphets HQ it is Gulf Keystone Petroleum (GKP). We all know who is on which side and so far I’ve been fighting a losing battle. The collapse in the oil price has hurt this company, but possibly not as much as the specific challenges it faces in getting paid for the oil it produces (oh, and let’s not forget the rampaging nutters currently marauding through the region). On Friday, Gulf disappointed the market with news it had suspended oil exports, pending resolution of a “stable payment cycle”. The share price dropped sharply to settle just above the 52-week low, but are things as bad as the market implies?

Bearcast

Tom Winnifrith Bearcast 9th February - Swear Word Free Edition

I am in a good mood. Why am I in a good mood? I do not know.. But I am. And thus I am well set to be beastly to everybody but I think that I have just managed a whole podcast without swearing. Let's put that down as a first but not a precedent. On this edition I discuss oil prices and Max Petroleum, Afren, Igas and Gulf Keystone. What does blood on the streets mean for this sector. I look at Scholium, Oracle Coalfields and also why I am right to be bearish and Comrade Malcolm Stacey is wrong to be bullish about equities.

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QPP
QPP

Quindell, Afren & Worthington Bulletin Board Moron of the Week Competition 11

It appears that the insane and deluded are now congregating on the boards dedicated to three worthless stocks: Quindell (QPP), Afren (AFR) and Worthington (WRN). And so for this week's competition, all posts must relate to comments made on those stocks and also on Mosman Oil & Gas just for fun. Note to Dom Cooper, nominating the entire output of Quindell Express or the QPPSAG does not qualify as an entry. Those folks will be dealt with at a later date. The deadline for entries is next Sunday. Post away in the comments section below.

AFR
AFR

Afren a stonking short trade for Valentine at 10p

Afren's (AFR) recent woes put it right up there with Quindell (QPP) as the must do short for February.  Where Quindell has one deadline this month, Afren has two:

Bearcast

Tom Winnifrith Bearcast - 6 February

In today's podcast I look at Afren, a general point about whether institutional ownership validates a stock, Hunter Resources, Golden Saint Resources, Tomco, Powerhouse Energy, Tate & Lyle and Gulf Keystone  (please note morons, TW vindicated again)

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AFR
AFR

I have good news and bad news for Afren shareholders.

The bad news is that there is little or no value in the equity, which means that shareholders are going to lose all of their money. 

Sheriff

Tom Winnifrith Bearcast - 5 February

A jolly old romp around the AIM casino today dedicated to "The Sheriff of AIM" Mr Marcus Studdart who has made the casino the most respected exchange in the known universe. Not. In this podcast I look at Afren, Hunter Resources, ValiRx, Igas, Pressure Technology, Premier Farnell, Tomco, Corero and Infrastrata

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Bearcast

Tom Winnifrith Bearcast - 4 February

I am in a good mood as a mega hero of mine has just been in touch to dish some dirt on an AIM casino stock...developing. Meanwhile there is comment in this podcast on Quindell, Camkids, Afren and Empyrean Energy.

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Irish Drinking Team

Tom Winnifrith Bearcast 3rd February

Both Maribel and I are feeling a little fragile after a night of boozing at The Free Speech & Liberty Pizza House. And so life is a bit of a struggle today for both of us. Anyhow this podcast covers insider dealing, Afren, TXO, Camkids, Northbridge Industrial, profits warnings, Asian Citrus and Creston

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AFR
AFR

Afren…a bondholder writes ( and you may not like it)

I am a bondholder in Afren (AFR), having bought in size in recent days as the company has revealed its cash flow problems. I haven't bought very well, I'm afraid, paying far too much early last week at 41c, although I did add significantly at 34c, without paying accrued interest into the bargain. That means that, in the unlikely event that the coupon due on 31st January 2015 is paid within the 30 day "grace period", I'll have bought at the equivalent of about 28c. 

QPP
QPP

Tom Winnifrith Bearcast - 2nd February: Free Speech & Liberty day!

Heck it is free speech day for me every day. In today's podcast I look at Sefton, Quindell, Afren, Igas, ISG, Insectco, Ascent Resources, Mosman Oil & Gas, Mopowered & Outsourcery

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Igas WILL go the same way as Afren, it is a when not an if

Last week's meltdown in the share price at Afren (AFR) shows how devastatingly fast is the transfer of ownership from shareholders to debt holders when a company's loan covenants are breached.

QPP
QPP

The week ten Bulletin Board Moron of the Week is announced

I sense that a good number of shareholders in Quindell (QPP) also have stock in Afren (AFR) and Worthington (WRN). If the last of those three is ever unsuspended it is lining up to replace Quenron in my affections when Rob Terry’s creation goes bust. It truly is a POS built on sand. As such if you are hunting for a week 11 winner of Bulletin Board Moron of the week I suggest a good look at the Worthington threads might be in order. In terms of a week ten winner, the full list of rantings from the insane is here but the winners are:

WRN
WRN

Tom Winnifrith Bearcast: Announcements from No-One is Watching O'Clock and silly legals issue

There was a spate of announcements at No-one is watching O'Clock yesterday. But I was watching and so this podcast covers Worthington, Speymill, Sefton & Brokerman Dan and Afren. Moving on I look at legal and other silliness by companies including TXO and the Big Dave Lenigas vs Doc Holiday Stellar Resources affair.

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AFR
AFR

Changes in disclosable net short positions - to 26/01/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions (red if short increased, green if reduced) since a previous analysis HERE...

AFR
AFR

Tom Winnifrith Bearcast - Afren: The lessons you can learn for ALL your investments

I covered Afren and where its shares are heading (down) in the earlier Bearcast HERE. Now to move on and I look at the lessons you can learn from this omnishambles for all of your investments, lessons about debt, cashflow, capex and more.

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AFR
AFR

What does the latest news mean for Afren?

Just when you think that Afren (AFR) can’t get any worse it seems to have the ability to release another piece of news that trashes the share price!

IQE
IQE

Changes in disclosable net short positions - week to 21/01/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

AFR
AFR

Is Afren worth the risk?

I’ve been watching Afren (AFR) with great interest in recent weeks and am not convinced it is the basket case that some are saying it is, including TW as he explains HERE.

Bearcast

Tom Winnifrith Reader Request Oilcast - 21 January

In response to emails and tweets following my macro comments on investing in oil stocks yesterday HERE, in this podcast I look at: Afren, Ithaca Energy, Hurricane Energy, Mosman Oil & Gas, Fastnet and Sefton Resources and at the idea that there is already blood on oilie street - there is not!

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Bearcast

Tom Winnifrith Bearcast 21 January - Revenue Recognition and Visibility

In the regular podcast for today I look at revenue recognition and visibility. This is prompted by the comedy/tragedy of a statement from Gowin New Energy - an AIM casino China joke POS - and the profits warning from Intercede. I also look at Weatherly International, Afren, TXO and San Leon

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HUR
HUR

Lucian Miers: 3 oil shorts

Infamous bear raider Lucian Miers is of the view that the oil price is not going to spike higher in a hurry and that this is going to cause real pain across the sector. He has made money shorting Afren (AFR) where the debt looks company consuming at current oil prices but perhaps the bid will save it so Miers has closed that position. However...

LEK
LEK

Lekoil has an exciting 2015 ahead

Lekoil (LEK) made one of the largest new oil discoveries of 2013 but since then its share price has dropped back to pre-discovery levels. The oil explorer is mainly focused on Nigeria and its Ogo-1 discovery on the OPL310 block, in which it holds a 30% interest alongside Afren (whose license Lekoil farmed into) and Optimum Petroleum. 

AFR
AFR

Afren Offers Great value

With the recent fall in oil prices many companies in the oil and gas sector look ‘cheap’, but Afren (AFR) has to be one of the best value buys around.

AFR
AFR

Afren; can it regain lost ground after sacking its CEO?

News broke last night that Afren (AFR) sacked its CEO, Osman Shahenshah, and COO, Shahid Ullah, after the company’s independent review found both directors had received “unauthorized payments”. As a constituent of the FTSE 250, Afren has shown it is possible for non-executive directors to act swiftly and assuredly in dealing with wrongdoing by executive board members. I can think of the odd board or twelve on AIM, which would do well to take note, not least because Mr Shahenshah was one of the co-founders of Afren. Now that he is gone and the company has dealt decisively with any controversy, can Afren’s share price regain lost ground?

LEK
LEK

Lek Oil – the safe West African Play: Buy at 59.75p – target 150p

I have been watching Lek Oil (LEK) for some time and think the drop in the share price due to the problems at farm in partner Afren (AFR) is overdone. From Afren’s results last week we know that there will still be a well drilled in OPL 310 in 4Q this year. Lek will benefit from Afren’s troubles as investors switch hot money into the “safer” play.

AFR
AFR

Afren suspends two more for backhanders – boy do I applaud Afren

I am currently working on exposing two well-known figures in mining who took far more than backhanders from two separate AIM listed companies. I know what they did I am just awaiting the documents to prove how they stole millions from shareholders. I will get them but one objection I get is “if we help you expose these crooks it will make ALL resource stocks look like they are run by crooks.” Au contraire and that brings me to Afren (AFR)

GKP
GKP

Is the dire situation in Iraq a chance to average into Kurdish oil stocks?

I’ve spent a little time this morning wondering how I could write about events in Kurdistan. It is horrible hoping to profit out of human suffering, but I’ve had to remind myself the market is amoral. It simply reflects the good and the bad of our society, for better or worse. I’ve chosen to be a market commentator and it is more than probable that if you are reading this piece you’ve chosen to buy stocks. However we might feel about what is happening in the world, in this aspect of our lives our goal is simply to grow our wealth by as much as we can. Fear often leads to the best buying opportunities. It is generally a costly mistake to ignore this. The precipitous drop in the value of the various companies with Kurdish oil ventures could prove to be a significant opportunity for anyone who believes in the long term viability of these operations.

GKP
GKP

Sell and Short Gulf Keystone at 68.25p

On a financial level I have always been bearish on Gulf Keystone (GKP) long arguing that the shares were really only worth 30-50p – something that has not endeared me to the Bulletin Board Morons. Well I guess I was right. But what has changed to make this an outright slam dunk short sell? Answer: ISIS.

AFR
AFR

Afren at a bargain basement price

Afren (AFR) has taken a massive hit following the suspension of two of its directors, and it could well have further to drop. Last week’s news that the CEO and Chief Operating Officer had received unauthorised payments benefitting them personally has already knocked more than £500 million off the market cap of this oil and gas producer.

AFR
AFR

Afren – Share Price over-reaction to alleged boardroom backhanders? I think so.

On balance I’d buy Afren (AFR) today at 112p with its shares having plunged 24% on the suspension of its CEO Osman Shahenshah and COO Shahid Ullah. I am no expert on the fundamentals so this is not a tip but it strikes me that the market has over-reacted to the suspension of these two chaps.

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