Once upon a time shares in Cabot Energy (CAB), then Northern Petroleum, traded at almost 150p. Today it announced a bailout funding at just 0.1p. despite it raising $15.3 million at 5p just a year ago. Oh dear… and it could get worse.
Cabot Energy (CAB) which, as Northern Petroleum, once saw its shares touch 140p today admitted that unless it gets away a placing at a “deep discount” (its words) it will go bust by the end of January. Its shares, about which we have been warning for eons, have crashed by 59% to 0.625p. To think that, less, than a year ago, former CEO Keith Bush raised $16.5 million at 5p. All the money's gone.
I am still a tad under the weather but still I am jolly productive on the article front. In today's podcast I cover a valid point made by a UK Oil & Gas (UKOG) owning moron, look at Andalas (ADL) and 88 Energy (88E) - you were warned folks. Likewise Northern Petroleum (NOP) where I have no sympathy for CEO Keith Bush. He deserves a black bag and a P45 pronto. Frankly after his 2014 bonus piano wire is called for.
As the summer wears on folks like little Keith Bush at Northern Petroleum (NOP), Andy Carroll of POS Mosman Oil & Gas (MSMN), halpess Neil Ritson of LGO Energy (TOAST) and Andrew "Piggy" Austin will be looking for new jobs as their company's go tits up. The graphic below suggests that next time they might want to try serving up something customers want to pay for?
Northern Petroleum (NOP) has today announced it has completed its Rainbow deal in Canada and hapless CEO little Keith Bush has insisted that cash is not an issue. The, heavily spun, statement skips critical details and the fact is that Northern will be out of cash a lot sooner than most folks think. This looks terminal.
I have already explained in my Bearcast why Keith Bush, the CEO of AIM casino POS Northern Petroleum (NOP) should be taken out and strung up with piano wire for the contempt with which he has treated the owners of this company where he has been rewarded for abject failure. But today’s RNS requires further comment as it is a classic in omnishambles obfuscation.
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.
I noted here the other day that Northern Petroleum (NOP) is heading for a cash call. Today it has announced the sale of its UK assets for £1.5 million to UK Oil & Gas (UKOG). It’s a great deal for UK Oil & Gas but it tells you that Northern needs cash. Fast.
A copy of the Northern Petroleum (NOP) annual report lands on my desk. Thud. A lot of trees went to produce this weighty tome which places undue prominence on 'elf n safey, Corporate & Social Responsibility, etc, etc. That is all a smokescreen of sanctimony to mask an act of brutal AIM Cesspit crony capitaism. Naturally I turn straight to page 87 of 96 and there it is. Bonuses for directors! WTF?