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.
On the surface it seems like good news once again - as has been the case since September 2015 - the KRG has agreed to hand over $15 million ( $12 million net) to Gulf Keystone (GKP) in fact today's RNS is a disaster.
Bombing attacks by Turkey on their kinsman, ISIS chopping off heads of their soldiers? A record heatwave in the region killing the old folk and kids? A war on three fronts? Bugger that, these are but trivial issues for the Government of Kurdistan, top of its agenda is protecting the wealth of Bulletin Board morons who own shares in Gulf Keystone Petroleum (GKP). Well that is what flip flop Ben Turney, Paul Curtis and other bulls of this stock want you to believe. They are wrong.
Once again IT issues in Greece delay this podcast. I start by explianing why the reaction of Paul Scott and the craven deadwood press to the new national living wage proposed by George Osborne displays 100% economic illiteracy. It is simply a transfer of wealth from business to the State, the poor will gain nothing. Then onto defending David Lenigas and Andrew Bell from some of the sillier comments made by some folk and to explian why flip flop Ben Turney is again wrong on New World Oil & Gas. hats off to Paul Curtis for the silliest remark of the day as I stck the boot into Gulf Keystone and then also to the prep, pump and dump at Beowulf Mining. And finally I have another go at biotech dog ValiRx.
It seems that my comments in yesterday's bearcast on Gulf Keystone have sent cheerleader for the Gulf loons Paul Curtis into a bit of a frenzy. And so while he takes a bit of medication to calm down I have another go. Then, via Igas, it is on to Horse Hill where today's press coverage is shockingly bad and I have another detailed review of what on earth is going on.
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.
Two weeks ago we had a lively debate on ShareProphets in response to OPEC’s decision not to cut production at its 166th Meeting. Articles and comments flew backwards and forwards, as we all played the wonderful guessing game of predicting world events. Chris Oil and Paul Curtis led the charge for the bulls, while I fought a rear guard action on behalf of the bears. So far, it looks like the market is on my side and there is another argument, which reinforces my bearish view. OPEC’s production targets are not rigidly enforced.
Our writers are divided. Ben Turney sees the recent OPEC meeting as disastrous for AIM listed oil shares (HERE). On the other hand Chris Oil (HERE) and Paul Curtis (HERE) argue that the bad news is more than discounted and are buyers of the sector. I started my career as an oil analyst and so what does Tom Winnifrith think?