Keyword results: market cap

RKH
RKH
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Rockhopper Exploration – Good news, but does it move the investment needle?

Rockhopper Exploration (RKH), advised the market today that the application by the Italian Government to consider a case that potentially influenced the ability of the arbitration panel to rule on the company’s claim under the Energy Charter Treaty for the Ombrina Mare project had been rejected. This is good news, which followed the recently announced deal with Navitas Petroleum LP and Harbour Energy (HBR) to take Sea Lion oil field forward, which was also a step in the right direction. But does that make the company shares a buy?

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Harland & Wolff – What a surprise..a placing! SELL! There is another one coming soon!

When I last wrote about Infrastrata (INFAin July, I predicted a placing was only a matter of time. The company has changed its name to Harland & Wolff (HARL), but the inevitable has now arrived. A placing at 20p – a whopping discount of 31% to yesterday’s closing price of 29p, and below the price of 23.4p when I commented last in July. The only surprise in the relatively small quantum and the delay, but don’t worry if you miss taking part in this placing – i rather think another one will be coming along shortly.

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ITM
ITM
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ITM Power – Yet more cash raised - Why?

ITM Power (ITM) has advised it has raised a shedload of cash to the tune of £250 million via a placing at share price of £4. I find the detail and timing very interesting and cannot help myself questioning if this is the pre-cursor to FLOP26, ops sorry COP26, and the bursting of the green bubble.

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SAE
SAE
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Simec Atlantis Energy- The beginning of the last Act

Simec Atlantis Energy (SAE) rather surprised a few investors with an after-hours placing RNS yesterday at a whopping 48.4% discount to the closing price of 4.85p just minutes before. Of course to any regular reader of this site it should come as no surprise whatsoever – I have been warning for the last 2 years! But there is worse to come in my view.

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RKH
RKH
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Rockhopper Exploration – Trouble at T’Mill?

I have been positive on Rockhopper Exploration (RKH) for some years, but not as long as some. That means only that others have lost more than me from its share price insanity high point of £5 over a decade ago to some 8.7p as I type. Two key matters, both outside of the company’s control, will dictate its fortunes but meanwhile there is trouble at T’Mill with a disgruntled shareholder actively agitating for change.

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Pantheon Resources – Bullshit time warp

I wrote about Pantheon Resources (PANR) at the start of this year, prior to the Talitha A well. The results reported in April waffled greatly about the fantastic well log and data collection results and technical information obtained. Last week saw the company release a presentation with high technical content and plenty of management estimates. I see the same bullshit pattern of share promotion previously seen from the company playing out once again.

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SAE
SAE
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Simec Atlantis Energy- It was so hot, I reacted: a sizzling shorting opportunity

The weather this week provided a little reminded to me of 1976. Of course back then, before global warming started, it was far warmer – in fact we had 15 consecutive days from June into July with over 90 degree temperatures (32.2C in new money). This week of course provided me with the opportunity to once again recall those days, if only for a short while. I also looked at Simec Atlantis Energy (SAE) RNS on Friday and noted the share price getting hot also.

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Chariot – Frankly I am frustrated with myself

I last wrote about Chariot Ltd (CHAR) last November prior to its name change from Chariot Oil and Gas twice last year.  I was rather hopeful the company had changed its ways, established over many years, of diluting shareholders by raising cash to drill holes in the ground often after saying it planned to farm out for funding. The company did this once again in May this year, significantly diluting shareholders via a placing. I was not best pleased.

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Zephyr Energy – A Lord of the Realm was not wrong

Back in mid-2019, I commented on Rose Petroleum (ROSE), now renamed Zephyr Energy (ZPHR) , and the potential for management to change the outlook for any business. What caught my eye was just how close the company came to having David Sefton on its board bringing with him a track record of shite. It was a great escape. However It was the father-in-law of the newly appointed CEO (Colin Harrington) who flagged to me the potential for more than just a name change. Richard was not wrong to see opportunity to actually drive a business forward.

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Infrastrata – Placing inevitable, and is there anything to like?

Infrastrata (INFA) provided a trading update on Thursday. Several matters caught my attention and given I have not had a good opinion on this company in the past I thought I would properly consider the content just in case things had improved. I was not surprised, if anything it is getting worse and more questionable.

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SAE
SAE
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Simec Atlantis Energy - when is it going bust?

Simec Atlantis Energy (SAE) published its 2020 year end accounts today. Even with a post reporting date cash injection from its running death spiral, the auditors (Ernst & Young LLP) very heavily qualified the accounts, stating an opinion on the use of going concern basis of accounting could not be formed, due the number and level of uncertainties the company faces.

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HUR
HUR
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Hurricane Energy – Good outcome for all shareholders, except for Hurricane shareholders

Hurricane Energy (HUR) failed to obtain court sanction of its refinance scheme. When I wrote last week, I identified a likely core matter of timing as being critical to the outcome. The 30 page statement of reasons from the Judge had a theme running through it – is now the right time for an irreversible dramatic change to be imposed on shareholders? The answer was no. I see this as good for shareholders more widely but does not change my bulk order for beer and popcorn as I watch this particular situation play out to the death.

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HUR
HUR
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Hurricane Energy – An appealing way to loose cash

The Hurricane Energy (HUR) sanction hearing court case has been rumbling on for the last few days, as I last commented recently here. It has been fascinating to watch and listen to on and off, not least thanks to some dozy plonker called “Clive” who munched his way through cornflakes with camera and mic on in live court before the Judge! I, of course recommended beer and popcorn to properly enjoy the event – I was not disappointed over the last few days. But I rather think further fun and games will occur and a bulk order of beer and popcorn is required.

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DKE
DKE
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SHOCKING EXPOSE: Dukemount Capital – The latest Zak Mir assisted ramp

The current fashion for retail investors to back any old company that claims to be active in the UK intermittent generation market continues. Dukemount Capital (DKE) has been brought to my attention as one of the latest to attempt to tap into the retail enthusiasm for anything power and green related. Unfortunately this one does not pass my test as a worthwhile investment on so many levels.

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HUR
HUR

Hurricane Energy – Death by mortal blow, but which one?

Yesterday’s operational update from Hurricane Energy (HUR) was a mortal blow in my view. It really was bad news on several technical fronts. For shareholders I only have one question – what will kill the company? Technical matters or the Courts or the procedures of the Companies Act? For current shareholders this company is in its death throws, and it is worth examining what is happening over the next few weeks so the Ouzo can be chilled and the beer and popcorn readied.

  • 224 days ago
HUR
HUR
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Hurricane Energy – Carry On Lancaster – A great farce

Tom Winnifrith commented on the Hurricane Energy (HUR) court case outcome in bearcast on Friday on the salient points of Friday’s hearing into the proposed re-structuring. I had the case on the background as I ground out an urgent but lengthy report. When the case got interesting I switched screens and watched and properly listened. Here’s my comments and thought now I have time to write about this farce.

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BREAKING: Infrastrata – The CEO History the Company Forgot to Mention: its a share price killer omission!

Back in October 2019, I commented about Infrastrata (INFA) making the apparently bizarre move to acquire the Harland & Wolff shipyard in Belfast. I could not understand why the company made that move as it made no sense to me at all. However the full background of the CEO perhaps provides the explanation.

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HUR
HUR
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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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HUR
HUR
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Hurricane Energy – The end for current shareholders

So now we know the end game for Hurricane Energy (HUR). It is a debt for equity deal leaving current shareholders with close to diddlysquat. Shareholders were warned by myself and Tom Winnifrith repeatedly but, as ever, we might have a combined 60 years experience of looking at oil companies, but they knew better…

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FRP
FRP
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Profit in Misery – A few opportunities?

We are collectively exiting “lockdown” over the next few weeks. It will not come too soon for many of us. I see many comments about the investment opportunities as we all get out to spend money again. But I see it slightly differently. I think about how removal of tax payer support will negatively impact business and what opportunities that provides those with capital to deploy.

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UK Oil and Gas – I Do Like Friday Afternoon Jokes

I get regular e-mails every Friday with often rude, but always amusing jokes. But nothing is a bigger joke or more amusing than UK Oil and Gas (UKOG) year-end accounts. This year was no disappointment and really had me chuckling – perhaps the Chairman had Tom Winnifrith and myself in his sights while he tried to justify the total disaster?

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SAE
SAE
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Simec Atlantis Energy - Who is it trying to kid? A forest of red flags!

I always read an operational update from an AIM listed company with interest. This week has been busy so it’s only now I have had the time to draft some thoughts on Simec Atlantis Energy (SAE) operational update issued on Wednesday. I always have in mind three reasons for a trading update – “The Good, the Bad and the Ugly”. No prizes guessing my conclusions on this one.

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UK Oil & Gas – The madness of AIM (and retail Gamblers)

Tom commented yesterday on UK Oil & Gas (UKOG) in bearcast. This is the company backed by British Investors, but mainly by Turkeys, and where  the share price is roofing it. The share price is moving up again today. This is utter madness.

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HUR
HUR
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Hurricane Energy – It only gets worse: SELL

Todays RNS from Hurricane Energy (HUR) provides further and better detail on the reserves and contingent resources for the company. The numbers are worse than I expected. With a further warning on potential shareholder wipe-out, the chance of a zero or effective zero just increases with each RNS.

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SAE
SAE
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Simec Atlantis Energy- Is Uskmouth Power Station now dead?

Simec Atlantis Energy (SAE) updated the market yesterday that the Uskmouth Power Station planning application has been “called in” for determination by the Welsh Government. That in itself is bad news for shareholders as this will cause delay. However that is far from the entirety of the bad news.

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SAE
SAE
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Simec Atlantis Energy- What a sorry state of affairs, and I don’t see it getting any better.

Simec Atlantis Energy (SAE) is a company I have commented on over the last few years. The share price has defied fundamentals but I have maintain my view, that ultimately, reality will prevail. I rather think that time is arriving. The “flagship” project – Uskmouth Power Station is likely to be facing serious delay. The company is drowning in debt – some of which is immoral in my view. Meanwhile is there a potential whacking great stock overhang to consider.

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HUR
HUR
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Hurricane Energy – Investment case isn’t getting any better (as expected!): share price is bonkers

Hurricane Energy (HUR) updated the market today. It is interesting for what the RNS says and as importantly what it does not say. The company has re-iterated the bondholders are now very much influencing operations and at best shareholders should expect some serious dilution. But how are things going operationally I wonder?

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ATM
ATM
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AIM listed Afritin – A cute way to play the hot tin market and why

Tin is not sexy or precious like Gold or Silver and one can argue its rather boring – not mainstream investment folder. But it is interesting to me and perhaps worthy of consideration as a few factors may see its value moving up further. Tin would appear to be the best preforming metal so far this year. I can see why, and why Afritin (ATM) is one way of playing what I see as an opportunity.

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ITM
ITM
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ITM Power – Some Reality At Last? SELL

One of the day’s biggest fallers in early trading is ITM Power (ITM), which was down some 20% before making a partial recovery as I type. Having followed this company’s progress over the last few years, the half year results in very many ways have simply confirmed the progress I expected. So why has the price fallen?

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ECO
ECO
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EXPLOSIVE: Eco Atlantic – More ESG rollocks and wow much is ex NHS staffer Swee Leong Goh ponying up?

Today has seen Eco Atlantic (Eco) become another victim of the ESG driven woke world of idiocy that is seeing oil & gas company’s move away from core business into green energy. I can understand the large integrated exploration and production companies reacting to investor pressure, but a pure exploration company funding solar power? I don’t like the move and I have a few questions on the partner.

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Wildcat Petroleum – Confirmation the market is bonkers. SELL

Yesterday Tom Winnifrith commented on a cash shell, Hawkwing (HNG) and promptly the share price took-off causing Tom to comment on the irrationality of cash shell valuations in yesterday’s bearcast. That has triggered me to write about a share I’ve looked at on and off over the last week or so. Wildcat Petroleum (WCAT) – the most bonkers cash shell valuation on the London market.

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UK Oil & Gas – Obituary (Horse Hill died today and here is why)

UK Oil & Gas (UKOG), the company (Backed by British Investors, but mainly by Turkeys) has provided me with much amusement today with not one, but two RNS statements on the current state of play. I wish the Horse Hill update was issued in time for my breakfast – it would have been Ouzo not milk on the cornflakes!

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After a 15 year history of ramp & place from Pantheon Resources – What’s the prospects for the Talitha A drill?

Pantheon Resources (PANR) will be drilling one of the few big number exploration wells investors can gain exposure to in 2021, with its Talitha A well in Alaska. This company’s track record really make me question if it is it worth the risk, but the Market Capitalisation nails the flow of my investment cash.

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  • 382 days ago
Oil-Rig
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2021 Vomit List- Who’s in the running for the “2021 Golden Technicolour Yawn”? 10 oil stocks to crash!

With the 2020 Vomit list throwing up 9 out of 10 sick investments, it’s time to think about next year. The oil price is looking to be on the upwards trajectory, and hence any company really needs to be a standout monument to investment stupidity to be considered for entry to this year’s bucket list.

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AFC
AFC
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MAJOR REPORT: Alternative Energy – Which ones have Emperor’s new clothes?

The alternative energy sector is the broad term I use for non-oily & gassy energy listed companies. The sector has been hot all year and starts next year on some spectacular valuations. In many ways all valuations in the sector are bonkers, but which ones are most bonkers? And which companies are wearing Emperor’s new clothes? Here’s my meandering views on 6 leading contenders.

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AIQ
AIQ
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(Sub-) Standard-listed AIQ…..now founding exec directors depart with immediate effect! Shame on you Andrew Monk

Sub-Standard-listed AIQ has had a chequered history since it floated on the London Stock Exchange courtesy of Andrew Monk and VSA Capital. The founding executive directors’ full details had not been correctly disclosed, there was the mother of all shambles as IPO share certificates failed to arrive in a timely manner and at the same time a buying frenzy – perhaps by people who thought there was a relationship to Mama Captain (denied), the stock spent most of its first four months as a listed entity suspended and even a placing to address the IPO shambles was messed up. Meanwhile, the stock was trading (when not suspended) at a ridiculous premium to cash, with no business.

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AST
AST
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Vomit List- 2020 Vomit Bucket Winners: 10 oil dogs reviewed

After a rolling year of oil price movements, I find myself once again sat next to the fire at Christmas time cogitating oil company performance and prospects. Having suggested I would rather hold a bucket of Vomit than some oil shares this time last year, it’s time to review just how much money I did not lose. Yep it’s time to project the 2020 Vomit list awards to the deserving winners.

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HUR
HUR
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Hurricane Energy – The end of the investment case is in clear sight: Told y'all

Hurricane Energy (HUR) updated the market today on operations and finance matters. All too much of the news was as Gary Newman and I predicted back in September. I did not see a debt for equity outcome as being the only or most likely potential outcome. The fact the update spelt out explicitly what would happen without such a deal, and new money being put in speaks volumes. It really is looking like a crash landing in tits up alley is the most likely outcome.

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UK Oil & Gas – More Turkish Delight but knackers yard for Horse Hill? Target Price 0p

UK Oil & Gas (UKOG), the company (backed by British Investors, but mainly by Turkeys) has now confirmed, at least to me, that the Weald Basin rampathon has all been for nothing. Despite a desperate need for a water injection well at Horse Hill to maintain reservoir pressure and hence production rate, the company is buying unexplored acreage in Turkey with no seismic coverage.

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SAE
SAE
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Simec Atlantis Energy- What’s the real situation with Uskmouth Power?

Simec Atlantis Energy (SAE) updated the markets yesterday on the permitting and consent process for what it describes as its flagship scheme the Uskmouth (Money Pit) Power Station. It confirmed what I have been saying for some time – it’s seriously delayed. The company did not say what has caused the delay and what it means. Let me try to help.

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ITM
ITM
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ITM Power – a remarkable endorsement of the company!

There can be few AIM listed companies that have been referenced in formal official UK Government policy documents, in fact I would suggest none prior to yesterday (I’m happy to be corrected if I am wrong on this point). Windy Boris published his 10 point plan for the “Green Industrial Revolution” yesterday. This is a very high level policy document (much of which I have issue with and will waffle on about in the future), not some industry review or the like. ITM Power (ITM), not only gets a mention – but a full blown highlighted “Case Study”, one of only a handful of companies…

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SAE
SAE

Simec Atlantis Energy- I was wrong (in part), but remain right!

I wrote last week about Simec Atlantis Energy (SAE) and the delay in determining the Uskmouth Power Station consents. I highlighted the delay in determination of the Natural Resource Wales (NRW) consent and any positive determination would then be followed by the Planning Application process. I was inadvertently wrong – the planning application is in and running and hence it is only appropriate I correct a matter of fact and what changes in my opinion as a consequence.

BEG
BEG
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Begbies Traynor – Someone has to gain from the misery of Lockdowns?

So here we are facing a further lockdown in England. This will cause misery to many people and, in my view, will now accelerate the collapse of many businesses. For many it’s going to be painful time and the consequences will be significant. As many say in the waste business – “where there’s much there’s brass”, the same is true of business failures. Begbies Traynor (BEG) has a specialism in business distress and failure and much as I dislike the thought of investment gain from business failure and pain it should not be ignored but either should Tom Winnifrith’s prior warnings about this company.

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Royal Dutch Shell – I’m turning rather bullish...

Royal Dutch Shell (RDSB) has issued Q3 results today. In several respects they were better than I had feared. In two respects they were outstanding…

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SAE
SAE
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Simec Atlantis Energy – yet more lack of honesty?, Uskmouth power project in delay...

Almost all companies advise investors in a timely manner about material developments to the investment case, but some do not. Of course stock market rules mean all should but I have flagged previously how I consider Simec Atlantis Energy (SAE) has revealed material project delay information via non-RNS routes. Guess what? – the cash-consuming Uskmouth Power station project looks delayed again, why have investors not been updated?…

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ITM Power – I was watching (at 17:39) – Final results & a whopper placing (with Snam)

No one’s watching o’clock (after 5pm) is well established for writers on this site. We watch. We read.  Any company that publishes substantive information after this time is immediately red flagged for review. Yesterday at 17:39 ITM Power (ITM) published year to April 2020 results. It also declared a very significant 235p placing of £165 million, corner stoned by Snam S.p.a. What a dilemma!

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  • 455 days ago
PREMIUM CONTENT

UK Oil & Gas – Who wants a Piece of Turkish Delight?

I just love reading UK Oil & Gas (UKOG) RNS statements. It always lightens up my mood – almost as fast as it lightens shareholders share accounts. These statements come in two forms: a) dilution today or b) dilution very soon. If AIM had a water sector classification this company would be a cornerstone member. Yesterday the company advised the magic Turkish carpet is in gear, on the starting line and ready to whisk us off to the world of “Steve’s Hydrocarbon Infiltration of Turkey”(epic:SHIT).

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PMO
PMO
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Premier Oil – is it a good deal?

Premier Oil (PMO) has today announced an agreed deal that will see Chrysaor, a private equity-backed North Sea operator, takeover the company. I previously concluded I would not touch Premier Oil equity with a bargepole. This deal is a material change to the investment proposition, which I rather like…

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Royal Dutch Shell – are we nearly there yet?

I commented on Royal Dutch Shell (RDSBback in May when the share price stood at 1175p, concluding I could be a buyer at a sub 1000p share price. That day has arrived, so I thought it was opportune to update on my thinking…

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HUR
HUR
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Hurricane Energy – I’m not sure a debt for equity is the outcome, it could be far worse and far sooner.

Gary Newman provided excellent commentary on Friday on the latest in the evolving demise of Hurricane Energy (HUR) from AIM O&G darling to AIM gambling fodder, while I was busy picking up my milk float and learning to drive like Ernie. Tom commented in Bearcast how he also saw a debt for equity deal looked like a probable outcome. I’m not sure I see the investment case even that favourably when I start to drill into the detail.

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NOG
NOG
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Nostrum Oil and Gas – here we go again!

I have commented on main market listed Nostrum Oil and Gas (NOG) back in October 2019 and it was a core holding in my Vomit list at the start of the year. I have been expecting a financial restructuring, most likely in the form of a debt for equity deal for some time. Yesterday’s RNS confirming the company is in default on its bond interest payments has come as no surprise. What has amused me is the line-up of advisers on each side. This is a re-run of the Afren refinancing in 2015 with much the same runners and riders!…

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SAE
SAE
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Simec Atlantis Energy- Bonkers or Double Bonkers share price makes no difference to me.

I have commented on Simec Atlantis Energy (SAE) on a number of occasions over the last year on this site. I like the tidal turbine business as an Engineer, even if it is pre-commercial and in my view has little merit as an investment case basis. I have expressed my real concerns about the Uskmouth power scheme, which is by far the financially important part of the business. Fridays finance update on the scheme is potentially good news, but the fundamental issues I see with the risk profile on Uskmouth remain unchanged.

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PMO
PMO
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Premier Oil – So long Solan or toast?

I have followed Premier Oil (PMO) for some years – it’s provided some wonderful opportunities to make money. With massive debts, relative to its equity, it’s provided a geared play on the oil price ever since the oil price crash of 2014/ 2015. Today we told further and better detail on the next round of refinancing to sort the debt. I wonder how many have spotted the lurking issue?

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UK Oil & Gas – Turkey at the end of the rainbow, buts it’s all (SHIT) to me

I am fortunate – I’m on holiday currently courtesy of my beautiful and dutiful partner in my family homelands of North Devon, while apparently ramping Synairgen (SNG) according to Tom! But more importantly, perhaps you heard me yesterday morning across in South Wales as I read and expressed my views on the latest news from UK Oil & Gas (UKOG), in between the chortling at Tom’s comments? I had a rather more than a big chuckle at 07:05 to read UK Oil & Gas (UKOG) is going into business with Aladdin Middle East Ltd. Perhaps it has a magic lamp complete with genie and flying carpet to whisk shareholders to a more profitable place? Without that I see nothing but more dilution, ramping rollocks and of course a re-branding...

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SAE
SAE
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Simec Atlantis Energy – why a 7 month delay in announcing the truth via RNS?

My understanding of the disclosure requirements for AIM listed companies is that material price sensitive information known to the company has to be disclosed without delay via RNS. Today Simec Atlantis Energy (SAE) has updated the market by RNS on the Uskmouth power project. The share price is off 20% today as I write, but the key “news” was all detailed in my article in April and put in the public domain prior to that!

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KERBOOM: UK Oil & Gas – Just when will it implode?

Why it is whenever I write about UK Oil & Gas (UKOG) just a few days later it vomits up new news? With its prize place in my 2019 Christmas vomit list well justified, even prior to the Loxley ramp, it’s now delivered the killer blow – it has two “fucked” wells at Horse Hill and no cash and absolutely no positive prospects.

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UK Oil & Gas – The latest smelly ramp refused planning consent.

Having spent, and continuing to spend, shedloads of shareholders cash at Horse Hill and Broadford Bridge for not a lot of commercial return so far, UK Oil and Gas (UKOG) attempted today to extend the rampy reasons to raise yet more cash via the proposed Loxley drill. Consent has been refused by the Planning Authority, and for good reason I think this should be good news for shareholders, unless of course the company chooses to throw shareholders cash at an appeal to keep the rainbow in place.

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UK Oil & Gas – The latest Pump and Dump and is that a dodgy deal I smell?

The lower reaches of the AIM market seem to throw-up, on a daily basis, some sub-standard sub-scale company that sees its share price rocket for no good reason, only to fall back as reality kicks in. So far this week it appears to be UK Oil &Gas’s (UKOG) turn. With ramping on Twitter and the LSE bullet board asylum in full flow, all it needed was a few tweets from Dave Lenigas to get things rocketing to the moon. Of course gravity will reassert control on the share price in due course.

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PetroTal Corp- Brutally clear now – this company was close to toast yesterday!

PetroTal Corp (PTAL) has updated the market today, and as expected has undertaken a placing to shore up the working capital position. The detail reveals how far this company has moved from “debt free” to an indebted producer. The lack of 2019 accounts, and details provided demonstrate just how knackered the finances are.

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ITM
ITM
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ITM Power – Directors bail out, more evidence of alternative energy bubble o my ten bagger share tip!

I called ITM Power (ITM) a speculative buy in August 2019 at 38p. Having hit some 358p last week, that’s just off that tipsters “crack open the bubbly stuff” target of a 10 bagger tip! The company provided up a trading update on Monday – nothing stated that surprised me, but I did wonder why the update was issued. Today we know the reason – clear the decks for shocking Director share sales.

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PetroTal Corp- How many more warnings do retail investors need?

I called PetroTel (PTAL) a sell after the update and revelation of a contingent liability of forward oil sales at the start of May. Here we are only 3 weeks later and we get an update at 5:44pm on a Friday. I call that “no one’s watch o’clock” – but I was. It really confirms just how bollox’ed this company is, regardless of how the share price has moved in recent weeks.

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HUR
HUR

Hurricane Energy – Crash as predicted and now a share now for hardened gamblers only

Another month goes by and once again I find myself commenting on Hurricane Energy (HUR). I highlighted my concerns about the technicalities of the production from the Lancaster field in my interview with Tom Winnifrith at the Shares Conference and well as in articles on this site. Todays disastrous RNS confirms my concerns are very valid.

PREMIUM CONTENT

Royal Dutch Shell – Why I remain caution, but optimistic

I commented as part of my share tips at the recent share conference on Royal Dutch Shell (RDSB) and why I remain cautious about re-purchasing my previously largest individual shareholding. As Tom noted I am perhaps the gloomiest bear on the planet currently, but I make no apologies for that – it’s just how I see things. With Shell I see material risks in the near term over and above oil price, and as always it’s worth reviewing the detail.

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PetroTal Corp- Is it insolvent?

When I considered PetroTal (PTAL) previously I was particularly focused on the net current asset position at the year-end (31st December 2019). Due to Covid19, the publication of the results to confirm the position has been delayed until mid-June, but my conclusion was a negative position with a very significant balance due to trade contractors. The company fessed up in March, it had agreed to manage the payment position with its contractors – effectively stating it did not have the cash to settle due accounts and was looking for further funding. With the field now shut in the cash flow will have stopped. This is clearly not good.

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PREMIUM CONTENT

UK Oil & Gas – More shares (probably) and more questions for Lying Steve Sanderson

It was less than 4 weeks since I expressed the view UK Oil and Gas (UKOG) would be back with the begging bowl. I would have to say it did not require any rocket science to reach that conclusion, after all the track record this company has for issuing shares goes before it. So the idea of a placing announced today comes as no surprise, but the fact it’s not firm is rather shocking to me.  As always with this company, the lack of RNS clarity makes for interesting review.

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TRN
TRN

Trainline's rapid growth will be derailed and the market cap looks ludicrous - short

Most of the shares I cover here are from a longer term investment perspective, or ones which I think will go a lot lower and are best avoided.

SAE
SAE
PREMIUM CONTENT

Simec Atlantis Energy– Covid19 delays. My foot!

I have commented on Simec Atlantis Energy (SAE) on a number of occasions noting both the use of retail bond funding (immoral) and highly questionable technical and commercial merits of its operations. Today we are told Covid19 has impacted the timing of its flagship project – Uskmouth Power. I think this is rather disingenuous.

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Dead-Donkey
PREMIUM CONTENT

Oil sector Vomit List Update– What’s the verdict so far? Which becomes terminal first?

I don’t need to spell out to any reader of my recent articles on the oil price and specific oil companies, that I’m finding it difficult to see any good investments in the small cap oily space currently. Having written my Vomit list of crap oil shares at Christmas, I thought Easter would be a good time to undertake an interim review.

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Uk Oil & Gas - results from the confetti issuing company: sell another 50% share price fall the best case scenario

UK Oil & Gas (UKOG) issued its 2019 year end accounts at no-one is watching O'Clock on Tuesday, which updated us on its cash guzzling to the end of September. Plenty of waffle in true UK Oil & Gas style, and the numbers are of course 6 months out of date. But a little digging into the detail and applying common sense leads me to a simple conclusion – this company will need significant amounts of cash to keep going. So it’s more confetti and a little bit of loss making oil.

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Bowleven – Interim Numbers: are you brave enough to buy?

AIM-listed oil and gas play Bowleven (BLVN) delivered its interim numbers to the end of calendar 2019 this morning. Having updated briefly earlier this month and concluded that it had more cash than its market capitalisation, let’s see how the real numbers compare. And what of the Etinde gas asset off the coast of Cameroon in this crunched oil price environment?

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RRE
RRE
PREMIUM CONTENT

Rockrose Energy – A week is a long time.

There are few oil company’s one can feel very positive about in the current stock market and oil price environment. Rockrose Energy (RRE) has updated the market, but following FCA guidelines has delayed full year accounts. The market liked the update, with the shares significantly up against a backdrop of lower share prices for other producing oilers. I see the update today in a negative light.  

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HUR
HUR
PREMIUM CONTENT

Hurricane Energy – Valuation is far too high, I’m now short

Year end results today from Hurricane Energy (HUR) answer some questions I have raised, but left others unanswered – it’s a bit of a curate’s egg at first glance.  The company has provided clarity on some issues, not least of which in the current market is a going concern assessment against expected low oil levels, but left other questions unanswered but I remain of the view this is over valued at the current time.

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PetroTal Corp- Is the truth now emerging – could it be a Zero?

I wrote positively about PetroTel Corp (PTAL) in June and could see real potential for a business of significance to be established. In November I saw the need to restate the cash position as a serious negative together with the lack of Board level oversight as a reason to sell. Last Tuesday the company provided some good detail on the likely operational cash flow at various oil prices. Despite this good guidance (many other oil company’s should note the disclosure detail of netbacks at various oil prices), I have not changed my view. This company needs more working capital.

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Bowleven – another AIM Oil/Gas play crunched by the market sell-off: is it a buy?

I am still sitting on my shares in AIM-listed Bowleven (BLVN) which I picked up during the corporate handbags as the old management was given the boot. For a short while I looked very clever indeed as the shares headed north, allowing me to top-slice and last year a special dividend of 15p per share added to my returns. But things haven’t quite worked out as I had hoped….

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Oil-Rig
PREMIUM CONTENT

Oil price implosion – what next? And which shares are buys and which zeros in waiting?

Readers know I focus on the oily investment space and try to track the macro picture as well as the detail of specific investments cases. I thought it only appropriate with the current oil price turbulence to offer a few views on my own, which I free admit are influenced by other respected commentators. I hope this is useful in forming and reforming opinions on investment cases in the sector.

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VOG
VOG
PREMIUM CONTENT

Victoria Oil and Gas – A car crash already but set to get massively worse - SELL

Victoria Oil and Gas (VOG) has had a rather turbulent recent few years, with changes of management combining with very material changes to the operating business. The company raised $17 million gross in April last year to refinance the business and set it on a positive route forward with a re-freshed board. It appears to me this was good money thrown after bad. I see little to like in this investment case.

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RGM
RGM
PREMIUM CONTENT

KERBOOM: Regency Mines – When does rollocks descend into farce?

Regency Mines (RGM) updated the market on its “Flexible grid solutions” project at Southport yesterday, with confirmation a G99 application had been made to the local electrical network operator. Whoppy do…but so what? This is just RNS rollocks for the sake of it in my view.

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HUR
HUR
PREMIUM CONTENT

Hurricane Energy – More risks in my view. SELL

The markets this week have been so poor that even a monkey could have picked 10 shares to short and made money. Hurricane Energy (HUR) has not suffered as badly as many in the oil and gas sector. I have commented on Hurricane Energy (HUR) on a regular basis in recent months as the operational story has evolved, calling it a hold pending further and better information regarding water cut in the Lancaster field wells and forward plans. Yesterday’s RNS telling us the CFO had walked, together with a few other risk issues has triggered me to now call this a SELL.

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ITM
ITM
PREMIUM CONTENT

ITM Power – a great 5 bagging share tip... but where’s the share price going now?

I called ITM Power (ITM) a speculative buy in August 2019 at 38p. My best call as a buy by some margin while writing for this site. The share price advanced to 71p by the start of the year and has now almost doubled again to 140p as I type. That is a gratifying reward for anyone who read my views and was influenced to buy only some 5 months ago. But where’s the share price going now?...

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HUR
HUR
PREMIUM CONTENT

Hurricane Energy – More bad news.

I seem to write about Hurricane Energy (HUR) every month but that’s because it’s an evolving situation where the information changes the investment case. Today’s RNS changed one aspect in a very material way for me.

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UK Oil & Gas – 3 billion reasons to SELL

Today UK Oil and Gas (UKOG) updated the market on its prodigious ability to issue shares. After adding almost 1.5 billion over the last year, it now wants authorisation for 3 billion more. If only it could produce increasing levels of oil with a similar consistency, I perhaps would see the investment case more positively.

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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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HUR
HUR
PREMIUM CONTENT

Hurricane Energy – It’s not in the Vomit list..(but could be by the end of March)

Tom Winnifrith focused on Hurricane Energy (Hur) in his Saturday bearcast, following a twitter exchange with a ShareProphets subscriber, with whom I have spent many a happy hour exchanging views on the investment case on the LSE asylum. Tom has invited him to write and publish on this site his views– I fully support that. But there appears to be confusion. Hurricane is NOT in my Vomit list of crap stocks, but it does sit in the reserve list for now. 

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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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PHE
PHE
PREMIUM CONTENT

Powerhouse Energy – Pre-Santa update with nice presents, but it remains a SELL

Powerhouse Energy (PHE) provided an interesting update on 23rd December which would see the company merge with Waste2Trricty Ltd and address one reason I called this a Sell back in August. Nice as this news was to the investment case, thie shares remain a sell.

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HUR
HUR
PREMIUM CONTENT

Hurricane Energy – Significant bad news.

Hurricane Energy (HUR) updated the market on Friday the 13th on operational matters. The market reacted positively to the update, also many share prices reacted positively to the election outcome.  I am far from positive on the detail the company provided.

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PetroTal Corp- Failure of finance and corporate governance control. SELL

I wrote positively about PetroTel Corp (PTAL) in June and could see real potential for a business of significance to be established. I saw the largest risk being the technical risk associated with ramping up production to plan and even general social unrest in Peru did not seem to impact the investment case. Yesterday we were provided with the news that the cash position had been miss-stated in an operations update on 21st October. The implications draw me to now call this a sell.

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ECO
ECO
PREMIUM CONTENT

Eco Atlantic- Bad news on oil quality - SELL

Eco Atlantic (ECO) provided an update today on the Jethro and Joe oil discoveries in Guyana advising both discoveries are heavy sour crude. The market has reacted savagely with the shares more than halving as I type. Despite some positives, I do not see the current share price as attractive. Don't bottom fish! Here's why...

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SAE
SAE
PREMIUM CONTENT

Simec Atlantis Resources – When’s the placing?

I commented on Simec Atlantis Resources (SAE) in August in some detail and I called it a sell based on the technical and commercial situation. I further commented on what I considered an immoral retail bond offering. Today we get three RNS‘s covering developments in various parts of the business which will add to cash consumption. So when’s the placing?

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NOG
NOG
PREMIUM CONTENT

Nostrum Oil and Gas – Debt for equity swap due...or worse?

The share price of Main market-listed Nostrum Oil and Gas (NOG) has declined from 780p back in August 2014 to 10p on 11th October and has now recovered to 26.5p. With a market cap of some £50 million but production around 30,000 boepd it initially looks like a bargain. But, as is all too often with such investment cases, it’s drowning in debt with little sign of ever being able to pay this back. A debt for equity swap seems the only way forward to me. At best...

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Infrastrata – Does this company live a parallel universe where time and money are multi-dimensional?

Infrastrata (INFA) has been trying to get the Islandmagee gas storage project in Northern Ireland into construction for practically a decade. Why the company has bought one of Northern Ireland’s most iconic businesses, in Harland & Wolff, is somewhat beyond my comprehension. Infrastrata doesn’t appear to have any money or ready access to money - perhaps the company lives in a parallel world to the rest of us and can grow money on trees? Or it just likes debt or government handouts?

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Pantheon Resources – More useless crap assets confirmed?

Yesterday Pantheon Resources (PANR) confirmed that Haliburton has handed its 25% interest in the Alaskan Alkaid project and Phecda prospect back to the company for nothing.  As one of the world’s leading oil services companies, Haliburton has surely confirmed Pantheon has a further crap asset to add to its growing portfolio.

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SAE
SAE
PREMIUM CONTENT

Simec Atlantis Resources – Perhaps the most immoral company I know of?

I commented on the investment case for Simec Atlantis Resources (SAE) a few month ago – I called it a sell and justified my opinion at some length. Having reflected on my prior article, and frankly all writers of opinion on investment cases should reflect on their opinion, I am now clear this company’s retail bond offering is at best immoral. For a “Green Energy” company what could be worse?

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ECO
ECO
PREMIUM CONTENT

Eco Atlantic – good value or guidance required from a film star?

Eco Atlantic (ECO) is a small scale exploration driller which would appear to be in the right place at the right time – Guyana. Two hits from two drills in the hottest place in oil expo land currently just cannot be ignored, but neither can a market cap of £320 million with no certified reserves. Gary Newman made a cracking buy call at 22p less than 2 years ago. At 175p as I type, is it worth buying or not?...

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I3E
I3E
PREMIUM CONTENT

I3Energy: If I need clarity, then so does the Nomad! Still uninvestable!

I3Energy (I3E) has caused Gary Newman and then I to comment. It’s also caused the Nomad and Broker WH Ireland to comment. I called for the company to clarify what the heck was going on and it looks like WH Ireland agrees with me- it seems to have no more idea than I do! How can the company’s nomad and broker decline to put any value on the equity? Perhaps fair equity value is less than the debt? What a farce!

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I3E
I3E
PREMIUM CONTENT

I3Energy: Clarity required – Uninvestable

I3Energy (I3E) told us about the disappointing results from its LPt-02 well on Tuesday this week. Gary Newman commented on this and concluded the jury was out on it being a stock to buy or sell or hold. I am rather less positive for a number of reasons. I sold, and remain negative on fundamentals.

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PMG
PMG
PREMIUM CONTENT

Parkmead – Outrageous related party deal, the hard maths on why this stinks

I commented on Parkmead (PMG) last month and noted I saw real potential in the oil and gas assets, but expressed my displeasure in both the news flow and the related party loans to a company controlled by Linda Cross, the CEO’s wife. Gary Newman has already commented on today’s deal that see’s Parkmead buying a company largely owned by Linda Cross. It is a farm in Scotland! I view this deal as outrageous.

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ITM
ITM
PREMIUM CONTENT

ITM Power – I like ITM Power’s storey. Speculative buy

My interest in alternative energy companies on AIM has seen me conclude Simec Atlantis Energy (SAE) and Powerhouse Energy (PHE) are fundamentally un-investable to me. I like the sound of RedT Energy (RED) as noted here. ITM Power (ITM) has potential - I can see some good reasons to invest.

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88E
88E
PREMIUM CONTENT

88Energy – Some hope at last, when previously there was little...but

Over the last few years I have watched passively as 88Energy (88E) has tried to exploit what it perceives as great oil opportunities at Icewine and has been happy to bandy about some very large resource numbers, only equalled by the number of bulletin board posts on the matter and the number of words in the torrent of RNS irrelevance. A new farmout deal to Premier Oil (PMO) looks to me like the first real sign that 88Energy actually may have a chance of delivering something of value. But....

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RKH
RKH
PREMIUM CONTENT

Rockhopper Exploration – Further positive news on Sealion: BUY

It was only a month ago I commented on Rockhopper Exploration (RKH) and speculated on some of the matters surrounding the SeaLion development. Several developments have occurred since which have reconfirmed my positive stance.

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IOG
IOG
PREMIUM CONTENT

Independent Oil & Gas - Thanks for the corporate presentation, but what have you clarified?

commented last Wednesday on Independent Oil and Gas (IOG) and how making sense of the farm-out agreement to CalEnergy announced some 10 days ago was rather difficult. I suggested Independent could perhaps publish a presentation to explain the detail? Independent obliged on Friday morning last week. Now either I’m losing the plot or Independent is? Which is it?

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PMG
PMG
PREMIUM CONTENT

Parkmead – Please Tom could you stop taking the piss?

Many AIM oilers just frustrate me with RNS announcements that either don’t need to be made or fail to disclose key information investors need to make sense of the investment case. The Parkmead Group (PMG) is at the opposite end of the spectrum. Ignoring price monitoring extension and holding RNS’s, we have had a grand total of 9 RNS’s in 18 months, 2 of which relate to loans to the Exec chairman’s wife’s company! That just bloody irritates me, but I hold.

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IOG
IOG
PREMIUM CONTENT

Independent Oil and Gas – A good farm-out for CalEnergy!

I commented recently on Independent Oil and Gas (IOG) and how I considered the Harvey drill was crucial to the company’s future and a farm-out prior to the result was very unlikely. Well I was wrong on the latter point, as last Friday the company announced a farm-out to CalEnergy Resources Ltd, part of the Berkshire Hathaway Empire. The detail however only reinforces my view the Harvey drill is critical to the company, and if anything, is now even more important.

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RKH
RKH
PREMIUM CONTENT

Rockhopper Exploration – Is the Sea Lion development going to happen?

So often I have heard mention of the Falkland basin and it being written off. With much promise over many years, but little tangible return so far, I can understand much of the negativity. Many oil assets takes far long than hoped to see projects move forward to production, and that has certainly been the case for Rockhopper Exploration’s (RKH) Sealion project as Gary Newman noted last December, but I can see light at the end of the tunnel.

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HUR
HUR
PREMIUM CONTENT

Hurricane Energy – Lancaster Early Production System Delivering, Buy

With a market cap of over £1 billion, Hurricane Energy (HUR), is one of the most valuable oil companies listed on AIM, but is it worth it? Today the company updated the market with details of the Lancaster Early Production System production rates and details. Looks very positive to me...

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Is there more bad news coming for Neil Woodfjord (Geddit)?

I commented a little over three weeks ago, after Woodford Norwegian Dog Thin Film (THIN) had released its FY18 results at eleven minutes past one in the morning (truly no-one-is-watching o’clock!), that the company had announced plans to raise funds by the end of May as it did not have sufficient funds for operations throughout the financial year 2019. In fact we knew a funding round was on the way since the end of February and here we are on the last day of May…….and no funding round yet.

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Cloudbuy sells company formations business – still a sell

AIM-listed Cloudbuy (CBUY) announced this morning that it is selling its company formations business for cash proceeds of £279,090. Apparently this means it won’t now be calling on Mr Sella for further cash, which is probably a relief to the Sella coffers but I’m not so sure the company is out of the woods...

RGU
RGU

Regus Shows the Way to the Office of the Future - Today

Hello Share Punchers. Most of us have our larger holdings in Footsie giants. But you may want to follow my general policy of also having a bunch of lesser known companies in your bag. In my humble experience, it’s sometimes here where the fastest profit-gaining stocks are more likely to be found. Let’s have a look then at a firm which may have escaped your radar so far. It’s called Regus (RGU)  And actually, it’s not a small company at all, having a market cap of £2.72 billion. However, I’ve not featured it much before. But it is a nifty operator and perhaps I ought to have done.

CRL
CRL

Crikey Creighton! You Carry On Collecting Cash.

Hello Share Trundlers. Some of my colleagues on this wondrous website may not agree with me, but I think a full listing on the stock exchange is worth more, for peace of mind, than the hit and miss world of AIM. I am especially encouraged if the fully listed firm is a true minnow. And I give today for your further research, Creightons (CRL).

VEC
VEC

Try a Fiesty Firm Which Helps the Polluted World to Breathe: Vectura.

Hello Share Munchers. Time to re-visit another bio techie, I think. This weekend, I give you Vectura (VEC). My thinking as usual is that we have a world population that gets sicker by the minute. It’s also getting older which means the raft of complaints us oldies have to suffer is getting vaster, too.
 

Delve into the Big Box and You May Click and Collect a Winner

Hello Share Pickers. You don’t need me to tell you that shopping habits are changing. Yes, the days of going shopping are still with us. The great British public regard it as its number one hobby.

SAR
SAR

Sareum Holdings; countdown ticking to next placing

Sareum Holdings (SAR) released its latest set of full year figures this morning. Shareholders might take some comfort from the company’s reported £1.65million net current asset position, but the reality is the placement clock is now ticking. Careful examination of Sareum’s numbers reveals this dog is getting ready to bark.

AVP
AVP

Armstrong Ventures – rinse and repeat

“A big deal is on the way”, “heads of terms being agreed right now”, “contract to be signed in a week”, “the news will be massive”; these are just some of the rumours currently ricocheting round about AIM tiddler Armstrong Ventures (AVP). Priced at 0.0169p and with a modest 23billion shares in issue, Armstrong Ventures’ market cap is £3.9million. Putting money into a stock like this is the investment equivalent of playing with fire, but that doesn’t mean you can’t make a turn on it - so long as you dive for the exit at the right moment.

LGO
LGO

LGO Energy: Gary Newman vindicated, this one is in trouble

A month ago, Gary Newman wrote that LGO Energy (LGO) “looks overvalued and in trouble”. His analysis drew quite a lot of criticism, but this morning it looks like his view has been vindicated, as the company announced an unimpressive set of interim figures. For good measure, hidden away in these, is a significant downgrade of the company’s production outlook.

Bowleven; more positive news, market remains unmoved

This morning, Bowleven (BLVN) delivered its latest in a string of positive RNSs and yet again the company’s share price has barely moved. Today’s encouraging news came from the oil encountered in the targeted reservoirs at the Zingana exploration well, in the Bomono exploration permit. Although Bowleven still needs to complete its evaluation of the wireline logs, the fact that it has suspended Zingana “pending further re-entry” is suggestive it is happy with what it has seen so far. Of course, this being Bowleven a degree of circumspection is definitely required, but how much more does the company have to do to prove its worth? Oh, how the market must hate this stock.

PVR
PVR

Providence Resources; sadly, one to avoid

This morning’s announcement by Providence Resources (PVR) looks naughty. Rather than announce completion of the long, long awaited farm-out of its 80% owned Barryroe exploration project, off the southern coast of Ireland, CEO Tony O’Reilly has tried to seduce the market with a sexy little show of ankle. The problem for Mr O’Reilly is that very few seem to be buying it!

JE
JE

Ben Turney’s share tip for 2015 - sell Just Eat @ 319p

I first covered Just Eat (JE.) at the start of December. Three of the company’s founding investors had just sold £139million worth of their holdings, through a discounted placement. This looked like a not so tacit admission that they saw limited further upside for the stock and were very keen to reduce their exposure.

SER
SER

Sefton Resources; could it have a future?!!!

Just over a week ago, I wrote an open challenge to Sefton Resources’ (SER) board. You will be shocked to hear I haven’t received a response. Notwithstanding the cordial historical relations between Sefton and ShareProphets, I still think my idea is a good one. Sefton’s situation is so dire that only the announcement of the appointment of Hitler, the Devil and, of course, Jim Ellerton to the board could knock the share price any lower. Therefore, the company should seriously consider providing a quarterly (or better yet, monthly) set of unaudited management accounts to shareholders. This would be a radical innovation in AIM’s resource sector. If Sefton’s path to salvation is based on genuine good intent it might even persuade some long-standing bears to reconsider their opinions.

HUR
HUR

Hurricane Energy is a strong buy with news imminent

The referendum on Scottish independence has been causing a fair amount of uncertainty in UK offshore oil and gas companies. Hurricane Energy (HUR) is amongst them and I see the recent dip in the share price as a great opportunity for new investors to get in or for existing ones to add to their holdings before news comes.

49-Golden-Rules

Elementary My Dear Watson. Share Price V. Market Cap

Today I talk about something that still astounds me and that is the amount of private investors who get confused between share prices and market cap's as a way of seeing how much a company is worth. On bulletin boards you also see rowdy investors saying "this will fly to 20p" and "it's still only at 1p!" when a share price is 1p. Is that meant to mean that the company is cheap? No!

IND
IND

IndigoVision Group – trading update, one to keep an eye on?

IndigoVision Group (IND), the Edinburgh-headquartered designer and manufacturer of video security systems for large scale and complex security installations, has given an update on trading, including noting that “all major regions have reported year on year revenue growth”. The shares have fallen a couple of percent on this news, so now is the time to examine whether or not there is value to be had here.

RRL
RRL

Range Resources; no excuses now, you must deliver

Range Resources’ (RRL) CEO Rory Scott Russell has one hell of a job ahead of him. The latest quarterly production figures won’t have come as much of a shock to anyone who has followed the company closely. I must admit I hadn’t seen the bulletin board disappointment at the release of the country’s production figures from January to May this year, by the Trinidadian Ministry of Energy and Energy Affairs. However, Range has now confirmed that Q2 this year was another very disappointing quarter production wise. In his accompanying statement, Mr Scott Russell talked of a “transformational quarter”, but like his repeated claim of “world class assets” in May’s conference call, there is only so long the market will continue to buy this hype. At 1.81p, Range is valued at £91.35million and it is very hard to see fundamental reasons to justify this.

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