Tom Winnifrith Bearcast - explaining to our in house Bulletin Board moron why taking part in a placing is not insider dealing

Published 335 days ago

I look at why taking part in the Premaitha (NIPT) placing did not constitute insider dealing but make a suggestion as to how to change the way AIM placings take part. I look at what the Countrywide (CWD) statement means for Purplebricks (PURP) and at UK housing activity, at MySquar (FRAUD) where SP Angel continues to turn a blind eye to crime, at Avanti Communications (AVN), R4E (R4E) and at a new NEX float Tectonic Gold (TTAU) formerly Stratmin and why AIM turned it down and what message that sends to flip flop Ben Turney and Teathers (TEA). Read about my extreme weekend suffering and be generous HERE

Flip Flop Ben Turney sends Private & Confidential begging email to Teathers shareholders – we publish in full.

Published 340 days ago

Flip Flop Ben Turney, formerly of this Parish, insists that this email to shareholders in Teathers Financial is private and confidential. I can see why, as it is bollocks he would not want subjected to outside scrutiny. Naturally it has found its way to Winnileaks so I publish it in full. 

Tom Winnifrith Bearcast: Gloo Networks excusing my fecking French but this is a fecking disgrace at all levels

Published 424 days ago

In this bearcast I cover Sosandar (SOS) as Cynical Bear pretends to be Ben Turney on steroids and then turn my fire to all the bad news that UK Oil & Gas (UKOG) is sitting on and may release well after hours tomorrow. Then I look at Gloo Networks (GLOO) which is linked to BCA Marketplace (BCA). Gloo is at every level a total fecking scandal of greed and well everything. I should warn you that there is a bad language alert as Gloo is everything that is wrong about the AIM Casino. If you like bearcasts then remember that at UK Investor on April 21 one of many highlights will be a live bearcast with myself and Paul Scott. Make sure you book a free ticket HERE using the promotional code WINNIFRITH

BREAKING: New World Oil & Gas - Reynolds has saved the day: Redomicile to BVI underway

Published 635 days ago

Some folks appear to think that New World Oil & Gas (NEW) has been a failure for Adam Reynolds. Sure it got booted off AIM for failing to do an RTO but you still have a company and news is imminent.

Flip Flop Ben Turney at Teathers - do your civic duty: tax dodging is wrong

Published 823 days ago

I wrote earlier today that Flip Flop Ben Turney who now finds himself running failed ex AIM investment vehicle Teathers really MUST go to the Old Bill demanding a full investigation into the ATM withdrawals by ex FD Nilesh Jagatia. A reader points out that Flip Flop has another civic duty to perform on this matter, he must go to the taxman. Ever keen to help...

An Open letter to Ben Turney - why have you not called in the police at Teathers Financial

Published 824 days ago

Yesterday I revealed a series of 74 "interesting" transactions on the Teathers Financial (TEA) company credit card and some curious payments on the Teathers pre-payment card belonging to Nilesh Jagatia the company's former FD. There is now a very real suspicion that Teather's poor shareholders were paying for Jagatia's domestic shopping at his local Sainsbury's in South Woodford and that he was making withdrawals from the company's account for personal use. I have thus written to the new CEO flip flop Ben Turney who, of course arrived in the coup that saw Jagatia fired. The letter is below.

Bowleven – sack-the-board requisitioner Crown Ocean ups the ante, increases stake

Published 838 days ago

This morning came a TR-1 announcement from AIM-listed Bowleven (BLVN): Crown Ocean, which has requisitioned a sack-the-board EGM upped its stake by about 5 million shares to 47.6 million shares, or 14.87% of the company, last Wednesday...

Buy Bowleven ahead of palace coup

Published 853 days ago

Oil and gas company Bowleven (BLVN) is the latest in the sights of shareholder activist ‘flip flop’ Ben Turney – who, is organising small shareholders. But Flip Flop is the Monkey, the Organ grinder - we believe - is an activist hedge fund and this will unlock value. With the shares at a current 24.5p offer price, there is cash, asset (and currently wider industry sentiment) support, whilst we reckon success for the hedge fund in ousting a hated management would see the shares rise smartly in short order.

EXCLUSIVE: Flip Flop Ben Turney forms Bowleven action Group - sack the board

Published 867 days ago

He is at it again, flip flop Ben Turney has another company in his sights and this time it is rather larger than before. It is Bowleven (BLVN). And in his attenpts to push for management change, we can reveal that Turney has the support of bear raider Waseem Shakoor who is not part of Turney's group but has a material stake.

Have you lost money on African Potash? Did you buy into the fraud on or after 6 January 2016? Contact me now

Published 872 days ago

African Potash stated in its annual report that on the ISDX (now called NEX) lobster pot it might be more difficult to raise money than on the AIM casino. I should cocoa. The last trade was on December 29. Liquidity is just nil and the 0.05p offer prize only applies if you want to sell peanuts amounts. If you invested in this fraud just accept that your shares are now worthless as it cannot get awaqy the £600,000 placing it dsays that it needs to survive. So Potash is going to go bust soon. But your cash might not be lost. There is a small chance.

Photo article: Sefton AGM today? Er..when? Where is the notice?

Published 886 days ago

The word on the street is that the AGM of Sefton Resources (SER) is to be held today at the Essex offices of ADVFN PLC (AFN) - the head honchos at both company's being the same. Flip flop Ben Turney, who now owns almost 13% of the stock says that ADVFN boss Clem Chambers has slammed the phone down on him as he tried to confirm this.

ADVFN – full Annual Report finally released: struck by cupid's arrow?

Published 935 days ago

I rather like the ADVFN service, and having met its CEO briefly a few times I rather liked him too. And as a house matter, there was much to commend about the staunch resistance to pressure being applied on ADVFN to put clear water between it and ShareProphets was over the way in which, for example,  the Quindell fraud was being systematically unpicked in these parts. That was not just an issue of free speech, it was a matter of exposing bad people and trying to save the shirts of our readers. So I have an awful lot of time for Clem Chambers, the CEO of ADVFN.

Sefton: Ben Turney turns up heat on ADVFN's Chambers & Hodges: buys a share in ADVFN

Published 936 days ago

As we revealed yesterday, ADVFN (AFN) bosses Clem Chambers & Mike Hodges who also run now delisted Sefton Resources (SER) have stated that flip flop Ben Turney has not submitted an EGM request to oust them. Flip Flop has denied this and accused the Sefton board of lying to their investors. Now Turney has parked his tank on the ADVFN lawn.

Sefton: Ben Turney accuses ADVFN's Chambers and Hodges of lying to investors

Published 937 days ago

Flip Flop Ben Turney who is endeavouring to oust Clem Chambers and Mike Hodges of ADVFN (AFN) from the board of now de-listed Sefton Resources (SER) has accused the two men of "telling blatant and demonstrable lies to investors in Sefton."

LAST DAY to order free copies of Tom Winnifrith e-books

Published 938 days ago

A slight tweak in the ShareProphets business model means that as of November 1st nearly all, of the e-books that I have penned will no longer be available for free on this website - you will have to buy them on Amazon. So you have just TODAY to get free copies of titles such as "The 49 Golden Rules of making Money from Shares" as well as the 49 Red Flags book and the book Ben Flip Flop Turney and I produced on how to value oil, gas and mining shares. The same applies to Zak Mir's crap e-book on charting.

Sefton - call to arms: Flip Flop Ben Turney now at 21% support to oust the board

Published 956 days ago

The board of Sefton (SER) was informed eight days ago that Flip Flop Ben Turney owned 13% of the issued share capital and was demanding an EGM to oust the current directors, ADVFN (AFN) bosses Clem Chambers and Mike Hodges with Ben taking control. The resolution arrived in the BVI yesterday by snail mail but after eight days Flip Flop has not had a response. But he seems to have growing support and there are other developments.

Tom Winnifrith Bearcast Special - The Sefton pantomime has started all over again

Published 958 days ago

Cry aceeed! Over the weekend Nigel published the proposals made by flip flop Ben Turney for Sefton Resources (SER) and Teathers (TEA). Yup the longest running pantomime on the AIM Casino is back in town. Some of the ideas suggested are just plain crackers. Truly when you thought this farce could not get any more surreal it just did. Others are actually very sensible. I try to cut through the farce to suggest what should happen.

Notes From Underground: Giving thanks

Published 959 days ago

Dear reader, it's one of the most important holidays on the calendar today, Thanksgiving. The real one. The Canadian one. Oh sure, next month we'll hear all about the US holiday and where to buy turkey and it's related treats, but remember who did it first.

ShareProphets Exclusive: Sefton Resources gets an EGM Requisition after Chris Oil sells shares to Ben Turney

Published 964 days ago

The ex-AIM-listed Sefton Resources (SER) disaster story looks set to take an extraordinary new turn. ShareProphets hears that Ben Turney has now amassed enough of a holding to requisition an EGM proposing sack-the-board resolutions, appointing himself and one of his Teathers Action Group colleagues instead. Oooh, er.  But the most bizarre twist of this is that we hear that the source of Ben Turney’s holding of 585.1 million shares (out of 4.7 billion) is none other than a certain Mr Chris Oil, via a private sale. Aceeeeeeeed!!

Well done Flip Flop Ben Turney - New World's shite directors ousted

Published 1048 days ago

I am happy to congratulate flip flop Ben Turney. Of course he remains a clown capable of bollocksing up much in life but yesterday he claimed notable scalps as three disgraced, discredited and utterly shite directors of New World Oil & Gas (NEW) walked the plank with immediate effect and that is down to Flip Flop.

Tom Winnifrith Bearcast - I am utterly fecked off with everyone

Published 1068 days ago

I am not writing much today as I am 100% fecked off with everyone especially Ben Turney, Jason Drummond and lyin' George Osborne. Instead I finished my olive pruning. I think I am going to quit writing and become a full time olive pruner. I discuss Teathers Financial (TEA), the Brexit vote, Photo-Me (PHTM), Chemring (CHG), Churchill Mining (CHL), xCite Energy (XEL) and dog spreadbetting waste of space London Capital (LCG)

Exclusive: Teathers - Jason Drummond says accounts will be far better than critics say

Published 1069 days ago

Embattled Teathers Financial (TEA) boss Jason Drummond has admitted that the late filing of accounts was a mistake but, in a long conversation last night, he said that people who assume he is hiding something will have a big shock.

Flip Flop Ben Turney submits EGM request for New World - wants cull of useless old guard directors

Published 1069 days ago

There are five directors at New World Oil & Gas (NEW), two new regime (Adam Reynolds and Nick Lee) and three of the utterly loathed and discredited old guard who spunked £33 million of other folks cash on deals that were either fraudulent (the fake Sheikh) or just crap. How Messrs Einchcomb, Polakoff and Sztyk have the brass neck to hang around like a lingering mega fart defies belief. But not for much longer.

African Potash this is not about bad PR this is about FRAUD - the shares must be suspended, CEO should go to jail

Published 1128 days ago

If anyone sees Chris Cleverley about town make sure he reads this. The "spin" from supporters of African Potash (AFPO) is that the events of yesterday are just a matter of bad PR, nothing unusual on the AIM casino and we should just move on. Ben "flip flop" Turney tweets such nonsense. Boy has flip flop lost the plot. African has been seen to have made statements via RNS, as it worked a placing away that were just, by its own admission, untrue. It raised cash on a false prospectus. That is fraud. Its shares must be suspended and its CEO Chris Cleverley deserves to go to prison. And he might just do that. Flip Flop sent out two tweets on this matter yesterday:

Tom Winnifrith Bearcast St David's Day: Sheep Porn, Barclays & More Horse Shite

Published 1180 days ago

In today's St David's Day podcast I wish my Welsh listeners a happy national day and - especially for you - discuss why sheep porn matters. I then move onto Horse Hill and today's news and why Ben Turney and the other silly rampers are talking shit.  To make it simple, I use the analogy of Ms Cheryl Cole and Mr Wayne Rooney. I discuss African Potash (AFPO), letters of credit and thus Environmental Recycling (ENRT) and its fellow FRAUD Eden Research (EDEN). Its PR man Queenie McManus is - I assume - still smearing me as he chats to his pals the Bulletin Board Morons - but the company refuses to meet for an interview. What - other than fraud - is it hiding? I discuss Greka Drilling (GDL) as it heads down the pan and - after today's results from Barclays (BARC) - banks in general and why Old Getafix is wrong to be such a bull.

Notes from Underground - That's a wrap, 2015

Published 1239 days ago

In the past seven days, 42,201 unique readers read 76,973 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.

Eight shares to buy for the Santa Rally - find out which ones NOW!

Published 1259 days ago

ShareProphets Press' NEW book of 2015 is by Tom Winnifrith, Ben Turney, Chris Bailey and the whole ShareProphets team. In it, the writers on the UK's most compelling financial website look for the eight shares to take advantage of by buying ahead of the 'Santa Rally'.

ShareProphets has New Editor - it is me: Tom Winnifrith

Published 1266 days ago

I had not planned to be back in charge until January 1 2016 but events, events. As of the week before Gold & Bears I am again editing this website.

November edition of UK Investor Magazine now live packed with share tips

Published 1271 days ago

The November edition of UK Investor magazine is now live featuring 4 buy share tips, 3 sells (from TW), company profiles on Inspirit Energy and Prime People, Ben Turney on Irish oil plays, Malcolm Stacey on investing with ethics, and Tom Winnifrith's 'See You In Court, Bitchez' policy. You can download your free copy below

Does AIM make thieves of us all?

Published 1282 days ago

I’ve had an interesting discussion with our stalwart reader Wildrides on my recent 88 Energy piece (88E). Cut a long story short Wildrides has made a number of comments on pieces I’ve written pointing out the obvious flaws in the businesses I’ve covered. Wildrides and I swap the odd email, so I do know his real name. He is an experienced investor and someone whose opinion I respect, but our recent exchange has left me wondering; does AIM make thieves of us all?

Exclusive: Clem Chambers confirms the Sefton Resources EGM requisitioners did not have a Nomad

Published 1282 days ago

Today is Sefton Resources’ (SER) last day as a publicly traded company. In a shock email to one aggrieved shareholder, recently installed CEO Clem Chambers has admitted that the EGM requisitioners did not have a replacement nominated advisor to take over from Allenby Capital. This is despite all the public claims and propaganda to the contrary. Shame on all involved. Their reckless actions have destroyed Sefton and it’s the company’s innocent shareholders who have been made to pay.

Range Resources; yet another embarrassment over the Lind default

Published 1283 days ago

News has just crossed the wires to remind us how abysmally “New Old” Range Resources’ (RRL) board of directors handled the transition after last November’s Abraham coup. The Western Australian Supreme Court has dismissed Range’s appeal to reverse the judgement made against it in paying the balance of the money it owes to Lind Asset Management. Range remains on the hook for at least $2.2million. Those Rangeologists that still exist might shrug their shoulders and say what after this summer’s Chinese refinancing of the company, but anyone considering buying this stock needs a timely reminder what they are getting themselves into.

88Energy – private investors acting like lambs to the slaughter

Published 1283 days ago

Will private investors on AIM ever learn? This morning 88 Energy (88E) raised A$3million at 0.47p, a mere 24% discount to where the stock opened on Monday. The company also announced a first come first serve Share Purchase Plan (SPP) to raise up to €4,999,999 from existing eligible shareholders. Under the terms of this, retail holders of 88 Energy are allowed to purchase parcels of up to A$15,000 worth of stock on the same terms as the placement participants. No doubt people will fall over themselves to take up this deal, but if the company has such great prospects why the steep discount?

New World Oil & Gas; overwhelming victory for shareholders

Published 1284 days ago

So there we have it. Adam Reynolds and Nick Lee have received an overwhelming mandate to transform New World Oil & Gas (NEW). Both men got elected to the board with over 99% of votes cast. This represents a great victory for shareholders and goes to show that positive, organised shareholder activism on AIM can work.

Will Premier Oil decide to progress Sea Lion next year?

Published 1284 days ago

On Monday Premier Oil (PMO) announced the sale of its Norwegian assets for $120million cash. The company will use the money to help pay down some of its sizeable debts. According to its half yearly report, Premier had net debts of just over $2billion versus cash and undrawn debt facilities of $1.5billion. The business is clearly struggling, as reflected by its share price performance over the last eighteen months. On the verge of tumbling out of the FTSE250, Premier trades at 74p (last seen) and has a market cap of £376million. If things don’t improve for Premier in the near’ish term, this could have a nasty effect on Rockhopper (RKH) and, more specifically, commercialisation of the Sea Lion discovery in the North Falklands Basin.

Some facts about Gulf Keystone’s debt

Published 1286 days ago

After my Gulf Keystone (GKP) piece last week (HERE) drew the predictable furious response from Winnifrith (HERE), I’ve been looking into the company’s numbers in a bit more detail. There’s no denying that Gulf is teetering on the edge. However, it is not dead yet. Although it has little to no room for error, so long as the Kurds keep up their regular payments, it is possible that Gulf will be able to pay down its debt and refinance its balance sheet by April 2017. A broker note found its way into my inbox today, broadly supporting this view. It contained some interesting observations on Gulf’s debt position worth sharing.

What next for New World Oil & Gas?

Published 1287 days ago

Tomorrow I am off to Jersey for New World Oil & Gas’ (NEW) Annual General Meeting. If all goes to plan, Adam Reynolds and Nick Lee will be elected to the board, while Peter Sztyk will be deservedly kicked off. Although this should prove to be the watershed moment in New World’s transformation, it will not necessarily trigger an immediate rally in the share price. The hard work begins, once the result is known. However, if Reynolds and Lee remain true to form then 2016 could be incredibly exciting year for this company.

Photo Exclusive: Sefton’s Ghost AGM - £950 of pure value creation

Published 1289 days ago

The laughter keeps on rolling at Carry On Up The Sefton (SER). It seems that the company’s new management team has managed to spend £950 on the AGM it cancelled because it needed to “reconstruct necessary access and information” (whatever the hell that means). It appears that confidence in Sefton’s new board is at an all time low, which is a most impressive achievement when you think about it. Not trusting that the AGM was truly cancelled, one plucky shareholder turned up to the Novotel at London Bridge this lunchtime and has sent us some photos. Apparently Novotel’s catering manager repeatedly attempted to contact Sefton to confirm the booking, but no one replied. Quelle surprise!

88 Energy - is Icewine the Horse Hill of the American Wilderness?

Published 1289 days ago

Red warning flags have been billowing over 88 Energy  (88E) ever since it changed its name from Tangiers Petroleum (TPET). Tangiers was an unmitigated disaster for shareholders, but it seems that a simple name and ticker symbol change is all that is needed to induce an acute case of market amnesia. Having bet the farm and lost in Morocco, it is incredible that managing director David Wall survived. A little over a year later and he is now running one of the most heavily promoted oil exploration campaigns on AIM. People never learn, but this morning’s announcement from Tangiers, sorry I mean 88 Energy, fired a warning shot across the bow of anyone planning to hold this stock as a buy and hold.

Atlas Developments - worth a gamble at 0.6p?

Published 1290 days ago

Over the last few days I took a gamble that Atlas Developments (ADSS) is going to deliver some positive news before the end of the month. This is a punt on a stock which is widely loathed and as Gary Newman would have us believe is meant to be a “massive bargepole stock, with dilution coming”. I agree with a lot of what Gary has to say about Atlas, but I think he has overlooked the possibility the company could release a surprise RNS before the end of the month. Here’s why.

The naivete and arrogance of youth - flip flop talks bollocks on Gulf Keystone, its a slam dunk sell

Published 1291 days ago

A few minutes ago flip flop Ben Turney - who has called this stock disastrously wrong - once again put the bull case for shares in Gulf Keystone (GKP) at 27p. I've been a bear from 180p all the way down. I remain a bear. My initial target is sub 10p but this could be a zero. I explain all in another mini podcast.

Gulf Keystone at 27p – a risky buy, but watch the 6.25% 2017 bond price

Published 1291 days ago

In the next week we should find out whether or not the Kurdish Regional Government (KRG) is going to make good on its summer pledges. In August and September it promised to establish a regular payment cycle to the various oil producing companies active in the country for crude exports. Share prices of Gulf Keystone (GKP), Genel (GENL) and Norwegian firm DNO (DNO) leapt on the news. Two months and two payments later, the third should be due on or around 15 November. If Gulf receives another $15million, might this help restore some faith in the company’s future?

Xcite Energy; farm-in agreement a sign of desperate times.

Published 1291 days ago

Shares in Xcite Energy (XEL) are up 6.25% this morning on news of the company’s farm-in with Azinor Catalyst Limited. Under the terms of the deal, Azinor has the opportunity to earn into the UK Continental Shelf (UKCS) Licence P.1979, held by Xcite’s subsidiary Xcite Energy Resources. In return for completing a technical evaluation and then possibly an Induced Polarization survey of P.1979, Azinor could receive as much as 50% of the licence’s equity. On the face of it this looks like decent enough news for Xcite. The deal should enable progress at this non-core asset, allowing the company to focus on its flagship Bentley project. However, Xcite is giving up a significant proportion of P.1979 in return. The question now is, can this deal deliver value to shareholders?

IMIC – too toxic for AIM, but why?

Published 1292 days ago

This morning International Mining & Infrastructure (IMIC) quietly left the Casino. Following the resignation of Strand Hanson as the company’s Nomad on 8 October, IMIC was unable to find a replacement. Under the AIM Rules for companies, the requirement to have a Nomad is one of the few rules AIM Regulation bothers to enforce. We are none the wiser as to why Strand Hanson resigned nor do we know why IMIC could not find a new Nomad. As far as transparency goes this is not acceptable. If the company is so toxic that even Beaumont Cornish won’t represent it, shouldn’t shareholders have the right to know why?

What’s wrong with Bowleven?

Published 1292 days ago

This morning Bowleven (BLVN) announced its full year results. The company has made excellent operational progress and its balance sheet remains strong. On 30 June Bowleven was debt free, had a cash balance of $145.3million (£96million) and the expectation of the equivalent of up to a further $80million investment under the terms of the Etinde farm out ($40million free carry in two appraisal wells and $40million in cash payments, subject to certain milestones). Although the cash balance will have been eaten into over the last 4 months, during which two exploration wells were drilled at Bomono, Bowleven is in rude financial health. So why does the market continue to punish its share price?

Did market abuser Chris Oil deliberately lie about having a Nomad for Sefton Resources?

Published 1293 days ago

Over the weekend I’ve been sent a couple of interesting screenshots. It seems that market abuser Chris Oil is up to his usual tricks and attempting to rewrite the history of his disastrous intervention at Sefton Resources (SER). At the heart of Oil’s dismal coup was his claim that he had a Nominated Advisor (Nomad) lined up to replace Allenby Capital. As we repeatedly warned at ShareProphets this was not true and Oil now appears to have attempted to backtrack on his false promise. Unfortunately for him he has simply managed to reopen the wound. With Sefton’s inevitable delisting imminent, will shareholders pursue Oil for causing their losses?

Pantheon Resources; market goes wild, ignores health warnings

Published 1296 days ago

Pantheon Resources (PANR) has been AIM’s success story of the autumn, but the market’s reaction to this morning’s reaction looks overblown. The VOS#1 well, in which the company holds a 50% stake, has encountered natural gas and oil in an unexpected zone at 12,600ft. On the face of it this is good news, but there are some cautionary warnings that investors should not get too excited just yet. Despite these the market has reacted joyously and Pantheon’s share price is up 16.2% at 86p last seen.

Red Rock Resources; is the tide turning?

Published 1296 days ago

When I last wrote about Red Rock Resources (RRR) three months ago I said it looked like a “binary gamble”. So far the gamble has not paid off. Red Rock’s share price fell from 0.03p to 0.02p. However, the last two announcements from the company look surprisingly positive. In this morning’s trade, I’ve watched Red Rock’s Offer move from 0.025p to 0.03p on higher than average volume. Given that we are less than halfway through the session, this suggests that some in the market are starting to pay attention.

Metal Tiger – a hunter on the prowl

Published 1297 days ago

On Tuesday Metal Tiger (MTR) issued 36.25million new shares at 0.8p to raise £290,000. According to the company this placement was in response to an unsolicited approach by a group of investors. Metal Tiger has a growing number of fans and it seems there are plenty of people in the market who want to get behind this business in anticipation of a recovery in the mining sector.

Leni Gas Cuba – how the 2p placement participants can complain to the Financial Ombudsman Service

Published 1298 days ago

Yesterday in his BearCast, Tom Winnifrith offered subscribers to Leni Gas Cuba’s (CUBA) controversial 2p placement some excellent advice. He suggested that if the placement participants were not made aware that the company’s founders were about to or had just issued themselves 250,000,000 shares at 0.01p (for just £25,000) they could stand a very good chance of getting their money back. To do so they would need to complain to the Financial Ombudsman Service (FOS). Below I provide more information about how to go about this.

Was David Lenigas the source of the false rumours of a stock shortage in Leni Gas Cuba?

Published 1299 days ago

An explosive email has emerged, sent by David Lenigas on Friday to various brokers ahead of the disastrous Leni Gas Cuba (CUBA) IPO. Over the weekend false rumours spread across social media that there was a serious stock shortage ahead of the company’s calamitous market debut. The word was that conditions were primed for another potential New World Oil & Gas-style (NEW) short squeeze. If there were any doubt that this was all nonsense, yesterday’s crushing collapse in Leni Gas Cuba’s share price obliterated this. The rumours were completely untrue and it now seems that Lenigas himself forwarded the email below to a number of online stock rampers. Unsurprisingly this email is now doing the rounds.

Exclusive: Sefton Resources cancels AGM, does not inform market

Published 1300 days ago

The clocking is ticking down on Sefton Resources (SER) being booted off the Casino. Despite not having a Nomad, the company is still subject to the disclosure rules. So why, therefore, has Sefton’s new board not told shareholders that it has decided to cancel/postpone this month’s AGM?

Ferrum Crescent; placement coming before Christmas?

Published 1303 days ago

Dual-listed iron-ore play Ferrum Crescent (FCR) released its latest quarterly figures this morning and they contain an ominous warning for shareholders. A placement is coming, almost certainly before Christmas.

Falkland Oil & Gas – busts its Hump for nothing

Published 1304 days ago

Disastrous news overnight from Noble Energy, the operator of the Humpback exploration well off the Falkland Islands, has sent shares in Falkland Oil & Gas (FOGL) crashing. Having hit target depth of 5,136meters, Noble’s drill encountered oil and gas, but in non-commercial quantities. This included the primary APX-200 target. Noble is now plugging and abandoning Humpback, leaving shareholders in Falkland Oil to lick their wounds. At 12.07p (last seen), the company’s share price is off 40.5% on the day. Is this a buying opportunity or should investors rush for the exit, salvaging what they can?

UPDATED: Sefton Resources: Where is the AGM paperwork?

Published 1305 days ago

On 23 October Sefton Resources (SER) announced its AGM to be held on 13 November. As a shareholder I should have received the circular for this by now, but I haven’t. Others seem to be in the same boat. I spoke with my broker TD Direct Investing today and it isn’t aware of the AGM. There is nothing in TD’s system signalling a corporate action. Even more confusingly it appears that Sefton has taken the proxy forms down from its website, which it previously had published. So what is going on?

Victoria Oil & Gas – transforming from a sentiment play to a fundamental one

Published 1305 days ago

Victoria Oil & Gas (VOG) delivered a fairly upbeat set of results this morning. Although the company recorded a $50.8million loss, $49.8million of this stemmed from an impairment charge relating to the company’s West Medvezhye project in Russia. The much more positive news was that operations in Cameroon delivered a profit after tax of $5.4million. Even so, the market appears to have been fairly underwhelmed by this and Victoria Oil & Gas’ share price is off 2.5% at 58p, last seen. This values the company at £64.6million. The question now is might there be a value case for buying this stock with a medium outlook?

New World Oil & Gas; shareholders on the cusp of a major victory!

Published 1306 days ago

New World Oil & Gas (NEW) has finally announced the date of the AGM. This marks the culmination of months of hard work behind the scenes, ensuring an orderly transition for the company from being one of AIM’s most despised stocks to one with an extremely bright future. As expected, Adam Reynolds is on the ticket for election to the board, but in a surprise twist he is joined by Nick Lee of Paternoster Resources (PRS). Lee will have the full support of NWOGaction, so his appointment is almost a foregone conclusion. Fred Hodder is retiring and Peter Sztyk now deservedly faces the wrath of his shareholders. This is all fantastic news.

Stand up for free speech on @Twitter – Free Doc Holiday! #FreeTheDoc

Published 1307 days ago

Last night Doc Holiday (@dds_doc_holiday) had his Twitter account suspended for the umpteenth time. It seems that certain free speech deniers have taken exception to Doc’s social media prowess at exposing crooks and cheats for what they are. Never afraid to deliver a 140-character broadside, Doc’s popularity on Twitter stems from his determination to speak the truth. It is shameful that Twitter repeatedly bans Doc at the behest of liars and market abusers. If you care about free speech and defending what is right, then help us support Doc now!

Sefton Resources: Who do you think you are kidding Mr Williams…

Published 1307 days ago

Brilliant RNS from Sefton Resources (SER) this morning, simply brilliant. Just when you thought this story couldn’t deliver any more bizarre twists it turns out that Chris Oil has put his mum’s money where his mouth is and massively increased his stake. Not only did he buy £25,000 more stock on the open market immediately before Sefton went into suspension, for good measure he also kindly relieved convicted armed robber Daniel Levi of his holding. Oil now directly owns 13% of the suspended Sefton, while Levi apparently owns 0%. We wonder who dodged a bullet here…

Sareum Holdings; countdown ticking to next placing

Published 1307 days ago

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.

Notes from Underground - It's all Greek to us

Published 1308 days ago

It was a photo finish between the Globo (GBO) bear report and Tom's victory at the High Court for most-read story this week, but, ultimately, the Greeks win out. Possibly not so much for their shareholders.

CEB Resources; victim of slam dunk market abuse

Published 1311 days ago

CEB Resources (CEB) has just put itself into suspension pending an announcement on Monday at 0700. No doubt the news is going to be positive, but the trading pattern in this stock since 14:50 yesterday afternoon is deeply troubling. I am a supporter of CEB Resources and would like to see this company do extremely well, but I fear now it is a victim of serious market abuse. Just look at the 5-day chart below.

Armstrong Ventures – rinse and repeat

Published 1311 days ago

“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.

Tom Winnifrith is wrong. Why we should push for the reform of AIM.

Published 1311 days ago

“Markets affect everyone. But they can go wrong.  Left unattended they can be prone to excess, instability and abuse.  In order for markets to regain their social license, it is vital that public authorities and private market participants work together to reverse the tide of ethical drift. This cannot be a one-off exercise and needs continuous engagement so that market infrastructure keeps pace with market innovation.” Describing the rationale for its Open Forum at the Guildhall on 11 November, the Bank of England perfectly sums up the general argument for reform of AIM.

CEB Resources: No placement so far, I owe Doc Holiday a fiver

Published 1312 days ago

When I heard that CEB Resources (CEB) CEO Dave Whitby was coming to the UK for a meet and greet with investors I thought, “here we go”. As much as I like the story and can see the opportunity in the Indonesian gas market, Whitby’s visit looked like a par for the course placement run. So confident was I that this was just another foreign executive coming over to tap into the seemingly inexhaustible British desire for resource-based pipe dreams, I bet cynically bet Doc Holiday a fiver that the company would place within a month of Whitby leaving. I was wrong. Serve me right for taking on the market mechanics maestro.

Drink 800 cans of Curious Brew to earn a free £500 EIS-qualifying investment in the company!!!

Published 1313 days ago

This morning ISDX Growth Market-listed Chapel Down Group (CDG) announced an innovative crowdfunding initiative to raise £1million for its subsidiary Curious Drinks. Launched through, Curious Drinks’ EIS-qualifying offer has all manner of incentives packed into it, not least the 25% discount on purchases of Curious beer and cider for all those who subscribe for £500 worth of A Shares. This means that all those who qualify for EIS relief might only have to drink as few as 800 cans of Curious Brew to earn a free investment in the company. As enticing as this sounds for the drunken bloggers at ShareProphets (who between us have had all of 7 units in the past week), it’s the investment proposition that has caught our eye. There are a few clues that this could result in a significant pay-off.

Sirius Minerals; planning permission granted, now for the hard work

Published 1313 days ago

This morning Sirius Minerals (SXX) finally received the long awaited planning permission for its York Potash Project. Shareholders in the company have had to be extremely patient to get to this point, but now the real work begins. Sirius has to complete its Definitive Feasibility Study for the proposed mine and then secure funding to build it. At 17.75p Sirius is valued at £393.7million. There is certainly a lot of value built into this share price, but does that make it a buy?

Ten stark warnings a hurricane is brewing against the Lenigas Cuba IPO

Published 1314 days ago

On Friday Lenigas Cuba released its pathfinder document, prior to its forthcoming IPO - Tom has already savaged it HERE, but it is in fact worse than even he explained. Unlike previous Lenigas debuts, this one has a number of significant cautionary indicators that all might not be well. At 5p most of Lenigas’ adoring legion of fans will ask what can go wrong? The answer is possibly quite a lot, not least because so many of them have already bought in at 2p. We will soon see whether or not the market has exhausted itself of greater fools, but those that ignore the early warning signs could find themselves caught up in a fierce stock market hurricane from 02 November.

Tom Winnifrith Bearcast 17 October - Flip Flop Wrong again and the CIC Gold Disaster

Published 1316 days ago

In this podcast I explain why flip flop Ben Turney is wrong about cleaning up AIM. You dont need new rules or protections just the draconian implementation of existing rules against individuals (natch including Chris Oil). Then it is onto the court case next week and finally a demolition of CIC Gold (CICG)

The London Stock Exchange appears to be covertly cleaning up AIM’s act. Is now the time to push for reform on behalf of ordinary investors?

Published 1317 days ago

Has the London Stock Exchange finally woken up to the fact its AIM Augean Stables is in dire need of a very late spring clean? Over recent months a few clues have started to emerge that the LSE is covertly trying to regain control of its growth market and repair its battered reputation. The latest hint that something is afoot came via this morning’s piece in the Financial Times, with news that the LSE is going to tighten up the rules concerning cash shells. If this is an indicator of a wider initiative to sort out AIM it is something to celebrate. However if the LSE genuinely wants to restore confidence in the “world’s most successful growth market” it is also going to have to take some actions publicly, no matter how difficult they might be. 

New World Oil & Gas – What’s the Ukrainian for “piss off”?

Published 1319 days ago

On 21 September I received an incredibly snotty letter from New World Oil & Gas (NEW). The letter was marked strictly private and confidential, so I won’t publish it. However, now that New World has decided to smear NWOGaction in our latest TR1, I will publish my response to Peter Sztyk. What’s the Ukrainian for “piss off”?

UPDATED - Sula: stock flippers make hay, shareholders get slaughtered

Published 1320 days ago

This morning, Sula Iron & Gold (SULA) delivered one of the limpest imaginable excuses for a deeply discounted placement. Apparently the company has signed an NDA with a Tier 1 international gold producer, which is going to send one of its staff monkeys to observe drilling at Sula’s Ferensola gold project in November. This is why Sula has slaughtered its shareholders this morning, to raise £500,000 before expenses at 0.3p (an all time low for the share price, 40% below yesterday’s close). It is most definitely not to keep the PLC lights on and cover its c.£1.65million in annual admin costs.

Are the stars aligning at Tower Resources?

Published 1333 days ago

I worry if I am losing my mind, but Tower Resources (TRP) is fast becoming a conviction buy for me. Yesterday the company announced the appointment of two relatively heavyweight technical directors to the board. Following on from recent institutional support, successful acquisition of the Thali Production Sharing Contract (PSC) offshore Cameroon and a flurry of insider purchase, the signs are all there that some significant is happening for this shock.

Gulf Keystone: positive upgrade to its numbers, but with a touch of caution

Published 1333 days ago

At 32p Gulf Keystone (GKP) is worth £313million. This morning, the company announced its updated Competent Persons Report (CPR) for its oil & gas interests in Kurdistan. The numbers are impressive, but the market reaction has been muted, with Gulf now trading flat on the day. When a company increases its 1P Reserves by a better than expected 55% this would normally be cause for celebration, even in today’s oil price environment. However, as we all know, Gulf’s main challenge isn’t getting oil out of the ground. It is ensuring it gets paid.

Goldstone Resources; gloomy Non-Executive Chairman Christopher Hall knocks stuffing out of sentiment

Published 1333 days ago

Anyone would think Goldstone Resources (GRL) Non-Executive Chairman Christopher Hall didn’t want anyone to buy his company’s stock. After his glum statement in today’s interims, it’s no wonder the company’s share price has tanked 20% to settle at 1.99p. Shareholders in Goldstone would do well now to ask the company two questions. First, how does the gloomy Hall manage to get out of bed every morning? Second, what the bloody hell is he doing as the company’s Non-Executive Chairman if all he can promise shareholders is that “little more progress can be expected”?

Sefton Resources: Has Team Shotgun already crashed the company?

Published 1334 days ago

This morning’s interim report from Sefton Resources (SER) does not make for happy reading for shareholders. After yesterday’s news that the company has run up the white flag to Team Shotgun, today’s numbers pour a bucket of ice water over the Clem Chambers/Mike Hodges fantasy. Sefton had limited resources. It had a plan. Ex-CFO Raylene Whitford was making headway in incredibly difficult circumstances and should have been supported, not attacked. Now, thanks to the interference of the market abuser and the bank robber, it will be lights out by Christmas, unless the company can issue more confetti. Oh, and convince Ray Zimmerman to take on this basket case.

Xtract Resources: nosedives on disappointing interims, more dilution coming

Published 1335 days ago

Shares in Xtract Resources (XTR) have fallen 20% to 0.24p today on the company’s disappointing interim results. Xtract has been one of the most hyped stocks of 2015, rising from a low of 0.07p to a high of 0.45p on 1 June. Following the inevitable pullback in advance of 29 June’s placement, the share price settled in a range of 0f 0.215p to 0.3p, only to start rallying again last week. Cynics might wonder whether this was a pre-results pump ahead of today’s dump. Certainly anyone who bought in at yesterday’s high of 0.324p is now nursing a hefty loss, within half a trading session. The question now is can Xtract regain its momentum?

CEB Resources: why it should raise money now

Published 1336 days ago

Dave Whitby, CEO of CEB Resources (CEB) is in a tight spot. His share price is motoring and there is a lot of buzz surrounding his stock. Excited British private investors have been eagerly buying into Whitby’s vision, but as Tom Winnifrith pointed out in his Bearcast on Saturday, they might have overextended themselves. The question now is how can Whitby do what is best for his company and shareholders, without letting the market down?

African Potash; delivering on its promise

Published 1339 days ago

This morning, African Potash (AFPO) announced the $500 sales price per metric tonne of the fertiliser it is contracted to deliver to a distributor in Zambia. Under the terms of this contract, African Potash must deliver 50,000 metric tonnes (MT) of fertiliser by 24 August next year. The company expects a pre-tax profit margin of 6%, equalling $1.5million, assuming all goes to plan. African Potash’s share price is up 9.47% to 3.12p, last seen. If the company can agree similar terms across in its other deals, it could carve out for itself a very profitable niche in Africa’s burgeoning agricultural sector.

Landsdowne Oil & Gas; despite its best efforts, more dilution seems inevitable

Published 1340 days ago

This morning Lansdowne Oil & Gas (LOGP) was “pleased to announce its interim results”. Looking through the numbers and it is unclear quite what the company is pleased about. With its balance sheet in poor health and cash position a little on the precarious side, Lansdowne looks like it is going to need to raise money and soon. Not that the market seems to care, however. Lansdowne shares were up 6.25%, last seen, to 2.13p. So what might be behind this seemingly misplaced optimism?

Orsu Metals: How to find out from your broker if your shares have been settled.

Published 1341 days ago

I asked yesterday whether or not there is a short squeeze in Orsu Metals (OSU)? I don’t own any Orsu stock, so have no way of personally confirming whether or not there are any settlement issues in the market. However, if you bought stock on Monday on a T+2 settlement, it should be straightforward to find out. (And when I say, “should” that does come with a few caveats…)

Exclusive: another short squeeze - this time in Orsu Metals?

Published 1341 days ago

Shares in Orsu Metals (OSU) have jumped over 200% in the last 24 hours on word that there is another short squeeze in the market.  The facts are now this. A regulated market maker has failed to deliver stock to a private investor, this is now public knowledge, 30 times average daily volume has poured into Orsu today (up from 15 times yesterday) and yet still this share continues to trade. This is yet again highlighting once more the structural faults running through AIM.

Mosman Oil & Gas: who gives a damn so long as the City gets paid?

Published 1341 days ago

This morning, Mosman Oil & Gas (MSMN) announced yet another deeply discounted placement. If this caught you out, you probably have no one but yourself to blame, as this was always going to happen. Mosman is a dire business, run by consummate stock promoters, who seem to have have serious difficulty in making full disclosures to the market (HERE and HERE). Despite all this, Mosman’s share price surged from just under 3p to an intraday high of 9.4p within the last month. Today it placed at 4.5p. Does any of this matter so long as some are making money?

New World Oil & Gas: analysis of Paternoster’s 8% purchase

Published 1342 days ago

This morning, Paternoster Resources (PRS) announced it has bought an 8% stake in New World Oil & Gas (NEW). In yet another unexpected twist in the unfolding New World story, Paternoster’s motives are unclear. With New World’s AGM looming, shareholders in the company will be faced with a clear choice. Support the existing failed management and plan, or vote in Adam Reynolds and his team. Given this situation, there will be speculation why Paternoster has chosen to buy into New World at this particular point. However, judging by the manner and method of its announcement today, there could be some interesting clues that might help answer at least some of the questions.

World’s No 1 Mining analyst insults Coronation Street – serious lapse of judgment

Published 1342 days ago

As you know I have gained a real understanding of how folks live in the grim Northern Welfare safari by becoming an avid viewer of Coronation Street. As such I note comments from the world’s number one mining analyst Roger Bade of Whitman Howard today and begin to think that the man’s judgement may be seriously suspect. Bade notes on the comedy that is Minera (MIRL):

Is something brewing at Red Emperor Resources?

Published 1346 days ago

There are strange goings on over at Red Emperor Resources (RMP). Since the company announced the failure of the Hawkeye-1 exploration well, it has issued half a dozen holdings RNSs in which three organisations, including its UK broker, Brandon Hill Capital, have been steadily increasing their notifiable holdings on the open market. Yesterday, the J&J Bandy Super Fund joined the party, declaring its 3.66% stake. Today the company’s share price has risen 8.37% to 1.27p, last seen. Does the market sniff that something is afoot?

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

Published 1346 days ago

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.

New World Oil & Gas: Peter Sztyk claims shareholders are behind him. So call the AGM.

Published 1346 days ago

There is still an opportunity to settle the future of New World Oil & Gas (NEW) like gentlemen. That is unless current Chief Executive Peter Sztyk gets his way. Having just lost an hour of my life to the company’s futile shareholder call, it is quite clear that Sztyk is the only man in the room who cannot see the game is up. To his credit he fielded some of the more difficult questions he was sent, though ducked the most challenging ones. Despite this, his answers were highly unsatisfactory. Sztyk claims he has a mandate from his shareholders to pursue the company’s interests in Belize. That is complete balderdash, as he knows full well.

Tower Resources; plague stock on the mend?

Published 1347 days ago

Whenever I mention Tower Resources (TRP) to anyone it’s as if I’ve asked him or her if they enjoy incest and Morris dancing. At the same time (because surely you cannot have one without the other). Tower appears to be as loathed a stock on AIM as one could imagine. With its miserable history, 6.7billion shares in issue and 0.16p share price it’s no wonder this oil & gas exploration company seems to feature at the top of most people’s bargepole lists. What could there possibly be to love?

Mosman Oil & Gas; same old disclosure problems

Published 1349 days ago

After last year’s highly selective reporting of its New Zealand oil “discoveries” (which didn’t turn out to be commercial), the board of Mosman Oil & Gas (MSMN) is back up to its old tricks. If you don’t read today’s RNS carefully enough, you’d be forgiven for thinking that the STEP Royalty is a cracking bit of business. The market has clearly fallen for the spin, with Mosman’s share price up 21% at 7.875p, last seen. Once again sentiment traders have blindly piled into a stock, which stands little to no chance of ever delivering shareholders a fundamental return. Here’s why.

UK Oil & Gas: delivers a dose of reality

Published 1349 days ago

This morning, UK Oil & Gas (UKOG) issued a far more realistic vision of what this company can realistically hope to achieve. Forget the Horse Hill pipedream of billions of (unextractable) barrels for a moment and pay close attention to the numbers in today’s announcement. No one has ever doubted that UK Oil & Gas could be a viable business. However, the reality is that it is most unlikely ever to live up to the blue (pie in the) sky fantasy many appear to have bought into.

Save Sefton Resources: Why won’t the bank robber and the market abuser name their Nomad?

Published 1350 days ago

Why won’t convicted armed robber Daniel Levi and market abuser Chris Oil name the Nomad, willing to back their bid to seize control of Sefton Resources (SER)? Levi has form in failing to disclose crucial information, but in this instance his deliberate clouding of the truth has incredibly serious implications for Sefton and its shareholders. If Oil and Levi are successful in their bid to commandeer the company, Sefton will be forced to delist within 28 days, unless they can find a Nomad prepared to commit professional suicide. Only naïve fools are downplaying the severity of this problem and the strong likelihood it is going to happen.

Notes from Underground - When the moon hits your Eye like a big .... ....

Published 1351 days ago

The spiciest story this week, as spicy as a calabrese pizza with diabola sauce, is Ben Turney's response to Brokerman Dan's allegations that Ben has been a very naughty boy. Compare that to the cheesiest, as cheesy as a Quattro Formaggi with extra gorganzola, is Chris Oil's demand for an EGM at Sefton Resources.

Tom Winnifrith Bearcast 12th September - to Comrade Corbyn, Comrade Levi and Comrade Knightley

Published 1351 days ago

In this podcast I answer yesterday's quiz question and then celebrate the election of Comrade Jeremy Corbyn to the leadership of the Labour party. The Tories are in thrall to big business and crony capitalists and Comrade Corbyn at least ensures real questions are asked as we sleep walk over the abyss on so many fronts. I then put Comrade Dan Levi straight on insider dealing laws with relation to his latest spurious allegations about flip flop Ben Turney. Then there is a wider look at the markets.

New World Oil & Gas; White Knight Adam Reynolds to the rescue!

Published 1353 days ago

This morning NWOGaction, the shareholder action group for New World Oil & Gas (NEW), announced its support for Adam Reynolds and his team’s bid for election to the board, at the forthcoming AGM. This is an exciting turn of events for New World’s long-suffering shareholders. It promises to set this stricken company on a much more positive path, led by the value creating force behind the recent flyaway successes of Optibiotix (OPTI) and Premaitha Health (NIPT). Reynolds and his experienced team of turnaround specialists have identified a project and new executive management for New World, in the booming Med Tech space. Now all shareholders have to do is vote in favour of this radical change in direction.

Carry on up the Sefton: Market abuser Chris Oil wastes more police time – reports (fruitlessly) flip flop Ben Turney to the Old Bill

Published 1353 days ago

Earlier this week I reported how market abuser Chris Oil had wasted Police time by reporting me to the Old Bill with West Mercia Police dismissing his compliant after just one email. But it seems, in this latest episode of Carry on Up The Sefton, that Kenneth Williams is nothing if not persistent and has now reported flip flop Ben Turney as well complaining “Oooh Officer, he is awful.”

Tom Winnifrith BearCast 7 September - Flip Flop the "drug dealer", the bank robber and Audioboom

Published 1356 days ago

What a total waste of a day, dealing with Dan Levi (the bank robber, reformed) vs Ben Turney (the legal drug dealer, reformed). Dan's expose is HERE. Ben's response is HERE. What a total waste of my day, I am so tempted to just give up altogether. But isntead I outline why the prohibition never works and how I am responding to the allegations: by wasting money on bringing in a barrister to investigate them in full for a report we will publish here. Then I turm to Audioboom (BOOM) and NorthWest Investment Group (NWIG). If the world was different I'd be booking a one way ticket to Greece and throwing my laptop in the sea. Surely both Dan and Ben can go after real villains and just leave me in peace.

Golden Saint Resources; the worst pre-placing ramp ever?

Published 1360 days ago

As soon as a company starts pumping the propaganda on Director’s Talk you know what’s coming. This morning, AIM pig dog Golden Saint Resources (GSR) published an entertainingly inept corporate video. If you have eight minutes to kill this lunchtime it is worth a watch. You will quickly become a pointless trivia expert on the climate of Sierra Leone and Executive Chairman Cyril D’Silva’s bizarre way of describing years by using each individual number. You will learn next to nothing about the company or its projects. A cynic might suggest this is because there isn’t much worthwhile to say about either…

Clueless Office of National Statistics embarrasses itself with AIM estimates

Published 1360 days ago

Yesterday it was the turn of the Office for National Statistics (ONS) to prove how little official bodies understand about the parlous state of AIM. According to its Statistical Bulletin private investors own a mere 30.6% of the companies listed on “the world’s most successful growth market”. This estimate is just plain embarrassing. At the end of July AIM was worth £74.8billion. It isn’t an inconsequential aspect of the economy, which should be ignored. AIM plays an important role in influencing the wealth and pensions of a large segment of the nation. Policy makers should take it far more seriously, but how can they when the ONS trots out such pap?

MX Oil – can it triumph over the savage funding environment?

Published 1361 days ago

I’ve got to admit I like the MX Oil (MXO) story. There is plenty of reason for me not to like it, but despite this the fact remains that this is a company that has seized its opportunities. When CEO Stefan Olivier bellowed at me that he wanted me to buy into his MX Oil vision it provoked a wry smile. “Who the bloody hell does this man think he’s talking to?” I quietly wondered to myself, as I received a barrage of an elevator pitch down the phone. We haven’t spoken since, but the brash confidence of that first contact has left its mark. The question now is can MX Oil deliver on Olivier’s bullishness?

CEB Resources – a story to believe in?

Published 1362 days ago

The CEB Resources (CEB) story has won over a lot of supporters in the market. This is unsurprising given the five-fold increase in the company’s share price since the start of the year. At 0.75p (last seen) CEB is worth £5.4million, but the question for investors is having put in such a strong performance in the year to date, how much upside is left for the shares?

New World Oil & Gas – board fulfils first commitment to shareholders

Published 1363 days ago

This morning, New World Oil & Gas’ (NEW) board of directors was true to its word and published the company’s unaudited interim figures nearly a month early. The numbers are encouraging. The company had £2.9million cash on Friday, the executive directors have been offsetting all fees since March against their outstanding loans and the board continues not to draw salary or accrue benefits. The company is not yet out of the woods, but today represents a tangible step forward. Next up is the AGM…

Rio Tinto and BHP Billiton – interesting director share purchases

Published 1363 days ago

Over the weekend, I identified BHP Billiton (BLT) and Rio Tinto (RIO) as two of the top dividend payers in the FTSE100. Based on Friday’s close BHP’s yield was 7.28% and Rio’s 6.19%. Following on from analysis last week about the fundamental reasons for buying BHP (HERE and HERE), this morning both companies announced director purchases. Taken in isolation these purchases might not seem like much to write home about, but in the context of investment planets aligning they could be significant.

Change is coming at New World Oil & Gas

Published 1364 days ago

Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.

Top 5 FTSE100 Dividend Payers, which closed within 1% of a 52 week low

Published 1364 days ago

Following yesterday's table of the top dividend payers among resource stocks in the FTSE100, below are the top five dividend paying shares whose share prices closed within 1% of a 52-week low on Friday. Qualifying stocks have a yield of >5%.

Gulfsands Petroleum – is this a new beginning?

Published 1367 days ago

Last night, Gulfsands Petroleum (GPX) announced details of its long awaited $22million open offer. For long-term shareholders there wasn’t much to cheer about. At 4p, the best they can now hope for is to average down by taking up their 3.01 open offer shares and pray for a turnaround. But what chance is there of this?

Is the BHP Billiton 7.9% dividend too good to be true?

Published 1368 days ago

On Tuesday, Chris Bailey offered some excellent analysis of BHP Billiton’s (BLT) results. I won’t attempt to steal Chris’ thunder, but one point he made has stuck with me. In its own words BHP Billiton’s board is “resolute” to pay what is now a 7.9% dividend. This is an enormous yield for such a large stock and if the directors follow through with this pledge, the current £10.55p share price is surely a gimme. The question is will the company pay this generous sum?

Interesting comment from Anglo Pacific’s CEO re. Standard Listings on the LSE

Published 1369 days ago

As AIM falters, we hear that more and more companies are considering a Standard Listing on the London Stock Exchange. This is a story we will inevitably pick up over the coming months, but this morning there was an interesting comment from Anglo Pacific’s (APF) CEO, Julian Tregger, about his company’s proposed transfer from a Premium Listing to a Standard Listing. It seems that Tregger felt it necessary to highlight his firm’s commitment to “high standards of corporate governance”. Has he inadvertently suggested that such standards among other Standard Listings are not so high?

UK Oil & Gas; Horse Hill fantasy numbers downgraded by 22%

Published 1369 days ago

I suppose a downgrade of fantasy oil estimates is about as worthwhile as an upgrade of fantasy oil estimates, but nevertheless this morning’s announcement from UK Oil & Gas (UKOG) represents a significant reduction in the embarrassing hype surrounding Horse Hill. Schlumberger’s last “independent report” about this absurd project estimated that total oil in place, across the three so-called target areas, was 255million barrels of oil per square mile (bopsm). This morning, Schlumberger slashed this figure to 199.9million bopsm. And yet there are still some out there hailing this as brilliant news… 

A perfectly timed Bank Holiday weekend to cram in stock research

Published 1369 days ago

Much has been made in the media that US equity markets have had their worst period since late summer 2011. This morning, the burgeoning crisis has abated in response to the People’s Bank of China’s 0.25% interest rate cut. China’s baseline rate is now 4.6% and global markets have rallied strongly in response. However, it would be a surprise if this were anything other than a temporary reprieve, not least because of the spike in the CBOE Volatility Index (the VIX). The VIX tracks the volatility in the constituent stocks of the S&P500 and its latest reading is clear warning of a bumpy ride to come. Even so, if played correctly, this could prove to be extremely profitable.  

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

Published 1370 days ago

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.

When did David John Hopkins become Daniel Levi?

Published 1374 days ago

Followers of convicted armed robber David John Hopkins, commonly known as Daniel Levi, have attempted to make light of his criminal background. Levi’s Lemmings seem unconcerned that he lied on official documentation about his former identity and unspent convictions, when he joined the board of Sefton Resources (SER). It will be interesting to see the reaction once Levi’s apologists learn that “Daniel Levi” was refused bail as David John Hopkins in March 2014. This was six months after he last appeared in front of a judge as “Daniel Levi” in connection with the infamous Sefton libel trial.

ShareProphets Exclusive: AIM CEOs speak out on City placement corruption and market abuse – Part 2

Published 1375 days ago

Yesterday I reported the story of an AIM CEO, who shared his first hand experience of the City corruption that enables the illegal forward selling of placements. Today I publish a second account, from a separate CEO, who also spoke on the condition of anonymity. Over the years, a number of companies on AIM have suffered illicit coordinated market attacks against their share prices. There has long been a suspicion of direct City complicity in these abusive assaults, involving regulated brokerage firms and market makers. Thanks to the vagaries of libel law and the City’s conspiracy of silence this is a story nearly impossible to report on, but the comments of CEO 2 serve as a warning to private investors in this utterly bent market.   

ShareProphets Exclusive: AIM CEOs speak out on City placement corruption and market abuse – Part 1

Published 1376 days ago

AIM Regulation and the FCA’s inability or unwillingness to tackle rampant market abuse involving the illegal forward selling of placements on AIM has cost companies and shareholders hundreds of millions of pounds. The problem has become so widespread that it is widely seen as the cost of doing business in the lower reaches of the market. This is unacceptable and two current CEOs of AIM-listed businesses have spoken out about the parlous state of play.  Below I share the first testimonial, given on the condition of anonymity.

Quindell; FCA decision to drop investigation gives birth to surprising hope

Published 1376 days ago

This morning, the FCA announced it had discontinued its investigation into Quindell (QPP) with “immediate effect”. Quindell’s shares have rallied slightly on the news to settle at 97p, last seen, but how significant is this move for the company’s embattled shareholders?

Red Emperor Resources: why these stocks should be avoided

Published 1378 days ago

This morning, Red Emperor Resources (RMP) announced that the Hawkeye-1 exploration well, offshore in the Philippines, has failed. The company’s share price is down 60%, as of writing. Once again private investors on AIM have suffered horrific losses at the hands of a pure play oil exploration company. This further calls into question the appropriateness of listing such shares on the market.

Exclusive interview with Matt Lofgran and his foray in Bénin with Elephant Oil

Published 1378 days ago

Elephant Oil is a privately held oil exploration company, whose managing director is Matt Lofgran of AIM-listed Nostra Terra Oil & Gas (NTOG). Elephant Oil secured the Block B onshore coastal exploration licence in Bénin, West Africa, in October 2013. It counts Red Rock Resources (RRR) and Paternoster Resources (PRS) among its cornerstone investors and could be one to watch over the coming years, as it attempts to open up a new oil producing province.  

Armadale Capital – usual suspects ramping hard

Published 1380 days ago

What a huge shock to see Armadale Capital (ACP) conduct a placing yesterday. Of the biggest surprises on AIM this year, Armadale’s fund raising has to be in the top three. There is no way anyone saw this coming. It wasn’t clearly sign-posted across social media at all. The recent 50% rally in Armadale’s share price over a week was definitely driven by fundamentals. The increased liquidity in the stock simply reflected enthusiastic investor demand for a prospective gold miner in the lower reaches of the market…

Pete “The Pirate” Landau and the incredible quest for $1billion worth of war gold, lost to German U-boats

Published 1380 days ago

Of all the escapades we’ve covered over the years from Pete “The Pirate” Landau, his latest caper with Australian-listed Black Mountain Resources (BMZ) is off the scale on the guff-ometer. Pirate Pete and his motley Black Mountain crew claim to have secured the right to a 20% stake in an undersea salvage operation to recover a supposed >$1billion worth of gold from two wrecks, torpedoed during the First World War. Regular readers will not be stunned to learn that Landau now plans to raise AU$6.87million in pursuit of this fool’s errand.

AIM drops to lowest number of companies in over a decade. This market is dying.

Published 1382 days ago

What can the London Stock Exchange do to restore confidence to AIM? The “world’s most successful growth market” is ailing and no amount of spin can cover up its decay. According to the latest statistics, at the end of July AIM hosted 1,066 companies, the lowest number since the end of 2004. There have been a mere thirty-seven new issues so far this year, of which one was a transfer from the main market and eight were re-admissions. Having failed so miserably to police its market, the London Stock Exchange now faces an immense challenge proving to the investment community that it has the wherewithal to arrest AIM’s increasingly terminal decline.

Kibo Mining – operational progress keeps on coming!

Published 1383 days ago

It’s great to see a mining company on AIM doing exactly what it said it would do, especially in the current climate. This morning, Kibo Mining (KIBO) delivered its latest important milestone, on schedule. The company has released the findings of Phase 2 Stage 1 of its development plan for the Mbeya Coal to Power Project in Tanzania. Based on exploiting the 109.39mt inferred and indicated resource at the Rukwa coal deposit, this represents another significant step forward for Kibo. It’s now something of a surprise to see the company’s share price trading at 4.75p. Up only 0.63p on the day, it seems likely that Kibo’s shares are held back by the general headwinds blowing a gale against the resource sector. Unperturbed, the company continues to push forward.

Sefton Resources comes out fighting – Jim Ellerton used his company to pay for massages

Published 1384 days ago

Official court documents we have gained access to show that the gloves are off as far as Sefton Resources (SER) is concerned in dealing with ex-CEO Jim Ellerton’s delusional action against the company. Just when you thought Ellerton’s reputation couldn’t sink any lower he is now accused of having used his consultancy company, C & J Resources, as an “alter-ego” to pay for all manner of personal expenditure, from his daughter’s wedding to “treating” himself to private massages. Better yet, Sefton has accused Ellerton of racketeering, in a series of explosive allegations. This must have come as a shock to dear old Jim, who suddenly now finds himself facing possible criminal investigation. Read the full details below.

Quindell & Cenkos together prove why AIM’s model must fail

Published 1384 days ago

The Quindell (QPP) scandal keeps raining blows on AIM’s reputation, further calling into question how much longer this market can limp on in its current guise. At the heart of many long-standing complaints about AIM’s viability are concerns that the Nomad system of self-regulation is inherently flawed. AIM has never been able satisfactorily to answer how poachers can be expected to act as effective gamekeepers. The next revelations about the £5.4million worth of share payments Quindell made in early 2014 to its Nomad, Cenkos Securities, are hardly going to help.

Greatland Gold – could it be about to shed its lifestyle reputation?

Published 1388 days ago

Yesterday Greatland Gold (GGP) delivered a surprisingly positive RNS. The clue was in the title “Exciting drilling results in the Carenegie area”. Unfortunately, such are the cynical times we live in no one paid the slightest bit of attention. It seems that cramming the word “exciting” seven times into an announcement isn’t the way to catch the eye of private investors in this climate. Whoever would have guessed that?

Fat cats Golden Saint Resources treat shareholders with contempt

Published 1388 days ago

Golden Saint Resources (GSR) has been a dreadful stock on AIM and now I know why. The entire squad behind it could not give a damn about the company’s investors. From the its “PR agency” Cassiopeia Services, through its “Nomad” Beaumont Cornish (what a shock this firm is involved) to the company’s executives this “dream team” has to be one of the worst in the market. There is currently a sophisticated attack being made against Golden Saint, of which it is fully aware and cannot be bothered to deal with it. This is an appalling story of arrogance and laziness.

Quindell – failure to back up legal threats was the surest sign of guilt

Published 1389 days ago

At the start of last September, Quindell (QPP) proudly trumpeted its court “victory” over Gotham City Research. As Tom Winnifrith repeatedly warned the company’s shareholders, this “victory” was a hollow sham. By taking proceedings out against US-based Gotham there was no chance any judgement could ever be enforced. This is why Gotham didn’t try to defend itself. Of course, what Quindell was far less keen to talk about was why it didn’t launch similar proceedings against a certain vitriolic (and now entirely vindicated) blogger…

RNS Translation Service – AIM Regulation on its epic failure to regulate the Quindell fraud

Published 1390 days ago

Someone at the London Stock Exchange has clearly broken out the cattle prod today and abruptly woken the AIM Regulation Team from its deep slumber. Wonders will apparently never cease, as AIM Regulation has actually bothered release an announcement concerning its miserable failure to regulate Quindell (QPP). Those in a more charitable mood might say “better late than never”, but we strongly doubt there will be many long-term shareholders in this group. ShareProphets’ handy translation service now fills in the gaps of what should have been an apology to all those caught out by this fraud.  

Tower Resources – life in the old dog yet?

Published 1390 days ago

Tower Resources (TRP) has become surprisingly interesting over the last few weeks. With a number of high profile oil exploration failures under its belt and 6.7billion shares in issue, Tower bears most of the hallmarks of your typical common or garden AIM cesspit stock. The 0.19p share price hardly inspires confidence. So, when the company came to raise £5.2million net on 15 July the market’s collective shrug of the shoulders was hardly a surprise. However, closer examination of the fundraising reveals a more intriguing story to the usual “keeping the lights on” package that has become all too familiar for small resource stocks in this market.

Gulf Keystone – Will the Kurds make good on their promise to start paying?

Published 1391 days ago

Shares in Gulf Keystone (GKP) surged yesterday from a low of 26p to a high of 36p, triggered by news of a pledge by the Kurdistan Regional Government (“KRG”) that it will start making monthly payments to its oil producers from September. This morning, Gulf’s stock has settled back to 33.5p (last seen), valuing the business at £327.6million. This is towards the bottom of the company’s trading range since the start of the year and after yesterday’s excitement the question is, is Gulf a buy?

Petroceltic International – is the board dancing to Worldview’s tune?

Published 1391 days ago

The 35% drop in Petroceltic International’s (PCI) share price over the last three weeks has been one of the most predictable events of the year. Once the company’s major shareholder, Worldview, fired the first shots in the latest civil war to engulf the company, there really was only one direction the stock could take. Against the backdrop of a persistently low oil price, lingering concerns about the health of Petroceltic’s balance sheet were bound to have a depressing effect. This morning the company issued its latest response to this unfolding disaster. And it doesn’t exactly inspire one with much confidence, even at 58p per share.

Sefton Resources – Management battles the ghosts of greedy executives past

Published 1392 days ago

Tom has just laid the boot into his favourite old whipping boy, Sefton Resources (SER). I am meant to be banned from writing about Sefton and I’ve got to admit the subject is a little tired, but somebody has to speak up for the current management team. Under assault from all sides, including from supposed friends, the current board has not received the credit it deserves for simply not just walking away and letting the company collapse.

Mosman Oil & Gas – the dead horse flogging becomes desperate

Published 1392 days ago

It’s no secret that by early 2010 I had failed at what I was doing. Miserably. Facing up to that realisation was incredibly tough. A hair’s breadth from bankruptcy, the following couple of years were a surprisingly liberating experience. There is nothing like a period of enforced penury to help one reassess what matters in life and redefine one’s course. At some point, in the not too distant future, the directors of Mosman Oil & Gas (MSMN) are likely going to share this experience, as they finally come to terms with the fact their business has no serious future on AIM.

Range Resources: yet more abysmal reporting, this time involving $5million furtively paid to Lind

Published 1394 days ago

The disclosure standards at Range Resources (RRL) are truly abysmal. As a mere blogger (certainly not a financial journalist!), this is clear to me. Under previous CEO, Rory Scott Russell, it looked like the company was turning the corner and adopting a more candid approach towards investor relations. Then came last November’s coup and the rise to prominence of Peter Landau’s close business associate, David Chen. All progress was immediately abandoned and old Range was back. Buried in today’s quarterly report there is a crucial bit of information, not previously announced. Range has voluntarily paid Lind $5million.

Red Rock Resources – at 0.03p it is a binary gamble

Published 1396 days ago

As a former online poker player, I learned two things from that excruciatingly dull game. First, life is too short. Second, how important it is to play the averages. I’ve probably gained the most from the first lesson, but the second has proven to be surprisingly valuable on a daily basis. It taught me that consistent success often requires making counter-intuitive calls based purely on the long-term mathematical probability of success of repeating the same decision. This technique can often be applied to trading AIM stocks and at current levels Red Rock Resources (RRR) might present just such a set up.

Eldorado Gold; excessively punished by Grexit fears is an appealing buy

Published 1397 days ago

Since publishing “7 Gold Stocks to Buy Now” the price of gold has fallen further, under pressure from a heavy bear raid. With gold now trading at critical long-term technical support, the precious metal is now at a crucial point. If the price breaks below technical support, it could fall much further. However, if it finds its footing at current levels then a strong rally is on the cards. Such binary eventualities can be extremely profitable for investors on the right side of the move. Gold Bugs have taken yet another beating in the recent move lower, but if you remain bullish about the prospects for gold, now might be the time to consider some specific stock ideas. Below I share my contribution to our e-book - Eldorado Gold’s (TSX:ELD & NYSE:EGO).

Caption Contest Special in honour of convicted armed robber Daniel Levi

Published 1397 days ago

With an apology to Twitter member ‪@hardy682 for stealing his copyright, we now invite readers to submit captions to this most amusing and topical picture. A bottle of champagne to the winner, to be paid for by Ben Turney out of his fee from The Times for exposing “Bank Robber David” the former chairman of Sefton Resources. Entries will close at midnight on Sunday. Over to you.  

The evidence that supports The Times' questioning of convicted armed robber Daniel Levi’s source of funding

Published 1398 days ago

This morning The Times published another challenging piece concerning the current business relationships of convicted armed robber Daniel Levi, aka David John Hopkins, aka Brokerman dan. After his “voluntary” confession on Saturday night, it looks like Levi engaged in a little digital spring-cleaning over the weekend. Below I can exclusively reveal the evidence that exposes the latest attempt by Levi to airbrush awkward relationships from his public life.

Blogging Moron of the Week – Sefton loon California Joe

Published 1398 days ago

Oh dear, a man who backed Jimmyliar Ellerton versus Levi & Winnifrith and now backs Dan Levi/ armed bank robber David John Hopkins against all comers is purile fantasist/blogger California Joe a man who attracts fake twitter followers like shit attracts flies. His outpourings today are such piffle (printing inconvenient truths described as gutter journalism) they merit a wider audience. We offer no comment other than “up the medication pal.”

Who were the “trusted people in London” who knew about Daniel Levi’s criminal record?

Published 1398 days ago

It is well known that ShareProphets has a long-standing business relationship with ADVFN (AFN). Not withstanding this, the Daniel Levi affair has raised a number of questions regarding his relationship with ADVFN, which do require answering. The easy thing for us to do would be to ignore these questions, but it is our responsibility to report on this story thoroughly and comprehensively.

Convicted armed robber Daniel Levi delivers body blow to AIM’s reputation

Published 1399 days ago

We should be grateful to convicted armed robber Daniel Levi. Really we should, for he has proven, in the most graphic manner possible, so much of what is wrong with AIM. Formerly known as David John Hopkins, Levi has spent sixteen years in jail for two separate convictions involving firearms. There is no indication that either conviction is spent. It will now be a source of major embarrassment both to the London Stock Exchange and the Financial Conduct Authority that a man with Levi’s background was able to become Executive Chairman of Sefton Resources (SER), without anyone picking up on his criminal past.

Who else out there, apart from LeniGas Cuba, is a Twitter fibber?

Published 1401 days ago

After Tom’s revelation yesterday about LeniGas Cuba’s… how to put this… “mysterious” leap in popularity on Twitter, we’ve been wondering at ShareProphets who else out there likes to pretend they are more popular than they actually are? As it turns out, this is a fun game and here’s how you can play along too.

Bowleven; more positive news, market remains unmoved

Published 1402 days ago

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.

Exclusive: New World Oil & Gas shareholder action group to relaunch tomorrow, with an indicated 4.11% of the company.

Published 1402 days ago

Last night, NWOGaction set the date for relaunching itself as the formal New World Oil & Gas (NEW) shareholder action group; tomorrow. Early indications are that the new action group will receive confirmed support from 4.11% of New World’s shareholders. This number is expected to grow in the coming weeks. The full statement can be read below.

Goldplat; reading the runes and the immediate future does not look happy

Published 1403 days ago

A month ago I wrote Goldplat (GDP) was “playing with fire” with its sneaky profits warning. I suggested a fundraising was on the way. My article drew a fair amount of criticism from some long-term holders, but events since suggest that the company is gearing up to dilute its shareholders.

New World Oil & Gas: More proof Chris Oil is a fork-tongued liar

Published 1403 days ago

This morning’s RNS from New World Oil & Gas (NEW) proved once again what a fork-tongued liar Chris Oil is. At some point we will probably get bored of running pieces about our favourite market abuser, but the latest cack-handed deception is worth a quick mention.

7 gold shares tipped by Amanda, Ben, Gary, Zak and others order your free copy now

Published 1404 days ago

ShareProphets Press' fourth book of 2015 is by the writers of ShareProphets. Why now is the right time to buy gold and the seven stocks you should buy. With tips from Amanda Van Dyke, Gary Newman, Ben Turney, Zak Mir and other ShareProphets writers order your free copy TODAY

Exclusive: New World Oil & Gas shareholder action rises like a glorious phoenix from the ashes

Published 1405 days ago

It’s not fashionable to say this, but there are times when it is impossible not to feel intense pride at being British. I experienced one such occasion last Thursday night. It is deeply woven into our national spirit never to give up; a characteristic which New World Oil & Gas’ (NEW) ordinary shareholders are increasingly demonstrating in spades. While the naysayers and market abusers crowed that the desire for shareholder action would be broken by the heavily dilutive, mispriced open offer, New World’s shareholders rallied to the call for positive change in their company. As of writing, as much as 4.8% of the company has indicated its intention to join the reformed NWOGaction (

New World Oil & Gas shares start trading and crash – are they a buy? And what happens now?

Published 1409 days ago

New World Oil & Gas (NEW) shares were suspended at 0.24p because of the inability of shareholders to get trades settled. Following a £3.5 million fund raise at 0.09p that seems to have been settled and the shares have restarted trading today, duly crashing to 0.08p -0.1p. Questions, questions.

Short the Dax at 11,443 if it falls back on Grexit fears

Published 1409 days ago

Since the Dax, peaked at 12,390 on 10 April, Germany’s major index of 30 blue chip stocks has been dragged lower by the troubles in Greece. Having started the first quarter of the year in such spectacular form, thanks to the generosity of the European Central Bank’s  (ECB) Quantitative Easing (QE) programme, the Dax has since become a victim of the spiralling Greek Tragedy. July has been an extremely volatile month for German stocks and the Dax’s near-term prospects appear very much pinned to the outcome in Greece. On Wednesday 15 July the Dax closed at 11,539, right above a crucial level of MIDAS resistance. A retest of this level in the coming weeks could open up a highly attractive shorting opportunity, as it would suggest a worsening in macro conditions.

New World Oil & Gas returns to trading tomorrow. Have the shysters got away with it?

Published 1409 days ago

We’ve just heard that New World Oil & Gas (NEW) returns to trading tomorrow.  Denzil Jenkins, the Head of UK Compliance and Regulatory Policy for the London Stock Exchange, is now going to have to prove that his job isn’t just a pointless paper pushing exercise. Having failed utterly to enforce its three rulebooks (“Rules of the London Stock Exchange”, “AIM Rules for Nominated Advisers” and “AIM Rules for Companies”), the embarrassment the New World forward selling fiasco has caused to the London Stock Exchange is acute. There are now serious questions about the integrity of the exchange and the viability of the AIM model of self-regulation. Private investors have lost millions of pounds to the regulated City perpetrators of this mess. And so far nothing has been done.

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

Published 1409 days ago

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.

MX Oil: a controversial related transaction but can the people behind Cornhill regain the market’s trust?

Published 1410 days ago

What constitutes a “fair and reasonable” related transaction? This is the question shareholders in MX Oil (MXO) should be asking themselves after discovering on Monday that their company has agreed to pay Cornhill Asset Management a $1.8million bonus for sourcing the 5% stake in the OML 113 licence, offshore Nigeria. The $1.8million, contingent on two relatively minor conditions, is an extremely generous reward to Cornhill and its shareholders for an investment made less than six weeks ago. There are further difficult questions to answer about this transaction so I contacted Andrew Frangos, CEO of Cornhill Asset Management and Chairman of MX Oil, to see what he had to say.

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

Published 1411 days ago

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):

New World Oil & Gas – unsettled positions being settled, what next from the authorities?

Published 1411 days ago

This morning, Metal Tiger (MTR) announced that its outstanding unsettled position in New World Oil & Gas (NEW) has been settled. Two months late, the failure of regulated market participants to fulfil their contractual terms has materially and detrimentally impacted the fortunes of hundreds, if not several thousand, private shareholders up and down the country. The shareholder action group could not reach the 10% threshold to requisition a general meeting directly because of this. While the London Stock Exchange failed miserably to enforce its own rulebooks, the FCA stood idly by and did nothing. This whole episode is dreadful for the reputation of AIM and calls into question how trustworthy or viable is this market?

AIM’s shocking mortality rate - the casino death rate is alarming

Published 1412 days ago

For “the world’s most successful growth market” the mortality rate of companies that list on AIM is shocking. Since the start of 2001, an estimated 1,937 companies have delisted from AIM, seeing shareholders in most cases lose everything. Whether taken private or simply bankrupted, it is a terrible indictment of this market that c.54% of all the businesses that have floated on it in the past 14 years have just disappeared. Curiously, Grant Thornton chose not to mention this when it compiled its report to celebrate AIM’s 20th Birthday.

Exclusive Interview; Andrew Bell, CEO Red Rock Resources.

Published 1415 days ago

We’ve received a lot of reader comments over the last week about Red Rock Resources (RRR) and our “refusal” to tackle Andrew Bell. For the most part, the accusations we (and Bell) have faced are nonsense. Red Rock has lost 99% of its value, but as Tom amusingly pointed out in his BearCast this morning that actually puts Red Rock in the top 30% of performers in the history of AIM! This won’t be much comfort to most holders of Red Rock and there are legitimate questions to ask Bell. Unlike the majority of executive directors in a similar position Bell has not shrunk into the shadows. Instead he has chosen to face publicly his critics. On Monday he will be appearing in person at Zak’s Trader’s Café, at the Free Speech and Liberty Pizza House, and today he’s just given me an interview.

Gold; a counter-intuitive leveraged buying opportunity

Published 1416 days ago

The price action in gold this week has been most counter-intuitive. As Chinese markets go into meltdown and Greece does its best to get kicked out of the eurozone, the last thing many would have expected would have been for the precious metal to fall in value. The uncertainty in the market is palpable. Equities have been extremely volatile, the VIX has shot up to 19.97 and pressure is clearly growing on global bond prices. But gold has remained immune to the growing panic; that is so far, at least.

Tom Winnifrith Bearcast 9 July Offending everyone edition

Published 1416 days ago

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.

Gulf Keystone: was that a profits warning?

Published 1416 days ago

This morning’s announcement from Gulf Keystone (GKP) had the decided whiff of a profits’ warning about it. It is extremely frustrating when companies dress bad news up. I appreciate the importance shoring up sentiment has, but if a company has to warn shareholders that it is going to miss its financial targets it surely must be an inviolable principle of transparent markets that it explicitly says so. Today’s example from Gulf could prove to be a perfect case in point and doesn’t bode well for new CEO Jón Ferrier’s attitude towards investor relations.

UK Oil & Gas; David Lenigas leaves, who is going to ramp the stock now?

Published 1418 days ago

News just crossed the wires that stock-promoter extraordinaire David Lenigas is going to stand down as Executive Chairman of UK Oil & Gas (UKOG). The company’s shares fell sharply in an immediate reaction to this, only to recover quickly. Last seen, UK Oil & Gas was trading at 2.18p and the question on all shareholders’ minds must be who is going ramp the stock now?

Last chance for the London Stock Exchange to save the credibility of AIM ref. New World Oil & Gas

Published 1418 days ago

The New World Oil & Gas (NEW) forward selling fiasco has been a disaster for the credibility of AIM. So far, every single safeguard that is meant to be in place to protect private investors has failed. Predatory regulated City firms are on the cusp of making millions of pounds of profit from the chaos they have caused, while hundreds of private investors stand to suffer unacceptable and unjust losses. Had the authorities been doing their jobs properly in the first place none of this would have happened, but such is the paucity of regulatory oversight on AIM that the conditions have been primed for this shambolic situation for a long time. Nevertheless, the London Stock Exchange has one last chance to prove itself deserving of its licence for self-regulation of “the world’s most successful growth market”.

Barclays; brutal sacking of CEO, but is it a buy?

Published 1418 days ago

This morning, Barclays (BARC) sacked its Chief Executive Antony Jenkins. In a ruthless move, spearheaded by Deputy Chairman Sir Michael Rake, it seems that Jenkins’ vision for the bank did not match the ambitions of the rest of the board. Jenkins wanted to scale back the company’s global investment banking arm, while the board wants to grow this arm aggressively in the pursuit of “profit improvement”. Barclays shares are up 3%, as of writing, at 259p. The market welcomes this move, but should investors follow suit?

Randgold Resources; speculative buy on the Grexit and a rally in gold

Published 1419 days ago

As the long-awaited Grexit looms ever larger, the price of gold could well be priming itself for a strong summer rally. Currently at $1,167/oz., the precious metal is trading at the bottom of its annual range and sentiment towards it is decidedly bearish. These are prime conditions for a contrarian reversal and if the Greek crisis intensifies over the coming weeks, gold should benefit greatly from any flight to safety. Such a move higher in gold will be positive for the battered gold miners and chief among these Randgold Resources (RRS) looks an appealing buy.

Buy Bowleven at 30p; FREE sneak peak at one of six tips in our latest guide

Published 1420 days ago

Has the oil market genuinely bottomed? This is the crucial question facing investors in the oil & gas sector, this summer. The Saudi-led price war on the United States’ “Fracking Boom” has been most disruptive. The collapse in the price of oil has played havoc across the industry. Globally, billions of dollars worth of projects and planned capital expenditure have been shelved or pulled entirely. Sentiment has been badly affected and worries persist about the long-term structural challenges still facing oil & gas companies. This is especially true for those listed on AIM, but if I had to pick one from the bunch my choice would be Bowleven (BLVN).

Provexis raises £280,000, gathers steam

Published 1422 days ago

Yesterday morning, Provexis (PXS) announced it had raised £280,000 through I won’t pretend to know the first thing about Provexis, but this looks like a positive step forward in the evolution of AIM. is a crowdfunding service, designed to end the tyranny of bucket shop placements on AIM.

Are you a customer of Barclays Stockbrokers? Has it disposed of your shares too without your permission?

Published 1425 days ago

Evidence started to emerge four weeks ago of a major problem with the nominee service used by clients of Barclays Stockbrokers, Barclayshare Nominees. There is now a strong suggestion that Barclayshare Nominees and Barclays Stockbrokers have disposed of clients’ physical stock without their permission. This is a shocking turn of events in the New World Oil & Gas (NEW) forward selling fiasco and points to an even graver flaw in the mechanics of the London Stock Exchange’s Alternative Investment Market. Something like this should just not be possible, but the numbers appear telling.

Range Resources: Puntland turns to dust, royalties leave little left to play for

Published 1426 days ago

After eight years, tens of millions of dollars spent, the building of an “airport”, a failed two well drill campaign, an oil to water controversy, an absurd contemplated plan to drill in pirate infested waters and one of the most hyped stock promotions in recent years Range Resources (RRL) has announced this morning that it is pulling out of Puntland. Shareholders are left with nothing, other than a greatly overvalued stock price.

New World Oil & Gas; the open offer that causes the London Stock Exchange an almighty dilemma

Published 1426 days ago

In one week New World Oil & Gas’ (NEW) highly controversial placing and open offer closes. The company expects to announce the result the following day. It then hopes that the London Stock Exchange will admit the new shares to trading on 10 July. This will present an acid test for AIM’s integrity and credibility. Few seem to appreciate the dilemma now facing the London Stock Exchange.

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

Published 1427 days ago

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?

Bulletin Board Moron & flip flop New World/Sefton sweepstake competition & last week's prize winner

Published 1427 days ago

I am not sure about you but I am getting 150% bored with two companies with a combined market cap of c£5million, viz Sefton Resources and New World Oil & Gas. But your esteemed editor flip flop Ben Turney does not share that sense of ennui. And so to this week's competition.

ShareProphets Translation Service; Broken Man Dan's Twitter Feed on Sefton's near record volume day

Published 1430 days ago

This evening's ShareProphets Translation Service helps readers appreciate the subtle nuances of Broken Man Dan's Twitter feed. Broken Man Dan has a habit of regularly spring cleaning his Tweets, so we've had to move fast as lightening. While Dan, Dan the Broker's Man has been spreading the love for Sefton, we've been keeping an eye on Sefton's price and volume action. Sefton closed down 16% on the day, on 741,907,136 volume. This was after the company announced a great leap forward on its road to recovery. We are certain this is just a very odd coincidence. 

Sefton Resources: a recovery story to believe in, so long as jokers don’t ruin it

Published 1430 days ago

At long last clear daylight is now shining on Sefton Resources’ (SER) much anticipated deal to bring in a new CEO and asset to the business. Although yet to complete, with hurdles still to overcome, this is genuinely starting to look like a recovery story people can believe in and get behind. That is so long as the various pantomime characters pursuing the company don’t foul things up with their tomfoolery.

Time to get behind ShareProphets

Published 1431 days ago

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.

Cesspit poster boy Mosman Oil & Gas - £400,000 more to fritter away

Published 1431 days ago

I love Mosman Oil & Gas (MSMN). I really do. Taking a step back from the daily outrages on AIM and Mosman has to be one of the funniest stocks around. That is, unless you are a shareholder. After the controversy of last year’s oil “discoveries” that weren’t commercial, Mosman’s board has been on a bizarre trip of nonsensical deal making. Whatever is being slipped into the directors’ tea every morning is having a marvellous effect. I am not sure how I would best characterise their behaviour, but someone less kind than I might call them utterly bonkers.

Hear Market Abuser Chris Oil’s phone message warning of Sefton’s placement

Published 1433 days ago

Doc Holiday has just published a phone message left to him by our favourite flavour of the month, market abuser (HEREHERE and HERE) Chris Oil. It seems like dear old Chris got wind of Sefton’s placement before it happened and called Doc to let him know the good news. We provide an exclusive transcript of the message below.

Savannah Resources; cracking deal with Rio Tinto – notes from the bullish conference call

Published 1434 days ago

Unfortunately there were some technical issues with this morning’s bullish conference call from Savannah Resources (SAV). Fortunately, I was listening so am able to provide an update. CEO David Archer was in ebullient mood and there is little wonder why. This morning, Savannah surprised the market with news of an exciting joint venture in Mozambique with none other than mining behemoth Rio Tinto (RIO). The joyous response has seen the company’s share price rocket to 3.68p, up 77% on the day. This values the business at £8.37million and the ever-impressive Archer suggested there is more to come in a “very active year ahead”.

New World Oil & Gas; could it pay a shameful £1.15million in fees to Cornhill Capital?

Published 1434 days ago

I took a temporary vow of silence last week concerning New World Oil & Gas (NEW). We should learn soon enough whether my faith in the regulatory authorities was misplaced, but there is one issue I am compelled to speak out on; the sickening and unconscionable fees New World has agreed to pay Cornhill Capital in relation to the highly controversial open offer.

ShareProphets Translation Service; Daniel Levi Associates’ last attempt at an EGM

Published 1436 days ago

Just in case anyone is bonkers enough to believe that Daniel Levi Associates is genuinely able to fill in the paperwork properly to call an EGM at Sefton Resources (SER), we now present a helpful translation of this self-styled corporate raider’s highly entertaining last attempt at requisitioning a meeting. (Spoiler alert -- It didn’t go too well). 

Tom Winnifrith Bearcast 19 June - Ben Turney & the Naked Swedish Virgins

Published 1437 days ago

My podcast starts with Ben Turney, naked Swedish virgins, Britt Ekland, Christopher Lee and pagan festivals. Then I move into Auhua Clean, Sefton, Monitise, Tungsten, Urals Energy, Sareum and the world's worst investor.

Sefton Resources; toxic danger signals all over it again

Published 1437 days ago

Just before the close, Sefton Resources (SER) announced that Daniel Levi and market abuser Chris Oil had bought back into the company. This has provoked a furious reaction and it will be very interesting to see how the market responds today. After the first time Mr Levi “saved” Sefton, the company’s share price went up nearly seven times, to an eye-watering 0.39p. Oblivious to the fact that Mr Levi failed to deliver his operational promises and sold a massive chunk of his stock near the unsustainable and over-promoted top, Seftonologists still saw good value in this cash shell with little cash, no assets and an £11.3million market cap. Will this bunch fall for the shenanigans again or will it finally learn its lesson and pay heed to the obvious toxic danger signals now slapped all over this stock?

UK Oil & Gas latest Horse Hill ramp falls flat on its face

Published 1438 days ago

Another day, another stupidity test from UK Oil & Gas (UKOG). Unfortunately for David Lenigas and the Horse Hill stock promoters it looks like the message is finally settling in on the British investing public, as it suffers an acute attack of souped-up report fatigue. UK Oil & Gas’ share price surged to 2.75p at the open, only to retreat instantly. As of writing UK Oil & Gas is trading at 2.3, down slightly on the day. This clearly isn’t part of the plan and we will no doubt hear more about the wonders of Horse Hill from Schlumberger any day now…

Yet more insider dealing involving StratMin Global Resources? No just a coincidence!

Published 1438 days ago

As the self-congratulatory celebration of AIM’s twentieth birthday reaches a crescendo, the odd share trades (just coincidence we are sure) continue unabated. This morning, in a perfectly timed manner, we found out why StratMin Global Resources’ (STGR) share price mysteriously jumped 19% in the last hour and a half of trading yesterday. This morning, the company announced a strategic partnership with India’s Tirupati Carbons & Chemicals Group. What is brilliant about this example is that we’ve been here before with StratMin. Better yet, I reported the last time well-timed traders got their hands on StratMin’s price sensitive information to the FCA.

Goldplat plays with fire; sneaky profits warning could suggest fundraising on way

Published 1439 days ago

This morning Goldplat (GDP) issued a profits warning, though not that you can immediately tell this from reading the RNS. I’ve got to put my hands up here and admit I initially fell for the PR spin, when I was doing the regular cycle through the RNS roll call. Goldplat’s update strikes a very positive tone and there are no figures included in it. The company also avoids direct acknowledgement of what this announcement truly is. However, on careful inspection, it is clear that this is a warning of trouble to come.

Tom Winnifrith Bearcast - 17 June, going down memory lane

Published 1439 days ago

Coming to you today from Shipston in Warwickshire I start with a wander down memory lane. That is Mr nice guy. Then it is back to my true self as I plunge the knife into Sefton Resources and Goldplat and sit on the fence on Ten Alps now that Luke Johnson is on board. That flip flop Ben Turney is just too charitable.

Sefton Resources; it was always going to end in tears, but what now?

Published 1439 days ago

This morning the inevitable happened. Sefton Resources (SER) placed at 0.065p. Shareholder anger is entirely understandable, but whose fault is this mess?

Eclectic Bar Group – Luke Johnson to work his magic

Published 1439 days ago

Eclectic Bar Group (BAR) yesterday delivered a master class in how to deliver bad news. At 7 a.m. the company announced its latest dire trading update. For about thirteen minutes shareholders must have been pulling their hair out. Faced with the third overnight cliff dive in seven months, this ill-fated bunch would have been forgiven for wondering which stock market gods it had wronged to deserve such poor fortune. Then at 7:13 a.m., like a divine bolt from the blue, came the second RNS. None other than serial leisure entrepreneur Luke Johnson (primarily of Pizza Express fame) was buying into the company and joining the board as Executive Chairman.

Has New World Oil & Gas made a catastrophic error in its open offer?

Published 1439 days ago

By Friday afternoon it looked like New World Oil & Gas’ (NEW) board and its hapless regulated advisors had made yet another catastrophic error. Even by this group’s sheer rank incompetence over the last seven weeks, the latest blunder could be the worst. Not content to forward sell an unconfirmed placement, trample over shareholders’ lawful rights, ignore market rules, waste the company’s dwindling cash on an unjustifiable battle to save its advisors to the detriment of shareholders and try to force through an abysmally mispriced open offer, New World and its grossly inept advisors appear now to have broken the law.

Could the New World & Gas naked shorters really make £5million from the havoc they caused?

Published 1442 days ago

If New World Oil & Gas’ (NEW) board of directors gets its way and saves the skin of the naked shorters, then this group could stand to make at least £5million from this fiasco. As disgusting as this figure it, what is most troubling about it is that the group of naked shorters must include a number of regulated firms, who have acted incredibly recklessly and irresponsibly. Will the London Stock Exchange and Financial Conduct Authority stand by and allow this to happen?

Why is New World’s board so determined to save the naked shorts?

Published 1442 days ago

Thursday’s announcement from New World Oil & Gas (NEW) made one thing crystal clear. New World’s board is determined to do whatever it can to let the naked shorts off the hook.

African Potash – encouraging news for its long term future

Published 1443 days ago

Encouraging news this morning from African Potash (AFPO) has been greeted with a collective shrug of the shoulders from a sceptical market. As part of its planned strategy for expansion, African Potash has entered into commercial discussions with an agency of the Common Market for Eastern and Southern Africa (COMESA). COMESA is a free trade union for twenty African Member states and, if fruitful, African Potash’s discussions could lead to the development of a clearly defined sales channel for its potash-based fertiliser products across that continent.

RNS Translation Service on behalf of New World Oil & Gas' 0.09p open offer

Published 1445 days ago

So New World Oil & Gas’ (NEW) board has announced its long-heralded 0.09p open offer. Nigel is off today, so it falls on my to run today’s RNS Translation Service. There is so much to say about New World’s deeply flawed plan, but for now let’s just take a look at the not so hidden meaning of board’s conclusions.

Honkers Bonkers Shouldn't Have Fallen - So It’s a Buying Opportunity If Ever I saw One.

Published 1445 days ago

Hello Share Swingers. I recently tipped Honkers Bonkers (HSBA) on this delectable website. Since then the share price hasn’t moved much.

Exclusive: Cornhill Capital’s damning placement agreement - ref New World Oil & Gas

Published 1446 days ago

I’ve been passed a copy of Cornhill Capital’s standard placement agreement template. Normally this wouldn’t be remotely interesting, but in light of the broker’s role in the New World Oil & Gas (NEW) fiasco it makes for fascinating reading. In particular, the document I now have appears to blow out of the water any notion that Cornhill could have “accidentally” enabled the forward selling of New World’s conditional placement. This now leaves one question. Has Cornhill Capital totally lost control?

Why has New World Oil & Gas not sacked Cornhill Capital?

Published 1447 days ago

There are grave concerns about the conduct and behaviour of New World Oil & Gas’ (NEW) board of directors, in response to the forward selling fiasco embroiling the company. Specifically New World’s private shareholders worry whether or not the directors are acting in their interests or rather are acting to save the company’s regulated advisors from the financial consequences of their incredibly reckless actions. Until New World’s board engages with its ordinary shareholders these fears will not go away, but there is one much more pertinent question that no-one seems to have asked. Why has New World not sacked Cornhill Capital?

Range Resources – back from the dead?

Published 1448 days ago

This morning, Range Resources (RRL) returned from its self-imposed six-month suspension. As of writing, the stock is up 70.7% at 0.96p. After the issue of 650million shares to Sibo, for the £5.2million lifeline announced last week, Range will have 5.77billion shares. This values the company at an eye watering £53million and leaves only one question. Has the market lost its mind?

New World Oil & Gas; how large is the naked short?

Published 1448 days ago

Various parties involved in the New World Oil & Gas (NEW) fiasco seem determined to spread false information about the current size of the naked short position. At the EGM, one of Cornhill’s representatives laughably tried to claim that the volume in the first three days of trading wasn’t so spectacular and “at least 650million of the shares traded were done over two transactions, which were ‘bed & ISAs’”. That was an interesting enough revelation, but what is the true state of play?

Some Sympathy for Sefton

Published 1449 days ago

Now my interest has been reignited in the Sefton Resources (SER) story, I’ve been pursuing various investigative leads and have uncovered something pretty surprising. It look very much like Chief Financial Officer Raylene Whitford is a genuinely decent person, who is doing her level best to save this company. Unlike certain previous executives, Miss Whitford is not a serial market abuser, intent solely on lining her pockets at the expense of Sefton’s shareholders.

Exclusive:New World Oil & Gas - RNS due Monday about new action group

Published 1449 days ago

There is only one legitimate way that the New World Oil & Gas (NEW) fiasco can be resolved and that is to involve the company’s rightful owners. I understand that this week New World’s board and reckless advisors have spent a lot of time trying to persuade the London Stock Exchange (LSE) to accept an open offer at 0.09p. This has been a complete waste of time. Even if the architects of this scandal somehow manage to fool the LSE that this is a viable solution to the settlement mess, it will not be the end of this matter. Does anyone really believe that New World’s shareholders will accept the heavy financial penalty such an open offer would inflict?

ShareProphets Translation Service – Schlumberger’s Horse Hill disclaimer

Published 1451 days ago

This morning, we’ve read one of the funniest disclaimers we’ve ever come across. We are, of course, talking about the latest ramptastic missive from the Horse Hill stock promoters. The Schlumberger report, paid for exclusively by UK Oil & Gas (UKOG), has been presented as even more bullish than the absurd Nutech report of a couple of months ago. What is most amusing about this, apart from the crazy reaction of a herd of private investors, are the health warnings that come attached to it. Even UK Oil & Gas was forced to admit in its RNS “No person or company other than UKOG may directly or indirectly rely upon the contents of its report”. Whatever else happens at Horse Hill, no one can say they weren’t warned.

How many current shareholders of Sefton Resources were invited to Annabel’s, Mayfair?

Published 1451 days ago

As reality slowly dawns on anyone foolish enough to have bought into the recent rampant over-promotion of Sefton Resources (SER) and the stock price craters, shareholders can take comfort from tonight’s lavish extravaganza being hosted at one of London’s most expensive venues. Well, at least some of them can.

Sefton Resources; worse than it’s ever been?

Published 1452 days ago

Back in the good old days, when our dear friend Jim Ellerton was hocking his wares around the busy streets of London, shareholders in Sefton Resources (SER) were at least able to delude themselves with pipedreams of Kansan gas riches and a Californian heavy oil rush. As we all know, those promises of future wealth were a fantasy, deliberately designed to fund Ellerton’s lavish Hawaiian existence and taste for expensive hotels. Sefton was the ultimate lifestyle company, but what of today’s myths about this cashless cash shell?

Open letter to AIM Regulation – time to act on Beaumont Cornish re New World Oil

Published 1453 days ago

On publishing this piece, I will send the following letter to ask formally for an investigation into the professional conduct of New World Oil & Gas’ (NEW) nominated advisor, Beaumont Cornish. Regular readers will be aware of Beaumont Cornish’s abysmal track record in discharging its duties as far as New World is concerned. It is high time the authorities investigated, so feel free to send a copy of the letter to the email address I give below.

San Leon Energy; £29million for this?!!!

Published 1455 days ago

This morning, San Leon Energy (SLE) announced a conditional placing to raise £29million. The proposed price of this fundraising is the equivalent of 0.8p in current money, but San Leon also plans to push through a 100-1 consolidation so the real price will be 80p. Based on the miserable track record of this company, about the only thing it looks like this move could achieve is to open the door to is further future catastrophic dilution.

The must-read final Room Service ruling – New World Oil & Gas

Published 1455 days ago

For anyone still interested in the New World Oil & Gas (NEW) forward selling fiasco, the old FSA’s final notice concerning the Room Service scandal makes for compelling reading. It turns out that there is a very clear precedent for how the New World omnishambles can be resolved. And it doesn’t end with happy smiles for those poor old “innocent” forward sellers.

Tom Winnifrith: I'm on sabbatical - "flip Flop" Ben Turney is in charge

Published 1456 days ago

As of midnight "flip flop" Ben "pitchfork" Turney will be editing this website as I am on leave for the next six to nine months. Let me explain.

African Potash; A NEW forward selling case involving Cornhill Capital?

Published 1460 days ago

Hot on the heels of the New World Oil & Gas (NEW) fiasco, evidence is emerging of a separate incident of possible forward selling of a placement involving another client of Cornhill Capital. Was this all above board? African Potash (AFPO) announced its plan to raise £1.2million on April 17th. In an echo of the New World controversy, African Potash’s placement was partially dependent on a successful shareholder vote at an EGM on May 21st.  Careful analysis of African Potash’s daily volume data, before and after April 17th, reveals a number of troubling questions.

New World Oil & Gas: Did Chris Oil vote yes and betray private shareholders?

Published 1464 days ago

Wednesday night’s result of New World Oil & Gas’ (NEW) EGM threw up an intriguing figure; 68,105,573. Now that figure might not seem particularly stimulating to the casual observer, but this block of votes voted in favour of Resolution 1 (for the placement) and against Resolution 2 (for the director/advisor warrants). Quite why anyone would have been in favour of the placement yet against the warrants is a bit on the peculiar side. Then again the New World debacle has attracted its fair share of odd characters. Speaking of which, did I mention that Chris Oil’s broker held 69,815,402 New World shares on the morning of the EGM?

Exclusive: London Stock Exchange has now suspended New World

Published 1465 days ago

On Monday evening, New World Oil & Gas (NEW) put itself into “temporary suspension”, pending the outcome of the EGM. Last night New World announced the results of the EGM, but the stock remains suspended. It turns New World’s suspension is now out of its hands. The London Stock Exchange has stepped in and suspended New World, until the settlement situation is resolved.

ShareProphets Exclusive; The hidden truths of New World’s EGM result

Published 1466 days ago

Tomorrow’s AIM-related headlines will be dominated by news of New World Oil & Gas’ (NEW) resounding shareholder rejection of its highly controversial placement. While this is cause for much celebration, this story is far from over. New World’s board appears determined to push ahead with the proposed open offer, to save the reckless forward sellers, despite such categorical resistance from the company’s rightful owners. The situation is now more explosive than ever, as illustrated by the figures from the vote.

New World Oil & Gas EGM votes No - Shares to stay suspended as Omnishambles rolls on

Published 1466 days ago

At No-one is watching O'clock ( 6.29 PM) the news finally came through. Congratulations to Ben "pitchfork" Turney - the EGM of AIM casino posterboy New World Oil & Gas (NEW) has not passed either proposal made by the board.

New World Oil and Gas – ShareProphets RNS Translation Service

Published 1467 days ago

Last night (after hours, of course) New World Oil and Gas (NEW) issued an RNS to report on the fiasco that was its EGM called to pass proposals which would allow the controversial Placing announced on 29 April to proceed. Every man and his dog knows that there has been a disorderly market in the company’s shares pretty much ever since, and so with speculation rife that the company would have a spot of bother working out who was entitled to vote as massive multiples of the issued share capital traded through the market and even a formal notice from the LSE that shares were not settling in a timely manner, the ShareProphets RNS Translation Service is pleased to help readers understand what is going on. Quotes are in bold with our interpretation in normal script. 

Exclusive: Observations from New World Oil & Gas’ EGM

Published 1467 days ago

I took notes during New World Oil & Gas’ (NEW) EGM. Although these aren’t a comprehensive record of what turned out to be a very long meeting, they should hopefully provide some insight to those shareholders who were not able to attend.

Why New World Oil & Gas cannot, in good conscience, proceed with Open Offer

Published 1467 days ago

We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

New World Oil & Gas EGM farce details emerge

Published 1467 days ago

Detail is slowly emerging from the farcical New World Oil & Gas (NEW) EGM in Jersey today. Criminal market abuser Chris Oil was not present - maybe his passport has already been confiscated. But Ben Turney was attending as were no less than four heavies from broker Cornhill Capital.  The bottom line is, knowing that a show of hands would go against the company, it started the meeting by calling a poll - that is to say a vote of those actually casting votes on the two resolutions. However...

New World Oil & Gas; the London Stock Exchange sails into uncharted waters

Published 1468 days ago

Since arriving in Jersey yesterday morning, it is clear that whatever happens at New World Oil & Gas’ (NEW) EGM today the aftershocks of this fiasco will continue to be felt for quite sometime. New World has 702million shares in issue, yet in the twelve trading sessions after the company announced its unconfirmed placement somewhere between 6.5billion to 9.5billion shares exchanged hands. So far the authorities have largely washed their hands of this mess, but sooner or later it is going to dawn on them that they cannot ignore it indefinitely. Heads have to roll.

Bulletin Board Moron of the Week Contest #20 – In Honour of Roland “fatty” Cornish

Published 1469 days ago

We have often criticised Nomad Roland “fatty” Cornish for his role in the debacles at New World Oil & Gas (NEW), Gate Ventures (GATE) and other AIM casino omnishambles stories. Now he is also acting for Rob Terry’s Daniel Stewart (DAN). But in acting for all these POS enterprises and for signing off on so many comically misleading RNS statements, fatty does have a function. He keeps these joke Companies on the AIM casino and that gives the folks on the LSE Asylum something to froth about. Heck, I forgot – fatty also used to act for Aiden Earley’s Worthington (WRN).

New World Oil & Gas; Chris oil to vote “No” with 6.93% of the vote?

Published 1470 days ago

I noticed yesterday morning that New World Oil & Gas (NEW) has updated its AIM Rule 26 disclosure concerning major shareholdings. Of all the changes, by far the most significant is the inclusion of Alliance Trust Savings Nominees Limited. Alliance Trust didn’t feature in New World’s previous disclosure and yet now apparently holds 6.93% of the company. Why does this matter? The answer is simple. Alliance Trust is Judith and Christopher Williams’ (a.k.a. Chris Oil) broker.

Range Resources - Enough is enough

Published 1472 days ago

Last October, Peter Landau’s disastrous Continental Coal (COOL) announced the cancellation of its admission to AIM, after its shares had been suspended for six months. On April 28th, Range Resources (RRL) announced (to the shock of everyone, I am sure) that Core Capital Management would not be able to complete its $60million funding package, by the end of that month. Range granted Core an extension until today. We’ve just been told that Core has failed to meet that deadline and the funding deal is off.  Worse still, Range has been suspended for just over five months, meaning it is one month away from an automatic delisting.

Dear FCA, about your table of most shorted shares and New World Oil and Gas

Published 1473 days ago

I have taken a look at the FCA spreadsheet on the most shorted shares, having read Steve Moore’s table of most shorted AIM shares and one company name seems to be conspicuous by its absence: New World Oil and Gas (NEW).

ShareProphets Exclusive; proof of drought of New World Oil & Gas stock

Published 1474 days ago

The unfolding New World Oil & Gas (NEW) fiasco has taken some bizarre turns, but I’ve just seen written evidence from one new New World shareholder that his broker has only been able to settle 1,060 of the 10,000,000 shares he should have received last Tuesday. That isn’t a misprint. He has only received 1,060 shares, as of writing. If there were any doubt how serious the settlement situation is in respect of New World’s stock that is now blown away. All that can save the reckless forward sellers is for New World to issue more shares.

Boycott this website if you support market abuse – a statement by Ben Turney & Tom Winnifrith

Published 1475 days ago

The share blogger of the year Brokerman Dan is calling on investors to boycott this website because we accused him of over-promoting Sefton before dumping most of his shares (five days after tweeting    It's back to the rumour mill on #SER for me chaps! Am I selling? Not on your life. Tick! Tock! Goes the Stryker clock!) and for pointing out that his pal Chris Oil committed blatant market abuse before dumping ALL his Sefton stock.  Whatever.  IF YOU SUPPORT MARKET ABUSE PLEASE BOYCOTT THIS SITE AND BLOCK BOTH OF US ON TWITTER. However Dan makes a few other points.

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

Published 1476 days ago

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 

Bulletin Board Moron of the Week #19 sponsored by Ben Turney

Published 1476 days ago

Ben Turney seems to think that bankrupting a stack of private investors and allowing a false market to run in an AIM stock is a good thing and will clean up AIM. Apparently young Ben has a lot of supporters on the LSE Asylum which is a clear sign that he is losing the plot. Anyhow, as such he is not allowed to enter his own tweets or posts in this week’s Bulletin Board Moron contest as he needs to give others a fair chance. With four days to go to the General Election we are also allowing any daft MP quotes in this contest.

Tom Winnifrith BearCast - New World Oil & Gas Special

Published 1477 days ago

What a total omnishambles New World Oil & Gas (NEW) has become. Why were the shares not suspended last week as I advocated to howls of abuse from followers of flip flop Pitchfork Ben Turney who now - belatedly - seems to agree. In this podcast I pose some serious questions for the company and its advisers and have a few suggestions on what needs to happen. And a warning for some of flip flop Pitchfork's followers who have piled in.

Is New World Oil & Gas’ board legally allowed to issue shares or conduct a vote?

Published 1479 days ago

There are an increasing number of indications that New World Oil & Gas’ (NEW) board of directors has lost control of the company’s share capital structure. If this is the case then the implications for the growing fiasco, concerning the reckless forward selling of the company’s unconfirmed placement, are immense. With material uncertainty over who owns the company, how can New World’s directors possibly hope to conduct a legal issue of shares in the company, or even run a fair and legal vote, until after it has cleansed the shareholder register?

Exclusive: New World Oil & Gas - London Stock Exchange confirms it will allow a short squeeze to happen

Published 1480 days ago

Within the last hour, the London Stock Exchange (LSE) has issued an official statement concerning the settlement situation involving stock in New World Oil & Gas (NEW). In short, the LSE has confirmed what we already knew, after it allowed New World to open on Tuesday. It is going to stand by its rulebook and allow market forces to try to resolve the fiasco created by last week’s reckless and incredibly forward selling of New World’s unconfirmed placement. The stage is now set for perhaps the biggest short squeeze in the history of AIM.

Video Interview at UK Investor Show Blogger's cafe: Ben "pitchfork" Turney

Published 1481 days ago

In the days before he was organising marches for torchbearing and pitchfork clasping lunatics from the LSE Asylum, Ben "pitchfork" Turney attended the UK Investor Show where he popped into the bloggers cafe to record a few thoughts on video.

Serious (impossible?) questions about this morning’s RNS from New World Oil & Gas

Published 1482 days ago

New World Oil & Gas (NEW) issued this RNS announcement this morning, in response to the omnishambles it now finds itself in. Crucially, New World did not deny the “Internet Commentary” it referred to, all but confirming that its unconfirmed placement has been legitimately and excessively forward sold. As of writing 460million shares have traded hands in New World stock (nearly half the issued share capital) and the price is off slightly at 0.08p. My personal view is that there are some incredibly lucky forward sellers out there who are covering their positions, but the epic mess is still a long way from resolution. As for the message circulating, that the Rights Issue is going to solve the problem, it seems that people just have not thought this through properly. Here’s why.

Tom Winnifrith Bearcast, Greece, free speech & disagreeing with the twit Turney & Bank Holidays

Published 1483 days ago

The market is closed and in today's bearcast I look at Greece and what will happen and happen soon and the message for other European countries including the UK. Then I cover free speech for twits like Ben Turney and how the writers here are united but can disagree and then move onto Bank Holidays - we need less not more to get the UK economy growing again. In fact, scrap the lot.

I did not go into journalism to see small PIs burned but to nail bad guys & I won’t change just to win New World popularity

Published 1483 days ago

That New World Oil & Gas (NEW) is an omnishambles is clear. Ben Turney has one route for going forward (see HERE) which has made him the hero of the LSE Asylum and the twitter lynch mob. I regard his actions as morally reprehensible but publish his articles anyway as I support free speech. But his case is both misleading and shocking in that it targets the very folk that I thought he, Brokerman Dan, Nigel Somerville, Malcolm Stacey and others who have written on this website wanted to protect – ordinary punters.

New World Oil & Gas; Why the forward sellers must pay

Published 1483 days ago

Tom last night published this charming bear cast. Buried deep within his signature potty-mouthed tirade he made some points, which demand addressing. Tom would have us believe that the poor old forward sellers should be given a gimme by the London Stock Exchange and let off the hook for the appalling losses they are going to suffer, as soon as New World Oil & Gas (NEW) resumes trading. This is wishful thinking for very simple and practical reasons, as I explain below. What is about to happen to the forward sellers of New World’s placement could prove to be the caustic cleansing experience that the Alternative Investment Market is in such desperate need of.

Tom Winnifrith Bearcast - to the New World Lynch Mob: show some compassion, get real & go after the real targets

Published 1483 days ago

There is an ugly lynch mob out there - led by Ben Turney - screaming "burn shorter burn". They think those who have opened a vast naked short in New World are evil City banksters & flippers who deserve to burn and who have deliberately wronged. The lynch mob is wrong.  The "shorters" are just ordinary Joe Schmoes many of whom could be ruined by this. I ask the lunatic fringe to show compassion, to do what is best for the company but to go after the real villains of the peace. Show some humanity guys. Get real. And go for the real bad guys.

Will Beaumont Cornish lose its Nomad license over the raging New World Oil & Gas scandal?

Published 1483 days ago

In his bearcast earlier, Tom Winnifrith suggested that Beaumont Cornish should lose its Nomad licence for its appalling efforts this week, in overseeing RNS announcements from New World Oil & Gas (NEW). While I disagree wholeheartedly with Tom’s suggestion how the epic mess at New World might be resolved (cancelling trades would only leave the London Stock Exchange open to a massive class action lawsuit from and all those who bought New World stock), I agree entirely with Tom’s conclusion about Beaumont Cornish. Beaumont Cornish should have been investigated long ago for its conduct over New World, but this week’s succession of catastrophic errors leaves it extremely vulnerable. Here’s why.

New World Oil & Gas; embezzlement arrest warrant for director’s wife

Published 1485 days ago

New World Oil & Gas (NEW) has not issued an RNS to confirm whether or not Bill Kelleher has repaid the several hundred thousand dollars he owes the company or if he has left his role as a well-paid technical advisor. Frankly, New World should have done, but we’ve now been passed some other interesting information concerning one of the directors’ wives. It appears that the Kazakh Department of the Agency for Public Service and Anti-Corruption is seeking the arrest of Peter Sztyk’s wife for “misappropriation or embezzlement of entrusted property”.

DECC confirms Horse Hill Developments has not applied for flow testing of HH-1

Published 1487 days ago

This morning The Telegraph delivered another broadside to Horse Hill. It claimed that Horse Hill Developments Ltd has not applied to the regulator, the Oil and Gas Authority (OGA), “for permission to begin flow testing the Horse Hill-1 well in the Weald Basin.” This flies directly in the face of claims made in RNS announcements by the six listed companies participating in Horse Hill, not to mention David Lenigas on Twitter. We’ve spent much of the day seeking official confirmation of the accuracy of The Telegraph’s story. In the last hour we’ve received it.

New World Oil & Gas; the most insane placement ever?!

Published 1488 days ago

Is there a better example of why AIM is in such desperate need of reform than New World Oil & Gas (NEW)? This is a company that has habitually lied to and misled its shareholders, paid its rapacious board of directors inordinate sums, delivered next to nothing for over two years and, lest we forget, foolishly gave €1million to a fake sheikh, in the bizarre hope of breaking into the Kuwaiti oil market. You couldn’t make this stuff up, so it almost defies belief that the company has been able to raise £1.5million this morning

Corrected - Horse Hill; What UK Oil & Gas didn’t tell you in this morning’s RNS

Published 1489 days ago

Another day, another smokescreen from UK Oil & Gas (UKOG). As with all of this month’s announcements from the company, what it hasn’t said is more important than what it has. Quite how long UK Oil & Gas’ Nomad, WH Ireland, will allow the excessive over-promotion of Horse Hill to go unfettered is anyone’s guess, but in the meantime here’s what the spinners hope you are too stupid to figure out for yourself.

Video of the Mining Session at UK Investor starring Amanda Van Dyke, Poulden, McGloin & Bell

Published 1493 days ago

Once again this main stage panel at UK Investor Show 2015 was chaired by scruffbum Ben Turney. On the panel were Amanda Van Dyke, John McGloin of Amara Mining, Andrew Bell of Red Rock Resources and Richard Poulden of Wishbone Gold.

Video of the Oil experts Session at UK Investor Show - Horse Hill and much more

Published 1493 days ago

The oil experts main stage session at the UK Investor Show was hosted by scruffbum Ben Turney and featured Cathal Friel, Matt Lofgran, Kevin Foo and myself with a cameo appearance by Derek Musgrove when it came to Horse Hill. But the discussion was wide ranging. Oil prices to Africa to shares as you can see in the video below.

Explosive Uk Investor Seminar - Horse Hill or Horse Shit

Published 1497 days ago

This was a last minute special for UK Investor but it contained some pretty explosive stuff. On the panel were Andrew Bell, Derek Musgrove, Andrew Monk of VSA and Ben Turney. All four men have a special unique angle and insight on this project and it is explosive stuff at times. Watchthe video and enjoy.

Horse Hill and the credibility-killing clarification

Published 1501 days ago

This morning’s “Clarification of Press Comment” from UK Oil & Gas (UKOG), and the other companies participating in Horse Hill, heaps shame on all involved in last Thursday’s monumental ramp. At ShareProphets, we were the first to criticise the BBC, ITV, Sky News and all the other broadcasters, who leapt so obediently onto this propaganda bandwagon, for their deeply misleading coverage. Hundreds, if not thousands, of private investors bought stocks in the Horse Hill nags, thanks to the appalling laziness of too many journalists. Within 24 hours, most of these ordinary people were facing losses of upwards of 35% on their “investments”. This disgraceful episode illustrates once again why AIM is in such desperate need of comprehensive reform.

UK Investor Show – come chat to us at the Bloggers Café: tickets start landing today

Published 1506 days ago

To save me answering a few emails, tickets for the UK Investor Show should start landing today. By tomorrow all bar 40 of the 2000 tickets should have landed so if you have booked and not got a ticket by Thursday PM email me on [email protected] and I will sort it out. The show is now just 10 days away and there are still 40 tickets available so if you want one book NOW at – there are many reasons to book but one is “The bloggers café”

Just Eat; beware the insider share sales!

Published 1507 days ago

A bunting of red warning flags is now billowing gently over the share price of Just Eat (JE.). I first identified this as a candidate to watch for an opportunity to short at the start of last December. Unfortunately I then chose shorting Just Eat as one of my tips for 2015. That decision is going to come back and bite me, but now that Just Eat is trading at 435p (last seen), and after the flurry of recent insider selling, it is time to revisit what could be a cracking trade.

Horse Hill – the best stock promotion in years!!!

Published 1507 days ago

Eventually a lot of people are going to lose a lot of money on UK Oil & Gas (UKOG). This morning’s announcement from the company, laughably titled “Significant upgrade of the Horse Hill discovery”, has been wrapped in one of the most skillfully crafted and epic stock promotions of recent years. I correctly predicted this “Horse Hill super-ramp” was coming, last month. Today it is just sad to watch gullible and lazy “credible” journalists from the BBC, ITN and Sky News fall over themselves to interview David Lenigas. God knows what hysteria tomorrow’s papers will carry.

Gulf Keystone – a can kick of a placing solves nothing

Published 1516 days ago

Gulf Keystone (GKP) has managed to raise $40 million before expenses (let’s call that $38 million via a heavily discounted placing at 32p. This is a can kick. It is applying a sticky plaster when your arm just fell off. Bond holders will be laughing, for shareholders the wailing and gnashing of teeth is far from over.

Gulf Keystone determined not to go the way of Afren

Published 1517 days ago

Gulf Keystone’s (GKP) board might not be popular among shareholders at the moment, but it’s been left with little choice. The likely trigger of the Book Equity Ratio (“BER”) Put Option, when the company announces its next set of results, is a looming disaster for the company. If activated, Gulf will be required to make an offer to repurchase all of its $250million 13% Notes, issued last April, for $252.5million plus accrued and unpaid interest, at around the end of September. Given that Gulf had cash of $86.3million prior to this morning’s placement, and appears to be burning about $4million a month, shareholders were facing an Afren’esque (AFR) wipeout. After this morning’s actions, at least there is a glimmer of hope.

Bowleven; paying a heavy price for the “Hart Discount”

Published 1530 days ago

This morning, Bowleven (BLVN) announced completion of its Etinde farm-out. The company has received the initial $165million cash payment and expects to receive a further $5million for working capital. It is free carried for up to $40million of the costs of two appraisal wells at Etinde, on completion of which it is set to receive $15million cash. Beyond this there is the prospect of another $25million cash, contingent upon the Etinde Final Investment Decision. This all sounds great, so why isn’t the market rejoicing at this news?

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

Published 1531 days ago

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.

Alba Mineral Resources; get ready for the next Horse Hill super ramp

Published 1531 days ago

I watched the trade in Alba Mineral Resources (ALBA) last Thursday and Friday in a state of bemused bewilderment. For the life of me, I just could not understand what was encouraging buyers to push this company’s stock price higher. Thursday’s announcement of Alba’s acquisition of Regency Mines’ (RGM) stake in Horse Hill gave a crystal clear warning that the company would place at 0.25p, to help pay for this transaction. Today Alba did precisely this. What on earth possessed people to buy shares at 0.4p and above is a mystery to me, but it does suggest one thing. There will be buyers for the next Horse Hill ramp.

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

Published 1534 days ago

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.

Rules 37, 38 and 39 of Making Money from Oil, Gas & Mining Shares

Published 1540 days ago

As a Sunday entrée we bring you rules 37-39 of the 49 Golden Rules of Making Money from Oil, Gas & Mining Shares, a book published just under a year ago by myself and Ben Turney. To get a free copy of the entire book mailed to you today just fill in the form HERE

April 18, Westminster, The Investor show of the year 75% sold out – book your seats today!

Published 1541 days ago

The final gold tickets went last week. There are now fewer than 500 of the 2000 £12 investor class seats left for the show of the year and at current rates they will be gone within weeks so book your seats TODAY for UK Investor Show 2015 and here are 5 reasons why – you can book HERE.

African Minerals; shareholders lose everything, AIM’s flaws brutally exposed

Published 1544 days ago

If ever a case were needed for reform of the Alternative Investment Market then surely the disgraceful downfall of African Minerals (AMI) provides it in spades. Some might argue that the collapse of the iron ore price is behind the total destruction of over £2billion’s worth of shareholder value, but the reality is this merely provided the backdrop as I now reveal.

African Minerals was torpedoed by Frank Timis; Nomad & board complicit

Published 1546 days ago

On November 3rd last year the Executive Chairman of African Minerals (AMI), Frank Timis, torpedoed his company’s critical strategic relationship with Shandong Iron and Steel Group (SISG). Mr Timis swooped in to devour the carcass of London Mining (LOND) and took personal ownership of the Marampa iron ore mine, Sierra Leone. African Minerals’ board “formally allowed” Mr Timis to proceed with this staggering act of reckless corporate greed, while the company’s discredited Nomad, Jefferies International, didn’t so much as utter a peep. On Friday African Minerals’ shareholders paid a bitter price for this abysmal regulatory oversight and devastating failure in corporate governance.

Insider dealing at e-Therapeutics – let’s see if AIM Regulation and the FCA are awake today

Published 1549 days ago

e-Therapeutics (ETX) has just issued this statement about the >35% jump in its share price in the last few days. In short, its board has admitted that it thinks price sensitive information has leaked from the company. “Big deal”, I hear our regular readers cry, “this is what we expect on AIM”. Sadly I have to agree with this sentiment, but this instance of seemingly clear-cut insider dealing has caught my eye. This is because, on this occasion, the London Stock Exchange’s AIM Regulation team and Financial Conduct Authority should have an easy time of catching the culprit or culprits. That is, if they are awake. It is, after all, Thursday afternoon.

Exclusive: African Minerals; another shameful failure by Jefferies International

Published 1549 days ago

How much longer will the London Stock Exchange permit discredited Nomad Jefferies International to cover up the scandalous behaviour of its clients? After enabling IGas Energy’s (IGAS) lying CEO Andrew Austin to disguise his deeply discounted £7,000,000 share sale, it now looks like Jefferies has failed even more catastrophically in its duties to shareholders of African Minerals (AMI).

Rules 40 and 41 of the 49 Golden Rules of Making Money from oil, gas and mining shares

Published 1554 days ago

Ben Turney and I published this book last year and it is not a bad read for anyone considering investing in resource stocks. If you would like a free copy just fill in the form HERE. As a taster:

Exclusive Interview; Cameron Parry, CEO of Metal Tiger

Published 1564 days ago

Four months ago I suggested that mining investment specialist Metal Tiger (MTR) was a “mouse that might roar”. Despite two decent rallies since I covered the stock, on both occasions the share price gave back the gains. Today it trades at 0.7p, slightly above my original call. For anyone who has followed Metal Tiger closely this must have been a frustrating train of events, not least because of the significant progress the company has made in realising its ambitious goals. Yes, the mining sector remains mired in the severe downturn of recent years, but Metal Tiger has already proved its incisive edge in rooting out and profiting from some of the best buying opportunities in this tough environment. I caught up with CEO Cameron Parry to hear why he believes the current market is “alive with opportunity” and what he intends to do about it.

Tom Winnifrith Bearcast - 10 February

Published 1565 days ago

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.

Gulf Keystone; fighting for survival or negotiating well?

Published 1565 days ago

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?

Max Petroleum; all too predictable catastrophic failure.

Published 1566 days ago

How much longer will the London Stock Exchange and Financial Conduct Authority throw British private investors to foreign wolves? Yesterday, the latest Kazakh wipeout hit the market, as Max Petroleum (MXP) all too predictably blew up, taking with it tens of millions of pounds worth of savings. This company should have been suspended months ago. Instead it was allowed to continue to trade, sacrificing the savings of one last batch of mug punters, sucked into the false promise of salvation.

Providence Resources; sadly, one to avoid

Published 1567 days ago

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!

Sefton Resources; vote yes and Ellerton will keep his pension

Published 1586 days ago

So this is it for the Jim Ellerton Benevolent Fund (SER). After one of the most inevitable and agonising deaths in AIM’s history, at 4pm on Friday, Sefton’s directors finally admitted the game is basically up. The proposed “refinancing” will simply prolong shareholders’ agony for a few more months. The sale of Tapia will deny Sefton its only revenue stream and only the most fanatical Seftonologists believe that the company’s Kansas “assets” can be its saviour. Not ones for reading the fine print of RNSs, this hapless bunch has also missed one important little detail. A vote in favour of the revised Hawker deal will see Ellerton keep his pension.

Tangiers Petroleum; laughable RNS, but might soon be a speculative buy

Published 1587 days ago

Sometimes we are lucky enough to come across an RNS, which is so outrageous it is just plain funny. This morning, the soon to be renamed Tangiers Petroleum (TPET) issued a corker. According to its “recently completed Independent Resource Report”, the company’s Icewine Project, in Alaska, could contain a potential gross mean unrisked 8billion barrels of oil in place. Better yet, Icewine has an estimated 41% “probability of geologic success”. For little old Tangiers, up 45.8% to 0.88p and valued at £4million, this sounds too good to be true. The reason for this is quite simple. It is because it almost certainly is.

Bearcast Special: Sirius, Webis and the utter disgrace that is Director's Talk

Published 1587 days ago

Robert Tyerman vs Lucian Miers: the Sirius debate. I explain on whose side I am on. In this podcast I also cover Webis which I forgot to mention earlier. Notwithstanding the fact that my old friend Jim Mellon is a major shareholder I have a few words to say. The meat of this podcast is the disgrace that is Directors talk. This website should be exposed and boycotted and I explain why. The Ben Turney piece i refer to in this section is HERE

Rules 27 & 28 of the 49 Golden Rules of Making Money from Oil, Gas & Mining Shares

Published 1588 days ago

We start today with another excerpt from The 49 Golden Rules of Making Money from Oil, Gas & Mining sharesby myself, Tom Winnifrith, and the young apprentice Ben Turney. Rules 27 and 28 cover Bulletin Board and paid for research. Actually these rules apply to making money from all shares. To download a free copy of the whole book fill in the form here

Proof that Equities First sold Andrew Austin’s stock!

Published 1591 days ago

Nigel Somerville, the Deputy Sheriff, has done some sterling work. This morning he revealed the loophole that those clever people at Equities First Holdings exploit to allow directors to sell shares to them (at a whopping discount), without declaring the sales. Unfortunately for IGas Energy (IGAS) CEO Andrew Austin, this revelation leaves him with some explaining to do. It is now clear that Mr Austin sold 7.5million shares to Equities First, who must have sold at least 1.425million of them to comply with the FCA’s disclosure regulations. This makes a mockery of IGas’ AIM Rule 26 disclosure about Mr Austin’s holding and calls further into question Mr Austin’s declarations concerning the Dart Energy takeover. Above all it betrays Mr Austin as the liar he is.

Range Resources – Deliberate default by directors traps shareholders

Published 1592 days ago

How many more appalling RNS announcements can New Old Range Resources (RRL) release before the company’s shareholders finally wake up to what is happening, right in front of them?! No sooner had I published my piece detailing the shady links between Range Non-Executive Chairman David Chen and the rapacious Peter Landau (laced with generous payments, naturally), Range’s board shoved a poisoned pill down the company’s throat. Having engineered a deliberate default of the company’s $15million financing package from Lind Asset Management, Range’s directors have cornered their shareholders. The threat is clear. Accept the Core funding or die.

Range Resources; Is David Chen just Pete Landau II?

Published 1592 days ago

Scratch away at the surface of New Old Range Resources (RRL) and it is obvious nothing material has changed since Peter Landau left the company in disgrace. The same cabal of business associates appear as intent as ever on bleeding the company dry. At the head of this group, at least as far as Range is concerned, now stands new non-executive Chairman, David Chen. Mr Chen has no operational oil and gas experience. However, he was paid 42,742,654 unlisted 1p options as an “advisor” in the murky Abraham investment. It certainly pays well to be an associate of Mr Landau’s, less well if you are misfortunate enough to be one of his shareholders…

Gulfsands Petroleum; private shareholders’ last chance to save their company

Published 1598 days ago

Today is the last day that Gulfsands Petroleum’s (GPX) shareholders can submit their votes for next Tuesday’s crucial general meeting. It is no exaggeration to say that their investments depend on it.

Global Energy Development; tough times to come for AIM’s oilies

Published 1598 days ago

I am really surprised at the number of commentators and ordinary shareholders, who view the current valuation of oil stocks as a God-given buying opportunity. As I’ve written before, all the evidence suggests we are in the early phases of an aggressive global price war. Saudi Arabia (and for that read OPEC) appears determined to crush the US “fracking boom”, through a sustained campaign of price suppression. Times are almost certainly going to get a lot tougher before they improve. Any talk of farm-outs or a flurry of deal making seems greatly misplaced. This morning, Global Energy Development (GED) released an announcement, far more in keeping with the times.

New Old Range Resources; did Peter Landau ever truly let go of the reins?

Published 1599 days ago

New Old Range Resources (RRL) just gets better and better. With each announcement it releases, there is less and less hope for the company’s long suffering shareholders. It looks more and more like the old guard at Range never really went away. The only question that remains after today’s latest, appalling RNS is why this wretched company doesn’t just drop the pretence and officially welcome back Peter Landau into the fold?

A New Year Message to the FCA and AIM Regulation from the Deputy Sheriff’s Office

Published 1605 days ago

It is traditional at this time of the year to reflect upon the previous twelve months: the successes, the failures, the surprises, the changes and to consider how one might do it all a bit better over the next year.

Range Resources; the asset stripping accelerates

Published 1607 days ago

The merciless asset stripping of Range Resources (RRL) accelerated yesterday. Under the cover of a smokescreen letter to the Range Investor Group and the extremely vague forecast that 3,000bopd is possible at the company’s Beach Marcelle waterflood project, LandOcean has grabbed itself Range’s drilling services subsidiary for next to nothing. This doesn’t bode well and I am now more convinced that it is curtains for Range’s long-suffering shareholders unless they can get themselves organised and gain direct representation on the Range board of directors.

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

Published 1608 days ago

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.

IGas Energy –Andrew Austin is a goddamned liar

Published 1608 days ago

Nigel Somerville, the Deputy Sheriff of AIM, has been far too kind to IGas Energy (IGAS) CEO Andrew Austin. In a devastating series of revelations, Nigel exposed three material breaches by Mr Austin of IGas’ Scheme Implementation Agreement (SIA), which governed the takeover of Dart Energy. Any one of these breaches could have been grounds for termination of the takeover, but Nigel stopped short of saying one thing. He didn’t call Mr Austin a goddamned liar.

Ben Turney’s Trading Themes for 2015 #1 – A supercharged play on gold miners

Published 1608 days ago

It is with a deep sense of déjà vu that I suggest my first Trading Theme for 2015. I am back to the gold miners. As one of my picks for 2014, this sector performed reasonably well in the first half of the year, only to finish in miserable disappointment by the end. There were excellent trading opportunities along the way, but gold’s bear market ultimately prevailed. As of writing, gold mining shares are towards the bottom of their annual lows and the long-awaited recovery proves as elusive as ever. Although I am understandably a little shy in calling the bottom of the market in the price of gold, the recent weakness looks like a decent buying opportunity and I’ve found a supercharged play for the bold of heart.

Gulfsands Petroleum; why shareholders must support the board

Published 1614 days ago

A month ago, I asked whether or not Waterford Finance & Investment’s planned boardroom coup at Gulfsands Petroleum (GPX) was the answer? Broadly speaking, I sided with Waterford, if for no other reason than a change in board can often lead to a change in sentiment. However, having followed developments in the last month and read last Wednesday’s strongly worded defence from Gulfsands’ besieged executive directors, it’s become clear that the company’s private shareholders have only one choice. They must vote in support of the current executive board directors… or get wiped out by a placement.

Chariot Oil & Gas; navigating through an extremely tough market

Published 1616 days ago

On Wednesday, Chariot Oil & Gas (CHAR) issued its “pre-close update”. It described both the challenges and opportunities it faces in the current climate, in a bid to soothe investor concerns about the company’s declining share price. At 7.85p, Chariot is near its 52-week low and is worth £20.8million, well below the expectations of many shareholders. Frustration has been growing at a perceived lack of progress, but is this fair? I caught up with CEO Larry Bottomley to hear his views on how he plans to navigate the oil sector’s troubled waters.

New World Oil & Gas; another laughable bogus ramp perpetrated through

Published 1619 days ago

Over the last few days, we’ve witnessed one of the most laughable bogus stock ramps of the year. Using and a little known website called, certain unidentified parties are distributing wildly misleading “research” about my old favourite, New World Oil & Gas (NEW), in a classic a pump and dump. Unfortunately, the New World pump and dump isn’t the first time we have come across this particular operation and there are now serious questions about what is up to.

IGas Energy; the “loan” that shames AIM

Published 1620 days ago

Even by the shocking standards of disclosure on AIM, January 16th’s RNS from IGas Energy (IGAS) takes some beating. Titled “Director Share Purchase and Finance Facility” this has to be one of the most shameful announcements released in recent years.

IGas; CEO Andrew Austin betrayed his shareholders and has to go

Published 1621 days ago

The behaviour of IGas Energy (IGAS) CEO Andrew Austin is appalling. Director share sales will always cause disquiet among shareholders. However, dumping nearly three quarters of one’s holding and attempting to disguise this as a share purchase is a treacherous and rapacious act. This cannot be an acceptable standard of behaviour for the director of a publicly listed company. Mr Austin has to go.

Range Resources – The final shafting of its British shareholders?

Published 1622 days ago

Shareholders in Range Resources (RRL) have less than three months to save their investments. If it wasn’t clear already, Friday’s announcement was little more than a low-ball takeover offer. Dressed up as a $110million pair of funding packages, in fact all the company’s Chinese suitors did was drop the pretence of the last six months.

Rules 32 and 33 of the 49 Golden Rules of Making Money from Oil, Gas & Mining Shares

Published 1624 days ago

Is anyone making money from oil shares right now? Other than the bears I doubt it and as you will know I am a bear of oil stocks as I explained (again) and explicitly in yesterday’s BearCast HERE. But can you make money as a bull? Yes. When the time is right as it will be one day in 2015. To assist you then we bring you another excerpt of the book Ben Turney and I wrote this summer, The 49 Golden Rules of Making Money from Oil, Gas & Mining Shares. To get your free copy of the whole book fill in the form HERE

Is OPEC flooding the market with crude?

Published 1624 days ago

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.

Rules 47 & 48 of the 49 Golden Rules of Making Money from Oil, gas & Mining shares

Published 1631 days ago

Another Sunday and another excerpt from the 49 Golden Rules of Making Money from Oil, Gas & Mining shares by Tom Winnifrith and Ben Turney. You can download a free copy of this excellent book by filling in the form HERE

Financial Video Postcard #61 - Oil shares to crash or bounce edition

Published 1637 days ago

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?

Rules 21 & 22 of the 49 Golden Rules of Making Money from Oil, Gas & Mining Shares

Published 1637 days ago

Today we bring you an excerpt from the book published earlier this year by Tom Winnifrith and Ben Turney. You can order a free copy of the entire book HERE

OPEC decision spells disaster for AIM oil companies

Published 1638 days ago

It’s been coming for the last four months, but on Thursday OPEC finally declared open war on the US “Shale Revolution”. Yesterday, Chris Oil felt this might present a short term buying opportunity in AIM oil-stocks. I disagree. OPEC’s failure to cut production and the accompanying statement it released are clear signals of intent. The Organisation of Petroleum Exporting Companies, despite intense internal pressure from some of its members, has set itself on a course to crush the highly leveraged “fracking boom”. There is almost certainly going to be a lot of collateral damage, not least among AIM’s oil exploration and production sector, which is so reliant on external funding for survival.

Shareholder apathy torpedoes New Range

Published 1639 days ago

We’ve hardly been chief cheerleaders for New Range Resources (RRL) here at ShareProphets. However, the efforts of CEO Rory Scott Russell and his team were slowly starting to win me (but not TW) over. In dealing with the Augean stables left behind by Peter Landau, Mr Scott Russell had embraced an openness, never before experienced by long-suffering shareholders of this wretched company. It is true that there were some justified complaints about the level and speed of some of Mr Scott Russell’s disclosures, but for the most part this man was a paragon of virtue compared to his predecessor. To be dumped from his job, because shareholders couldn’t be bothered to vote in the latest AGM is a travesty.

Outrageous IGas RNS obliterates Andrew Austin’s credibility & career

Published 1641 days ago

How stupid does the board of IGas Energy (IGAS) think its shareholders are? This is an interesting question to reflect on this afternoon, after the company released this morning’s disgraceful RNS in pitiful defence of CEO Andrew Austin’s “Sale & Repurchase” agreement with Equities First Holdings LLC. Despite all the evidence to the contrary, IGAS is still desperately trying to portray this arrangement as a bona fide loan. This is madness. It is lying to its shareholders and the statement - coming after fairly dismal interims earlier - is a disgrace. Austin should be sacked at once.

Sound Oil; the saviour of Antrim Energy

Published 1643 days ago

What a dramatic announcement from Sound Oil (SOU) this morning. Some might call the company’s unsolicited swoop for Antrim Energy (AEY) predatory. There’s no denying it has an aggressive feel to it, but only a fool would believe that this is a seller’s market for oil companies.

Open letter to AIM Regulation; add your voice to the calls for an investigation into Quindell

Published 1648 days ago

According to the Daily Telegraph, the London Stock Exchange has begun an investigation into Monday’s share price fall of Quindell (QPP). Specifically, the Telegraph believes that the LSE, and by extension AIM regulation, is going to examine whether or not the company withheld price sensitive information, when broker Cannacord Genuity submitted its notice of resignation on October 21st. Given the market reaction to this news on Monday, when Quindell finally bothered let its shareholders know this slightly important little titbit of information, it is probably fairly safe to assume that Cannacord’s notice of resignation was price sensitive.

THAT Cenkos note suicide bombs AIM's flawed Nomad system

Published 1648 days ago

On Friday November 7th Cenkos issued the above broker note to justify Robert Terry, Laurence Moorse and Steve Scott’s share disposal to Equities First Holdings. Littered with glaring errors, this “clarification” is such monumental drivel that even the arch apologists over at QPPSAG have quietly removed reference of it from their homepage (though you forgot to delete the promotional Tweet chaps!). I note that Cenkos analyst Andy Bryant has apparently today "left the building." Nothing to do with Quenron, natch.

Open letter to the FCA; investigate Rob Terry, Steve Scott and Laurence Moorse for market abuse

Published 1649 days ago

I’d love to believe that this morning’s statement from the disastrous, discredited and detestable Rob Terry is the last we will hear from this awful man in an RNS. Sadly I fear it won’t be, unless the authorities launch an immediate investigation into Quindell (QPP). Prior to listing Quindell, Terry’s record at the Innovation Group was there for all to see and red flag warning signs were waving long before Tom embarked on his valiant campaign. Once again, the “world’s most successful growth market” has fallen woefully short in offering British private investors any sort of genuine protection. The brokers, Nomad, PR firms and corporate advisors have all been paid handsomely, while thousands of ordinary people have watched their life savings evaporate. This cannot be acceptable. There are dozens of reasons why the FCA and AIM Regulation should investigate Quindell, but let’s begin with a first complaint of market abuse to the FCA. 

Brazen Rob Terry pockets ill-gotten EFH funds and continues to squeeze Quindell indefinitely

Published 1649 days ago

He could have just left. He should have just left. But no, Rob Terry had to have the final word. He had to wring every last drop of blood from the Quindell (QPP) stone. He couldn’t resist that final “f*** you” of a fake farewell to his shareholders, people whose trust he abused and savings obliterated. And what a “f*** you” it was!

Rules 5 & 14 of the 49 Golden Rules of Making Money from oil, gas & Mining Shares

Published 1652 days ago

Earlier this year Tom Winnifrith & Ben Turney published an e-book “The 49 Golden Rules of Making Money from Oil, Gas and Mining Shares”. We have another 50 copies of this book to give away as a Christmas treat – simply fill in the form HERE. Meanwhile as a taster, here are rules 5 and 14.

Gulfsands Petroleum; is a boardroom coup the answer?

Published 1654 days ago

On Tuesday, Waterford Finance & Investment, a 26.51% shareholder in Gulfsands Petroleum (GPX), issued this announcement calling for a general meeting to remove CEO Mahdi Sajjad and commercial director Kenneth Judge from the board. Shareholders now face a stark choice. They can either support a pair of directors, who have apparently failed sufficiently to redefine the company’s strategy, or put their faith in the motives and intentions of Guernsey based Waterford. It’s a very tough call.

Three oil calls revisited; Gulf Keystone, Bowleven & President Energy Part 2

Published 1663 days ago

In Part 1 of this pair of articles I took a look at Gulf Keystone (GKP). In Part 2 I revisit two more of my picks from the summer, Bowleven (BLVN) and President Energy (PPC). With the outlook for oil prices as bearish as it is, is there much to be positive about for either stock?

Three oil calls revisited; Gulf Keystone, Bowleven & President Energy Part 1

Published 1664 days ago

Two and a half years ago I wrote this article, outlining the apparent direct relationship between the movement of the price of oil and the introduction of Quantitative Easing. Even though I’ve had this at the back of my mind since, I failed utterly to anticipate the recent price collapse of the black stuff, in response to the withdrawal of QE by the Federal Reserve. This should have been an incredible trading opportunity, not least because the move appears to have wrong-footed so many in the market. In grappling for an explanation, most commentators have settled on a consensus that oil’s fall from Grace is down to fundamental reasons and the lack of global growth. Anyone who has followed the Baltic Dry Index over the last few years will know this is nonsense. Given that the outlook for the price of oil looks decidedly weak, it’s time to revisit three stocks I assessed over the summer and look for any possible signs of encouragement.

Placement Watch; The odd battle over Castleton Technology

Published 1667 days ago

It’s been a strange ten days watching the goings on at Castleton Technology (CTP). From October 21st to October 28th the company’s share price over doubled, from a close of 1.05p to an intraday high of 2.3p. This was at 9.30am on Tuesday, immediately before the release of this RNS, in which the directors claimed to know of “no reason for such movement”. They then slightly contradicted themselves by going on to explain they were in discussions with potential acquisition targets, the results of which might result in a transaction “in the near future”, which would be funded by an equity funding. And lo, two days later the same board announced its plan to buy Documotive for £4million, together with  a supporting £5.5million placement. If you thought this news would have smacked Castleton’s share price, well, you’d be right, but only just…

Max Petroleum; yet another Kazakh disaster

Published 1670 days ago

Hot on the heels of the Sunkar Resources (SKR) shareholder wipeout, another Kazakh tale of woe on AIM is reaching its pitiful conclusion. Max Petroleum (MXP) really hasn’t received the attention it deserves from this site. This is yet another story from AIM’s resource sector of wanton value destruction and lost shareholder fortunes, amounting to many millions of pounds. By any measure, this company has been an unmitigated disaster, culminating in a crescendo of dire news. 

ShareProphets Exclusive: Bucket shop market abusers find new way to steal from private investors

Published 1674 days ago

Private investors on AIM are used to watching millions wiped off the value of their investments by the illegal forward selling of placements, followed by gratuitous discounts forced by brokers. Not content with the scale of their illegitimate profits, it now looks like the market abusers have struck upon a new method of stealing from shareholders. It’s come to our attention that certain bucket shops are demanding a sizeable percentage of brokers’ fees for participation in placements. Sadly, we have been made aware of at least one broker, which is playing along with this outrage. This helps explain the mystery of the increasing number of stocks we’ve watched trade below placement prices, immediately after the completion of fundraisings. Even by the abysmal standards of AIM’s cesspit, this revelation is a new low.

Horse Hill; the stupidity of buying rumours

Published 1674 days ago

At about 3.30pm yesterday, Brokerman Dan revealed his exclusive scoop that Horse Hill was about to yield a commercial oil discovery. This triggered a mini-buying frenzy, which drove the share prices of the listed companies involved in Horse Hill much higher. As the most exposed Horse Hill play, UK Oil & Gas (UKOG) flew from 1.16p, to hit an intraday high of 1.7p, all within the last hour of trading! This morning, as a flurry of RNSs hit the market and the dust settled, it turned out that Dan’s figures were well off the mark. A commercial discovery hasn’t been announced (read the RNSs thoroughly for confirmation of this). Also, the current size of the discovery is “only” a preliminary estimate of 3.1million barrels of oil in place, not 15million to 20million barrels. In the ensuing sharp sell off, UK Oil & Gas is back down to 1.15p. Dan is likely to come in for criticism for his reporting of this event, but this is misguided. Here’s why.

New World Oil & Gas; is the Niel deal off?

Published 1684 days ago

In the RNS announcing its AGM, New World Oil & Gas (NEW) forgot to mention it had posted on its website the notice of the AGM together with the proposed resolution for shareholders to vote on. The proposed resolutions and voting papers can be found here and, as is ever the case with New World, there are some extremely interesting omissions. First, despite having committed to it in the annual report, new CEO Peter Sztyk is no longer retiring as a director and seeking re-election. Second, and possibly much more significantly, there is no proposed resolution concerning the Niel Petroleum deal. Considering that the Takeover Panel’s verdict was that New World requires shareholder approval to complete this deal, this leads to the obvious question; is the Niel deal off?

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

Published 1684 days ago

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?

New World Oil & Gas shafts its shareholders to the bitter end

Published 1685 days ago

What is happening at New World Oil & Gas (NEW) is simply outrageous. This is fast becoming the perfect case study to demonstrate why AIM is in such desperate need of reform. Not content with the royal shafting it has already inflicted upon its shareholders, the wretched board of this wretched company has the nerve to claim its actions are being done in their interests. New non-executive chairman Chris Einchcomb must have had a good belly laugh when he said his fellow porcine directors are “committed to… maximising the value to shareholders and believes the actions taken above are important steps to achieving this”. Retaining Bill Kelleher on a consultancy contract so he can “repay” the loan he took out to participate in March 2013’ controversial placement is hardly the act of a board committed to maximising shareholder value. No, it’s more a case of the parasites bleeding every last drop from the now rotting carcass that has been such a generous meal to gorge upon. These people give leeches a good name.

New World Oil & Gas – Roland "Fatty" Cornish pins his colours to the mast of the sinking ship SS POS

Published 1689 days ago

After months of painstaking investigation by our very own Ben Turney, yesterday, New World Oil & Gas (NEW) finally fessed up that it had sent 1 million Euro to a fake Sheikh and will struggle to get it back, admitted that it was in dire financial straits and its broker Shore Cap quit. But it still has one good friend, Roland “Fatty” Cornish. of the fine firm Beaumont Cornish.

New World Oil & Gas: The ShareProphets Style of Rooting out Fraud & lies Vindicated again – BB Morons weep

Published 1690 days ago

Once again this website has exposed fraud, lies and deceit on the AIM casino – with regard to New World Oil & Gas (NEW). The statement from today vindicates everything that we have written and it has vindicated our approach. To the Bulletin Board Morons who attacked our articles as they averaged down I have no sympathy. You were warned but you insulted us. And you know who is next….

New World Oil & Gas; finished on AIM, board in disgrace, Beaumont Cornish entirely discredited

Published 1690 days ago

Shame on Roland Cornish and Felicity Geidt of Beaumont Cornish, New World Oil & Gas’ (NEW) nominated advisor. Shame on Stephen Polakoff, Roland Hodder and Chris Einchcomb, New World’s non-executive directors, who comprise the company’s remuneration committee. Above all, shame on Peter Sztyk, Georges Sztyk and Bill Kelleher. Shame on all of you, shame on your wilful lack of disclosure, shame on your disregard for New World’s shareholders and shame on your greed. 

New World Oil & Gas - $4.8million from Niel Petroleum. Is it a loan? Is it an investment? Is it a fee? No, apparently it’s a gift!!!!

Published 1690 days ago

If you thought that sending €1million to a man you hadn’t completed due diligence on, in the hope of receiving $20million, was the height of stupidity, you’d be wrong. Taking €1million out of an escrow account, set up expressly for a deal that has failed to close after more than a year’s worth of delays, to pay said amount to said man, in the hope of receiving $20million, is probably a good deal more stupid. Yet this is exactly what New World Oil & Gas’ (NEW) $1.75million a year board of directors did, at some point between the middle of May and end of June this year. Unless Niel Petroleum has taken leave of its senses and given, as a gift, this money to New World, this spells big trouble if Dr Alfahaid doesn’t soon make good on the $20million he was meant to have paid by August 8th.

Tomco Energy; how much longer will the LSE ignore forward selling of placements?

Published 1691 days ago

Tomco Energy (TOM) is not a company I have researched. In fact, I don’t really know anything about Tomco other than one fact. Its placement on September 26th was forward sold. Just look at the chart below and it is clear as day what happened. In the year leading up to September 17th, Tomco traded in an end of day close range of between 1.1p and 1.675p. This valued the business at between £20.5million and £31.3million. Suddenly, on September 18th, Tomco’s share price started to nosedive. In the space of a week it dropped roughly 25% to close at 0.82p on September 25th. The following morning, I imagine to the shock of most ordinary shareholders, Tomco announced it had raised £1million (before expenses) at 0.5p. Apart from the wanton destruction of shareholder value, what is saddest about yet another sordid little episode on AIM, is that whoever is behind this blatant market abuse cannot be remotely bothered to cover their tracks. They know the AIM Regulation team will pass the buck and say it’s not in their remit to investigate. They know the FCA will do nothing about this. They know no one will be punished. How much longer will the London Stock Exchange sully its reputation by allowing this wretched behaviour to go on?

New World Oil & Gas; are Bill Kelleher, Peter Sztyk, Georges Sztyk, Stephen Polakoff, Roland Hodder & Chris Einchcomb the most incompetent businessmen on AIM?

Published 1691 days ago

Things go from dire to abysmal at New World Oil & Gas (NEW). With the after market release of New World’s interim figures last Tuesday, there are disturbing questions about the company’s financial position and the nature of its financial arrangement with Niel Petroleum. I plan to return to these tomorrow, but in the meantime there is a much more serious problem concerning the €1million payment made by New World to Dr Alfahaid of Al-Maraam Al Ahliya Trading & Contracting before June 30th this year. It appears, by its own admission, cash-strapped New World has paid what amounts to a €1milion deposit to an individual it had not completed due diligence on. Even by the calamitous standards of what passes for corporate decision making at New World, this action could prove to be the most inept. Here’s why.

Range Resources; the shocking tale of its lost millions

Published 1698 days ago

Today’s epic disaster of an annual report from Range Resources (RRL) cannot have come as a shock to anyone. Worse is still to come. By any stretch of the imagination Range is vastly overvalued. At 1.07p (last seen), Range is valued at £53.4million. The company has just announced a $102.5million loss, has never been able to cover its costs, has substantially written down the value of its “assets” and has just been forced to borrow another $15million (what happened to the “game-changing” LandOcean deal?!). To top it all off Chief Executive Rory Scott Russell made the hugely embarrassing  admission the company is “unlikely to meet [his] previously stated target of an exit rate of 1,000 barrels of oil a day by the end of 2014”. Apparently Mr Scott Russell is now confident of achieving this goal in H1 of 2015. Given the steaming mountain of manure he has had to shovel his way through since he took charge of Range in February, perhaps Mr Scott Russell has earned a little leeway in hitting his production target. This doesn’t change Range’s overvaluation problem. Nor does it solve the cash flow problems. Nor does it answer a far more relevant question. Just what has happened to all of Range’s money?

Rule 13 of “The 49 Golden Rules of Making Money from Oil, Gas & Mining Stocks” courtesy of Regency Mines (and Quindell!)

Published 1699 days ago

It has amazed me how writing for ShareProphets attracts the unwanted attentions of crazies. As soon as you write anything that is perceived as being vaguely negative about a treasured stock, the nutters come crawling out of the woodwork to launch tirades of social media abuse. I won’t name the chief cheerleader for Regency Mines (RGM), but this person took exception to my comment at the end of July that it was “surely only a matter of time” before Regency placed. Tweet followed email followed Tweet about what utter rot (not the word used by my avid fan) I was talking, how I didn’t know anything about the company and there was no way it would place. Well, after today’s announcement, Regency has placed twice in the last seven weeks. What a shock. Perhaps some readers of ShareProphets would do well to spend a little less time frantically bashing keyboards and a little more time reading Tom and mine’s latest book “The 49 Golden Rules of Making Money from Oil, Gas & Mining Stocks”.

Solo Oil; pipe dream or genuine prospect?

Published 1702 days ago

Just over two months ago, Gary Newman (a little ambivalently) picked Solo Oil (SOLO) as his runner in the Horse Hill race. His reasoning had less to do with Horse Hill and more to do with the appraisal of the Ntorya gas condensate discovery in Tanzania, in which Solo retains 25%. As it turned out, this was another good call by Gary, albeit a reluctant one! At the start of the month, Solo announced a sizeable upgrade to the reserves at Ntorya-1 and the company’s share price hasn’t looked back. From an end of day close of 0.38p on September 3rd, this stock hit an intraday peak of 1.2p and now trades at 0.98p, last seen. This values Solo at £46.56million. Now that the company has secured a c.$8.6million funding package, the question is can Solo build on its recent fantastic gains?

Buy gold at an end of day close above $1,214.35/oz.

Published 1703 days ago

Nearly two weeks ago I suggested a buying opportunity could be brewing in the gold market. I now believe we’ve reached that point. Using my preferred technical indicator, the MIDAS Method, the price of gold has breached a critical level of support. On Tuesday the price rallied strongly off this, only to retreat again. Today, the market looks like it is once more finding its footing and a rally from here could gain some serious momentum.

Tangiers Petroleum; David Wall obliterates his shareholders

Published 1704 days ago

The reckless mismanagement of Tangiers Petroleum (TPET) has led to yet another shareholder wipeout. To be frank the writing has been on the wall for this dreadful stock for a while, but today’s shocking RNS announcement will do little to soothe badly burned shareholders. The company claims that the “final cost of the TAO-1 well was in excess of the Company's internal budget”. This is apparently why Tangiers is now in such a dire financial state and is being forced to relinquish its 25% stake in the Tarfaya Offshore Block, Morocco, as well as conduct a $1.2million placement at the equivalent of 0.324p (a 97.5% discount to the prevailing pre-duster price). The problem with this line of argument is that the costs of the TAO-1 exploration well came within the “plus or minus 25% variance” announced in the amended budget on April 28th. To add insult to injury, rather than explain why he bet the farm on a single wildcat exploration well, Managing Director David Wall instead believes the market owes him a second chance. It doesn’t.

Sirius Petroleum; something not quite right about this story

Published 1713 days ago

I last wrote about Sirius Petroleum (SRSP) towards the end of July and suggested the company was “nearly there” in finally realising its ambition to drill the Ororo-1 well, offshore Nigeria. Located in the Ororo oil field (OML 95), Ororo-1 was drilled by Chevron in 1986 and had an initial flow rate of c.2,200bopd from one zone and another 600bopd from a separate oil producing sand. According to the official line from Sirius, Chevron abandoned this discovery during a lower price environment, but the strength in oil over the last decade has made projects such as these economic. This all sounds extremely appealing, but there are problems with this story.

Placement Watch; Mosman Oil & Gas – boy, do these guys move quickly

Published 1713 days ago

So much for not needing to place! The more I watch Mosman Oil & Gas (MSNM), the more certain I am that there is going to be a lot of anger and disappointment in the coming months at the flow test results of the oil “discoveries” at Cross Roads-1 and Crestal-1. The actions of Mosman’s board don’t exactly betray a great deal of genuine confidence in what the company has found. The selective release of information about the “discoveries”, the timing of this placement and the lack of director participation all point to fears of imminent downside. I accept I am making highly speculative points here, but so far I’ve been bang on the money about this company, so I’m happy to fire away. What will be extremely interesting is if this stock takes a hammering in the event overblown expectations are dashed, will that lead to a buying opportunity? 

Gold tanks, look out for a buying opportunity

Published 1715 days ago

On Tuesday I described how gold speculators were charging for the exit. Since then the market for the precious metal has deteriorated further. Precipitous price drops have combined with increasingly bearish technical indicators. The chart below looks like it is on the verge of total breakdown and 2014’s rally hangs in the balance. However, for the bold trader, this could all be creating amenable conditions for an excellent contrarian long trade.

Metal Tiger; the mouse that might roar?

Published 1716 days ago

Paul Johnson, non-executive director of Metal Tiger (MTR), is confident the company is poised to deliver a stunning turnaround.  Formerly called Brady Exploration, this was one of AIM’s many little disaster stories. However, that is in the past and with new management, a new strategy and a refinanced business, Metal Tiger could be one to watch in the coming years, as the resource sector recovers from its savage bear market.

Beaumont Cornish; has it failed miserably as New World’s Nomad?

Published 1716 days ago

The silence from New World Oil & Gas (NEW) is deafening. It’s been a week since I first revealed that CEO and Chairman Bill Kelleher’s February 2011 $550,000 default on a loan, which he secured against his private yacht Neftegaz. The company hasn’t sent its lawyers into battle nor made any attempt to deny the allegations. By mid-January this year, Mr Kelleher still owed $298,000 on the debt, despite having earned $1.56million from New World. A Texan court then ordered he surrender all of his eligible stock in New World in partial settlement of the loan. None of this has been announced to the market. I have previously asked what the company’s Nominated Advisor, Beaumont Cornish, knew about this. Today, I reveal what they should have known and question whether the historical relationship with Mr Kelleher has clouded the firm’s professional judgement. 

Sefton Resources; Dr Michael Green gets his last 52,000 pounds worth of flesh

Published 1716 days ago

Dr Michael Green is a very, very lucky man. For years he stood should to shoulder with Jim Ellerton and spun many a good yarn about the wonderful potential Sefton Resources (SER) had to offer. Ever the “friend” of private investors, Dr Green was always available to take a telephone call. Always. Tantalising quotes from him blossomed across bulletin boards promising “imminent” riches. There was just one small problem. It was all bullshit.

Placement Watch; Orogen Gold, is the City stupid or bent?

Published 1717 days ago

You have to feel for Orogen Gold’s (ORE) directors and shareholders. On Monday, the company announced seemingly upbeat drilling results from its Mutsk gold project in Armenia. Robert Tyerman reported on this here and quoted CEO Ed Slowey that Orogen “will need further funding”. By the close on Tuesday, Orogen’s share price had risen to an intraday high of 0.18p and closed at 0.16p. Then came the hammer blow, a £1.125million placement priced at 0.11p. Just as it looked like Orogen’s recovery story might be able to gain some momentum, in stepped the City to swipe its legs from under it.

Mosman Oil & Gas; don’t be surprised if it places by the middle of November

Published 1718 days ago

The development of Mosman Oil & Gas (MSMN) is fascinating to watch. The company has executed an extremely well defined strategy, almost flawlessly. Since listing in March, the directors have taken the company’s share price from 8p to an intraday high of 56p. They have achieved this without announcing commercial discoveries of oil and without telling any lies. This high wire act is very impressive.

Gold; Speculators charge for the exit

Published 1719 days ago

The last two releases of the Commitment of Traders (CoT) data for gold have revealed that speculators have dumped futures in the precious metal en masse. The Managed Money segment of data was net long gold by 62,918 contracts, last Tuesday. This is down from a net long position of 103,205 contracts a fortnight before. Judging by the price performance of gold since, I wouldn’t be at all surprised if the next CoT report reveals a further decline. Is this it for gold’s rally over 2014?

Roxi Petroleum; has a buying opportunity just opened up?

Published 1720 days ago

This morning, Roxi Petroleum (RXP) disappointed the market by announcing that it doesn't intend to flow test its recent discovery at the A5 Deep Well until “the middle of Q4 2014”. Traders had been hoping the company would release flow test results within a few weeks, so the sell off isn’t too surprising. Roxi has eased 3.75p to 15.63p, last seen. The question now is, is this a stock to consider buying?

Exclusive Expose; Did Bill Kelleher partially settle the $298,000 he still owed on his defaulted yacht debt with his company stock in January 2014?

Published 1720 days ago

On Friday, I revealed the Texas Community Bank’s legal action against New World Oil & Gas (NEW) CEO Bill Kelleher for his apparent default on a $550,000 debt. This was immediately before New World listed on AIM. Mr Kelleher had secured his unpaid loan on his private yacht, Neftegaz. In the original action the Texas Community Bank sought to take possession of Neftegaz, but by January 14th 2014 it seems that Mr Kelleher still owed $298,846.25 of the original debt. On this date the US District Court Southern District of Texas granted an Order for Turnover Relief against Mr Kelleher. It ordered him to “turn over for levy to the Harris County Constable… within ten days… all shares of stock in New World Oil and Gas, PLC, except those that he is restricted from transferring or selling under the terms of the agreement with his employer, cash and securities in bank and safety deposit accounts totalling $298,846.25”. Funnily enough, I can’t find any reference to this court order in an RNS.

Patagonia’s Marc Sale – Ben Turney is wrong: he should never sit on an AIM board again

Published 1724 days ago

Ben Turney has just argued HERE that Marc Sale, the former Technical Director of Patagonia Gold (PGD) - who quit yesterday 24 hours after admitting to 17 undeclared share transactions- should be reappointed to the board. Ben, you are a tolerant and forgiving, nice guy but you could not be more wrong.

Patagonia Gold’s Marc Sale honourably resigns, so reappoint him?!

Published 1724 days ago

On Tuesday afternoon, twenty minutes before the market closed, Patagonia Gold (PGD) announced that its technical director, Marc Sale, had failed to disclose seventeen personal share transactions. These included fourteen market purchases of Patagonia stock and three sales. In the normal course of events, this might have been the sort of sensationalist fodder we thrive on. There is certainly an impression that calling for the scalps of rule breaking AIM directors is all we do. However, there was something not quite right about this story, not least because of the relatively small amounts involved.

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

Published 1726 days ago

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.

ShareProphets Exclusive; Gulf Keystone technical team returns to Kurdistan this week!

Published 1726 days ago

I just finished speaking with Gulf Keystone (GKP) CEO John Gerstenlauer and he has confirmed that the skilled technicians required to complete the final hook up of Shaikan 10 are flying to Kurdistan from Canada this week. In Mr Gerstenlauer’s words “we are still on track for 40,000bopd by the end of the year”. Hitting this target, by the self-imposed deadline, will be a significant milestone for Gulf. The company has been criticised in the past for slippages. In meeting the 40,000bopd goal this could go a long way to proving to the market that this business is finally on the cusp of fulfilling its vast potential. Mr Gerstenlauer is clearly confident of this being achievable subject to the security situation remaining stable.

Sirius Minerals; Chairman continues to show great confidence

Published 1726 days ago

This morning, Sirius Minerals (SXX) announced that its Chairman, Russell Scrimshaw, yesterday bought 2.1million shares on the open market at an average price of 11.75p. Worth £246,750, this is another impressive show of faith by Mr Scrimshaw, who also participated in March’s 12p placement. In total he now has an indirect interest in Sirius of 39.4million shares, roughly 2.1% of the company’s issued share capital. The question now is, is Sirius a buy?

Encouraging bump in the Baltic Dry

Published 1727 days ago

Over the last three weeks, the Baltic Dry Index has spiked nicely higher. Currently reading at 1,147, this is still short of the 1,600 level associated with reasonable global growth, but is a market improvement on the 750 level recorded in late July. Could this improvement be a sign of better things to come for mining stocks?

Continental Coal; avoid Peter Landau's disastrous fund raising like the plague

Published 1730 days ago

This morning suspended Continental Coal (COOL) issued the prospectus for its apparent A$35.1million fund raising. Existing shareholders have been warned if they don’t take up their allotments of 9 new shares for every 1 share they currently hold, their holdings will effectively be diluted to oblivion. In the simplest possible terms anyone considering putting money into this lost cause is out of his or her mind.

Giving Gulf Keystone the benefit of the doubt

Published 1731 days ago

So much hype and hysteria surrounds Gulf Keystone (GKP) that determining a valuation can be an unnecessarily emotional affair. I’ve been increasingly bullish on the stock, since the publication of the Competent Persons Report. However, today’s numbers have given me pause for thought. At 77.5p (last seen), Gulf is valued at £688million. For a company which produced 2.2million barrels of oil in the first half, there is no escaping from the high degree of expectation priced into this stock.

SpreadBet Pick; Buy gold if it closes above $1,292.60/oz

Published 1731 days ago

The resilience of the gold price continues to confound the bears. Coming into 2014 and most market commentators were extremely pessimistic about the prospects for the precious metal. Some even claimed it could shed another $150/oz, to fall as low as $1,050/oz. Users of the MIDAS system were more confident than this. After the market bottomed last December, the gold price has made steady progress over the course of the year. Currently trading at $1,292/oz the price sits immediately below DEC2013 support (shown in the chart below) and this could present yet another buying opportunity.

Rules 13 and 14 of the 49 Golden Rules for Making Money from Oil, Gas and Mining shares

Published 1731 days ago

Ben Turney & I recently published a new e-book, The 49 Golden Rules of Making Money from Oil, Gas and Mining Shares. You can get a free copy sent to you by filling in the form HERE. But as a taster here are rules thirteen and fourteen.

Chariot Oil & Gas - The Right Move in Namibia - the patient will be rewarded

Published 1731 days ago

After my recent interview with Chariot Oil & Gas (CHAR) CEO Larry Bottomley, I predicted the company wouldn’t relinquish its Central Blocks licence, offshore Namibia. Although I wasn’t far off the mark in this, what I didn’t anticipate was that Chariot would renegotiate the terms of the licence and remove the requirement for an exploratory drill in the next phase.

Rules 8 and 10 of the 49 Golden Rules for Making Money from Oil, Gas and Mining shares

Published 1732 days ago

Ben Turney & I recently published a new e-book, The 49 Golden Rules of Making Money from Oil, Gas and Mining Shares. You can get a free copy sent to you by filling in the form HERE. But as a taster here are rules eight and ten.

President Energy; still all to play for

Published 1732 days ago

I decided to wait before writing a response to President Energy’s (PPC) so-called disappointing well result at Jacaranda, a fortnight ago. These remain tough times for the small cap oil & gas sector. While some highly speculative stocks have seen incredible surges in their share prices, other, more established companies, with proven fields, have struggled in the market. President sits somewhere in between these two groups. It is far too early to class the company’s concessions in the Pirity Rift Basin, Paraguay, as commercial assets. This remains a very high-risk play. However, the result at Jacaranda appeared to take the company much closer to realising its ambitions. Or at least that was my interpretation of the fateful RNS.

Bowleven – patience should bring rewards

Published 1733 days ago

Resource companies are notoriously bad at meeting deadlines. When a delay is announced it is often a signal to ditch the stock. Judging by the response to Bowleven’s (BLVN) announcement this morning it seems the market is behaving true to form. Bowleven is down 1.25p to 33.75p, last seen. However, having spoken with the company’s PR representative, this drop could be a buying opportunity. But then again, I’ve been saying that since 38.25p!

Rules 2 & 7 of the 49 Golden Rules of Making Money from Oil, Gas & Mining Shares

Published 1734 days ago

Myself & Ben Turney recently published a new e-book, The 49 Golden Rules of Making Money from Oil, Gas and Mining Shares. You can get a free copy sent to you by filling in the form HERE. But as a taster here are rules two and seven.

NEW Mining and Oil shares book by Tom Winnifrith – get your FREE Copy

Published 1735 days ago

The 49’ers series continues with my newest book – the 49 Golden Rules of Making Money from oil, gas and mining stocks.  It is published TODAY and you can buy it on Amazon for £6.25. Or we have 500 free copies to give away and you can download yours now by filling in the form below..

Come on Sefton Resources, break the mould!!!!

Published 1736 days ago

The reporting standards on AIM are atrocious. For roughly nine to ten months of every year, shareholders in the overwhelming majority of companies are left in the dark as to how their company is performing financially. What scarce information there is, is usually out of date by the time of release. The London Stock Exchange really needs to address this glaring weakness, but so long as it maintains the pretence of operating  “the world’s most successful growth market” I doubt anything will be done. Sefton Resources (SER) once again provides a perfect case in point why this issue matters so much.

Bravo Fastnet Oil & Gas!

Published 1739 days ago

This morning, Fastnet Oil & Gas (FAST) announced it had awarded 5,000,000 options to its Chief Financial Officer, Will Holland. There might be some complaints about the size of this award, especially as Mr Holland currently holds no Fastnet stock, but the vesting conditions of the options are worth paying attention to. Rather than grant Mr Holland a free ride on Fastnet’s share price recovering from its all time lows, the board has set some stretching, yet possibly achievable, targets over the next few years. Long-term holders might not be overly enamoured with these, but for anyone new to the stock (including Mr. Holland!!!) this could prove to be a positive alignment of director and shareholder interests.

SpreadBet Pick: what next for the FTSE100?

Published 1739 days ago

My recent call on buying the rising FTSE100 at 6,644 has been a very good one. Although the German and American markets didn’t fall far enough to trigger my entry targets for the DAX or Dow, within the space of a fortnight, Britain’s main index rose through its target and jumped over 100 points. Once again the MIDAS Method has proved itself to be a superb indicator. However, with the FTSE100 now trading at 6,759, the question is can it make a push on that obstinate all time record? Better yet, can it finally break through 7,000?

Directors at the trough; Xcite Energy

Published 1740 days ago

It was very disappointing to read about Xcite Energy’s (XEL) options award this morning. In total the company has awarded 6.7million options, with an exercise price of £0.64 (yesterday’s close), to various members of staff and the board. The bulk of these options go to employees and there shouldn’t be many concerns about this. I appreciate the need to keep the troops happy and to retain key players. Giving employees a sense of ownership in the business has to be positive. However, the 2.65million options the directors have awarded themselves are in extremely poor taste. Broadly speaking, I’ve become a fan of Xcite’s over the last four or five months, but I’m under no illusions that recent performance can yet be judged a success. The new strategy is risky and so far, judging by the share price, the market is not convinced. Xcite’s board is in serious need of a credibility overhaul. Today, it has, rather unfortunately, thrown away an excellent opportunity to demonstrate its contrition for not securing a farm-out and genuine commitment to building future shareholder value. 

Spread Bet Pick: Look out for berries and buy Centrica at 312.8p!

Published 1741 days ago

I last covered Centrica (CNA) in early February. I suggested it was a buy at 311p. This proved to be a profitable trade more quickly than I anticipated. Now that the share price is recovering from its latest drop, I have a slightly alternative indicator for going long; the explosion of berries growing in trees!

Gulf Keystone; watch Kurdish oil sales

Published 1741 days ago

As Iraq adjusts to a new Prime Minister (not a military coup, Tom) and the US Air Force rains down fury on IS fighters, the Kurds have quietly continued to make progress in supplying the international market with their oil. Reuters is on top of this story and over the last few weeks I’ve had a couple of Google Alerts trigger with news of the status of different Kurdish oil shipments. Of all the reports and rumours currently circling around Gulf Keystone (GKP), this could well prove to be the most significant in the long run.

New “New” Range Resources

Published 1741 days ago

In its eagerness to convince all and sundry what a brand “new” company it is, Range Resources (RRL) has adopted an innovative approach to board appointments. It looks like the company’s “new” directors will only last six weeks, thus ensuring the board always has “new” faces and the company can stay on message that this is most definitely a “new” stock. On Thursday, Ian Macliver quit Range “with immediate effect”, having only started his “new” role on June 27th. Apparently Mr Macliver tendered his resignation based upon his “increased commitments in other endeavours”. This doesn’t sound at all convincing and immediately calls into question Range’s recruitment process to “strengthen” its board. This is not least because Mr Macliver’s successor has been found very quickly and comes from… wait for it…yep, you guessed it… Perth, Australia. 

Horse Hill; ramp, rumour, place!

Published 1746 days ago

Ever the showman, this morning’s RNS from David Lenigas’ UK Oil & Gas (UKOG) is a perfect pump primer for the soon to spud Horse Hill exploration well. UK Oil & Gas has just upped its direct stake in Horse Hill Development Ltd, which has a 65% participating interest in the Horse Hill Field, to 20%, for a £750,000 commitment. Apparently this purchase is “being funded from UKOG's existing cash balances”, which is probably the Australian for “expect a placement tomorrow”. But I’m not very good at foreign languages, so what do I know?

Mosman Oil & Gas; perhaps the market sometimes isn’t as stupid as it appears

Published 1746 days ago

I had a good old chuckle yesterday when I read Mosman Oil & Gas’ (MSMN) latest promotional ramp... sorry, I mean RNS. Whatever else is said about this company, these guys have been brilliant at devising new ways of hinting at a worthwhile oil discovery without telling any lies or actually claiming what they have found is commercial. The company’s announcements have been true works of art. Sadly for Mosman’s directors it looks like the fun and games are now over. In suggesting that the little dribble of oil found settled on the mud at Crestal-1 could have similar properties to the apparently much-tested Kotuku oil seep, I bet they were surprised to see their company’s share price fall a penny to 21.5p. Something tells me that wasn’t part of the plan...

Spread bet pick; how to buy a break out in the gold sector

Published 1747 days ago

Yesterday we published Mike Swanson’s view that gold stocks are “like a fuelled rocket” waiting for ignition. What Mike’s analysis didn’t provide were any specific pointers to look out for in tradeable opportunities, beyond a general buy recommendation for the sector. Recovery in the gold mining sector was one of my “Trading Themes for 2014”. So far it has been a good call. I didn’t anticipate fireworks, but the across the board signs of improvement have been encouraging and the gains in stock prices decent enough. We have now entered what could prove to be a crucial period in the gold miners’ attempts to rediscover market favour. There is a very simple way to play this possible move; spread bet the Market Vectors Gold Miners ETF, otherwise known as the GDX.

Falkland Oil & Gas; time to start averaging in

Published 1747 days ago

A comment earlier by my colleague Gary Newman, in his excellent write up of Xcite Energy (XEL), made me think about the Falkland Islands’ explorers. I know Gary regards most of these as speculative punts. He tends to prefer stocks with proven reserves, which are producing or are on the cusp of production. However, his point about buying AIM-listed oil stocks when there is little news and interest is a very good one. Most people have followed the Falklands’ story over the last decade and most will be aware that the share prices of the various companies involved haven’t done much for two years. This could all be about to change, as we enter the final six months before the next, long-awaited drill campaign. 

Bellzone Mining; a wipe out beckons

Published 1748 days ago

Last week, Bellzone Mining (BZM) featured on my list of AIM companies which might be at risk from the Ebola outbreak. I warned that any companies operating in the Ebola-stricken countries of Sierra Leone, Liberia and Guinea, which had question marks over their funding, were probably stocks to avoid, or at least scale back on. Operating in Guinea, Bellzone definitely fell into this category and this morning the company announced a possible emergency funding facility, which it seems probable will result in it giving up its flagship Kalia Mine. Bellzone urgently needs to find a new backer, but given that its primary income stream derives from the depressed iron ore market this doesn’t seem likely. The writing is now officially on the wall and I’d be amazed if Bellzone remains as a listed company beyond the end of this year.

US Intervention in Iraq – short term respite – long term disaster

Published 1748 days ago

Ben Turney today suggested that US intervention in Iraq would see Isis beaten back and is thus an opportunity to buy Gulf Keystone (GKP) and Genel. He cites some curious examples to back this thesis up

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

Published 1748 days ago

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.

Summit Corporation – Follow Jim Mellon and buy at 115p

Published 1752 days ago

In August’s edition of an obscure online publication, Jim Mellon tipped Summit PLC (SUMM) to do great things. Mr Mellon’s track record and judgement in picking winners on AIM is second to none. Summit is a company Ben used to follow quite closely. The science it is developing is truly marvellous, even if its path has been a horribly bumpy ride lower for long term shareholders. No one is going to pretend that this has been a good stock hold over a long period of time, but that is in the past. Now priced at 115p (last seen) this could be a good opportunity to buy into a business, which has previously offered so much incredible potential.

The death of Sunkar Resources and the dire state of AIM

Published 1752 days ago

This morning I noted the final notice that Sunkar Resources (SKR) has left AIM. This draws to an end one of the more sorry episodes for this market in recent years, but many questions remain about the state of AIM. How could a company like Sunkar have been allowed to behave as it did for so long, without anyone stepping in? The answer to this is simple.

Editorial comment; why the overwhelming majority of our critics are wrong

Published 1752 days ago

I came face to face with a serpent yesterday; the pernicious temptation to short a stock on the basis of a piece I knew Tom was about to publish. I spoke with Tom in the morning and he told me about the £4.5million bombshell he had uncovered. This revelation was so explosive I don’t mind admitting it was the first time the thought of opening a position against Quindell (QPP) crossed my mind. I am human and just as flawed as anyone else. I also have a young family and the lure of easy money is all too enticing. I could easily have opened a spread bet or got a friend to short the stock on my behalf. But I didn’t. You see this is what most of our critics completely fail to see. We have positioned ourselves at ShareProphets to attack market abuse as vigorously as we can. Whatever else you might say about us and our editorial style we are not stupid people; far from it. How dim would we have to be to throw stones in a glass house we have chosen to build?!!!!

AIM stocks at risk from the Ebola outbreak

Published 1753 days ago

The lack of market response to the Ebola outbreak in West Africa is surprising. Although the virus itself will probably be contained, the prospect of strict limitations on the movement of people and goods to and from the region looks like a very real risk. Last night, British Airways announced it had suspended flights to Sierra Leone and Liberia until the end of August as a precaution. It is possible other airlines will follow, but if the disease continues to spread how much longer will it be before more far reaching official bans on travel are imposed?

Baltic Dry Index waves a red warning flag

Published 1754 days ago

Over the last few days, I’ve written a series of pieces identifying potential points to go long the Dow, FTSE100 and German DAX. Further selling yesterday afternoon and evening has pulled the three indices closer to my targets. However, it is another index which is flashing a warning sign that all is not well with the story of global growth; the Baltic Dry Index.

What next for Ferrex?

Published 1754 days ago

Last Wednesday, Ferrex (FRX), delivered for its shareholders some most unwelcome news, as it announced that Anglo American and Kumba Iron Ore had decided not to proceed with their proposed funding of the Mebaga Iron Ore Project, based in Gabon. Unsurprisingly the company’s share price fell c.40% in response, but it has since recovered from a low close of 1.025p to trade at 1.32p, last seen. This values the business at £12.3million and the question now is can the company shake off last week’s disappointment and demonstrate the value of its portfolio, which Managing Director Dave Reeves believes the market has largely missed?

Sound Oil – clear upside

Published 1755 days ago

Ben Turney is entitled to his view on Sound Oil (here) but he is wrong. Take it from the man from the Manc slums. I own the shares and this is why Sound (SOU) will make money for Brokerman Dan.

Spread bet tip: buy the recovering FTSE100 at 6,644

Published 1755 days ago

After last week’s sell-off across the main global equity markets, this week has got off to a relatively benign start. The FTSE trades at 6,686 (last seen), but the index is within touching distance of key MIDAS support. If the selling continues and this level is breached, this could, once more, provide an excellent opportunity to go long Britain’s primary index.

Bowleven; time for Kevin Hart to go

Published 1755 days ago

When a stock persistently refuses to respond positively to good news this can suggest something is wrong behind the scenes. It is true that as the resource market on AIM continues its slow recovery there have been examples of delayed reactions. In some instances, a wary investing public has taken its time to accept and digest upbeat reports, before eventually pushing deserving share prices higher. However, in the case of Bowleven (BLVN), it’s been nearly six weeks since the company announced its Etinde farm-out with LUKOIL and NewAge and the stock continues to trade below the notional value of the deal. The Etinde farm-out is still to complete, but since it was first announced Bowleven has taken steps to resolve the outstanding issues, including today’s announcement that the long awaited Exploitation Authorisation has been formally awarded. So is the market telling CEO Kevin Hart that his end should be nigh?

Rules 37 and 35 of the 49 Golden Rules of Making Money from Oil, Gas & Mining Shares ( CPRs & Cash)

Published 1756 days ago

Ben Turney and I recently published our latest book “The 49 Golden Rules of Making Money from Oil, Gas & Mining Shares”. The book is on sale on Amazon or you can get a free copy HERE. As a flavour of what the book contains I bring you rule 37 (CPRs) and 35 (cash). Read on...

Equities collapse, but is this the end of the bull market?

Published 1757 days ago

The severity of this week’s global sell-off in equities seems to have taken a lot of people by surprise. Five weeks ago, I wrote about the multi-year lows of the Chicago Board Options Exchange Market Volatility Index (the “Vix”) and the complacency it warned of. As I pointed out “the market loves nothing more than to punish complacency”. If you watched a screen of Thursday’s carnage in America, this is pretty much exactly what happened. The question now is, is this the beginning of the end of the bull market or just a healthy pullback, accentuated by low summer trading volumes?

Sound Oil: valuation looks stretched

Published 1758 days ago

Tom and I have recently published a new e-book, “The 49 Golden Rules of Making Money from Oil, Gas and Mining Stocks”. Over the last few months, Sound Oil (SOU) has provided a perfect case in point for several of our Golden Rules. Back in the spring, when the shares traded hands between roughly 4.6p and 6.9p, this could have been a wonderful stock to buy, based on the company’s success at Nervesa. Thorough research and good timing would have definitely paid off. Today, however, at 12p (last seen) and a market cap of £49.84million, the risk/reward balance appears to have tilted more towards the risk side of the equation, despite the progress the company has made. And if you don’t believe me about this

Tangiers Petroleum; piecing together the jigsaw

Published 1759 days ago

I found Monday’s announcement from Tangiers Petroleum (TPET) a little strange. In announcing that the TAO-1 exploration well had intersected its secondary objective, Assaka, but had not encountered hydrocarbon shows “based on currently available information”, the board must have known what would happen to the share price. Predictably, it crashed c.40% over the following few days, to close at 7.13p yesterday. What was odd about this announcement is that the company voluntarily unleashed the dreaded duster phraseology on seemingly incomplete information. This morning, dual-listed Tangiers announced it had requested a trading halt on both ASX and AIM “due to pending results from the TAO-1 exploration well”. This now begs the question why Tangiers didn’t suspend its stock on Monday and wait until Tao-1 drill had reached the Assaka total depth?

Taking a position in gold ahead of tonight’s FOMC announcement

Published 1760 days ago

At 7pm tonight (BST), the Federal Open Markets Committee (FOMC) will announce its latest decisions on US interest rates. The market appears to expect a hawkish statement from the FOMC, judging by the weakness in equities and the strength of the dollar. Gold too has been falling. However, according to the commentary from Jon Hilsenrath, it appears that the policy debate over future rates is too close for anyone to be certain what Janet Yellen and company will do. As such, a contrarian, tightly managed long in the precious metal could prove to be a gamble worth taking, especially given the proximity of the price to a key level of technical MIDAS support.

Range Resources; no excuses now, you must deliver

Published 1760 days ago

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.

Under starters orders; a final look at the form of the Horse Hill runners

Published 1761 days ago

Over the last couple of weeks the share prices of the six listed companies participating in the Horse Hill oil exploration project have pulled back. Alba Mineral Resources (ALBA) and UK Oil & Gas (UKOG) have both placed. Solo Oil (SOLO) has been treading water since it placed in mid June. Regency Mines (RGM) looks almost certain to place imminently, despite having raised money in May and the same can probably be said for Doriemus (DOR), though the latter’s financial position is certainly better. This leaves Stellar Resources (STG), which of the six is probably the best funded and might not need a Horse Hill cash injection. Time will tell if this view is correct, but with the spud only days away, now might be the time to place your bets if you fancy a gamble on the madness of crowds. Below I take a look at the runners.

New Feature! – Directors at the Trough; Getech

Published 1762 days ago

Special thanks go today to the directors Getech (GTC). For a while, I’ve had in mind a new feature looking at excessive or unjustified executive compensation. It is no wonder that AIM has the reputation it does for rewarding corporate failure so generously. Too many listed companies appear to be run solely for the benefit of incumbent directors. This is a key part of the reason that buying and holding AIM stock can be such a suicidal investment strategy. Unfortunately, little will ever likely be done about this issue so all we can do is report it as we come across it. The good news is that director behaviour in paying themselves can be one of the best indicators for identifying which stocks to avoid (often like the plague!). This new feature will hopefully go some way in helping you avoid one of the more treacherous pitfalls on AIM. Welcome to Directors at the Trough.

A little sympathy for Patagonia Gold (but only a little)

Published 1762 days ago

When I first saw this morning’s RNS from Patagonia Gold (PGD), announcing the award of 4,000,000 options to the company’s Managing Director, Bill Humphries, at Friday’s close price of 7.875p, my immediate thought was “here we go again”. In fact Patagonia nearly made the debut of my new feature “The Trough”, but that dubious honour goes to Getech (GTC) instead. Awarding a sizeable chunk of options, priced marginally above a stock’s 52 week low, is generally (and rightly) viewed as very bad form. You can imagine the vitriol I was about to unleash on this company. That was until I discovered one fact. In 2013 the directors of Patagonia took over 90% of their fees in shares.

ShareProphets Tip of the Week – A Total Punt: Alba Minerals at 0.6p

Published 1763 days ago

This is a total punt. But we reckon that if you buy a few Alba Minerals (ALBA) shares at 0.60p first thing Monday you could be selling at c0.9p within a couple of weeks. And you should be selling – this is very much a trading buy.

Open letter to the FCA; please investigate Kibo Mining’s placement of March 31st

Published 1765 days ago

On March 31st this year, Kibo Mining (KIBO) raised £750,000 at 2.5p. The price of this placement was horrific, at a 42% discount to the previous close’s 65 day Moving Average (65MA) closing price. On March 28th Kibo’s 65MA closing price was 4.28p. In percentage terms, this was one of the worst recent cases of placement value destruction I have come across and there was a very strong suggestion that Kibo, and its shareholders, had been victim of blatant (and sloppy) forward selling. Forward selling is the term used to describe a version of market abuse whereby certain parties, armed with confidential “inside” information, use this to profit, by going heavily short a stock, which they know is trying to raise money. We see possible cases of forward selling of placements regularly on AIM and there is an impression that that the regulator is doing little to nothing about it. Below I have drafted an open letter to the FCA to ask them to investigate this matter.

Official confirmation Range Resources has ditched Okap Ventures

Published 1766 days ago

Perhaps the winds of change are genuinely blowing through Range Resources (RRL). After I wrote my first piece on the company earlier today, highlighting the 1.14% dilution of shareholders just to pay fees, I spoke with Buchanan. Given our recent history with the PR firm that no longer plays dirty tricks on Range’s shareholders (sorry – I couldn’t resist, that line still makes me chuckle), I was surprised to get a call back. But I did and I have to say the conversation was far more constructive than others I have had with the firm. This time, rather than being summarily dismissed or just downright ignored, Buchanan responded to my questions and confirmed one fact, which could prove most telling for Range’s future. Range Resources no longer has any relationship, whatsoever, with Okap Ventures.

Mosman Oil and Gas; a creditable change of plan?

Published 1766 days ago

Yesterday, Mosman Oil and Gas (MSMN) gave the market an update on its acquisition of the privately held Trident Energy. The critical message shareholders were probably meant to pick up was that Mosman’s board has waived Condition 2 of the transaction i.e. for Mosman to “complete an equity capital raising of at least A$2million”. In its accompanying statement, Mosman’s board claimed it waived this condition, as a result of “the success of the recent fund raisings”, but how creditable is this assertion?

“New” Range Resources gave away 1.14% of company in fees

Published 1766 days ago

I’ve waited a few days before reporting on Range Resources’ (RRL) announcement on Friday. I wanted to see if a holdings RNS was released. So far it hasn’t been, but more on this another day. In the meantime it is worth focussing on the various share payments that Range made at the end of last week. I’ve received a lot of comments from Range’s shareholders about “New Range”. This might be true. Perhaps Rory Scott Russell is a genuine breath of fresh air. The current 2.1p share price at least suggests he might be. The problem with this line of argument is that Friday’s RNS was very much “Old Range”, as shareholders lost 1.14% of their company in share payments made to settle fees on old debts and, what appears to be, a new mystery consulting agreement.

Black Mountain Resources; New Departure... Never Ending more like...

Published 1768 days ago

Almost exactly two years to the day since Black Mountain Resources (BMZ) listed on AIM and this morning we got yet another RNS from the company with sampling results from its New Departure Silver “Mine”. Although Black Mountain boasts that some of these results include “grades never before seen with historical results”, in practical terms this announcement means very little. In its original Admission to AIM statement, on July 25th 2012, Black Mountain claimed its objective was “to rapidly recommence low cost silver production at Conjecture and New Departure Projects in Q4 2012”. Now in Q3 2014 and the company’s failure to deliver on its operational goals looks like an increasingly bad joke.

25 UK Investor Show Tickets – 40% Discount Offer

Published 1769 days ago

We have 25 tickets for the UK’s top one day investor show on offer at a 40% discount  for ShareProphets readers – that is either gold (normally £60) or investor class (normally £12) tickets. The show is of course UK Investor Show 2015 on April 18 in Westminster. And you need to book TODAY.

Alba Resources: shit or glory on Horse Hill

Published 1769 days ago

Today’s Horse Hill news hasn’t done much to lift the share prices of the listed participating companies. Perhaps this is to be expected, as approval from the UK Department of Energy and Climate Change was surely just a formality. Even so, the co-owners of Horse Hill Developments Ltd are experiencing something of a market lull, but I still expect this will prove to be the calm before the storm. Although there is the looming spectre of placements, it is hard to see Horse Hill fever reaching anything other than epic proportions. When I first covered this drill, last week, I was a little flippant when I picked Alba Resources (ALBA) as the stock I might take a gamble on, based solely on it having the fewest number of shares in issue. This morning, Alba provided its half yearly report and I think I might have to change my mind.

It is sometimes prudent to place shares – do not always bash the boss: ref Leni Gas & Oil

Published 1769 days ago

I do not follow Leni Gas & Oil (LGO) but I note that it got the Bulletin Boards buzzing last week. It announced a big acquisition and the next day a placing. This outraged some commentators. I think wrongly.

Bowleven; getting ready to bounce?

Published 1772 days ago

So my dastardly plan worked! About a month ago, when Bowleven (BLVN) announced its proposed Etinde farm-out, I penned a piece suggesting the stock had run into headwinds at 45p and it looked a good spot to take profits. Knowing how much influence I hold over markets, I instructed my cabal of skulking shorters to sell Bowleven’s stock aggressively, as this was a guaranteed opportunity to make a quick killing. Our goal always was to make a heap of money, as we beat up poor old Bowleven’s stock to such an extent that our corrupt little group of pals would gain a much better entry price to go long. We are so amazing at what we do, we profit all the way up and all the way down. Now, I’m back to ramp this stock to high heaven with one article, which is bound to send the share price to 100p. While I continue to pull the strings of Bowleven’s share price at will, I only have one question running through the back of my mind – do some of you really have no idea how ridiculous your comments sound?!

Gulf Keystone; buy the new beginning

Published 1773 days ago

It is always extremely difficult to pass comment on companies from the outside, without really knowing what has happened behind closed boardroom doors. Even so, I am as certain as I can be that my call last month, that M&G Investment Management was preparing to dump Todd Kozel from Gulf Keystone’s (GKP) board at today’s AGM, has come to pass. We’ve just heard that Mr Kozel has withdrawn his bid for re-election to Gulf’s board, but with this announcement coming immediately before the AGM, I think we can all be fairly safe in assuming it was a case of his jumping before being pushed. Even though Mr Kozel is going to remain as an officer of the company, his departure from the board is a welcome step in the right direction and I am more bullish on Gulf’s prospects as a result.

Greatland Gold - what is the point?

Published 1774 days ago

I can’t help but think of the words “lifestyle” and “business” when I think of Greatland Gold (GGP). There is a summer ritual, which this company goes through and you could almost set your clock to. It begins with CEO Callum Baxter jumping on a plane in Australia and flying all the way around the world to London. On arrival, poor old Mr Baxter has a jolly packed schedule. He has to reel off a few presentations and sign off on his company’s latest deeply (and I can’t emphasise that word enough) discounted placement, before hopping back on that plane to make the long journey home. We then hear very little from Mr Baxter, until the following summer, when this ritual is repeated and he returns to dear old Blighty to give away his company’s stock once more. It’s such a tough job running a gold “exploration” company.

Why Horse Hill could be Mosman on steroids

Published 1775 days ago

Whoever said that ShareProphets is a one trick pony?! Proving that this view of our work is entirely misguided, I thought I’d throw in another Horse Hill article onto today’s roster... “Not more bloody Horse Hill” I hear our avid readers cry, but this is likely to be the story that dominates British resource small caps over the rest of the summer. Given the wild reaction we’ve recently seen to Mosman Oil and Gas’ (MSMN) succession of oil “discoveries” in New Zealand (which, by its own admission, it doesn’t even know if they are commercial yet) the scene could be set for ecstatic market rapture if rumours ever leak from Horse Hill’s Surrey drill site. This could end up being the highest profile onshore exploration campaign ever seen in the UK and I wouldn’t be at all surprised if a temporary campsite springs up outside the gates, as desperate private speculators resort to whatever means they can to gain access to information. Although the smart ones will probably just hang out in the local pubs, when shifts end...

Kibo Mining – could the horribly priced placement pay for entry into the Promised Land?

Published 1776 days ago

Rumours have abounded for a while that Kibo Mining (KIBO) has been the target of a coordinated shorting campaign. Although I’ve noticed it has been problematic buying Kibo stock in volume at times, so far I haven’t seen any firm evidence to confirm whether or not there is truth to the whispers. They could just be the sour grapes of investors who put money into a cash hungry business, during the severe sectoral downturn. Long term holders are bound to feel extremely disillusioned with how this company has developed, but after today’s RNS I am going to stick my neck on the line and say the worst could be over.

Magnolia Petroleum and the danger of locking yourself into garbage

Published 1776 days ago

Five months ago, Tom wrote this damning assessment of Magnolia Petroleum’s (MAGP) business model and market capitalisation. So far, his view has been entirely vindicated. Despite the howls of protests from Magnolia’s ardent supporters, not to mention the absurd accusations I’ve read over the months accusing ShareProphets of being involved in a shorting conspiracy, I actually don’t think Tom went far enough in his criticism of this company. The business model is not clever and it is not shrewd. If you told American private investors about what this company did, they’d laugh at you. There is a very good reason why this company is listed here, with its American holdings, American directors and American headquarters. And I’m afraid to say that reason isn’t because certain British private investors represent the savviest money in global markets...

Mosman Oil & Gas when is the placement?

Published 1779 days ago

In case you haven’t heard, I think I am right in saying that Mosman Oil & Gas (MSMN) has discovered oil. Today’s latest double “discovery” hasn’t been greeted with the usual fanfare, as the share price has taken a sharp dive to 33.5p (last seen). Given that this precipitous drop is in response to the announcement of two “discoveries” at Crestal-1, perhaps the market is unimpressed at the total absence of detail of what has been found? Or perhaps people are more concerned about the pending placement?

Solgold; director options with genuinely positive performance targets

Published 1780 days ago

I get periodic requests to take a look at Solgold (SOLG). It’s not normally a stock I would consider buying. Too many people follow it. Even so, I have taken a bit of a look through the numbers and reports. From a fundamental perspective, I can’t see much to tempt me. With a £50.4million market cap this looks on the high side, for a company at this stage of development. I don’t say this to wind up Solgold’s shareholders, but we know that taking a company from exploration to mining is extremely expensive. While funding conditions remain tight and metal prices recover slowly there just isn’t much to get too excited about. However, I noted this morning’s announcement of options awarded to Solgold’s directors and now wonder whether or not this stock might be one to trade in the coming months.

How much did Jim Ellerton spend on Sefton’s credit cards? And on what?

Published 1781 days ago

Sefton Resources (SER) shouldn’t really deserve the coverage it is getting on this site at the moment. Even if the proposed refinancing happens, this will only mean the company survives on life support, slowly paying down its bills. Shareholders will effectively be wiped out and the Promised Land of Tapia/Kansas riches tomorrow will be a distant dream. What has happened at Sefton should be a catalyst for the reforms that AIM so badly needs. This company has exposed many of the deep and irreconcilable flaws running through this market. Sadly, I don’t believe anyone in authority is really paying attention and the likes of Jim Ellerton will continue to run riot. That is until they run into the Sheriff and his posse, of course. We are paying attention and today I want to return to this little gem in Sefton’s latest accounts – “included within trade payables above are amounts owed on credit cards in Mr J. Ellerton’s name which are Group liabilities, and not included within the related party balance above.”

Strategic Natural – CEO quits as predicted, but is this enough?

Published 1782 days ago

A week ago, I wrote that Strategic Natural Resources’ (SNRP) CEO Alex MacDonald’s position was untenable, after the company issued this RNS in an attempt to clear the air after Allenby’s sudden resignation as Nomad. 

President Energy; quietly, yet publicly, confident of a big oil find?

Published 1783 days ago

I last covered President Energy (PPC) about seven weeks ago and suggested this could be one to follow the chairman, Peter Levine, in buying at 30.75p (the then mid-price). Since writing, President’s stock has risen to 37p, but not in a straight trajectory

Trading tip; Watch out T+20 premiums as a sign of resource sector turnaround

Published 1786 days ago

I am currently in touch with an investor who has been extremely successful in the resource market on AIM over the years. The primary purpose of our discussions has been to talk about market maker practices (much more on this to follow), but a throwaway comment he made, caught my attention. I asked if he would mind if I shared this on our site, as it struck me as a useful and easy to use trading tip. He said it was fine and his little insight could be yet another pointer to the long awaited turnaround in resource stocks.

Mosman Oil & Gas - crucial information in announcements that I can't see

Published 1787 days ago

Today’s RNS from Mosman Oil & Gas (MSMN) isn’t a helpful one to quell the growing hysteria around this stock. The company has informed the market that the “petrophysical analysis from its third party consultants including SRK and has determined the oil encountered in the Cobden Limestone at Cross Roads-1 meets the definition of a discovery in accordance with the New Zealand ("NZ") legislation”. This is the second “discovery” at Cross Roads-1 (the first being the “total potential pay of 17 metres” in the Eight Mile formation) and the share price has jumped 8.5p to 35.1p (last seen), valuing Mosman at £27.4million. This is crazy, when you consider key details are either not clearly explained in Mosman’s announcement or are missing entirely.

Gold – rally running out of steam?

Published 1788 days ago

Just over a month ago I wrote about gold’s break to the downside. Since then, the precious metal found its footing at about $1,250/oz and then rallied quite strongly, in response to the Federal Reserve signalling that monetary policy could remain loose for longer than many expected. Gold now trades at $1,325/oz, last seen and I’ve just taken a look at the latest Commitment of Traders (CoT) report for gold to try and gain some insight into the strength of the move higher. I’m afraid things don’t look too positive and much will depend on whether more speculators can be tempted back into the market.

Rose Petroleum; hope, hype and hysteria

Published 1788 days ago

After Rose Petroleum’s (ROSE) recent dodgy placement (which, yes, I do believe the charts strongly suggest was forward sold by some), I wanted to take a closer look at the company. At the weekend, my colleague Chris Oil drew a furious response on Twitter after he wrote this piece, suggesting Rose was a short. Thankfully not all of the comments were moronic abuse, and reader Scott Winter submitted this riposte to Chris, in defence of the company’s prospects. Now valued at £30.7million, with a share price of 2.35p (last seen), I have to admit I lean more towards Chris’ assessment of the company, but accept that Scott could be proven right first. The passionate following behind Rose certainly looks an indicator of further share price gains to come and 4p is  as good a target as any. However, it would a mistake to view such a move as being driven by anything other than sentiment and certainly not sound fundamentals.

Gulf Keystone; Kurds make a move for independence

Published 1789 days ago

It looks like little old Scotland’s referendum on independence is proving to be a catalyst for similar movements around the world. The Scottish precedent has the potential to cause a great deal of upheaval, as previously recognised international borders (often rooted in the imperialist past) melt away and fledgling nation states spring up. As a good old fashioned liberal, I view this as a good thing. Why shouldn’t people be able to vote on who governs them? I’ll admit I don’t hold too much interest in the vote for Scottish independence, other than the provocative view if they are allowed to vote on remaining part of the Union, shouldn’t we English also be granted the opportunity to decide whether or not to allow them (and their tax subsidies) to stay?!  But before I unleash another wave of Twitter abuse against our site, let’s move swiftly on to events in Kurdistan.

Sefton Resources; refinancing wipes out shareholders

Published 1789 days ago

Sefton Resources’ (SER) refinancing package has caused quite a lot of bulletin board excitement. The problem is that none of the posters seem to have read or properly understood the terms of the deal. While the bulletin board Seftonologists witter on about 0.8p to 1p a share, they seem not to have noticed the overwhelming lack of interest in this stock. It turns out the market is pretty good at maths and, unfortunately for the Sefton ghosts, is not listening to a word of their murmurings. 

Sefton Resources; shafted up the garden path

Published 1790 days ago

I have to admire the Dunkirk spirit of certain long term bulletin board supporters of Sefton Resources (SER). Surrounded on all sides, under constant bombardment from land, air and sea, this plucky little group of shareholders will never fail to see the silver lining in the storm clouds gathering over their heads, no matter how bleak or perilous they may be. I’ll write about the dire terms of Sefton’s refinancing deal tomorrow, but in the meantime the company’s results for last year are abysmal. Anyone considering buying into this revival story should have a long hard think about their nearest and dearest before throwing cash into this money pit of a company.

Sell Rose Petroleum – Target Price 1.6p

Published 1793 days ago

Following an AGM on Friday 434 million new shares in Rose Petroleum (ROSE) (33% of the enlarged share capital) will be issued on Monday. Ben Turney explained this shocking state of affairs HERE. Some mug punters seem to read a few things on charts and reckon that the shares – now 2.28p – could hit 4p. Nonsense, they are a sell with a 1.6p target. Here’s why. 

Takeover Panel demands New World Oil & Gas seek new approval for Niel deal

Published 1794 days ago

Just over a week ago, I wrote this open letter to the Takeover Panel about New World Oil & Gas’ (NEW) never-ending deal with Niel Petroleum and whether the original shareholder approval granted on September 12th 2013 was still valid. It looks like it wasn’t. On Tuesday, New World issued this RNS, in which it was forced to announce “the Transaction [the Niel deal] will be subject to the waiver of the obligation on Niel Petroleum SA to make a general offer under Rule 9 of the Takeveor Code being approved by independent shareholders on a poll”. This is good news for shareholders as they now have the opportunity to scrutinise more thoroughly Kuwaiti firm Al Maraam Trading & Contracting Ltd’s (Al-Maraam) involvement in this. In particular serious, unanswered questions remain on what basis New World can claim that “Al-Maram will participate in all future bid rounds for the drilling and production of oil and gas in Kuwait”.

A positive lesson from the foul smelling Sunkar Resources

Published 1802 days ago

Writing about AIM there are inevitably some pieces I bitterly come to regret. I can make mistakes, misjudge situations and can sometimes pick poor stocks. We all do. Even though my piece in April, which suggested Sunkar Resources (SKR) could be a decent recovery play at 1.75p is profitable (by the thinnest of margins), yesterday’s “recommended” cash offer of 1.835p has left me feeling disgusted with my original call. What on earth was I thinking?! This was obviously a plague ridden stock and I want to apologise for having said anything even vaguely positive about it. There is so much I’d love to write about Sunkar, but would invite trouble. However, there is one extremely positive lesson to take away from this deathly smelling share. As soon as a dominant shareholder or obscure financial institution lends a sizeable amount of money to an AIM stock, the equity is toast! 

Open letter to the Takeover Panel concerning shareholder approval of New World Oil & Gas’s Niel deal

Published 1803 days ago

After nearly nine months of inadequately explained delays to the completion of the Niel deal by New World Oil & Gas (NEW) there are serious questions whether or not the original shareholder approval granted to New World remains valid or if the company needs to call another general meeting to ratify the proposed new deal. Apparent material changes resulting from the introduction of the mystery Kuwaiti partner, Al Maram Trading & Contracting Ltd, to the transaction have raised concerns and New World’s shareholders remain in the dark. I have now drafted a letter to the Takeover Panel to ask them to look into this matter. 

Xcite Energy; extremely expensive funding warns of trouble ahead

Published 1804 days ago

It is very difficult to put much of a positive spin on today’s bond issue and placement by Xcite Energy (XEL). The funding is extremely expensive, the terms Xcite has entered into are worse than those it previously had and it looks like at least one of the company’s major funders has decided not to continue backing it. This is all bad news for Xcite’s new strategy to commercialise its North Sea Bentley oil field, as the market appears to have priced this project for likely failure. There are a couple of faint glimpses of hope, but I now have to revisit my call to buy this stock, from just over a fortnight ago.

Petroceltic resolves its issues with Worldview – reasonable buy at 157p

Published 1804 days ago

There was a hint, a week ago, that Petroceltic International (PCI) was going to resolve issues over its proposed $100million placement, with its unhappy shareholder Worldview Capital Management, when the EGM was postponed until today. An hour or so ago Petroceltic once more adjourned the EGM (this time until June 26th), but was now “pleased to announce” it had reached an agreement with Worldview. In short Petroceltic’s fund raising is going to go ahead, as Worldview, with its 20.04% is going to vote in favour of the deal, but there some important changes in the governance of the company. 

Gulf Keystone – a positive end to a difficult week

Published 1806 days ago

A difficult week for Gulf Keystone’s (GKP) shareholders finished off with what looks like a positive production update concerning the company’s prolific Shaikan license in Kurdistan. Yesterday, I spoke with the company to confirm a few facts surrounding the latest RNS. In particular I wanted to seek clarification concerning the issues I raised a month ago about the discrepancy between Gulf’s CPR production target for 2014 and the targets the company has since provided, after a few months of operations. In short there has been a reduction in expectations, but this isn’t necessarily bad news, as I explain below. The main point I took away from my conversation was that the company genuinely believes it is on course to deliver its 40,000bopd production target by the end of this year.

Range Resources – Landau and Eastman go; has the AIM Investigations Team done its job?

Published 1807 days ago

On Monday, I published a public call for the AIM Investigations Team (AIM Regulation) to investigate the Platinum Partners loans scandal. This morning, we heard that Peter Landau and Anthony Eastman (directors at the time the loans were entered into and throughout the period they weren’t reported) have stood down from the company. Range claims that this is “part of a  corporate restructuring initiative”, but the timing doesn’t look like a coincidence to me. If I am correct, then today I want to take the opportunity to applaud AIM Regulation for moving swiftly.

Tangiers Petroleum and the interest free loans to directors, to encourage dilution

Published 1808 days ago

It is an immediate red flag for any stock listed on AIM, which holds its Annual General Meeting thousands of miles away. Irrespective of the nature of dual listings, companies on the London Stock Exchange should be directly accountable to British investors. Where shareholder approval is required, British investors should be given the opportunity to vote for or against proposals concerning the running of their companies. For God’s sake, this is the age of the Internet, so why should investors be expected to traipse all the way to the other end of the world, so they can take part in a show of hands vote in Perth, Western Australian? Funnily enough, speaking of Perth, this is exactly where Tangiers Petroleum (TPET) has just held its AGM, at which the board gained approved for approval for the company’s new and ludicrously generous Share Plan...

Gulf Keystone at 75p – fears of a repeat of Syria seem misplaced

Published 1808 days ago

I probably shouldn’t write this piece. Making personal judgement on geopolitical events inevitably results in oversimplification and, almost certainly, misunderstanding. I’ve never been to Kurdistan, so the truth is I can’t really have any real insight to what on earth is happening over there. However, my money is mine to do with as I please, and I suspect that the current pullback in Gulf Keystone (GKP) will present an excellent buying opportunity.

Placement Watch – Kefi Minerals, an attractive buy at 1.5p

Published 1809 days ago

This morning, Kefi Minerals (KEFI) announced a £2.125million placement to fund its final takeover of the Tulu Kapi gold project, from Nyota Minerals (NYO). The company then followed this with an update concerning director purchases of 4.8million shares, worth roughly £72,000. With a clearly defined plan for the rest of 2014, which incorporates Kefi’s existing cash balance of £2million, does this presenting a buying opportunity for resource speculators on AIM?

VIX at multiyear lows – what does this suggest for stocks?

Published 1809 days ago

The Chicago Board Options Exchange Market Volatility Index (the “VIX”) is one of the most widely followed barometers of the market’s mood. The VIX is an index which measures the implied volatility of S&P500 index options and gives a projection of expected volatility among US stocks over the next 30 day period. As a rule of thumb, when the VIX is low investors are meant to be confident (complacent?) and when it is high they are meant to be fearful. On Monday the VIX closed at its lowest mark since February 2007 (at 10.73), but what does this suggest about the next direction markets might take?

Two very important questions for Getech Group’s RNS writer

Published 1810 days ago

I have two very important questions for whoever writes Getech Group’s (GTC) RNS announcements. What are you smoking? May I have some please? In what has been a calamitous six months for Getech, it still clings onto its faith in the strength of demand for its services and “high levels of interest and positive feedback on its major product, Globe”. Unfortunately for the company and its poor shareholders none of this has translated into sales and the stock has tanked. Today’s latest profits warning needs to be read to be believed; talk about making the best of a bad situation!  

Falkland Islands Holdings – a great play on success in the Falklands

Published 1811 days ago

This morning, Falkland Islands Holdings (FKL) delivered a robust set of results. The market has responded fairly positively, with the share trading up 10.5p at 363p, last seen. This builds on a successful few months for the company, as its stock has risen nearly 20% since the start of April. How much scope there is for further gains in the near term is questionable, but as a long term buy and hold, on the basis of further commercial oil and gas finds in the Falklands, this has to be a stock well worth looking at.

A call on the AIM Investigations Team to investigate Range Resources and RFC Ambrian over the Platinum Partners scandal

Published 1811 days ago

The timing of this piece probably could be better. However, after last week’s revelation, about the 100million Citation shares held as collateral against the Platinum Partners loans, it surely must now fall on the AIM Investigations Team to examine the conduct of Range Resources (RRL) and its former Nomad, RFC Ambrian, over this matter. Irrespective of how the share price has performed over the last week or so, it appears that a material breach of the AIM rules has occurred. Range appears to have admitted this, so how will the London Stock Exchange respond?

Has Sefton just admitted how close to death it really is?

Published 1816 days ago

Sefton Resources (SER) issued an “Update on Refinancing” forty five minutes ago. In it, the company says “the Inter-creditor Agreement provides for the Funder to advance additional subordinated loans to the Group in two instalments which will fund up to two 30 day extensions of the existing borrowing facilities with the Bank”. The “Bank” in question is Bank of the West (not specified by Sefton in its announcement) and these “two 30 day extensions” scream loud and clear what a desperate situation this company is in.

Placement Watch; Bellzone Mining – pumped & dumped

Published 1816 days ago

I definitely don’t blame the directors of Bellzone Mining (BZM) for the blatant pump and dump of their stock over the last week or so. To their credit, this board has been entirely forthcoming with the market about their need for finance and timetable for securing it. Anyone who bought into the sudden and unexplained enthusiasm for Bellzone’s stock on May 27th and May 28th was probably asking for trouble, as it was clear a discounted placement was imminent. Even so, this is yet another example of why shares on AIM should be suspended as soon as the company concerned starts the process of raising money.

A new dawn at Range Resources – dream on!!! - Even more damning!

Published 1817 days ago

This morning, Range Resources (RRL) slipped out yet another crucial detail concerning the controversial Platinum Partners loans, which it had previously failed to inform shareholders adequately about. It turns out that as well as the 100million shares in Range held as collateral, Platinum also held the 100million of Range’s shares in Citation Resources, held in trust. Together, these blocks of shares are worth roughly £1.91million, based on last seen prices. It is anyone’s guess what else Range has failed to update the market properly about, but if you really believe this is a company experiencing a new dawn then dream on.

Spread betting volume; harbinger of market doom or prophet of salvation

Published 1817 days ago

Two profit warnings by spread betting companies last month caught my eye. First, London Capital Group (LCG) blamed poor trading activity in March as being responsible for an 11% drop in spread betting and CFD trades compared to the year prior. Next, IG Group Holdings (IGG) blamed relative weakness since mid-March’s Interim Management Statement for “generally subdued” trading. IG Group noted that “the relative weakness [was] most evident in May”. But what do these warnings say about general conditions?

Range Resources & LandOcean: Six Burning Questions

Published 1818 days ago

Despite the market’s reaction, this morning’s announcement by Range Resources (RRL) leaves shareholders in this company with many of the usual guessing games we have come to expect. Why can’t new CEO Rory Scott Russell prove he is his own man and break from the past? Why do RNSs released under his watch still leave more important questions unanswered than answered?

Petroceltic; a contrarian buy against the prevailing mood

Published 1821 days ago

What a set of releases by Petroceltic International (PCI) this morning! Together with its Annual Report (found here) and notice of its AGM, the company delivered a hat-trick of failed exploration wells in one announcement (in Kurdistan, Romania and Egypt) and then mounted a robust defence against public criticisms made by the company’s major shareholder Worldview Capital Management, which holds 19.91% of the company. Worldview’s complaints can be found here, but they concern the proposed $100million placement arranged by Petroceltic’s board. In short, Worldview is not happy and it looks like a race is now on for the future control of Petroceltic.

Ariana Resources: genuinely building value? At 0.9p looks tempting...

Published 1821 days ago

Ariana Resources (AAU) is not a company well known for its ability to keep deadlines. First scheduled production at the company’s Red Rabbit gold-silver project in western Turkey has been delayed several times over the years, but Ariana now claims it expects to reach this goal in H1 2015. Patience is bound to be wearing thin among long term shareholders, as they’ve watched the stock drift lower. The share price has been further restrained since last summer, after Ariana entered into an Equity Swap with Lanstead Capital. However, with new drilling exploration targets defined at Kiziltepe (part of Red Rabbit) and the mine commissioning process plodding along, is it time look at this stock as a medium term buy?

Baobab Resources; set to become a major generator of cash?

Published 1821 days ago

Jeremy Dowler, energetic chairman of AIM-quoted Baobab Resources (BAO), is preparing for some key developments that will shape prospects for the company’s future. He hopes to turn the company’s pig iron and vanadium project in Mozambique’s Tete province in south-east Africa from a 750 million-tonne aspiration into a long-term supplier to the steel industry there and abroad. If he can achieve this then Baobab stands to become a major generator of cash.

The misguided campaign to ban short selling – you decide!

Published 1822 days ago

I’ve watched with growing interest the momentum a group of bulletin board posters has been gaining in their campaign to ban shorting. Since forming their petition they have secured 3,453 signatures (the petition can be found here). As much as I personally believe this campaign is wrong, misguided and will fail, I still believe it deserves a greater platform. I know I am about to charge into a minefield, as a large part of the campaign is directed (wrongly) against some of our coverage here on ShareProphets, but regular readers of my work will know I am a passionate believer in the dire and urgent need of reform of AIM. (We also believe in real debate.)

Less than 24 Hours to Nominate for the 2014 AIM Cesspit awards – A few ideas other than Peter Landau

Published 1822 days ago

Nominations for the 2014 AIM Cesspit awards close at 7 AM on Friday so you have less than 24 hours to nominate for the six (of nine) categories which are voted on and can do so HERE. Already Pete Landau of Range Resources (RRL) looks to be widely supported in ALL categories. But we welcome other nominations. If you are stuck for ideas:

Caza Oil & Gas - exciting numbers but are they meaningful?

Published 1822 days ago

In the last three months Caza Oil & Gas’ (CAZA) share price has rocketed from just over 7.5p to 20.1p. This morning the company issued yet another bullish RNS, which has driven the stock 20% higher. Intuitively, this sort of move feels to me like it is going to end in tears, but I could be wrong. Perhaps Caza will live up to the market’s wild expectations. Stranger things have happened. However, there is a point about today’s RNS, which requires some scrutiny. Should companies be allowed to report Initial Production Rates (IPRs) of oil wells?

Gold breaks to the downside

Published 1822 days ago

Gold’s sudden collapse this week is going to have caught out a lot of bulls. Unfortunately I am on the wrong side of this trade, but thanks to my MIDAS analysis last week, I escaped with a minimal loss. The latest small plunge in gold is a real confidence sapper. Just when it looked like the yellow metal was gaining some traction, the bears swung back into action and now there are questions over the durability of this year’s rally. Thankfully, though, it’s not all bad news.

Six reasons to buy Xcite Energy

Published 1823 days ago

The more I’ve looked at Xcite Energy (XEL) recently the more I’ve liked this stock. Last week, I wrote an initial positive response to the company’s AGM presentation. Since then, I’ve watched the share price bump along around the 70p mark. Ideally I am hoping for a sub-65p entry level, but I might be pushing my luck with this. Notwithstanding a market wide retreat, it looks like a base is forming, as investors digest details of the company’s new strategy to commercialise Bentley. 

My nominations for the AIM Cesspit Awards 2014 - Ben Turney

Published 1824 days ago

Another year goes by on AIM. Directors get richer, investors get poorer, the regulators find little to occupy their time with. By any stretch of the imagination, AIM  is not a healthy functioning market and it is too easy to cheat. How long this can all go on is anyone’s guess, but AIM is in desperate need of urgent and substantial reform. Here are my picks.

San Leon Energy – why the market isn’t buying it

Published 1824 days ago

San Leon Energy (SLE) is trying its hardest to get noticed by the market. Over the course of May the company has issued three RNSs; one director purchase and two updates on Poland referring to farm-in discussion for the company’s Permian/SW Carboniferous Basin play in Poland. And no one gives a damn.

Max Petroleum - an utter piss take

Published 1824 days ago

AIM is an incredible source of guaranteed wealth generation, no matter how appalling your performance is. You can watch your share price dive over 75% in the space of twelve months, safe in the knowledge your next windfall is just around the corner. Of course, these rules don’t apply to the poor saps who buy AIM stocks, but rather the boards of directors who reward themselves come what may. Tom has been on the warpath about option awards recently, but in his absence today it is my turn to take up the banner. Step forward now the directors of Max Petroleum (MXP), if you can drag yourself away from the sickbag!

Adam Reynolds, the Company Rescuer, Speaker No. 28 at UK Investor Show 2015

Published 1827 days ago

Following the mammoth success of UK Investor Show 2014 we are moving into overdrive for the 2015 show on April 18 and one new feature will be a series of 14 one hour masterclasses with an audience limited to 80 – we are taking on an additional floor in Westminster.

Placement Watch: Bluuuuuurrrrrrr Group - shocking price, hard to stomach

Published 1828 days ago

Shareholders in Blur group (BLUR) woke up to a nasty shock this morning. 37% of the company has been sold in a placement, at 75p a share. It is staggering to think that Blur Group peaked at 820p, only four months ago. Reminiscent of the DotCom collapse, fourteen years ago, these sort of wipeouts just shouldn't happen. But when people get sucked into rampant, speculative hype and good old fashioned valuation methods get thrown out of the window, is it any surprise that so many get scorched fingers? 

Xcite Energy: more and more attractive

Published 1829 days ago

My recent commentary on Xcite Energy (XEL) has put me at odds with some of my colleagues here at ShareProphets. Despite what many of our faceless critics have to say, one thing I love about working with this company is that we support genuine debate. We don’t impose myopic, rigid editorial positions and we recognise it takes opposing views to make a market. Above all, we encourage our contributors to write what they genuinely believe. In the case of Xcite, the more I read about and research the path this company is now on, the more bullish I feel about its future. 

President Energy: follow the Chairman?

Published 1829 days ago

Peter Levine, Chairman of President Energy (PPC), has a lot riding on the company’s success. After Tuesday’s purchase of another 250,000 shares, he now holds 19.38% of President’s stock. This is the second purchase by Mr Levine, at just over 30p, since the company’s deeply discounted placement in February. There is little doubt this fundraising did a lot of damage to sentiment toward’s President stock, but as the end of May approaches, and the company is due to spud the first of three exploration wells in Paraguay, will speculators be tempted to follow Mr Levine’s lead?

Tower Resources - a gamble worth taking?

Published 1830 days ago

As far as I am aware nothing was done about Tower Resources’ (TRP) extremely controversial placement (which I warned was coming here, prior to the event, and wrote about here, after it was completed). I would be amazed if anything ever is. The AIM Investigations Team passed the buck to the FCA and the FCA just gave me their generic blah, blah about taking accusations of market abuse jolly seriously. Of course they do! After I’d finished counting regulatory flying pigs, my attention turned back to Tower’s share price and whether it could now be worth taking the gamble on a successful outcome in the high profile Welwitschia-1A (as it now is) drill campaign.

Is “Cheng” the Cantonese for “Range shareholders”?!!!!

Published 1830 days ago

Range Resources’ (RRL) recent announcement, about the proposed $12million investment from Abraham Ltd, based in Hong Kong, sounded like quite a triumph for new CEO Rory Scott Russell. After all, Range was on its knees, production has been falling, money was running out, debt repayments were overdue, legacy projects continued to drag and the company was forced to issue new equity almost every two weeks to cover financing costs. At a stroke, the cash injection bought Mr Scott Russell some desperately needed time, but no one seems to have asked who is Abraham Ltd? 

Placement Watch: Lekoil, can it continue its impressive growth?

Published 1830 days ago

Not all placements and not all of AIM is rotten. There are plenty of honest companies out there and honest boards of directors, genuinely committed to value creation. Lekoil (LEK) looks like a perfect case in point. This morning, the company announced a £22.4million placement and the market has responded positively. Lekoil’s shares are up 93% over the last twelve months and the question is can the company build on this success with the new funds at its disposal?

Gold; great value below $1,291/oz, poised to move higher?

Published 1832 days ago

It’s been a few weeks since I last covered gold. There hasn’t really been much to say. The precious metal has traded in a tight $30 range, since the end of March. Such periods of inaction have been relatively rare over the last decade, but I wonder now if there are increasing signs that pressure is building for a break to the upside.

Gagged by Range Resources – the 2 questions it will not answer

Published 1838 days ago

Ben Turney & I would like to put three questions at the Range Resources conference call tomorrow. We have written to and phoned Buchanan Communications to ask if we can but I guess Range only wants easy questions. The conference call is an IR smokescreen as we predicted earlier HERE – for what it is worth our two questions were:

Official Request to put 3 Questions at the Range Investor call

Published 1838 days ago

Ben Turney and I have this morning lodged an official request to put three questions at the Range Resources investor call tomorrow. This is an acid test for range as to whether this event is anything more than an IR smokescreen.

Bulletin Board Moron (and bigoted believer in a global Jewish conspiracy) of the week – Shefers Shadow

Published 1838 days ago

Shefers has posted a comment on an article on this website which wins him the coveted title of Bulletin Board Moron of the week.  He is also clearly the sort of Jew hater who would have regarded The Protocols of the Elders of Zion as ideal bed-time reading for his kids.

Poll: Is it time for Peter Landau to step down from Range Resources?

Published 1838 days ago

Our editor, Ben Turney, has just published an article HERE outlining the arguments why he believes it is time for Peter Landau to step down as a non-executive director of Range Resources (RRL). Do you agree? Take part in our poll below. Voting closes at 4.30pm on Tuesday May 13th.


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