By Tom Winnifrith, The Sheriff of AIM | Wednesday 9 March 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Just how much cash does UK Oil & Gas (UKOG) have left? At September 30 2015 net of trade payables it was c£4 million. PLC costs are £100,000 cash per month. And the cost of all the work at Horse Hill not to mention the Isle of Wight must have been closer to £2 million than £1 million. I reckon the number is now c£1.5 million which means a placing is needed fast. Fellow Horse Shite play Solo (SOLO) neess a placing within two weeks to pay its commitments in Bongo Bongo land hence today's ramptastic (misleading) RNS.