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By Tom Winnifrith, The Sheriff of AIM | Saturday 22 December 2018
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.
The following trove of emails were filed by Frontera Resources (FRR) in the case against Outrider which could well bring it down. But the emails themselves are quite stunning as you can see below, demonstrating that this company is uninvestable.
The Bulletin Board Morons will seize on the outing of BP as the major with whom Frontera has agreed a data share agreement covering its Block 12 acreage. But the emails also reveal the reasons why Exxon walked away from Block 12 four years earlier after reviewing that same data. But there are also numerous admissions of just how perilous is the financial postion of Frontera - something that it has patently failed to disclose to the market as it should have done.
We also see that the FCA looked at dubious statements made by Frontera (FRR) in 2017 reserving the right to re-open a formal enquiry. We learned last week that it was looking again and this weekend's revelations make a full blown investigation almost inevitable. If the shares are not suspended first thing tomorrow, as they should be, this is a stonking sell.
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