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Northern Petroleum and its alarming (and poorly disguised) cash burn

By Tom Winnifrith | Friday 8 August 2014


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.


At the year-end Northern Petroleum (NOP) reported its cash in Euros – 26.5 million. Yesterday it boasted of its cash balance in dollars $22 million. I guess someone might have fallen for that sleight of hand – it could have been transparent and used a number of 16.5 million Euro. But transparency and Northern? Enough said.


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