The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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AST is planning on paying three quarters of a million pounds for a company that has no assets! Unless you count "a memorandum to enter an agreement" an asset. I'm not sure how legally binding a memorandum is in Cuba. They don't even mention who the memorandum is with.
Quote:
"Energetical has entered into a Memorandum of Understanding with CUPET (the Cuban National Oil Company) giving it exclusive rights to enter into a PSC over Block 9B."
Sherritt, a Canadian company, and the largest independent oil producer in Cuba, has to chase the Cuban government to get paid for its oil! Last year the had to give a discount on their receivables to get even partial payment.
Here is the information taken from Sherritt's Q4 2019 Report:
"CUBAN OVERDUE RECEIVABLES AGREEMENT
During 2019, Sherritt’s Cuban partners ratified an overdue receivables agreement (the Agreement) under which Sherritt will
receive Cuban energy payments from Energas averaging US$2.5 million per month effective May 2019. For the three and twelve months ended December 31, 2019, Sherritt received Cuban energy payments of US$5.9 million and US$21.1 million under this agreement, respectively. Subsequent to year end, Sherritt received a commitment from its Cuban partners for an incremental US$5.0 million per month, which will be used to fund Energas operations and reduce amounts owed to Sherritt."
https://s2.q4cdn.com/343762060/files/doc_financials/2019/q4/Q4-2019-Report.pdf
In this type of article there is never any mention of the continuous share placing and the decline of the share price. Never any mention of the high salaries paid to Mr Parsons and the same management teams sucking money out of the company. Never any mention of the debt at high interest rates to the same group of lenders the company is saddled with; which eventually leads to its demise and the subsequent decimation of shareholder value. It has just started at Ascent. The signs are ominous. The pumping has begun. Happy days. The dumping is far more unpleasant.
JP writing articles about himself is a bit worrying, as is the reference to himself in the third person! He’s obviously drunk his own Kool Aid and unfortunately just comes across as a guy with a Messiah complex. Let’s hope he’s not just a naughty boy...
Stefania,
I'm guessing their next venture will be trying to sell gondolas to 'blind' Venetians. .. failing that, venetians to blind gondolier's.
Well said always up! Stef is prob being paid a lot to blow Ascents ‘trumpet’..... Taking everything she says with a pinch of salt. We know how badly this company has been run in the past. I’m a LTH but still not holding out much hope.
CassiopeiaLtd - Drilling for and developing oil in Cuba is not new, it has been going on for over 30 years! And some very experienced oil producers have looked at and evaluated the geology and drilled exploration wells, both onshore and offshore. None of this exploration wells were stellar producers. Added to the risk is having to deal with CUPET, the Cuban governemnt concession holder. If you can't work things out with the Slovenians, which is supposed to be a capitalist system, how can you expect to deal with a communist system?
Cuba is being largely ignored by oil producers so now the "money company" people show up. The little upstart companies whose only purpose is to issue bogus data to con the average small investor out of his hard earned money, while making themselves and their friends wealthy.
This is an interesting read on Cuban oil and Block 9 in particular:
https://oilprice.com/Energy/Crude-Oil/Foreign-Oil-Eyes-44-Billion-Barrels-In-Cuba.html
While the oil market is at historical lows as the global economy struggles with a production cut that will eventually set prices rising again, AIM-listed Ascent are rolling the dice, setting up an ambitious international strategy, that could be a company maker.
Bold moves can pay off when made wisely. The world knows Cuba has a history like no other Caribbean island, it’s one of the richest underexplored and undeveloped hydrocarbon regions in the world. It is also the new target of junior oil & gas exploration company Ascent Resources (LON: AST)
https://medium.com/@cassiopeiaservicesltd/ascent-resources-ventures-into-cuba-1157f0a45772