The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Watching SYN get their farm out signed off on their Indian gas asset (that never flowed more than a trickle) and how they have managed to secure a $20M work programme comprising 3 new wells and 3 well work-overs plus $2.5M cash for a 50% interest makes Millholland and COPL look very stupid. Surely they could have got a farm out/JV secured for the billion barrel deep discovery (that also didn't flow very well but who cares).
It is just very disappointing - oh, and too late now as all the old management have quit and left.
Today's RNS is not showing here so I will post a link to this:
https://www.investegate.co.uk/announcement/rns/east-imperial--eisb/continued-global-account-wins-in-2024/8034346
This was trading at 3p - 5 times higher than today - just a few months ago and business has continued to improve, including in the target USA market. M/cap is currently just over £2M.
Yes, I believe that the GKP shareholders were diluted down to a few percentage by the bondholders which was a shame as production picked up some time later and the share price recovered. The same thing almost happened at Hurricane, where the management were planning to let virtually the whole asset go to the bondholders. Then the price of oil recovered and the shareholders voted against it which was supported by a judge in the High Court and a year or 2 later the bondholders were paid off in full by the increase in revenue from the higher price of the oil.
It looks like the UK market is lucky it has not been suspended too as that is usually the end of the story. Not sure how this is going to pan put though. There just isn't much hope of getting the share price to rise.
Looks to me like Todd Kozel was imprisoned for tax evasion and not for defrauding shareholders.
"Co-Founder And Former CEO Of Foreign Oil Company (Gulf Keystone - my addition) Sentenced To 60 Months In Prison For Failure To File Tax Returns Causing Over $20 Million In Losses To The U.S. Treasury"
I can see the difference between my expectations and the share price movement - or rather the lack of any appreciable movement. I was backing David Lenigas, who is generally a breath of fresh air, but this is still Red Rock Resources, with the same old Andrew Bell (DL's 'two-faced liar') at the helm. Punters are buying - or not buying - RRR rather than buying into Mr Lenigas.
Quite. Get some new prospects in. DL currently has management positions in companies that are involved in bitcoin mining, gold exploration in Australia, lithium, oil production in Texas, a farm-in to Horse Hill, as well as others. All are showing good prospects.
Green Hydrogen isn't such a bad idea either:
BMW says Goodbye to Electric Cars; it has now Solved the Problem of Hydrogen Engines – MES
https://hydrogen-central.com/bmw-says-goodbye-to-electric-cars-it-has-now-solved-the-problem-of-hydrogen-engines-mes/#:~:text=BMW%20Plans%20to%20Roll%20Out,industry%2C%20aligning%20with%20these%20priorities.
But the problem still is why the current management won't get on with it. All ideas but no action.
So on further reading it looks like just a 10 to 1 consolidation - for now anyway.
"SHARE INFORMATION
Number of Existing Ordinary Shares in issue at the Last Practicable Date: 29,534,926,104
Total expected number of New Ordinary Shares in issue following the Capital Reorganisation: 2,953,492,610.
Total expected number of Deferred B Shares in issue following the Capital Reorganisation
2,950,539,117,790
Is this 10 to 1 or 1000 to 1, if anyone can make any sense of the badly worded RNS. 1000 to 1 with 29 million shares after consolidation sounds better rather than 2,934 million which achieves very little. Cheers.