Oilman Jim16 Dec 2019 11:13
The same thing happened with Anglo African Oil & Gas (AAOG) who announced on Thursday no further repayments from SNPC, lower than expected payments under the investor sharing agreement and yet another rig delay. This proved too much even for core investors and the price collapsed 70% to 0.7p. As those who follow me know, I’ve been calling this down from the high teens and, just like with I3E last weekend, I received much abuse on the way. Some of this came from known shills, but the majority was from those who had bought too many and wanted desperately to believe.
As I said mid-week, I can understand how upsetting it is for those who believed the misrepresentations and bought these companies’ shares, but all I do is look at the facts and report them. There's nothing personal in this, there's no agenda and all I can say is be very careful in future who you listen to. Particularly in the case of AAOG, I think some people have racked up enormous losses, multiplied up by averaging down and, if it’s any consolation, some parties are looking to try to put together an investor group with 5%+ to call an EGM and remove the directors. I understand there could be a good case to recover damages from previous and current directors, plus the company’s professional advisors.