The Bulletin Board Morons who a year ago worshipped the ground that Gulf Keystone’s (GKP) grotesquely overpaid CEO walked up and abused anyone who had the timerity to question the valuation of this PR creation have had another dreadful day as Gulf has admitted that it could be bust within ten weeks.
The company has today published its prospectus for a move to the Main Market. The good news is that no equity funding is planned. The bad news is that the cash is running out fast. As at 31st January it had $82 million. But Gulf admits that under certain utterly conceivable scenarios it would be $20 million in the hole by the end of May. How the hell can a company that claims to be producing 13,000 barrels a day burn its way through $100 million in just four months?
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