2587 days ago
My father is being charmed and buttered up by the quacks at Warwick Hospital and I am off there shortly for a pre operation chat. Ahead of that I look at Tesco (TSCO) and its fines today - we really have got white collar crime all wrong in this country. Then I look at Genel (GENL), Tasty (TAST) which is really not very tasty at all, Advanced Oncotherapy (AVO) which is is utterly inedible and Sound Energy (SOU) where the issue is valuation. Surely the good news is in the price already?
3546 days ago
Ben Turney today suggested that US intervention in Iraq would see Isis beaten back and is thus an opportunity to buy Gulf Keystone (GKP) and Genel. He cites some curious examples to back this thesis up.
You can read Ben’s piece HERE and my piece over the weekend explaining why Kurd oil stocks are a sell HERE.
Where Ben is mistaken is in thinking that we will see prolonged US involvement. Obama does not want that. Sure the Islamofascists may be driven out of Kurdistan pro tem. But they will simply retreat to Sunni dominated area of Iraq where ISIS is popular and to Syria where the US WILL NOT pursue them. And the Kurds will not advance into hostile territory so ISIS will regroup in safety.
3549 days ago
President Obama has now ordered his warplanes to bomb some ISIS Islamofascist loons off to a place where they get to meet 72 virgins. He is now off on a 2 week golfing holiday. If you think that this will save the Kurd oil plays in London - Genel (GENL) and Gulf Keystone (GKP) here is why you are wrong.
You need to think back to the last but one totally useless disaster of a Democrat to sit in the white house, the lamentable Jimmy Carter. He and his party were haunted by one event for many years – the capture of US hostages in Tehran. Carter tried a military option to get them out and it failed. The hostages only came back home when Jimmy had been replaced by the greatest President the US has ever known, Ronald Reagan.
It is not hostages that Obama fears. For ISIS makes the mad mullahs of Iran seem like cappuccino sipping, Guardian reading liberal pussies. What Obama dreads
3994 days ago
The legal battle between Aim listed Mediterranean Oil & Gas (MOG) and AIM listed Leni Gas & Oil (LGO) is shaping up to be a barrel of laughs for neutral observers but, not – I suspect – for Mediterranean and its CEO Dr Bill Higgs. Sources close to Leni Gas have steered us towards what appears to be a bit of a smoking gun.
By way of background: Leni sold its 10% stake in a Maltese exploration block to Mediterranean for $1 on August 1st. 23 days later Mediterranean announced a farm in deal with mighty Genel which analysts reckon valued the Leni stake at $9 million. Leni is suing claiming that Dr Higgs misrepresented the position on August 1st. This is not a case about contract law – the claim made by Leni is of misrepresentation.
Firstly it is pointed out that Leni Gas never offered to sell its shares for $1.
3995 days ago
Aim listed Mediterranean Oil & Gas (MOG) has hit back hard at Leni Gas & Oil (LGO) following Friday’s preliminary court hearing in which Leni appeared to triumph.
Mediterranean has issued an RNS stressing that this hearing was only to allocate costs (which Leni did win on) and to set timetables. However sources close to Mediterranean have contacted ShareProphets and gone rather further.
It is Leni’s claim that it was misled by Mediterranean as to the nature of the latter’s discussions with Genel prior to selling 10% of a Maltese Exploration block for just $1 on August 1st 2012. 23 days later Mediterranean announced a tie up with Genel which would, according to analysts, have been worth $9 million to Leni had it not sold.
Leni’s claim is that it was misled by Mediterranean prior to the sale.
However,
3996 days ago
A shock High Court Ruling made on Friday (but not announced) paves the way for a windfall gain of $9 million (or more) for AIM listed Leni Gas & Oil (LGO) at the expense of Cesspit listed Mediterranean Oil & Gas (MOG).
The background to the case is that on August 1st 2012 Leni sold its 10% stake in acreage known as Malta Area 4 Production Sharing Contract for $1 plus about $20,000 of historic expenses. Leni agreed to the sale on the basis that Mediterranean insisted that there was nothing going to happen to the block. On 23rd August Mediterranean sold 75% of the block to oil major Genel for an immediate cash payment of US$10 million
100% carry of the cost for the first exploration well Hagar Qim 1
100% carry of the cost for the second exploration well up to a maximum of US$30 million
