1946 days ago
Cabot Energy (CAB) which, as Northern Petroleum, once saw its shares touch 140p today admitted that unless it gets away a placing at a “deep discount” (its words) it will go bust by the end of January. Its shares, about which we have been warning for eons, have crashed by 59% to 0.625p. To think that, less, than a year ago, former CEO Keith Bush raised $16.5 million at 5p. All the money's gone.
2931 days ago
I am still a tad under the weather but still I am jolly productive on the article front. In today's podcast I cover a valid point made by a UK Oil & Gas (UKOG) owning moron, look at Andalas (ADL) and 88 Energy (88E) - you were warned folks. Likewise Northern Petroleum (NOP) where I have no sympathy for CEO Keith Bush. He deserves a black bag and a P45 pronto. Frankly after his 2014 bonus piano wire is called for.
3013 days ago
As the summer wears on folks like little Keith Bush at Northern Petroleum (NOP), Andy Carroll of POS Mosman Oil & Gas (MSMN), halpess Neil Ritson of LGO Energy (TOAST) and Andrew "Piggy" Austin will be looking for new jobs as their company's go tits up. The graphic below suggests that next time they might want to try serving up something customers want to pay for?
3020 days ago
Northern Petroleum (NOP) has today announced it has completed its Rainbow deal in Canada and hapless CEO little Keith Bush has insisted that cash is not an issue. The, heavily spun, statement skips critical details and the fact is that Northern will be out of cash a lot sooner than most folks think. This looks terminal.
3366 days ago
I have already explained in my Bearcast why Keith Bush, the CEO of AIM casino POS Northern Petroleum (NOP) should be taken out and strung up with piano wire for the contempt with which he has treated the owners of this company where he has been rewarded for abject failure. But today’s RNS requires further comment as it is a classic in omnishambles obfuscation.
Less than a month ago Northern was goaded by my good self into using a trading statement. It stated what year-end net cash was and stated that output on 27 December had reached almost 500 bopd and that once well 4 in Canada was on-stream it would be at 450-500 bopd. That was a downgrade but still impressed a few punters.
Here we are 29 days later
3366 days ago
I start - as I would always do when I err - with an apology and correction on Scholium as per yesterday's Bearcast. I then go onto high handed CEOs who say they do not care about Private Investors and get a big come uppance. Step forward the little shit who runs Northern Petroleum, Keith Bush. I comment on Inspirit and Ambrian and going back to oil I disagree strongly with Ben Turney (HERE), Gulf Keystone remains a stonking sell. I also touch on Igas, Afren and Hurricane. En passant I touch on the china frauds like China Chaitek and Camkids.
To support our continuing campaign against fraud on the AIM casino click HERE
3634 days ago
A copy of the Northern Petroleum (NOP) annual report lands on my desk. Thud. A lot of trees went to produce this weighty tome which places undue prominence on 'elf n safey, Corporate & Social Responsibility, etc, etc. That is all a smokescreen of sanctimony to mask an act of brutal AIM Cesspit crony capitaism. Naturally I turn straight to page 87 of 96 and there it is. Bonuses for directors! WTF?
In 2013 the bonuses for Northern’s three executive directors were: Keith Bush (CEO) £30,000, Nick Morgan (FD) £24,000 and Graham Heard £20,000. In 2012 no directors were awarded bonuses.
I would point out that in 2013 Northern reported a loss before tax from continuing operations of 27.266 million Euro. The share price was 55p at the start of the year. It ended the year at 30p and is now 26p.
Heck if the company had only seen its shares slump by 30% rather than halve what sort on bonus would the lucky lads have picked up then? This is obviously a case where the interests of greedy directors are utterly non-aligned with those of shareholders. And also of staff. I note that given Northern’s vast cashburn, about half a dozen staff have been handed p45s in the past month or so. So let’s fire a few workers to pay for bonuses for directors who have destroyed shareholder value big time. Do you think that is right? I do not.
I put it to Keith Bush that this boardroom greed was just not acceptable and he replied that the bonuses were:
3898 days ago
AIM listed oil stock Northern Petroleum (NOP) announced last week that 3D seismic data purchased and interpreted since the company acquired its leases in northern Alberta, Canada “has increased the number and type of drilling opportunities available on the land… (these) include the identification of undrilled reef structures as well as reefs which may benefit from drilling up-structure from the previous entry point”. With also formal assignment of existing wellbores from previous operators taking longer than usual (the drilling of a new well and a side track not affected by this), the company notes that “the final proof of concept well sequence will be adapted to reflect this”
