WTI $58.11 n/c (Thanksgiving), Brent $63.87 -19c, Diff -$5.76 -19c, NG $2.46 -4c
By Malcolm Graham-Wood
Expect little and you won’t be disappointed, yesterday trade was down across the board as US markets were shut and elsewhere laziness was inspired. Today will be similar and I expect things to return to normal on Monday. That doesn’t mean that nothing is going on, the fighting in Iraq between their protesters and Government forces have led to many deaths, not as lenient as in Hong Kong…
Talking of Hong Kong there is little doubt that the passing into law of the US Hong Kong Rights and Democracy Act will have gone down very badly in Beijing, the sort of inflammatory action not much appreciated by international markets.
All the General Meeting resolutions were passed and the company is proceeding with securing the financing of c. £4m which will fund the company for the next two years. Shareholders have an opportunity to join major the significant investors and participate in the placing through the Asset Match platform by 4pm on the 5th of December.
This is most interesting as readers know that I have been taking a keen interest in Gulfsands over recent months as the likelihood of returning to its base in Syria increases. The fact that the major shareholders have supported this raise along with allowing other shareholders to buy-in at 5p is highly encouraging and allows the company to carry on delivering for another two years.
They, like me must realise that with continued cross-border support from the Middle East and beyond means that the chances of GPX riding out sanctions and returning to Syria are increasing all the time. I also believe that this raise is priced highly competitively with that at the time of the de-listing and therefore provides an interesting investment opportunity with potential significant potential upside over the longer term.
I mentioned Longboat Energy yesterday as it was first day of dealings and whilst I wasn’t expecting fireworks I did expect it to go to a reasonable premium on the day, after all this is a company with substantial attributes. It has a full team of experienced management working to a previously successful model. Initial financing of a modest £10m was sourced easily and the company has a blue chip list of shareholders who are aware that further substantial raises will be needed when appropriate acquisitions are made.
So I was as surprised at most to see the stock end at a discount amid a flurry of accusations on social media about book manipulation and so on. With some further investigation it appears that a substantial seller appeared in the market, filling in all the buy orders and rather disrupting the market. Whilst anyone who has been awarded stock in the placing is obviously entitled to do what they please with it in the aftermarket I am rather surprised that a 2/3p turn lured and it created a bad start, now if I had a little list…..
Another big weekend for sports fans, down under the 2nd test against New Zealand has started with the hosts 173-3 at the end of a rain interrupted day, England’s team is a bit awry with Pope keeping wicket with Buttler injured, Crawley at 6 and no spinner…
In the footy the Gooners have this morning sacked manager Dick Emery ahead of their game at the Canaries on Sunday. Liverpool take on the Seagulls, the Noisy Neighbours host the Magpies, the Foxes entertain the Toffees who are on the edge. The Blades are at Wolves, Villa travel to Old Trafford, Chelski host the Hammers and the Cherries go to White Hart Lane.
It’s the final F1 GP of the Season in Abu Dhabi maybe will pull something out after a lacklustre couple of races since he won the title.
And finally some exciting racing at Newbury and Newcastle this weekend with even more old favourites coming back.
Source Link www.malcysblog.com/2019/11/oil-price-gulfsands-petroleum-longboat-and-finally/
Website Link www.malcysblog.com
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