Interesting first couple of days to the week.
I3 Energy (I3E) announced news which appears to have confused many. Key point is that the warrant and management option strike prices are being reset to the nominal value of I3’s shares (£0.0001/share), which means that the i3 equity is being deemed worthless. The Canadian acquisition and any future North Sea activity therefore is of academic interest only now to existing shareholders. A few well known scammers were pumping I3E recently, trying to get stock away. If you got caught up in this, note the names and be try to be careful next time.
As expected the TomCo (TOM) “short squeeze” ran out of steam and the price has retreated significantly. Next up here will be a new placing. I said on Monday that a placing was certain at Canadian Overseas Petroleum (COPL) too and, lo and behold, one was announced on Tuesday morning. It’s had a good run since it terminated the equity sharing agreement and we’ve seen the same in recent days with UK Oil & Gas (UKOG), which also now is free to move with the convertible loan notes being redeemed. If you learn anything, it should be to avoid like the plague any companies with death spiral type financing.
Angus Energy (ANGS) are trying to get rid of their death spiral too and made a partial payment to Riverfort earlier this week. They also announced their half year report and say they are confident that their efforts for the rest of 2020 will have a transformational effect. I shan’t hold my breath.
President Energy (PPC) announced its audited Results for the year ended 31 December 2019 and say they look forward to rising to the challenges ahead. The shares closed yesterday at 1.625p, down 12% from the recent 1.85p placing price, and down 35% from the 2.5p level to which certain other well known scammers pumped it pre-placing. Like I3E, note the names and be careful in future.
I explain all this, exactly how it works and how you can make money out of it in my new book, details of which are at https://www.oilnewslondon.com/oilman-jim
A short blog today. Let’s see what the rest of the week brings and I’ll be back on Sunday.
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