Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Landsdowne Oil & Gas; despite its best efforts, more dilution seems inevitable

By Ben Turney

24 September 2015 05:53

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This morning Lansdowne Oil & Gas (LOGP) was “pleased to announce its interim results”. Looking through the numbers and it is unclear quite what the company is pleased about. With its balance sheet in poor health and cash position a little on the precarious side, Lansdowne looks like it is going to need to raise money and soon. Not that the market seems to care, however. Lansdowne shares were up 6.25%, last seen, to 2.13p. So what might be behind this seemingly misplaced optimism?

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Comments

wildrides

24 September 2015, 06:45

I can remember Oily ramping the life out of this at around 14p a year or so ago ………..he must have lost a bomb on it . A shame because they do have a great asset ……… just wrong time . Only thing to do is get rid of most of the board and just have a part time Chairman for a while till oil ticks up again . That cash burn is still obscene for what work they have on. I mean, provo are in charge of the farm out negs on Barry ……… so what the hell are Lansdowne doing to run up those costs
DUCK AND DIVE

24 September 2015, 07:03

When the revolting Chris Oil came onto this site a year ago to ramp this PoS at 11p, I made a note to avoid it like the plague. They can forget about a JV partner. If that other Irish dreamer, barrel-scraping US Oil & Gas can’t find a JV partner at their fantastic $12pb lifting cost then all bets are off.

Lansdowne will surely get a placing away though. If MTV can do it, anyone can. And dilution is what AIM is for. PIs should top up when it comes or bail out beforehand. Given the stench of Olive Oil, I would do the latter.
I Swear

24 September 2015, 13:47

With Tony O’Reilly Jnr of Providence Resources in charge of Barryroe farm out talks on €500,000 a year for tanning himself and sponsoring the Irish Olympic sailing team while PVR go bust, they (LOGP) have no hope of getting a deal done on that front, they were unlucky with the Midleton gas prospect which would have been their saviour, and Mr Boldy is a decent fellow it has to be said.