With James Parsons as Executive chairman you know: A) He will make a lot of money, b) He will ramp the shares, c) It will end in tears. It does not matter what the company is, with Dracula at the helm nothing changes. And so on Friday at no-one is watching O’Clock, 4.56 PM, there was news from Slovenia where Ascent’s attempts to deliver a gas project have, it claims, been stymied by the Goverrnment. Oh dear, news at that time is never good.
After a rolling year of oil price movements, I find myself once again sat next to the fire at Christmas time cogitating oil company performance and prospects. Having suggested I would rather hold a bucket of Vomit than some oil shares this time last year, it’s time to review just how much money I did not lose. Yep it’s time to project the 2020 Vomit list awards to the deserving winners.
Ascent Resources (AST) has only avoided a crash landing in tits up alley thanks to the provision of death spiral finance by Riverfort Global and Align Research. Essentially, it has sod all cash, its assets in Slovenia it failed to monetize for eons and some joke Cuban assets. At c6p it is capitalised at c£5 million. Given Parsons' track record as a pump and dumper and value destroyer, only a total poltroon would buy any shares. So step forward... Mr James Parsons.