The markets are starting to show signs of weakness and although we are yet to see any major downwards correction, it is starting to look more likely that we will get one.
Dublin-headquartered and AIM-listed Lansdowne Oil & Gas (LOGP) has seen its shares suspended since it announced an adverse ruling in the Court of Appeal on 13 April which left the company in need of, ahem, clarifying its financial position. This morning we had FY15 numbers which suggest that this was not the only problem, but the good news is that it is not going bust just yet: a bailout package has been put together.
AIM-listed Lansdowne Oil and Gas (LOGP) seems to have pulled off a neat trick in beating all the favourites (see HERE) in the race to become the next oiler to admit that its shareholders are toast. This morning an RNS was released entitled Capital Reorganisation, which comes in the wake of the company having lost out on a judgement in the Court of Appeal alongside fellow AIM-listed oiler Providence Resources (PVR). Having seen its shares consequently suspended pending financial clarification, today the company has a plan…..well, a bit of one at any rate.
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?