I am asked if I’d like to help shareholders in IOG (IOG) who fear they will lose everything and have set up a group to try to do something abut it. I wish those involved the best of luck and if anyone reading this wants to join, drop me an email and I will pass it on. However….
IOG (IOG) is one of those natural resource companies that has found itself drowning in debt and with seemingly no way out that is likely to leave much, if any, value for current equity holders.
There is no pleasing some folks is there? It seems that I missed something out from my list of 39 red flags for bears earlier. Worse still, much though it pains me to admit it, the pedant Evil Banksta might have a point.
Tom wondered on yesterday’s bearcast if I would like to comment on gas pricing. Of course, I always rise to a challenge and accept. Before I waffle on (with missing and misspelt words as I normally do), I will first address IOG (IOG) as an investment case which triggered the comment, and then address gas pricing – It’s called the “eye of a storm”.
I assume most readers have come across the news that gas prices have been roofing it recently, but as always I realise I probably watch gas and oil price changes closer than most so maybe not. So I thought it was worth highlighting some of my thinking on what this means for some investment cases.
I commented last Wednesday on Independent Oil and Gas (IOG) and how making sense of the farm-out agreement to CalEnergy announced some 10 days ago was rather difficult. I suggested Independent could perhaps publish a presentation to explain the detail? Independent obliged on Friday morning last week. Now either I’m losing the plot or Independent is? Which is it?
I commented recently on Independent Oil and Gas (IOG) and how I considered the Harvey drill was crucial to the company’s future and a farm-out prior to the result was very unlikely. Well I was wrong on the latter point, as last Friday the company announced a farm-out to CalEnergy Resources Ltd, part of the Berkshire Hathaway Empire. The detail however only reinforces my view the Harvey drill is critical to the company, and if anything, is now even more important.
Independent Oil and Gas (IOG) has been on a roller coaster of a journey over the last few years, with plenty of highs and lows. Some aspects have been of its own making, such as the unsuccessful appraisal drill of Skipper back in 2016 and some due to external influences like funding by what increasingly looks like a chain of fraudulent financial backers in London and Capital Finance via London Oil and Gas.
AIM listed Independent Oil & Gas (IOG) has today issued a statement in relation to London Oil & Gas (LOG) run by Amber Rudd’s pal and donor Simon Hume Kendall and it unwittingly confirms Sunday’s scoop HERE that LOG is the recipient of £122 million of the £176 million leant by London & Capital Finance, the ponzi now in administration and under full FCA enquiry.
I have already noted how London Oil & Gas, the company that is using Ponzi fraud cash from related party LCF (now under full FCA investigation) , to fund AIM listed Independent Oil & Gas (IOG) was linked to a bent solicitor and a Tory grandee. But the links with the nasty party are far deeper and go right up to the ghastly work and pensions secretary, and former stockmarket spiv, Amber Rudd.
