Hey guys were back in the room after the jedi distraction of last weeks events found here, without wanting to dwell on it too much i'd like to show thanks to a number of fellow bloggers,writers and investors for their words of support '' it can be thankless at times '' however the public support shows that some common decency exists. Tom has penned a piece here which alludes to the fact old Lenigas wasn't happy about the incident and refuted any claim he had any involvement. This was supported by a private email I received directly from the executive chairman yet publicly the only words directed towards me were to the effect of:
'' Leave Doc alone he's a good research journalist ''
You're not wrong old boy, which is why I find myself going native these days!!! This is the measure of these people, the clearly don't give a flying fuck who or how people may be hurt by the gravy trains pathway... Fortunately for me my skin is as thick as an elephants (Literally these days) so on that point we move to the markets.
Paternoster Resource: Disappointed with its end of year accounts, I expected much better from the chairman Nick Lee but some could argue '' why would you '' In reality there's the potential to make a go of it but the performance is well below the ftse 10-12% growth and miles behind my own p/f so on this basis I have started to wind back my core holding and now see Prs as a trade call. Unless the company make some serious changes quickly then i'd anticipate the same old results!!! Lady luck is not a strategy and the remuneration increase is simply a kick in the bollocks for shareholders.
( I retain shares / holding in prs - although a smaller number )
Leni Oil & Gas: I can see all the attraction to the second, third and fourth well all being drilled in quick succession and particularly the next hole entering the same location, leads to a universal conclusion '' it has to be further good news ''. Well that's a fair statement to make, expectation is growing out of control and the share price has rocketed on this basis. So what does this tell me? well one school boy error or an exodus of the money and the SP will tank. It's fair to say not many are adding balance right now but I'd be scaling back as i hit serious gains. The short term future looks rosy for now!!!
Hurricane Energy: When my old spar Gary Newman calls out a company like this it's normally worth taking down some notes. Not only is Gary a decent guy and friend he is also extremely ofay with managing his own risk reward, his calls on XEL have been incredible.
Over the summer I will be focusing more on the markets mechanics and the original reasoning for the birth of this blog. Public meetings coupled with the attendance of a number of AGM's will kill two birds with one stone. Anyone who wants to buy me a pint or receive one from me is welcome to come along. I'd be happy to share some brutal layman facts on the format the city works to in the AIM.
Click here for the weekend audio blog on RRL & LGO
Keep your pecker up and look out for a few trade / tech calls next week as we try to anchor some value into our portfolio's.
All the best
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(These are but opinions derived from my own experiences and thoughts and are not adopted as a statement of fact)