I liked many things. I bought a large line 1.7-1.9c...back then
POO was $100
Richard Cottee (ex QGC guru) just joined
Raised fresh $30m
Owned 4 properties (incl. Pathfinder)
EV was low due to high cash position.
No debt.
Shale was the rage
What changed? - I wrote most of the reasons I left on the threads here.
1. Poor disclosure on EFS well into AChalk, flowback and mud issues.
2. Poor production reporting transparency on Quarterlies (even compared it with AOK)
3. Pseudo claims of success in the "500" Sq program. Like 500 barrels per day and cashflow positive.
4. Too many business units and overheads (as mentioned on here 2012)
5. Finally, the deal with Halcon was not disclosed fully to investors regarding them getting all their capital back for drilling before AKK saw a cent.
....and the magic pudding didn't materialize...ie: not enough cashflow and didly to show for $60m
Now...
burnt $60m +
Cottee gone
2 of 4 properties left
No cash
POO rubbish in 40s
So compared to 2012 and now, no way in heck I'd put 1/4 mill into AKK again.
Not anywhere near the same value as 2012 was showing.
It's a trader if you get your timing right, and I did just that at .005c...and a few other times along the way, as I know how this one works.
