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GBP 3.3¢

hard to figure for oilleak

  1. Mangrove

    1,747 Posts.

    Hi oilleak

    I'm afraid to say that I became involved in GBP in the heady days of Hardman when Alan Burns used Apollo as a vehicle to create GBP.

    After a 10 to 1 consolidation, I lost a fortune, but the story is not so much about my dissapointment as to remember the history and the fact that most Apollo holders are waiting to jump ship. The float almost failed leaving Taylor, Burn, and Burns with a far larger proportion of GBP than they wanted. Also, GBP did not get the working capital they required and have been operating on a shoestring for two years. More credit to John Armstrong and his small dedicated staff.

    They have pulled a few rabits from a very difficult hat and the company may yet have a future. WPL have just about completed seismics over their leases in Kenya and, all being well, will drill two wells to complete their farm in. Success here will give GBP the shot in the arm it needs.

    But GBP has no money. Last I saw was $30k. So GBP won't be undertaking any drilling on it's other prosoects.

    A capital raising is needed but this would weigh very heavily on the Taylor Byrne Burns camp so I think they are hoping for a miracle. As they have all put far more money into GBP than they intended, I think they (TBB) will be sellers into any success.

    I see that Alan Burns retired as a Director. The reasons for this are beyond my understanding.

    Basically, I think that GBP is struggling at the moment and the share price is a little high for what they have to offer but things change.

    This is just my opinion. I would welcome others adding their thoughts. I have some GBP shares but I doubt that I will ever see my money back let alone a profit.

    Regards M.

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