Saturday March 07, 2015
My last day at the Greek Hovel – 1 last satisfying bonfire
Weekly Postcard #102 – Driving into the clouds I see the past and the future
Ireland brightens up my day

PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Gulfsands Petroleum – Even Commissioned researcher Edison sees limited upside: Sell

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- Tom Winnifrith

A report lands on my desk today from Edison Research on AIM Listed Gulfsands Petroleum (GPX) entitled “The road out of Damascus.” This report was commissioned by Gulfsands ( i.e. paid for) and so one would not expect a bearish conclusion. ‘tis always the way with research reports from commissioned firms ( like Edison or Hardman) or from a house broker – they want to say buy but sometimes just cannot do so. And so you get what is known as a “corporate hold” . i.e. sell. There is no recommendation on the report but with the shares at 111.75p it sets a risked valuation of the stock at 119p. I cannot see why anyone would buy a share for just 6% upside. Any sane investor would sell and switch into a stock with more upside.

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