| 00:00 - 00:05 | So this week I've looked at AIM listed O&G companies and I've found one in particular |
| 00:05 - 00:07 | where PIs are rushing... yes literally rushing... |
| 00:07 - 00:10 | to hand over... all their hard-earned. |
| 00:11 - 00:16 | It's been trading for years... raised tens of millions... kept directors fat and well-paid |
| 00:17 - 00:21 | But it's never made a profit... |
| 00:21 - 00:24 | not once. |
| 00:29 - 00:31 | Not once! |
| 00:31 - 00:34 | And still PIs are throwing their money at it! |
| 00:38 - 00:40 | Not once! |
| 00:41 - 00:47 | They spent years telling everyone that the UK's South Downs held more oil than Kuwait... |
| 00:47 - 00:50 | Raised millions of pounds from PIs to finance drilling... |
| 00:50 - 00:56 | Made a fair few holes in the Weald... |
| 00:58 - 00:59 | ...but found almost nothing... |
| 00:59 - 01:01 | barely a dribble! |
| 01:04 - 01:06 | And all the time... |
| 01:06 - 01:08 | the board were taking huge salaries! |
| 01:13 - 01:14 | Still do! |
| 01:14 - 01:16 | All paid for by PIs! |
| 01:16 - 01:20 | Can you believe it? |
| 01:21 - 01:27 | But listen, listen! It gets better! Much much better! |
| 01:35 - 01:36 | When at last people realised... |
| 01:36 - 01:39 | there was no commercially recoverable oil there... none! |
| 01:41 - 01:44 | The MD said "We need something to keep the lights on!" |
| 01:44 - 01:47 | He decided a new fairytale was badly needed. |
| 01:47 - 01:49 | So you know what he did? |
| 01:50 - 01:53 | He bought a clapped-out gas field... |
| 01:54 - 01:56 | ...a potato patch.... |
| 01:56 - 01:58 | ...for a quid! |
| 01:58 - 02:02 | And said "We can now produce gas. Quickly. And we won't need any more money!" |
| 02:05 - 02:07 | But... |
| 02:10 - 02:11 | Just... |
| 02:11 - 02:13 | Just... |
| 02:15 - 02:17 | Just six months later... |
| 02:17 - 02:20 | He goes back to the market and says... |
| 02:21 - 02:28 | "Sorry guys, it's going to take at least another year... and by the way, we're £12 million short!" |
| 02:29 - 02:30 | For real??? |
| 02:30 - 02:32 | For real!!! |
| 02:36 - 02:39 | You couldn't make it up. |
| 02:40 - 02:42 | £12 million more! |
| 02:50 - 02:55 | That's one hell of a nasty surprise! |
| 02:56 - 02:58 | Did they manage to raise it? |
| 02:58 - 03:04 | Yeah, finally. But they had to sign away any possible future profits to get the loan they weren't meant to need. |
| 03:04 - 03:09 | So all their PIs are screwed. Yet again. |
| 03:09 - 03:11 | But they must be used to this by now. |
| 03:16 - 03:20 | Do you fancy investing? |
| 03:23 - 03:26 | It's a great opportunity, honest! |
| 03:31 - 03:36 | Man but these British PIs must be more gullible than my great-aunt Carmen! |
