Questor say’s hold Gulfsands PEt’s – thank God he didn’t say Buy!

From today’s Telegraph.

Gulfsands Petroleum on the road to Morocco: Until the start of last year, Gulfsands Petroleum’s business was performing very well and management had significant operational success. However, its main producing asset was in Syria – and the company is now in the process of transforming itself by moving into new territory. Gulfsands operates an oil block in Syria, with a 50% working interest. However, the contract is currently in force majeure as a result of EU sanctions. The situation in the Middle Eastern country is not improving – if anything, it appears to be on the verge of civil war. It is unlikely to improve any time soon. The shares are down significantly from highs of 401½p seen in January 2011. Management are doing the right thing in their diversification strategy and the shares could look very cheap if discoveries are made, so some investors may wish to consider the shares for the more speculative part of their portfolio. Gulfsands Petroleum at 115½p+3 Questor Says “Hold”.

Whoever writes this must either be straight out of university, be castrate or have absolutely no investment flair… The stock is a raging buy on a resolution of the force majeure issue in Syria. I suppose Questor will however do doubt advise to Buy the shares when they are back at 400p. 

We must thank our lucky stars for participants like these in the market (and the likes of SueYou on the bulletin boards! – Sue – seen CWR? Still waiting for 1p!)

Hope you all took the cue to exit some of the major index posi’s in recent days as we did – last nights Fiscal Cliff debacle that took the S&P down to 1394 on the futures was hairy!