On no news about SKPI since the middle of August, the share price is constantly going up and the uptrend that started in July seems quite stable. There were no promotional disclosures for SKPI this year, though the next portion of alerts came out on Friday by the same promoting website, which pumped the stock previously at the beginning of August.
The latest newsletters were just following the usual practice to remind traders about the latest news on the company and about the success the promoter had so far. Obviously, in the case SKPI, the reminder was also able to gain some additional volume and trader interest, since the share price keeps climbing stably up. Yesterday, SKPI jumped another 12.84% up and closed the session at $0.712.
According to the latest quarterly report of SKPI, the mining company had in the quarter ended this June its last revenues, which came so far from a participation agreement for an off-shore oil and gas project in the United Arab Emirates. The two wells have now come to the end of their economic life, and obviously the same happened to SKPI’s ability to collect any revenues at all. In connection with that project, SKPI has funded $25 million in drilling costs, and has received a total of around $5 million in revenues.
Though, SKPI has now the next “promising” project starting. According to another Production Sharing Contract from the end of June, SKPI will have the right to explore three exploration blocks located in Albania. The exploration works will go in three stages and will last a total of seven years. For that next investment SKPI had to pay $1.23 million and had to issue 1.5 million shares of common stock with a fair value of $480,000, to a consultant who helped the company acquire and negotiate the new oil and gas property.
These days, the shorters were not willing to wait seven years to see again revenues on SKPI income statement and the percentage of shorted shares reached over 42% on Monday.
