We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
CHF , now that I do agree with :-)
I'm not a labour cheerleader btw but Just for S&G's
Shadow Chancellor Rachel Reeves studied at New College, Oxford and the London School of Economics before working as an economist at the Bank of England, the British Embassy in Washington, D.C., and HBOS.
I would wager that she knows her stuff.
Re Millario - ( Of the Conservative Party) - " The blind faith in them is really bizarre to me. ".
I agree - and it has made them complacent and indifferent to public opinion, not to mention mediocre over a wide field of governance.
Sorry - below was a response to EinbertAlstein not Millario
I've lost count of the number of people i've come across that protect the Tory Party to the hilt regardless of even the facts that prove them to be terrible . The blind faith in them is really bizarre to me.
Re: Millario : As is said in an article in today's TCW of Lord Frost's speech in a recent House of Lord's debate -
" But his penetrating analysis of the threat to liberty in the Liberal Democrat peer’s Private Member’s Bill exposed the Conservatives’ 14-year failure to tackle the neo-Marxist authoritarianism that has swept through this country’s institutions."
That sums it up - we looked to the Tory Party to protect us from neo-Marxist authoritarianism that is roaring thru UK institutions and they haven't wanted to know, preferring to keep their heads down and in some cases ( like Penny Mordaunt) even join the Woke Army.
For 14 years they haven't wanted to engage and fight the woke onslaught on our behalf - so what use are they at all.
Diane Abbott is irrelevant small fry.
I've been hearing that tory line about labour and the economy for the last 45 years, I've even heard 20 somethings saying it like a labour government will bring a financial armageddon
Covid aside lets not kidnourselves the last 14 years of Tory government have been absolutely abysmal, cost of living increase, brexit (which is all the work of the right of the party namely the ERG) law and order worse than ever in my memroy, immigration out of control, inflation, constant party in-fighting, fuel bills, more people in poverty, increase in homelessness, increase in food banks and people in poverty all under their watch but hey vote for them again and more of the same because no one else could possibly do a better job or have any better ideas.
Generally speaking it's the poor & rich at the extreme ends of the scale that will be most affected by a labour government not those in the middle.
As bad as the Conservatives have become, they don’t have MPs like Diane Abbott and Jeremy Corbyn. I think both of these people have had the whip removed but there are still dozens of them who share their views. Remember Sir Keir supported Corbyn at the last general election. He may be trying to use ‘Anti Semitism’ as a way of trying to apparently distance himself from the communists in the party but they are still there.
There may be dimwits, fools and fibbers on the Conservative benches but I don’t believe there are any communists.
Hi On the6. Looks like you are off the 6.
Go to the website and you’ll find the most recent presentation.
Carried through to first oil.
What about the capital outlay?
https://wp-jerseyoilandgas-2020.s3.eu-west-2.amazonaws.com/media/2021/03/02230445/CS-RNS-3-March-2021-vF-website.pdf
Page 13. Jog has to pay for the 20% cost of the ‘Core GBA’? Am I right in saying that jog is only fully carried for the initial ‘Phase 1’, not any subsequent development? I know this presentation is out of date and figures are no longer valid, but can anyone enlighten me? Sorry for being thick - at least I admit unlike some politicians :))
CUPHALFFULL
I assume you have heard the expression 'the lesser of two evils'.
There is also 'a change is a good as a rest' which I suspect is what the electorate want, but it will just be a mattter of time before they start kicking themselves.
But another 5 years of Conservative government would be just as bad - 1.2 million legal immigrants last year and that would just grow annually while simultaneously lots of Sunak handwringing with even more Tory pledges to cut the numbers -
they think the population are fools.
And its the Conservative Party who have got us to this state that a Labour government is inevitable.
Give the Tories another 5 years and they would think they can say, promise, and do anything they want and always get away with it.
I explained all this by letter to my Tory MP when I resigned from the Party and the reply just contained the usual stuff about how awful the Labour Party is - no admission about the awfulness of the Conservatives.
Indeed. The pain though will be felt by all for many years, since this phoenix conservative party will only rise once the ashes have been fully flamed, and so everyone will have to suffer LIEbour for some years. As you say, BoJo completely screwed things up (but frankly the unelected and unelectable Carrie was calling the shots anyhow, with her hideous.....leftist green agenda.) I think that a real opportunity was missed when BoJo should've gone in instead of May for a year or so to get Brexit done in the beginning, then made way for someone intelligent and responsible, such as that capable Old Etonian from somewhere in Somerset whose father was publisher of The Times, or some other equally decent broadsheet. Split milk and all, but the cleansing fire period is going to be very unpleasant for everyone, even those who've been talking sense all along (and been completely ignored!)
Hear hear, CHF.
"Cuckoos in the nest of Conservatism"
Someone's bought 50 shares this morning, so we should be ok............
DO - " as a lifelong Tory voter, I will not be sad for ONE SECOND to see these low-life libtard lefties masquerading as the Conservative party out on their ear, they are a complete disgrace, the lot of them. It's the worst government in my lifetime, and that's saying something since Brown and bLIAR were bad enough, but they look positively Churchillian by comparison with these narcissistic t055er5 "
I couldn't agree more DO - that is the reason I resigned as a member of the Conservative Party 2 months ago - the majority of the Tory Parliamentary Party are Centre- Left - genuine Tory MPs a shrinking band.
Dick had a good name for them - 'Cuckoos '.
We need a new Centre-Right Party in this country and it cant happen while the Tory Party continues to exist as so many habitual Tory voters continue to think the Tory Party is the same right wing party it used to be.
Its annihilation is what is required that something a new genuine Centre-Right Party can grow in its place.
Terrible shame because people like Badenoch, Braverman, and Pritti Patel are excellent, but they are very much a minority.
If only Johnson hadn't been so absolutely self centred, thick, and lacking in political savvy it could all have been so different as there were some decent ministers in the Cabinet and we could have had 10 years of a reasonable centre-right government.
And before anyone corrects me, yes I know LIEbour will be worse! But that isn't the point. If the country is to have any possible future at all (beyond living in a cave with no electricity supply nor energy of any kind, since everyone will be on strike constantly) then we need a right of centre party back one day. And the TINOs need a f***ing good kicking so that they can be brought to their senses and will possibly be close to one day being semi-fit to govern again. It will also be EXTREMELY good for the apathetic electorate in the UK to see just how great life really is living under socialists, and Kweir and his gang will probably produce a fantastic opportunity to experience precisely that in all its glory. (My prediction is a LIEbour landslide this year, followed by a short false economic boom as they spend the last remaining credit we can get our hands on; followed by economic collapse; but people still won't have learned because LIEbour will be clamouring "Give us a chance to undo the decades of TINO mismanagement, we need another term to complete the transition to socialist utopia" and people will - by a much reduced margin - return LIEbour to power for another term, I expect.) At which point it's an interesting question as to whether any party in its right mind would want the poisoned chalice of gvmt
to clean up after two terms of socialist LIEbour gvmts (I use the word gvmt loosely, you understand.) The VERY best things to come out of a few periods of socialist government would be:
1. British people get inoculated against the blissful utopia of socialism when they actually get to see it in action, ie live it
2. Britain is no longer considered viable as a bondseller, ie we can't borrow again any more money again for a very very long time IF EVER; that would be fantastic news, because until then, Britain will find itself in the grip of politicians who promise to spend more and more money that the country does not have (nor the ability to pay back) in order to buy votes from people who are actually too stupid to realize that gvmts do NOT have access to a magical, mythical money tree for all this financial largesse.
Here endeth the lesson.
"In view of the near certainty of Labour getting in"
You truly are the master of understatement, CHF! The only way I can see LIEbour not getting in, is it MadVlad has already nuked the entire world by the date of the election. And, as a lifelong Tory voter, I will not be sad for ONE SECOND to see these low-life libtard lefties masquerading as the Conservative party out on their ear, they are a complete disgrace, the lot of them. It's the worst government in my lifetime, and that's saying something since Brown and bLIAR were bad enough, but they look positively Churchillian by comparison with these narcissistic t055er5
Re alsoppc - " Would be interested to see if the brokers revise their target price when labour get in..."
In view of the near certainty of Labour getting in, would it not be expected that if the brokers are going to revise the price they will do so the very next time they issue a brokers statement ? - may be very soon.
Lab gov is going to be rough, especially on O&G.
I would say, even at 78% tax the profit after tax versus the SP in 2026 is still compelling.
One might even see it positive for the SP that sale or Dividends til Destruction is good for shareholders.
If JOG simply treat the business as an insurance book in run off, and the FPSO dingles around in GBA for 10 years throwing off cash and divies, isn't their still mega Dosh to be made?
The cash on the balance sheet alone post FID, can one not think of that as 'undiluting' the SP, by almost 50%?
If the board acts in shareholders interests I believe still a great stock to hold.
Https://www.energyvoice.com/oilandgas/north-sea/547590/analysis-labour-windfall-tax-north-sea-values/ I read the Politico piece at the weekend and thought about posting but seemed overly gloomy, having just found this link perhaps it's not, it gives a few case studies with drops in portfolio value between 18-43%. Would be interested to see if the brokers revise their target price when labour get in, £4 might be a looking more realistic to me right now, with Labour wanting to make the oil cos feel the most pain possible and still a chance Neo might decide to moth ball and with the Serica signing dragging on. I'd love to see them bought out but I think cornishoilpirate has been getting over excited about his iminent takeover rumour and his 2 and 5 keys on his keyboard have become stuck together. If only Truss had the sense to cancel the white elephant that was HS2 at the same time as announcing unfunded tax cuts we might not be staring at a government who are getting ready for unfunded benefits increases instead
Big Bird's going to be the new Serica boss :-)
Sesame
Cornish - " Word on the street is JOG will be sold to a buyer once confirmation of Serica goes through. £25.00 per share being talked abot. "
Which street is this - Carey Street ?
Dick,
Turtley Cornmill fab idea. I go there all the time. Sale announcement as early as tommorow. Hence I will get the table booked. I hope that our other friend has a clean pair of paints
"The disingenuous comparison between the 78% Labour intends to charge with the rate charged in Norway where, to start with, operating expenses are 12% higher as a % of gross revenue than the UK,"..................
.....I meant to write "12% LOWER than the UK"
Put another way, the 78% rate Labour intends to charge UK producers in effect equates to 90% when compared with Norway.
It's important to remember though, that Labour is the "party of business and stability for their investments" and that "Our windfall tax will only apply while there are windfall profits being made. This is fair and proportionate."
There will never be a time, whilst Labour is in government, when "windfall profits" are not being made. If things were "fair and proportionate" the EPL would already have been scrapped. The "windfall" element of UK producers' profits disappeared within months of the spike that was evident for a few months following the start of hostilities in Ukraine, but this does not appear to have occurred to either of the main political parties, which have chosen the oil & gas industry to milk for all it's worth, regardless of the longer term consequences for the industry and for Britain. In reality they are relying on the ignorance of the vast majority of Britain's citizens, who mindlessly chant the "oil is bad, green is good" script, 365 days a year, year after year. Turkeys and Christmas come to mind.
It will be too late when the majority of oilcos have decided en masse to shun the UK in favour of countries who put the interests of their people ahead of cheap votes won with lies and deceit.
https://www.politico.eu/article/oil-gas-company-lash-labour-party-windfall-tax-plan/