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It was mentioned in the past that a reserves assessment was going to be done. I wonder if this is still happening or would boost the SP. Does it allow lending?
Your not on your own, its been a pretty painful 12 months for us LTH at Serica. JOG becoming interesting.
We must be due some news to spike the share price again.
Almost 4 months of steady decline so if past events are anything to go by this must be an excellent opportunity to top up again.
I couldn't help myself and bought a few more at 149.
Marks the anniversary (day before Good Friday) of the 50% F/O to NEO. We thought we had arrived, the 600p/700p targets landed. We pushed on and Serica took another 30% the 600p/700p targets were reiterated. What an awful year for LTH's as we watch on with the shares languishing below 150.
Interesting activity elsewhere in NS
Exclusivity Agreement for a potential transformational combination with Eni S.p.A.'s UK Business
Ithaca Energy, a leading independent oil and gas operator in the UK North Sea, today announces that it has entered into an exclusivity agreement (the "Exclusivity Agreement") in relation to a potential transformational combination with substantially all of Eni S.p.A.'s ("Eni") UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni's CCUS and Irish sea assets (the "Potential Combination").
Hmm. The point was - if the Tory membership had 2m more sensible members, better leadership choices would be made. You get the democracy you deserve - no one gives a monkeys so we get monkeys
"Join the Tory party and have your say." Of all the things you've ever said that I disagreed with, Greener, this has to be one of the silliest - have your say? The last time the Tory membership at large "had their say" they rejected the current idiot squatting in 10 Downing Street and picked Unlucky Liz, who was practically whisked out of office before she'd even had her name hung on a shingle (and they blamed her for every problem Britain has ever had from the Black Death until her last day in office!) At least under her leadership and economic plans, Britain would've been aiming for private sector growth, but don't anyone tell Rabid Rachel that reducing the top rate of income tax actually brings more in for HM Treasury, we wouldn't want reality to get in the way of a virtue-signaling "eat the rich" campaign. I'm ashamed to say that I voted for the current party in government (never again, that's for sure.) I thoroughly reject the notion that "voting for Reform helps LIEbour"; even if it produces a socialist Qweir government, at least it will be more "honest" (cf the leftist, greeny socialists masquerading as the Conservative party.)
Join the Tory party and have your say. Lack of participation in grassroots is ruining things. 1970s Tory membership was 2m? Now 200k
Don’t know enough to comment on politics. But voting for reform is helping labour. That much I know. I don’t know what to do comes autumn.
There's nothing "centre-right" about Reform UK CUPHALFULL. The whole point is that they have positioned themselves to the right of the Tories who are swinging way to the right themselves (after the fairly centrist, strange as it may seem, Johnson). A party -sorry, limited company - with Farage on the board isn't going to be "centre-right"
That was so weird. Thought I'd dreamt about a DU post. Didn't dare say for fear of madness. Good sums DU. Maybe market is discounting project happening due to Labour machinations. Wrong in my view. Apparently Ed is more the mouthpiece for a Green audience, and rabble rousing. Rachel Reeves is closely engaged with industry, will actually be the one who sets the tax. Buchan is billions in tax receipts - Lab will be extremely aware of what they're doing. A bit squeaky bum but I haven't sold a thing.
AFternoon all - I am led to believe after a meeting with a good and knowledgable friend in the industry that the removal of the capex allowance alongside the raising of the tax rate to 79% means for some - probably not all - that the effective tax rate might well be as high as 120%. This might may well be the reason why - to read your post Dick - the market values JOG assets as indeed worthless. tragic really. A few things that amuse / interest me -
Harbour energy seem to make in excess of $1bn at the top line and managed to scrape £35mm bottom line profit...discuss why they should think its worth their while continuing these oeprations?
The UK oil industry has paid £600bn in taxes to the exchequer over the years - thats a few nurses and unemployment benefits...its a brave man who has decided we dont need that income anymore.
My oil charts go back 21 years...during which Oil has been as low at $20 and high as $147...i think it doesnt take a v bright chap to work out that its lagged inflation quite considerably.
Still, at least we are energy secure so that when Russia bu55ers up the oil n gas mkts again (anyone see Russia blaming the UK for the massacre last week?)...oh wait...
I hold these shares in great despair at our political idiots...oh one last point. I gather Sunak, to great applause, got off the stage this week saying we will never import another drop of oil or gas rom Russia...as he signed a lovely deal with a French LNG firm...who guess what...
Whats going on here today ? Just returned to see my earlier post missing - so again - DU great to see your post of earlier today, the shorter version is just as good and quite enlightening. Hope you are keeping as well as possible. A turnaround in JOG would be most welcome and the sooner the better.
Welcome back Dick. Good to know you’re keeping well. Have a great Easter. Just realised it’s this Friday! Early one this year.
The first post I made was "lost" while LSE was trying to establish I wasn't a robot. Attempt 2 was removed for reasons that are unclear to me.
In a nutshell, as I am not going to go into as much explanatory detail, the situation seems to me to be as follows:
JOG had b'fwd tax losses of £62m at 31/12/22. These will have increased by the tax loss incurred in 2023. The CASH value of these losses, using a tax rate of 40%, exceeds £25m.
Within the next few months, assuming the GBA FDP gains the necessary approval (which imv is the most likely outcome) further milestone payments will be received from NEO and SQZ that will swell JOG's cash reserves to around £35m. Ongoing cash burn thereafter is forecast to be small in the period leading up to either production or company disposal (sale).
At its present SP level, JOG is valued by the market at £49m, thereby indicating that regardless of what happens in the future in regard to the GBA, JOG would be a valuable asset for any industry player to acquire. The market seems to be saying Buchan, J2 and Verbier (set to be re-categorised as P2 reserves when the FDP is approved in a few months' time - JOG's share c.20mmboe - 33°API) plus the prospective resources in Cortina, Wengen and Verbier Deep - all close to being exploration drill-ready..........are in total worth MINUS £11m.
And people are selling???
dyor
Re - DonkeyOatey - as regards Labour and things getting worse - I tend to agree with Nigel Farage when he says - ' How much worse can it get' ? '
Tories worst actions ( where to start ?) - making a Labour government certain has got to be included.
I resigned from Tory Party some months back and am not a member of any Party now
I think the Conservatives deserve permanent decimation and to be replaced by Reform as an authentic Centre-Right Party.
What utter rubbish. You think there is something virtuous about poverty in the past? Poverty is poverty, it's all relative to the times we live in. So somebody on benefits runs a car. What do you think they should get, a horse? If the Tories hadn't wiped out public transport - trains & buses - the young could get to college and afford to take lower paid jobs. If they hadn't wiped out all the industries there would be factory jobs for lower skilled people. What jobs are there for them? Overseas factories wiped them all out and AI will come after the next tier. Money spent on benefits is a fraction of what is wasted by government on useless projects - HS2, Carriers, PPE etc etc. Lets stop triple lock pensions for a start. Much easier to blame the local young thicko that "somebody knows" though. And no, i'm not a "champagne socialist" whatever the hell that is.
CHF - as a lifelong Tory, with much regret I must agree with your comment, CHF, the CINOs have indeed presided over complete destruction of the work ethic in the UK, and indeed it now pays most low end unskilled people to just bleed the welfare system white. Of course, LIEbour will be worse, it'll be just more of the same on steroids, but hopefully the electoral decimation which the Tories will undoubtedly suffer will be sufficient to bring them back to being the party of work, entrepreneurship and capitalism (sad that it has to come down to hope that the Tories will eventually remember what it means to be a Conservative, or just a conservative, either would be a vast improvement on their current champagne socialist, libdim-lite policies.)
These news good for our project?
Labour figure out that Offshore wind will be expensive and will need lots of steel which in turn will need lots of energy which means they need even more wind turbines.
https://theenergyst.com/21291-2/
'OGA plan' which has been in circulation in draft since last autumn is due any day according to
https://www.energyvoice.com/oilandgas/north-sea/550570/nsta-oga-plan-published/
Some observations from NSTA Ops Dir cited.....
"... investment in emissions reduction goes hand-in-hand with the need for new oil and gas projects."
...OEUK) has previously said 90% of operators have slashed investment due to the policy.
"......platforms originally designed for 100,000 barrels per day are now producing a tenth of that – but still with the same level of emissions." Doh!
MPO818 - " - post the election Labour will cheerfully enhance these benefits, it is in their DNA."
So would the Tories who have reigned over this state of affairs, not to mention the general disastrous state of the Country.
"I think the numbers would shock us all - You would think the "benefit office" would be able to check out some, if not all of the "living styles" you have listed above - post the election Labour will cheerfully enhance these benefits, it is in their DNA."
I think if you have ever been to Benidorm (or similar) and seen the tattoo'd low life's, lying up, drinking and smoking (or vaping) around the pool you wouldn't be even slightly surprised.
Alibro
"I would like to know how many of the people in the UK currently classed as 'in poverty' have a contract for a new mobile phone and how much they are paying. "
"And how many are paying for Amazon Prime, Netflix, Sky etc. "
"And how many go on holiday to Spain regularly"
I think the numbers would shock us all - You would think the "benefit office" would be able to check out some, if not all of the "living styles" you have listed above - post the election Labour will cheerfully enhance these benefits, it is in their DNA.
I know a girl living on benefits.
She claims she can't work due to 'mental health issues' which is complete b0ll0cks and is basically the new 'bad back' for the chronically lazy.
She deliberately (just my opinion but I'm sticking to it) got herself pregnant twice
She has a house paid for by us
She has disability allowance paid for by us
She has income for each of the children paid by us and the father
The grandmother of her children works in the Jobs and Benefits office and recently told us she has an income equivalent to earning well over £20k so with all the benefits she could never earn more by working.
She spends more money on cigarettes, Tattoos, bottox and having her nails done than many do on food.
And recently she started taking driving lessons as she plans to get a car on mobility!!!!!
I would like to know how many of the people in the UK currently classed as 'in poverty' have a contract for a new mobile phone and how much they are paying.
And how many are paying for Amazon Prime, Netflix, Sky etc.
And how many go on holiday to Spain regularly