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.
You obviously know much more about the licences than I do, DU.
I too am hopeful that JOG will win more, which means the shares will offer even more potential, and I too am hopeful - in spite of my screen name - that we won't have to wait too long for farm-out news.
I am wary though that winning more licences without securing farm-outs will not deter JOG's detractors from saying that they'll never get the oil out of the ground.
It will be interesting to see how the SP reacts to either kind of good news.
correction......Farm-out(s) followed BY prospective sale..........
omission........"and from a fully paid-up member of the green movement":
https://www.ecotricity.co.uk/our-green-energy/energy-independence/the-end-of-fossil-fuels
Not sure how you define 'long wait', Longwait. I'm more optimistic and think there's a realistic chance of getting unexpected (positive ) news when we not expecting it.
I am probably one of a limited number of people who hope JOG applied for (and will be awarded) additional licences in the 32nd OGA Licensing Round, which closed on 19 Nov 2019. Results of applications will be announced in Q2 2020 (ie anytime after 31 March - just over a month from now). I hasten to add I have no idea if JOG did or didn't apply. If it did, it could only realistically have applied for licences in the GBA.
I struggled to find definitive information on the blocks made available by the OGA in this latest round and their precise locations (768 blocks or part-blocks were put on offer across the main producing areas of the UK Continental Shelf (UKCS)). However, if my interpretation of the geography is correct (or somewhere close) the following blocks available in the latest round are adjacent to one or more of JOG's present blocks under licence:
20/5 d&e; 20/9; 20/10; 21/6 c; 21/7.
Can someone else look at the info on the OGA website and give their opinion, as I'm not certain my interpretation is correct? There are links in the article to mapped areas and block numbers etc
https://www.ogauthority.co.uk/news-publications/news/2019/oga-launches-32nd-offshore-licensing-round-with-groundbreaking-supporting-datasets/
https://www.jerseyoilandgas.com/our_assets/licence-map/
There is (potentially) guidance about how quickly JOG intends seriously to add tangible shareholder value (imv) in the wording used on P15 of the recent Oil Capital presentation (linked above):
(i) >140mmbbls 2C - 5 discovered oil fields
(ii) >200mmbbls PR - 8 High Value exploration prospects
(iii) Key contractors appointed; Concept Select phase underway
(iv) 2020 Farm-out(s): Maximise Economic Value from GBA
(v) FDP 2021
Adding more prospects and leads via additional licences in the GBA could surely only to add to JOG's appeal to an established player looking to add to existing resources/reserves. Farm-out(s) followed prospective sale (I'm allowed to hope - makes sense on the kind of numbers we'd be looking at)?
Some interesting comments from the OGA to throw back at those shouting: "oil is finished"
"Government forecasts show that oil and gas will remain an important part of our energy mix for the foreseeable future, therefore maximising economic recovery from the UKCS is vital to meet our energy demands and reduce reliance on imports".
.........and from a fully paid-up member of the green movement:
"Global fossil fuel consumption is on the rise, and new reserves are becoming harder to find. Those that are discovered are significantly smaller than the ones that have been found in the past. Oil reserves are a good example: 16 of the 20 largest oil fields in the world have reached peak level production – they’re simply too small to keep up with global demand".
dyor
As I said, Mike, unless something terrible happens with oil or the general market, any further corrections should be the result of RG selling into strength rather than at lower levels.
Also, after the licences award was RNSd, the SP opened at 90p.
By the time I checked the price, it was 114p that morning and I kicked myself that I hadn't got the cash ready for a purchase.
I could have doubled my money, but didn't imagine RG would sell down to this level.
Can't see it going much lower and any farm-out news should send the price northwards, although it could be a long wait.
Hi longwait, do you think this has bottomed out now? Im still waiting to get in, as you say this is way undervalued, a lot of upside form here
Well, I've been proven right!
On 6 February, we had the following comments:
Looks like 80-90 inevitable.
(TriggersaysDave)
I think after the seller has done his bit, this will settle out 65p-90p range
(Divermike)
One thing I will say Trig, is you are probably not far out with your 800k but I'd say it's possibly closer to 600k than 900k.
(MadCrann)
Sorry, MC, but I think TSD is way out if he thinks RG has about 800k shares left.
He still had 1.3 million last Friday.
He cannot have sold half a million shares in four trading days.
(LONGWAIT)
He isn't that far out Longwait.
(MadCrann)
RG appears to have been selling a few lots of 10,000 shares each day.
He would have had to sell 125,000 shares per day to be left with 800,000 shares now, and that's based on published figures.
(LONGWAIT)
My very basic calculations had him still holding circa 800k shares too,
(newtothisgame2)
It's strange that all four of you were so far out.
As I noted on 13 February,
'You must have noticed that, whatever quantities RG had been offloading, he hasn't for the last two trading days.'
And the RNS suggests that he stopped selling by 13 February.
He still has 1,050,000 shares, which means he sold about 246,000 shares between 31 January and 13 February, which is about 30,000 shares per trading day which agrees with my estimate in one of my posts on 6 February:
'RG appears to have been selling a few lots of 10,000 shares each day.'
I am not surprised he stopped selling, as the shares are so undervalued.
He may be waiting for a recovery before offloading more, but the price will struggle to go much lower from here, unless the oil sector or general market takes a dive.
V weird - I own a lot of JOG and mostly with Hargreaves so not quite sure what your problem might be. As per other chats, it seems like if you want a million shares or so, they have an easy call to make!
Im new to JOG and see some value here.
Anyone else struggling to buy with Hargreaves Lansdown? Am I missing something? I've tried with small amounts (1k) but it's not working.