The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Well said JC , lets not forgot that AB has done what he set out to do . I think when FDP approval received then will fly
.continued .... Con(struction) Man
From their website.
https://www.nstauthority.co.uk/news-publications/nsta-convenes-collaborative-workshop-on-platform-electrification-to-cut-north-sea-emissions/
NEO attended and presumably did a presentation.
I think we all know that the JOG/ NEO/ Serica GBA development has been ticking these boxes for a few years now.
All the gossip from the loony bins at Westminster and Holyrood seems to be how much can we tax Companies to meet net zero (whatever the heck that means).
How about reducing the tax take from Companies who are complying with this net zero big idea? (if that's what it is really all about, which I doubt).
Where are their proposals?
Why aren't oil and gas fields - existing and proposed - scored based on their emissions for tax purposes?
Everybody seems to be talking about and can come up with a CO2 figure (funnily enough, nobody ever says your CO2 figure is wrong because, well, it's all just nonsense)
(for any MP reading this and is hard of thinking, that would mean a lower emission rating would result in a lower tax band - just for the avoidance of doubt).
However if "them's the rules" for this new game, we probably have to play by them.
One reason? - it's all utter nonsense and just a cash cow for the feckless and inept who rule us (certainly don't lead us).
This carbon footprint garbage is everywhere.
A whole industry is being manufactured to pander to this idiocy.
Construction projects! - what is the carbon emissions rate for a m3 of concrete/ m2 of brickwork? Suppliers - how far did your lorry drive to deliver the plasterboard? What were the emissions per mile?
The cost of building projects are being measured in millions of pounds....and also CO2 emissions.
Firms have jobs calculating/ guessing this figure for some reason or another....so that somebody else can parrot off a meaningless CO2 figure to a Government body that nobody either understands or wants to understand, but makes folk feel good (I think).
What is real about the operation is that a firm is submitting a large invoice for providing the service and adding to costs for no end.
If you have a relative struggling for employment or a business idea, suggest being a Carbon Specialist.
Good money, good hours (crime doesn't pay, but it's good hours) and you c an pretty much make it up on the hoof.
Couple of spreadsheets, coloured pie chart here and there, fancy folder, email footer with Carbon Specialist in bold letters (ideally with a logo of something official looking) and Hey Presto ! - you have arrived and can issue meaningless invoices with some pretty big numbers on them...in both £ signs and CO2 target figures.
If possible, it is always a good idea to give yourself an award like "Carbon Champions and General Good Guys 2024" to make you look super official.
ATB - Frazerjohn Investor In People; Carbon Champion and General Good Guy 2023/24 and also 25 to save on reprinting the stationery; Swine Flu Consultant; Bird Flu Consultant; Ebola Advisor; C
Maybe he was having an off day if you were not impressed by a particular youtube presentation. I had the pleasure of watching him present in person a number of years ago and he was held the room very well in my view. Some people aren't comfortable on camera and if that is the case its okay as I suspect it will be face to face with investment houses. He is a top bloke in my eyes and haas a very good reputation on this small island of ours in my network.
@DO - " If his ( Benitz) only role, post farm outs, is to be the public face of JOG trying to sell it as an investment to investment houses, then frankly he needs a crash course in how to give a presentation "
I cannot agree the SP is held back by Benitz alleged lack of presentational skills.
Its the numbers and other factors ( to be identified ) that count, and Benitz presented the numbers as well as is necessary.
There can now be no would be big investors not aware of the JOG case and the potential.
So factors beyond Benitz control and responsibilities are coming into play.
But the closer JOG gets to first oil the more these other considerations will fade in their effect on the SP
Yes, I did sell one of my two shares :)
Did you reduce? If you don’t mind me asking?
Personally, I would double my small holding on news that Benitz was leaving, since I think more experienced, capable leadership is exactly what this company needs. If his only role, post farm outs, is to be the public face of JOG trying to sell it as an investment to investment houses, then frankly he needs a crash course in how to give a presentation, because I suspect most GCSE business studies students would do a better job than he did on that recent youtube video someone kindly linked to.
Someone on the SQZ board says they need the KISTO chief as their chief. So do we :) certainly does the share price good.
But having said at the recent presentation that the SP was 3 times undervalued Benitz and the Board would be bound to recommend refusal on all low offers.
In fact, based on what he said it would surely be hard for him to recommend any offer under £6-
Does this steady share price fall not have all the hallmarks of the prelude to a low ball bid? Walk the price down on the back of a persistent stream of small transactions, then make an offer at a price which is higher than the price it’s fallen to but less than it started at.
Now now, Einbert! Benitz set up JOG and therefore is entitled to a large salary and easy options for the rest of JOG's existence, don't you know? After all, setting up this company wasn't "easy peasy"! And who are you to be criticizing Benitz on an anonymous bulletin board? Now be a good lad and run along and play, and keep your opinions to yourself! ;-P
Thanks for your update Jim but there really is no need for you to explain yourself. You've always made your position clear and should that change then that is your call, but glad to see it hasn't changed.
Surety et al. confirming the rns . it so happens that my daughter and i are in the process of buying houses. it required some disposal of JOG shares. that exercise is finished now. otherwise nothing has changed, whilst disappointed (as is everyone) that the SP is in flat mode my opinion that JOG has a promising future is still held. Am also happy with AB. to me the only significant cloud is the likely incoming leftie govt which may or may not play to the green gallery. i totally support the policy of ensuring the UK has its own energy production whether it's oil/gas/windfarms/nuclear. As none of the green ones are in no position to replace oil/gas for the next 10/15 years it is better to continue to encourage the North sea. and not import at higher cost from outside sources. i am sure the GMB union will have something more to say as well.
Jim,
Would be curious for your view, it's always appreciated - even if you are selling in totality
First NR now JB…
MPO the only way forward is to sell the company as per Dick’s posts.
From Serica's results
The Environmental Statement and draft Field Development Plan for the Buchan project have been submitted, with completion of Serica's acquisition of a 30% interest is expected to occur during February.
The JOG CEO isn't doing any operator ship? Just managing investors and financial strategy?
Time for a new CEO, a real oil man who knows the business of field development.
I do agree, onthe6, that the presentation skills of Benitz are greatly lacking; I don't think I've heard so many "ahhs", "eeeerms" and "ummms" since the last time someone from CNBC asked QuidProJoe to disprove the rumours of his cognitive decline by telling the gathered press corps the day of the week!
I'm not an AB basher and I'm very pleased to see AB get out there and promote the company as DU has previously suggested. His presentation skills are weak but he interviews much better. His personal fortunes may well be enhanced by investing in a presentation skills course - it's a learned skill like much else. I know my old corporate employer, even at my lowly level, would not have let me in front of customers with that level of presentation skill. That said, he's kicked off some valuable communications to a wider investor catchment. He might enlist his co-directors help if they are more comfortable than he with further such efforts.
Dive, you are correct. Sometimes it’s not the most informative or cleverest poster giving the important information. I’m not afraid of being ridiculed, I just ask questions. This is a discussion board.
So if cost overrun is £100m, our share is £1.8m? Am I right? Before anyone yelling down their screens, I’m not suggesting anything, just a figure then our share of it.
AB was never a natural presenter, most of us aren’t. But he does sound beaten. The problem is this is still a long wait until 2026, 2027 for most investors. Let’s hope someone will buy us out.
Interesting that he mentioned investment allowance for any possible development over spend.
Presume Neo/ Serica would pay from their profits eligible for the allowance, and JOG gives them the 9p in the pound back.
Which means the 25 odd million would go a long way in an over-budget situation.
Another new one here https://youtu.be/Sayz-DCNHQ8?si=oK1A49cS5QHYbqVx or this https://www.cruxinvestor.com/posts/jersey-oil-gas---leveraged-returns-from-north-sea-oil-discovery I suppose there's no point dwelling too much on what might have been but I do wonder where we'd be now if they'd just offered Equinor 80% 3 years ago instead of the 50% equinor turned down, always easy to say in hindsight. I also wonder if not wrapping Verbier up in a parralel Buchan FDP submission might have something to do with the payments triggered to Equinor when the Verbier FDP and first oil happen. I think the 3.5x will be like the aim to leave themselves with 25%-20% and ending up with 20%, and in reality they're expecting more like 3x than 3.5x it doesn't look much like a sellers market to me at the moment. GLA and remaining hopeful of a quick sale.
DO - re " I think it's more a question of what activity is to be undertaken once the Serica farm out is completed and the remaining paperwork is completed (which I highly doubt is CEO activity.) With farmouts and FDP completed, what demanding work do you anticipate needs doing by the JOG team? "
That question requires/deserves a specific answer.
My impression was that Neo would be doing everything once final go-ahead is achieved