The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen 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.
Genuinely, if you want to deramp I would suggest you do it under a new ID - you're just looking ridiculous now. By the way, when you talk about being down £150,000, which is based on your claim of having about 1m shares - the day to day movements are of very little relevance to someone with a holding that large as there is no way you could sell that amount at the market price, you are basically depending on a takeover or major news to make it possible to sell that stake, and gambling that will happen rather than a failure in which case you basically lose most of it. (But you know this anyway)
If this drags on they will be looking at raising more funds and diluting the company . Can someone see my concern here ?
I have changed my time as I’ve just realised that my holding is down by another £150k
Shredders it is very hard to maintain your cool . These executives are involved in complex negotiations ? . What negotiations is there anything to suggest that these people are actually doing any work ??. It seems to me they are stringing us along and diluting , paying themselves over inflated salaries . Where is the communication ???. I am getting fed up here , I’m not adding anymore as I have enough but I’m very disappointing in the top team as they have a funny way of showing any value . Any bets when there will be a further fund raise / dilution ?
JamesSimon posted at 10.58 today "Bargain entry point for those who haven’t invested ." How quickly he has changed his tune!
JS, after you owned up to reramping for your own benefit on 17th March you did promise not to do it again - oh well..... clearly you've decided you want some more shares.
JamesSimon, does the below still not apply? You stated it 1 day ago-
"These are complex negotiations with many factors that come into play . If big ears announces the new EPL on Fri then the board will need more time to finalise the details. Don’t be disappointed if there is no news this week . I’ve purchased my large holding and just waiting for the news . I’m Happy as Larry and cool as a cucumber".
Clearly Larry has left the building and the cucumber is now a hot chilli.
The co is worth a valuable £54m. Can somebody remind me how much have they fund raised ??
Anybody want to rent Spanish villa’s ?? I’ve managed to buy several by shafting gullible Jog holders by awarding myself a very generous salary . Perhaps the holders would like to rent them ha ha
Where is the value ??
The top team at JOG are on around £300k each and awarded themselves high salaries . These salaries are being paid out of the dilution which we shareholders paid for . Then where the f@@k is the ceo telling us what the f@@k he has been doing for the last few years to earn these inflated salaries ?
Ah yes, somehow missed it. Thanks
Unbelievable Jeff, try thier website and the 2nd last RNS
I've tried searching (probably not well enough) but I can't find the announcement that suggested some kind of deal would be done by Q1 2023. Could some kind soul point me in the right direction as I'd like to read this from the horse's mouth. It doesn't seem to be in the last interim statement. Cheers.
Almost 10% down. Tightly held shares as you say, JS...
A day and a bit to go for Mr B.
Remember, the deal was "a certainty" by close of play tomorrow.
What are the fiscal changes (if any) that have happened since 7 am on 29/11/2022 to scupper the deal?
Being blunt, the farm out has been going on for over 2 years - nothing! (yet).
Communication over that time?
Notice of (a botched) dilution.
Statutory Financial Reports telling us how the money from said dilution is being spent.
Add- ons telling us that there is a farm out going on (like a breeze with companies falling over themselves to get involved).
A Licence Extension.
A message from our CEO telling us that everything is in the bag by 5 pm tomorrow.
I think that briefly sums it up.
Reality at the moment is.
A lot (an awful lot) of money has been spent.
We as shareholders are no further forward than where we were 2 years ago - still a 100% ownde oil company with a lot of potential but only 4 or 5 million in the bank.
A (well paid) CEO and associated Directors, whom we have trusted to take potential to reality.
As of 13.30 today, he/ they have failed.
Failed to meet their guaranteed date.
I have no problem with well paid Directors IF they deliver.
Big 24 hours for MR B (and his cohorts) reputations.
My bank balance is rooting for them, but my head is telling me we'll be getting the "Bronx Cheer" on Friday/ Monday.
How will we take anything they say seriously after this?
They look like they have been "had". Any negotiating parties will seem them as being weak or at best naive after the 29/11 RNS. Certainly not a good place to be.
Let's hope they pull the rabbit out the hat, but based on the last 24 months, you wonder if they could pull a hare out their ****.
As an aside, I have never bought into this Ithaca old pals act.
Not to say Ithaca wouldn't be involved in farm out/ JV discussions, but I have found business to be a particularly jealous place.
Staff leave to bigger and better things with all good wishes (ha ha), but their replacements, be they from within or without, like to put their own stamp on things, and that usually means rubbishing what went before with a good dose of "what did they know" thrown in for good measure.
If they were that good chums with Ithaca, they wouldn't have left.
JMO
Have any shareholders heard from the company in the past 4 months? Anyone?
News flow seems pretty quiet on the energy security day so far... any ideas on the timings, etc
Not sure announcing a reduction in EFL at the same time would have been sensible from a political view point. It will happen sooner rather than later, operators have spoken with reduction E&P operations e.g Ithica and Harbour
Saturday will be interesting on this board - either there will be a lot to discuss in terms of the farm out info, or the usual suspects will be predicting the following week for news, desperate to keep their dream alive and ignore the usual aim reality. I am betting that nothing of any substance is announced and am keeping the cash ready from the sale of 3/4 of my holding to buy back much lower on Friday afternoon/Monday morning when the share price crashes. Has to have good long term prospects, but bungling Benitz and his team of merry men need to get the sack first, and put the co into hibernation whilst a formal sale process is conducted.
We can but live in hope that our leaders are being politically astute and choosing not to announce the "refining" of the EFL until the Easter w/e when such will be lost in other bank-holiday news. Do we credit them with such careful foresight ...... or are they just ignoring the fallacy of the punitive EPL that they introduced.
GLA JOG'ers
Looks like Ed Miliband is the bandit in the room . I thought big ears and slippery hunt would’ve handled the stuttering Miliband. Looks like they’ve headed to Nandos instead and chickened out
...all this a distraction, as I used to think before EPL floor potential announcement drew near without a deal.
UK will be a high tax environment for the life of GBA's producing period, with a Lab gov in power all but certain.
Best option is for people to just grab the allowance now, and get going.
We can only hope the delay is nothing to do with EPL floor, and just a 'down to the wire' negotiation to a deadline, bracketed on one side by AB's guidance, and FY year end on the other.
Heads of terms agreement this afternoon RNS or tomorrow am.
Good luck all
https://www.agcc.co.uk/news-article/uk-government-airbrushes-out-north-sea-oil-and-gas-industry
"But one industry insider suggests news relating to oil and gas has been deliberately pushed back to a later date.
There is thought to have been fears their inclusion would give Shadow Secretary of State for Climate Change and Net Zero Ed Miliband a stick to beat ministers with.
It is believed that the oil and gas measures are still happening, with an announcement possible next week."
Supporting this view is that in the govt publication there are references to the ongoing importance of oil and gas in the interim, and yet I cannot find any reference at all to the windfall tax and investment allowance. I mean, if the govt had decided to leave everything as is they surely would have at least trumpeted how their present policy with the investment allowance is so good as it encourages investment. The total absence of any mention gives strong weight to the argument that another announcement is due re oil and gas.
Eva NL on Net Zero
https://youtu.be/WcIQ_A27LqM?t=2892