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It’s falling again .
Trendz, yes but sp only 6p down on full 12 months. Not saying thats a brilliant result but too many posters are panicking - clearly short-termers who are over invested. This will hopefully come good in time as the asset is quality and the demand is growing.
AIMHO GLA LT Joglers
37% down in 2023 - stinker.
The RSI (sentiment) is weakest since summer 2021.
Why did Benitz make that statement re farmout 3/4 months ago - seems odd. No selling from any material shareholders (that we know of…) is a small solace
Depressing watching this Shyte fall every day . I’ve lost my Rag with the top team . I’ve given them praise in the past but this silence is pushing it . I remember last time we had silence whilst waiting for the verbier result the same thing happened .
This is shyte
FrazerJohn - Good work and thanks for sharing, it provides a little light in the dark days as this continues to drift south.
Aye, but then again, you're a tit.
Fraser I admire your bullish and confidence . I hope for everyone’s sake you are right as this waiting has worn me out .
Surety
Straight copy and paste with no editing.
I was quite pleased with the response.
We all now things can "certainly" change, but I think a "deal" is in place, with perhaps a possible better option, or variance of the "deal" being discussed.
I don't see the advisers or the NSTA folk being so bullish or forthcoming without one.
Is it subject to financial regulations ie possible Budget stupidity; perhaps Quarterly Main Board meetings (ie maybe the December meeting, but definitely the March meeting); or just the complexity of "multiple" parties (I think that was the wording) sitting round the table holding their cheques to see who releases first!
Who knows?
But I do feel a bit better about things today.
Just issue the RNS and hopefully release the cash!!
I hope it is a buy .
Brilliant James. One assumes that someone also bought the £98k sell !!!
Yes Surety it was also interesting to note that there was a £98k sell !
What was their recent fund raise was it for around £18m ? . Mr B and his Ithaca crew are in a very fortunate rewarding position . Every day that passes they are picking up decent pay for what ??. We are paying their salaries and what have we been provided in return ?
FrazerJ - That is actually incredibly helpful IMHO. My read on that is they must have a deal.. it’s almost as if they are trying to help JOG with the ‘however’ .. They could simply have just declined to comment in line with their policy.. As they started the initial response.. Assuming you have literally cut and paste the entire transcript (I’m not doubting your integrity by the way).
This suggests the issue is timing .. are they waiting for an announcement (results?!?) or are the producer(s) making sure the government move on the floor mechanism before showing their hand.. which is creating the delay? Will this move now that the government have indicated to the NSTA they will look at it ?
You would think the NTSA would have looked for validation from the farminee(s) or acquirer as well ?
Really interesting response…
DYOR
My confidence level has hit rock bottom . Perhaps i’m over cautious but we need to ask ourselves tte question :
MR B has raised £45m in dilution / funds to get us where we are which is almost the present value of the co .
They have awarded themselves very generous salaries . I don’t have issue with pay but you’ve got to deliver !
What have they delivered ?
Perhaps we need to ask our valuable poster Briggs who can furnish us with his thoughts .
Very depressing and painful seeing the value of your investment fall . I’m getting fed up now !
Can we really afford to keep giving this guy the benefit of the doubt? He has been talking about success any day since 2021. They must be burning through a fair few million each year just for salaries. No deal will leave very little time to develop a plan B. Why aren't they just putting the co into an FSP? Or is the problem here that there are too many snouts happy to be feeding at the trough? I don't see that the ex ithica guys have achieved anything here for their money. I suspect if too many benefit of the doubt months continues to be given the liquidators will be the ones pocketing our money.
50% down from Oct high. Ergh.
Further to my earlier post, I emailed the NTSA regarding the Verbier Licence Extension. All as below.
I note that you have extended the Licence for the above (Verbier P2170.
On what basis has this been undertaken?
The Company has some £ 6 - £ 7 million approximately in funds.
Is this sufficient for the works required? If not, what assurances do you have that this Licence area will proceed to production.
Thank you (today 10.34 am)
Reply (today 16.34 pm)
Dear Mr XXXXX,
Thank you for your email of today.
The NSTA do not normally comment when an extension is granted.
However, you may wish to look at our published guidance here:
https://www.nstauthority.co.uk/exploration-production/development/field-development-plans/
https://www.nstauthority.co.uk/news-publications/publications/2018/financial-guidance/
which sets out the matters that we will take into consideration when considering an application for development and production consent.
I hope that this is helpful.
Yours sincerely,
NSTA Correspondence Team
Seems to me they must be happy with the financing going forward.
Mommur - I've thought for a while that JOG might be a good fit for SQZ (and have said as much on the blog). But I dont see SQZ as operator. JOG has referred a few times to a farm in partner or partners. A bigger player would most likely be operator so that the eventual split would be something like 50:25:25. Thi is pure speculation.
Any farm out deal would call for (one or both of) the parties to provide a substantial carry on the capex to get to first oil - and enough cash up-front to cover JOG's outgoings until revenues start flowing. Seems unlikely to me JOG will be able to get a full carry, so it's to be hoped RBL funding (post FDP and FID) will be available to JOG to enable it to meet its share of the capex needed to get to production.
As I say - it's all just speculation. What emerges (assuming something does) is almost certain to be different.
I'm guessing that JOG will already know if whatever they've got on the boil is likely to be finalised before 31 March. If the answer is it's unlikely to be, then they owe the market a RNS. Otherwise, I guess we just wait - on the premise that if there'd been any change to what the market was told on 29 November, they'd have updated it by now.
dyor - wtfdik?
Personally I am wanting Serica Energy to be in with a shout here - I could do with the share price recovering somewhat. Thoughts Dick?
I guess this is all about timing! If the government are really consider a floor mechanism, then who in their right mind is going to give ammunition to the case against the need for a floor - until it's in place (ammunition being : going ahead with major farmout or take over )
Just my view!
https://www.investorschronicle.co.uk/news/2023/02/28/windfall-tax-puts-cambo-decision-in-doubt-ithaca/
It reads slightly better in relation to net debt than the headline suggests, and therefore the ability to raise capital in my view.
Results end of month, but you sense they have enough on their hands - although conversely they have a North Sea only strategy - so ultimately need a pipeline of assets.
Personally, and IMHO - I regard this as more sabre rattling ahead of the budget, and connected to the Energy Voice 'price floor under consideration' comments...
Ithaca also have a huge bill to pay this year EPL wise if they dont 'act'. and they are 2 months into their financial year already. Others inevitably will be the same..
DYOR