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I have faith in our CEO when it comes to thrashing out a deal with potential partners /buyers.
I just have little faith in what we are told as PI's
Personally I'd be surprised, if JOG held more gas then maybe, but https://www.google.com/amp/s/news.sky.com/story/amp/centrica-marks-further-uk-shift-away-from-oil-through-sale-of-norwegian-assets-12489951 . Hopefully the longer talks go on any partner isn't coming to the same conclusion as Madcrann, would be a shame for everyone to lose so much for the sake of one man's assessment over their own ability to deliver and their ego/personality to get in the way. The tax situation may have worsened but price of oil and need for energy security and diminishing assets available should at least partially offset that imo.
Could Centrica be involved? - that is my Question
I note they commenced buy backs in November 22, and announced further buy backs yesterday (so £550m in total)
The strange thing is they are not cancelling the shares, but holding them in treasury.
One thing I'll never forget was when Mr B went live explaining how this was a a short term six bagger, it was only weeks before the leak that lead to the capital raise. It would seem he was trying to manipulate the share price higher so that the raise would generate more free income, but brought the raise forward once the plan had been leaked.
So.. Personally, the less Mr B has to say the better, as I don't trust a word he utters.
The Company's most recent guidance was, I believe, that there's enough cash to see it through to the end of this year.
Ref who it's best to filter, Cyril, I'd suggest you put me on the list. I've been consistently wrong on the timing of the much talked-of farm out for the last 2 years at least, so have inadvertently misled anyone who's been daft enough to take any notice of my views and opinions.
History is often a guide to what's likely to happen in the future. I was confident that Xcite Energy's oil 266mmboe of mostly 1P in the NS, albeit on the heavy side, would attract a farm in partner back in 2015/16. I made the naive assumption that directors (CEOs in particular) tell the truth and that outright trickery and ultimate dishonesty involving some quite big City names was unlikely to feature in a company I'd put a great deal of research into. Cost me a packet to learn what I thought then was a valuable lesson. But despite all the work I've put into understanding everything I can about an investment that's significant to me, yet again I find it all comes down to whether a CEO has been telling it as it is and - if he has - will it produce the right value?
I'm not saying it won't all work out well in the end. Just that what appeared to be a strong likelihood of success has ended up becoming 'binary', fitting in perfectly with the investment strategy I seem to have been most closely aligned with since whenever (s.hit or bust).
The difficultiesthat have will have arisen here couldn't realistically have been predicted. Who would ever have thought a Conservative Govt would introduce punitive taxes on an industry the nation needs to be at its strongest in these troubled times? Insincere vote-seeking combined with utter stupidity in equal measure. And as for the opposition, which intends to increase the pain by upping the tax rate 3% and withdrawing the reinvestment relief, which sane CEO of any credible oil & gas co would ever look to invest in the NS again?
Did anyone see Kinnock jnr (shadow immigration?) on QT last night? He dismissed the audience question: "won't windfall taxes on energy companies frighten off future investment" he gave the brainless answer: "not at all, because these companies know they have only made profits that have arisen because of Russia's invasion of Ukraine".
That's ok then - silly me. I was looking at what happened last time when Brown put the rate up to 60% back in the day. Steadily decreasing tax revenue immediately followed, culminating in 'nil' taxation returns in two full tax years (2014/15?) and virtually 'nil' in the next. It took Osborne's reduction to 40% to trigger a period of slow of recovery.
Ref your 'filter' recommendations, Cyril. My blog adviser (who's in the know on this sort of thing) tells me the real names of two of the three you mention are 'Stan' and 'Oliver'. The other's called 'Warren". That's the comparison imv.
Back to the medicinal recliner now.........have a good day a
https://twitter.com/EnergyVoiceNews/status/1626295424238723072?t=Kjl0YFknCzQxBHoagYPilw&s=19
You remind me of the famous fat obese Rochdale MP Cyril Smith who we all know was a failure and had to be kept away from schools !!.
Parge, just above the 'post a message' button you will see a 'Filters' tab. Press this then one by one enter the nicknames of those you wish to filter and press the 'filter' button. Some suggested nicknames might include EinbertAlstein. JamesSimon ( a must have), and JohnBriggs, all of whom have nothing intelligible to say about JOG. It does mean responses to their drivel from otherwise worthy contributors make no sense but you can be sure that the content of their discussion is of no material consequence. Think of it as wearing ear defenders at a P.Diddy (insert least favourite artist here) concert. Who's P.Diddy I hear you say? - it doesn't matter it's all cr4p rap. Much better to not waste a nano second on them.
Abatt1 it doesn’t bother me what people think . For the purpose of clarity my broker is III . If Mr B and his team pull off the FO then this will be a life changing event for me .
Well Briggs I’ve got bigger balls than you and if this does go belly up then it’s TOUGH .
JS, one of the many fantasists on these bulletin boards and gamblers who invest on AIM.
Yes I do own a decent amount . I’ve probably over invested but that’s the risk you take . Hoping for a positive outcome .
Truth hurts you little rat !
Could someone advise how I can block this clowns posts please. He has ‘apparently’ over a million GBP invested and asks this board such a f stupid question.
Thanks.
agreed but we can safely say that we are fully funded for a couple of years, bar suddenly jumping into action on GBA post Farmout of course !
£1.2m loss over 6 months does suggest that costs have been controlled well but I would imagine costs would increase again as the deal (whatever form that takes) gets closer eg legal costs and as the cash balance reduces JOGs negotiating power reduces.
JOG had £8.7m, with no debt, as at 30 June 2022. The 6 monthly loss was £1.2m (they seem to have really controlled costs well), so I would guess at least £7m as of today. We are very well funded to see us through the F/O process and beyond.
Anybody got an idea how much is left in the bank ?
Hopefully only in Salem and not Jersey
https://www.youtube.com/watch?v=-8S9Z5ANuT4
Mumble grumble....31 days left....mumble grumble....are we being played??....mumble grumble....wouldn't be the first set of donkey ears I'd be forced to wear after trusting a CEO......mumble grumble....Xcite Energy......mumble grumble.......
Parge I see you’re very fond of the word Dick . I will bear that in mind and keep my backside away from you .
Good new, JS. You only need to buy 38,629 more and you'll have 3%. If I were you I'd round your puchase up to 40,000 to keep things neat.
JS won't be able to meet me, Abatt. I don't exist in the material world - only in the ether.
No news again today. Mind you, it is half term. I reckon they're saving it for my birthday next week.
Dick could then meet a right Dick.
Hi Dick thank you for the much needed advice . I do get a bit anxious as I’ve taken my holding to 938,000 shares !. I probably stand to lose more than most on here should Mr B and his team not deliver .