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If no news by Monday, it would be a good time to call a meeting to oust the bod and bungling Benitz. Needs two weeks for the notice, then Monday third of April, if no news, we all go vote to remove them. I am not buying any more timeline slippage, if they haven't done a deal by their own arbitrarily announced deadline (so much for December 22) then sack the lot of them, ask RL back as a caretaker, immediately put it into an FSP and get a few dollars per barrel. We all walk away with four or five quid a share. Result.
Totally agree with you Battery the PR is extremely poor !. For all we know the whole mgt team could be on holiday playing golf using our money !
Battery RL is an excellent geologist and a lovely chap . Surely at his age it cannot be easy for him to see the share price slide . I cannot imagine what he must be going through if Mr B and his team don’t secure a deal .
I'm still backing the Ithaca chaps!
DYOR
‘old yer ‘roses BM. End of Q1 is still a couple of weeks away.
I remain hopeful/optimistic and can imagine reasons why the well-led board and excellent management are taking the deal to the RNS advised deadline.
I hope that all of the gainsayers will publicly apologise once the deal is done and JOG is significantly re-rated.
I would love to share your optimism Einstein.
If we wake up this month to a deal and a vastly improved share price, I will absolutely apologize for doubting bungling Benitz. It won't mitigate how poorly they have communicated with the market/shareholders, but so be it. At least I will know to look out for any future Benitz projects, as I suspect they will hold the opportunity for producing great riches... By shorting whatever project he is next involved with. I contacted him twice to talk generally about Jersey Oil, and the second time he seemed more interested in trying to get me to rent his villa in Spain than he was in discussing the company. What a pr4t.
I'm sure Einstein is correct and that many holders will be pleasantly surprised within a matter of days!!
I guess the deal would have been better had it not been for the American bank problems a followed by the problems at Credit Swiss and a lower oil price. Lucky Antonio in having to leave CS!
Financial difficulties affect all markets but I'm sure JOG will overcome them.
Einbert, yes end of Q1 just two weeks away. Of course, the end of 2022 is now almost 3 months past!
Einbert - in your view, how long should I expect to be holding my roses ? I'm a bit worried they might wilt if it's the very end of the month.............
I don't think any of these recent events are delaying things. Possibly the budget would be an odd week to announce, but everyone I know in the industry is a long term oil price bull, and I shouldn't think FO partners are different? Brent up or down over this year has little influence.
This delay must be something deal-related. The Ithaca guys were brought on to facilitate something, who knows what, and they're trying to get it over the line. Perhaps Benitz's RNSs were to impose a deadline on the process itself - it can't drag on and on as Surety pointed out.
We will see a deal before end March in my view. The question will be how good it is.
I wonder if the SP will wilt over the next ten days. Who would have the nuts to sell now? Aren't the cynics out already? But who knows SP action is unfathomable to me. Could do with a 'leak' haha
Greener my gut feeling tells me that there is a take out offer of around £4 a share . It’s not something the management want but it’s the best they are going to get . I hope I’m wrong .
Spell checker got me orses and changed them to roses. Now, wot an orse produces is good for roses. If your roses, in a vase, start to wilt, you may be able to revive them with an aspirin tablet.
While what was said in the November remains true, we have certainty of a deal in Q1.
They would not have been able to release said RNS if they were full of ‘rose fertilizer’.
James, if your "gut feeling" is correct how will you navigate your CGT liability post 6th April you can't possibly have your 938k shares in an isa.
MP0818 my shares are purchased via a company and not in my personal name .
Hope you're right Einbert.
11 business days left to meet Andrew and the Company's stated timeline.
Update will be required one way or another.
Can't imagine this running right to the end of March - if it does, the RNS won't make great reading, in my opinion.
It's either a deal, no deal, or an excuse.
Hopefully the former at some nice numbers; please not the middle one; if it's the last option, a "talks ongoing" won't cut it, I'm afraid.
More detail will be required as to, for instance, the number of parties involved and the proposed shape of any deal(s). No Company names need be identified, but anything other than a a pretty fulsome explanation of what is going on and what JOG's expectations are will be required for a very patient (thus far) shareholder base and for wider market confidence.
Remember the farm out was launched over 2 years ago (early March 2021).
Technical due diligence was apparently completed in October 2022.
Leaves 5 months to talk numbers.
A deal was certainly going to be completed by end of first quarter 2023.
Looks like plenty of time has been allowed and passed.
We are all aware of the shenanigans from Westminster, which won't have helped, but, in the field life of 30 years, Government will interfere probably on a yearly basis with their tax raids and other genius initiatives, so trying to factor that in to "a deal" with any great certainty, is, well....good luck attempting it.
Just get the deal done.
I'm surprised FOMO hasn't kicked in here.
There'll either be (i) riotous laughter from those who have jumped ship recently, or have failed to take seriously what JOG's CEO said in the 29 Nov 2022.............. and therefore haven't bought into the JOG story - or (ii) much weeping and gnashing of teeth if the SP surges on news of a done deal that will finally deliver the value much talked of, but not so far seen by shareholders, who have largely put up the capital to get JOG to today's MC of £59m (valuing Buchan, J2 and Verbier at less than 50 cents a barrel and everything else at nothing). Why are oilcos doing any exploration - might as well pack up and go home.
I'm forecasting next Thursday - 23 March.
There are alternative scenarios. Don't take any notice of what I've got to say - form your own views.
JMOfwiw
DYOR
I'm firmly with you on that Dick, with all the money being poured into Cheltenham this week you'd think at least a few would see this if not an investment then a fair bet worth a punt, in a couple of weeks time my bet is this will have a share price starting with a '5', whether that's £5.XX or 50p I'm far less certain