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interesting for Jersey Oil & Gas, deals still looking to be done in the NS.. Serica must be classed as a significant UK North Sea Operator, investment costs offset by the epl must put developments in a different light….
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Farm-out Update
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to provide an update on the status of the GBA farm-out process.
The Company is in advanced exclusive negotiations with a significant UK North Sea operator. Heads of terms have been agreed for the farm-out of a material interest in the GBA licences to this company and both parties are working towards finalising a fully termed agreement in the near future. An exclusivity period until 30th April 2023 has been agreed.
FWIW, Serica had better not be looking at acquiring / farming-in to JOG (GBA licences), not that it wouldn't be a great deal in the long run, just not now we have Mercrica calling the shots. Much prefer instantly accretive deals and at very least, right now ones away from NS for sure.
High CapEx with debt to get to first oil then serious FCF thereafter .... however, 'thereafter' will probably be once SQZ is 100% owned by Mercuria.... all part of their plan, could well be !!
Given our "Long stop date for Completion" of TW deal being last working day of April, (28 April 2023) and JOG's exclusivity period until 30th April 2023 .... is that pure coincidence, hummm !!
PS, If JOG is to be 'partnered' by SQZ then why did we need Mercuria onboard, no reason why a deal couldn't have been struck with JOG last year. What will Mercuria specifically bring to the deal ?
Flexmw, as you mentioned, not many "significant UK North Sea operators" to pick from.
aimo & dyor
it is all adding up. Our BOD have never purchased any significant shares from their own salaries. Why??.
Quite simple there is a game plan. They are mearly puppets/muppets of hmg past/present/future . i could even add add stooges of some foreign entity,but that could be misconstrewed as being rude.
As i posted earlier this is now a tabacco stock, but without the clarity of dividends???
NewKotb - Perhaps the BOD have much more ambition than we have given them credit for, it was just several months ago that many on here, yourself included, were berating them for sitting on our cash pile and not doing anything with it. Here we are a few months later with near doubled production and a more diversified portfolio. There are trust issues with our new majority share holders which will hopefully prove unfounded, perhaps I am naeve and too trusting, time will tell as always. However this could prove to be great long term play, I would be in favour of a JOG tie up, for disclosure I am a holder there. In a few short years we could be a serious NS producer providing the UK with much needed energy security. I have had many doubts and frustrations with my investments in both SQZ and JOG but continue to hold both despite the loonacy of government policies and their approach to the O&G industry, there could be even worse to come with Labour policies in the near term. However the tenet of my investments is that O&G is here to stay regardless, the price of which will continue to rise as demand increases and supply contracts. jmofwiw.
Are we not a listed company.The bod may wish to conveniently forget its existing shareholders. Which i hasten to add is very easy when you are on a six figure salary with share options being handed out like smarties,
Fwiw i spoke to the ceo a number of years ago . just when the so called mystery covid arrived. during the conversation he said he did not see any problem when at the time the largest holder was selling out. He actually welcomed it as it bought new investors into the arena. He obviously still thinks the same. Very convenient and easy isnt it. So be fore warned the ceo and bod will re invent themelves again and new investors will soon be forgotten. Very easy for a salaried bod with millions of free share options dont ya fink.
troubledseller
I am struggle to understand your analysis
1. The only ambition the BOD have is to keep their jobs as long as possible, if they believed in their strategy they would have bought shares. If the BOD had any regard for shareholder they would have negotiated with Kistos and now the shareholders would have been sitting on substantial profits not like myself substantial losses.
2. The cash pile should have been paid out in dividends as promised or invested outside of the UK. 90% of all NS produces are reducing investments in the UK before an even worse Labour government, either they are right or the BOD are right.
3. Swapping the cash pile for debt and assets valued much higher than current asset values makes no sense to me.
4. Who wants to be a serious NS producer now, virtually all other NS produces want out, they can see the writing on the wall.
5. There will be worse to come with Labour, they have stated this many times.
6. There is serious trusts with our new majority shareholder which have now stopped us getting a takeover bid, one of the best chances to increase value.
7. O&G price will probably rise but not much use if government takes virtually all of your profits. It will be far more profitable to extract it outside the UK and sell it to the UK. Labour have stated they will stop all new NS O&G developments.
8. The market takes a different view to you and can see no value in this reverse takeover.
Agree with you TerrM1 as i am in a similar postion to yourself. This whole situation is fasical.As i posted before tho bod have coveniently brushed aside lth and have blatantly lied to lth inmv. Very easy to reinvent the company based on lies inmv. Oh well lets start again. I wonder what price the next options will be issued at. Hmm let me think 2.30
Troubled - near doubled production - nonsense.
Far closer to 60% increase at a ridiculous price.
Gas going up 10% today. Oil less so.
Poor deal
Whatto Banbury. You cannot seriously be pointing out the 1 day relative movement of gas vs oil? C’mon now. I know we take different lenses on the transaction, but that’s a random observation. Shall we look at the 6 month relative chart on those two?
Fair point Norma
My main dig was at the joke post by troubled seller. Nearly doubled !!!
He clearly fell for the "bent " metrics our board provided showing production and reserves per share as improving pre and post deal.
Just an oversight that 50% of the consideration was cash and a debt transfer.
Right you are BB. Maybe production will surprise to the upside…but fool’s game to predict that as so many factors can disrupt it.
Get the popcorn ready for the mid April release. I am intrigued by what will be revealed, but reserved as that release only represents the starter’s gun not the finishing line.
ATB.
As posted by a number of posters on hear the results are due mid April. What intrigues me is why some posters feel that there will be a pleasant surprise (worse still a rig shut down). What exactly. Results are results. If anything else is price sensitive then it should have already been rns.sd . As for this so called box. All that springs to mind for me is black beards hidden treasure and we all know what happened to him.
First chance to see the balance sheet, financials, dividend, ‘sentiments’, etc. That’s all. This is all price-sensitive stuff, so hasn’t been released yet. Why would it have been? Nobody mentioned a box Upomega. Box irrelevant now. Whatever was or wasn’t in that box is now simply Serica’s finances now that the marriage has started…
That's good to know NormaStits. Let's also hope that it is marriage made in heaven.
However i thought that with the coalition between Concervatives and Lib Dems,but look what happened there. Hopefully though this will be a blessed marriage.
NormaStits
Let's just say you may have won the battle.
Certainly not the war as far as I am concerned.
Idiotic situation here. As Arnie said, I'll be back
I agree with upomega. Oik as tarmwr is a test .
Long live Benjamin hill.f...i off wokes. Nigg. Kezbo and things that fink lth have not been robbed.
Also
I still occasionally go to the city fwiw.
So very happy to meet up
Not sure who has won anything yet upomega? Please elaborate. I thought you were not able to come to the City for a while? Very happy to meet up with any that can…
JOG update RNS - NEO Energy
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Farm-out
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that it has agreed to farm-out a 50% interest in the Greater Buchan Area ("GBA") licences to NEO Energy ("NEO").
Strong industry partner: NEO is a major UK North Sea operator producing approximately 90,000 barrels of oil equivalent per day and is backed by HitecVision, a leading private equity investor focused on Europe's offshore energy industry with $8 billion of assets under management