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https://ukinvestormagazine.co.uk/jersey-oil-gas-the-farm-out-of-50-of-its-gba-interest-has-almost-trebled-its-value-to-684p-a-share/ write up on here reiterating the 684p target
It could be there's some large late reported sells like yesterday that all the smaller buys throughout the day are filling, I'm not sure how I feel about the drop, part of me thinks it could present a great top up opportunity next week but at the same time utterly perplexed by why people would sell now. I'm expecting some news end of May which is my guess why there was a lack of specificity on when the results will be released, utterly bonkers how much lower it has gone since a large chunk of the uncertainty in the stock has been removed.
Right you are poortiming, really don't know how I missed that, I'll blame it on different time zones and the heat, I might be topping up myself next week if it continues to fall
They gained the extension on Verbier but that wasn't included in the Neo deal as far as I can tell, would make things interesting if they're in negotiations with someone as another Buchan investor but also to take forward Verbier and their other assets as well, otherwise I'm not sure why they would have been granted the Verbier extension? WFT price floor would also be welcome and if they gained another licence in the 33rd round that would be the icing on the cake although not holding my breath on that one. Hoping Dick's correct as he usually is and things start moving northwards next week when people return from their holibobs
Personally, I think Neo's option to increase their stake should JOG be unable to secure a further farm-in partner negates any possibility of an equity raise, I can't see what conceivable purpose the money would have and the directors have so many options granted to them at low prices already, I agree any suggestion of one is just mischief making
Hopefully they do already have someone lined up, I can see this dripping down slowly to £2 by the time of the results end of May otherwise. I never thought it made any sense for someone to buy Jog rather than farm-in but neither did I think once it was announced they wouldn't kick on to at least £5+. Seems pretty nonsensical there hasn't been more support, JOG has to be the singulary most frustrating share I've ever bought, given we're a country with so many gamblers it never seems to have any logic to the price, just goes to show how impatient people are these days that they can't buy into something that should at least double money in a relatively medium term time frame.
Nothing surprises me anymore with JOG sp movements, I felt relieved more than anything when I read the RNS that JOG hasn't bitten off more than it could chew afterall and now has a plan A and B to move forward with and if Zeus's revised £7 comes to fruition I'd be happy with that. Funny how I originally bought into this in 2017 based on Verbier and that now only has 26p of sp value ascribed to it by Zeus. Will be interesting to see if they secure another new licence from the last round, I think the outcome of which is due around same time as they flagged the results will be released, I can't remember seeing anything however either way to say if they did or didn't apply for another from the 33rd round?
Probably reading the latest RNS through rose tinted spectacles but for me it's more positive than the last one, with the November RNS it always felt like the deadline was on JOG whereas now it feels more like the deadline is on the interested party to agree before the exclusivity period runs out. If the dealy is because it hinges on a WFT floor being announced to help secure bank funding then that suggests to me cash is at least in part involved which is another positive for me. Still got my ticket for the bus firmly in my pocket, the route the bus is taking feels a bit more like an up and down over the Yorkshire Moors than I would have liked but hoping for a steady up-hill climb now to the final stop. GLA and have a good weekend
Someone has clearly (and understandably) lost their nerve from some of the chunky sells today but fundamentally the situation now is the same as it was at the this time yesterday, I think most of the LTH have already stated as well "**** or bust", it has always been a binary play based on a deal (or not) in my view. I've been waiting for an RNS to drop into my inbox for weeks and now we're at the final hurdle I'm not sure anymore I want to open it when it arrives GLA and hopefully we'll all get the news we want tomorrow
This is taken from Ithaca's results from earlier today, seems clear to me from this changes are needed to the levy, hopefully to be announced later today, in order for a FO to be secured "We remain committed to investing in the UK North Sea, however the impact of the revised Energy Profit Levy ("EPL") announced in November 2022, in particular the removal of the sunset clause, is constraining our ability, and that of our JV partners, to invest. With a reduction in borrowing capacity across the sector as a direct result of EPL, the ability of the oil and gas industry to unlock the benefits of investment programmes across the UKCS to provide critical domestic energy security and meet its Net Zero ambitions is under threat. We continue to constructively engage with the UK government in relation to the future fiscal policy in pursuit of the stability required to make these critical investment decisions."
Hunt article gone live in the Times ahead of tomorrow in the last 30 mins, might give some clues ahead of tomorrow but behind a paywall https://www.thetimes.co.uk/article/jeremy-hunt-were-powering-up-britains-green-industrial-revolution-8xg6s6rlb
Be careful, I don't want anyone taking my JB award for being the 'most delusional' from me, I'm quite proud of that and only held it for 24 hours so far, the more my options diverge from JB the more hopeful I am I'm right ??
There's a possibility Hunt could put a piece in the Telegraph Wednesday night with the detail and use the the energy security day to sell it to the wider press and use an Ithaca/JOG deal as a case study example, these things a rarely a surprise when it comes to someone standing up talking about it and that way the timelines should align nicely
I think this sort of thing highlights all the more why they should crack on and get a deal signed next week https://www.offshore-energy.biz/investigation-looking-into-whether-oil-gas-firm-failed-to-meet-north-sea-license-obligations/ "The NSTA emphasized that it expects companies with valuable licenses to progress exploration and production as quickly as possible, in line with their license commitments and the NSTA strategy." I've been guilty of venting on here myself in the past although ultimately maintained my holding but will be glad when the next week is over and we find out who's right and who's wrong, I certainly won't miss the pointless and persistent snide comments from a certain individual with no obvious agenda or additional information to substantiate their claims other than to cause mischief and patronise as if we're not aware of risk
I disagree on the shareprice not moving on FO news, we've seen it double in October in a short space on no news so something tangible I think could drive a re-rating. At the moment JOG has a licence for a relatively significant asset but with no means of delivering it, the FO should at least confirm a credible delivery partner and the residual proportion of the asset JOG will continue to own, even if the timescales remain fuzzy they're 2 big current unknowns that if answered would remove a large chunk of the speculative element of the stock in my view. All that of course on the assumption a FO is signed which if it isn't then I'm sure it will have an equal affect in the opposite direction GLA
My assumption is Repsol have been a bit lax updating their website, clearly shows on here it's 100% JOGs https://itportal.nstauthority.co.uk/eng/fox/oga-report/PED300X/offshore-licence/?LICENCE_TYPE=P&LICENCE_NO=2498
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
With Brent down at $73 can't see a floor being introduced for political reasons until the autumn budget at the earliest now, they just need to get the best deal they can signed with no more arbitrary future dates, they'll always be something or other to wait for but they can't keep dragging their feet forever, you'd have to imagine the NSTA will eventually lose patience and reallocate the licences eventually as well