Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Agree with you Abatt I'm not holding my breath on this, if the purpose of the licences is to boost and secure production awarding licences to a company that hasn't ever produced any oil, and by itself being realisticly probably isn't capable of doing so either, it wouldn't doesn't seem like the obvious move. Perhaps if there's some in close proximity to the GBA I can live in hope for something that make wake this share up again. for now, I remain trying to patiently wait on the farm out news, if it ever comes.
They used to be very good at answering, particularly Rebecca Smith and even had an email reply from Andrew Benitz once, but since March 21 when I had a reply from their PR company I've not had anything back since, at first I hoped they didn't want to let slip any market sensitive information but guess now, and probably quite rightly, they feel they have better things to be doing than answering my queries. I do wish they'd get a move on though.
I asked them the same thing last week using their online form from the JOG website but haven't received a response back yet, last 2 years have been end of Sept so I'm expecting the interims in the next couple of weeks.
They usually issue their interims towards end of September, I'm really hoping it's not going to be a rehashed 'strong interest from multiple partners' update, there's only so many potential partners out there and 18 months out from sounding the starters gun on the FO they must have spoken to them all three times over by now, surely can't be much longer to wait. On things for sure, the point of hiring Camarco for their PR is totally lost on me, hope they're paying them much.
Truss and Zahawei have both been vocal against the windfall tax, if they end up in no10 and 11 it might be scrapped, that won't be announced until 5th September and in the meantime the price of oil has fallen considerably from when it was announced so it's unclear for me whether it will or how long it will be in place so still a lot of uncertainty to ink a big deal. Plus all the lawyers and bankers will be off on their summer hols soon. Personally I'm not expecting anything to happen until at least mid-Sept. I get it can be frustrating and like watching paint dry at times but we don't need posting tourettes for the next 6-8 weeks. I'm sitting tight waiting for news in the meantime.
Good to hear from you again DU, I was very pleased to see Sunak go as chancellor, always had something of New Labour about his policies in my mind, personally would like to see Zahwi stay on if he doesn't get the top job, doesn't seem as afflicted by the woke bug or any other compulsion to raise taxes. Anyway, I've prattled on enough lately on here with my unsubstantiated musings so will leave it there until a deal no/deal is announced
You're probably right, I'm maybe just a bit jaded having waited so long for something to happen, the only thing I know for sure is, with the saying being good things come to those who wait, having waited this long it'd better be a bl@@dy good deal :)
Just my guess but I'd imagine any prospective partners will want to see who the next PM and chancellor are and their position on tax before any deal is signed, couple more months more to wait maybe. I'd hope it's sooner, but not holding my breath in the meantime.
Dick not posting here or any other board for over a month does seem out of character as far as one can ascertain someone's character from the limited exchanges you get on these boards, hope he's okay as well, that said there's been no news so no real reason to post. The big recent swings up and down on low volume to me at least reinforces whichever the way it falls when it comes to deal/no deal it's going to be one hell of a ride, hopefully up, up and away....!
I think it was mentioned last week by someone on here, no one now expects the farm out before the windfall tax is passed as it would likely affect how the deal is structured, I know I wouldn't invest over a billion in something with question marks over a 25% tax. If by some miracle it happens before then all the better. Might be clearer after this https://www.heraldscotland.com/politics/20228953.rishi-sunak-faces-tough-questions-aberdeen-visit/
I've held some shares in JOG for getting on towards 5 years now and could probably count on one hand the number of genuinely news worthy events directly related to JOG, Verbier discovery, Verbier not holding as much as hoped, couple of fund raises, a licence award and some personnel changes. For me since the licence award and equinor walking away it's always come down to one thing, no farm out and it drops to nothing or secures a deal and goes up goes up several time over, what it does in-between in the short/medium term is ultimately up to impatient speculators. I never saw the windfall tax as being overly positive, while it may make some cast an eye over it a billion pound project is an extreme way to reduce a tax bill, if someone was already interested anyway hopefully it will seal the deal, on the other hand they cut be put off by a less stable tax environment. Whether the new-ish Ithaca team manage to get it over the line only time will tell but in the meantime I won't be paying much attention to daily jumps on smallish volumes....
Just sitting tight waiting for farm out news, nothing else to do, no point in commenting on market movements, it's news that will make this move now. I'm surprised to see you comment though, given you stated in SQZ last week you'd sold out of JOG
"The new Energy Profits Levy will be charged on the profits of oil and gas companies operating in the UK and the UK Continental Shelf at a rate of 25%" https://www.osborneclarke.com/insights/what-does-energy-profits-levy-mean-uk-energy-sector as much as I'm sure these big multinationals have lots of ingenious ways to keep profits made offshore, offshore. So if the tax is UK only where's the incentive to invest? It's all very well saying if they invest in UK they can offerset that but you only invest for an eventual payoff so when will that be? The tax is open ended currently but only as long as oil prices are high so great, but then if oil prices fall then there won't be the same profits so goes back to when would be the payoff for investing, so why invest. As per previous, happy to be proven wrong but still failing to see the positive.
My worry is big oil instead of having their hand forced to invest will just pull out and invest instead somewhere less hostile to oilcos, so we'll go from slim pickings in the North sea being availble to several already producing assets being on the block giving a quicker return making JOG look less attractive. I hope it is positive and others feel compelled to plough their profits into JOG but until that happens I'm less confident now than I was this time yesterday, hope to be proven wrong and will keep my holding as if I am the potential upside is still worth the risk.
I think it's a tricky one on Greta, I can't stand seeing her on telly and switch over to miss her sanctimonious self righteousness, but I do agree global warming is a problem which needs to be addressed, does that make me hypothetical for holiday shares in an oilco, probably, but whilst the BRICs burn up more and more CO2 we shouldn't disadvantage the UK either, and energy security we've witnessed is very important. I do see the tax in its current guise as nothing more than something to appease an overly vocal part of the electorate, maybe a bit radical and goes against my nature if a tax was necessary even if just to shut down the other side it should be used to directly fund electrification, the Gov would then have a revenue stream or an asset they could sell down the line and also ensure the investment in the North sea and make its existence more palatable. As it is, it feels too political to me, especially given all the previous focus on Boris for all the wrong reasons. Maybe it will help jog, maybe by the time they produce there won't even be a windfall tax, maybe it will scare investors off, either way not long left until we find out....
https://www.ft.com/content/41852bd1-4f24-4dce-a914-afd7f0bb0bda wouldn't mind some of that coming our way
I agree the farm out discussions have been well flagged for over a year now, but the how 'serious' they are I think can be read as new information especially in the way the market moved post the RNS, which for me suggested there's been a material change in how likely they are to come to fruition. So my point is, if they do in fact turn out to be close, I'm not sure the directors buying yesterday would be acting on insider information?