Member Info for Citizenlane

the deafening silence from butd?

There is another Southern North Sea Meet the Buyer event on 5 March. IOG were a headline act in the first one last year. Blurb here suggests at least two more major projects set to be approved in the basin this year. Perhaps a good moment to announce FID?

https://www.energyvoice.com/oilandgas/north-sea/192986/operators-line-up-for-southern-north-sea-supply-chain-event/

Do keep us posted about your double bottom mate, riveting high stakes stuff

BUTD why are you bothered? Surely you have better things to do with your time than obsessively monitor the message board of a share you are not invested in?

the RNS (below) could not have been much more transparent, can't see much reason to doubt it as we stand. In some ways it seems to me, the likelihood of LOG having to manage a withdrawal from its investment in IOG makes the company a more, not less, attractive investment to parties to the eventual FID. It makes the deal a little more complex, but allows greater control of the eventual prize. dyor

"Under the total of £38.55m loan facility agreements signed between IOG and LOG between December 2015 and September 2018 (the "LOG Facilities"), sums owed by IOG to LOG are only repayable within 36 months of their drawdown and there is no mechanism under which LOG can demand early repayment save in an event of default by the Company. The Company has to date drawn a total of £30.7m under the LOG Facilities of which £0.7m is held in cash and £3.05m is due to be repaid in the next six months. The Company currently has further availability under the LOG Facilities of £7.85m. LOG has today re-confirmed to IOG that all sums agreed to be lent to IOG remain available to the Company and LOG has not received any call on any of its funds from LCF.

The Company is monitoring the situation with regard to LCF and LOG carefully and continues to progress its current forward funding plans as per its 29 November 2018 announcement.

GG, thanks for taking the time to post, Sorry to hear about your loved one. I hope there is some better news soon. Will look forward to your returning to this board as and when, but of course everything pales into insignificance when there are health problems to cope with, all best wishes to you and your family

Heard from Great Gig in the sky?. I don’t blame him for hibernating, but this board sorely misses his input. Hope all well

Oh ok BUTD you want to talk it down a bit more, before getting back in, thanks for your candour

BUTD, I doubt doubt for one moment your impressive CV and your record of investment here - a million pounds of trades and a quarter of a milllion profit, which cynic could question that particular spectacular boast? - but I have one question. Given that this share has provided such profit for you, and you are by your own account no longer invested here, why do you sound so very angry about it all? In fact, why bother to post in such detail at all? Forgive me, but you don't sound particularly altruistic, I can't imagine your motivation is to save investors from harm, so why exactly are you posting so often and with such spleen? Is it the simple need to be right? Could be that I guess, but if so, you have a Mourinho-esque pathology for it. You've no reason to, but maybe you could shed some light on your motivation?

Thanks 600T, you are right about Brexit in the immediate term - but surely, surely!, before March there will be at leasta bit more certainty. In the medium term I can't help thinking whatever of the nightmare scenarios we choose the general shifting world order will put a massive premium on greater energy security for the UK - IOG is extremely well-placed to deliver something on that, and even against unprecedented uncertainty the numbers look compelling enough in a resource that we will be wanting plenty of, and as a model to realise remaining SNS reserves. Watch the gas prices when the winter delivers a cold snap this year or next and the gap in storage facilities plus Middle East and Russian tensions come to a head. GLA

nothing has changed here about the assets or the deep competency and long-term commitment of the board. IOG has turned many obstacles into challenges and thus far and been steadfast in its vision and direction of travel. Still some real questions about the balance and source of development funding obviously but few about the economics of the projects. Fake news merchants with their private vendettas and their sad gang of trolls are mostly useful for creating decent buying opportunities, this is a classic example imho. But obviously, dyor

must be just around the corner here now. Can't imagine they will want to take it right up to the end of the year. The macro landscape - fracking beset by challenge and protest, return of Iranain sanctions, Russian power games, Brexit, the end of coal powered stations, the limitations on gas storage and the reliance on gas in advance of new nuclear - must make any advance in domestic energy security an urgent priority even for this hapless government. Can't imagine any barriers will be presented to development. Expecting a rise in SP in anticipation as we approach the end of November and then potentially a game-changing re-rate on news. Hold on to your hats (while doing your own research). GLA

to hear pipeline is signed off without further outlay. Six months of slippage on timetable a little frustrating for the more impatient among us but great to hear that we are getting close to a watertight FID. emphasis on strategic and deferred contracts rather than dilution great to hear. Onwards and upwards

a little here. No doubt,, given the BoD's previous habits of disclosure, we will get some news this week, even if it is of a week or two delay in FDP/FID. Thursday tends to be their favourite day for an RNS. Given the buoyant gas prices and the pressing need for the kind of innovation around energy security and exploiting SNS assets that IOG represents, I think from the point of news onwards we can expect plenty more days like this one in the coming months as the plan unfolds. It has been a long wait over the last four years or more for longer term holders, but all signs suggest patience will have its rewards GLA

Of eyes will be on this as FID approaches. Only a fortnight or so to go before a good deal of information set to be revealed. The timing and O&G climate looks about as favourable as can be for a UK company with govt desperate to hboost energy security and tax revenue. Harvey could prove the icing on the cake. GLA

GG Thanks for your great informative posting as ever When do you think FIP/FDP will drop - I have in mind beginning Q4 this year but can’t find a note to back that up - perhaps it was working back a year from first gas?

background buying seems to be going on - something afoot ?

of handy buys gone through @ £80,000 ... swiss back for a few more?

sorry 600 and GGIS I missed your more informed breakdown of director holdings - must try harder! - but i think the gist of what I said still holds, GLA

Hi MH, for me, I think the premium to build up to 30 per cent would be far greater than you suggest, particularly if it becomes clear that is their intention. For one thing LOG are not going to easily give up their presiding influence after a great deal of patient support so far.For another, forty odd per cent (?) are still held by directors I believe - and of the rest, I'm sure there are plenty of LTHs with pretty significant holdings who are not going to give these away cheaply (myself, on a modest level, included). Looking at Burgrabben's strategy elsewhere - for example with Polarcus - they seem to be seeking out undervalued O&G companies that can benefit from their very bullish projections on oil and gas prices (100p+ for the former in 2019), in particular companies in developed fields with innovative strategies. Their stated policy - no doubt to be taken with many pinches of salt - is to invest over ten year periods; my guess would be, that like many of us here, they can see several multiples of the current SP when IOG comes to production. The next week or so will no doubt reveal how far they want to back that belief. Nest eggs may yet be worth waiting for imho