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I know what you mean, Franko but the reality is that the situation has become a bit daft. From time to time, when the SP falls to a level that some feel is 'extra daft', there is a brief lull in the downwards trend, caused by a few existing holders adding to their positions, or maybe a few people who've been waiting for the best entry point finally deciding it's not likely to go much lower and buying a few, forcing the market makers either to increase the bid to attract sellers or risk ending up short of shares.

The absolute volume of shares traded isn't necessarily what shifts the share price over a longish period of no substantive news - it's the general direction of travel caused by people losing patience or deciding there's more potential elsewhere. If punters who are active mostly want to sell, market-makers have to mark the shares down to the extent needed on a daily basis to keep their books more or less in balance.

There are probably a limited number of investors with holdings that are material and these organisations/people can't be expected to just keep on buying. Regardless of its perceived prospects, JOG is presently an AIM listed 'one-trick pony'. The pony is a healthy-looking one at the moment but death and taxes are the only certainties in life and what appear "racing certainties" can (and sometimes do) come a cropper for reasons that couldn't easily be foreseen in advance.

imv JOG and its PR people might try a bit harder to improve its profile, thereby increasing the number of people on whose radar it features. The CEO himself has said in i/v that JOG seems to be better known to the industry than to retail investors. Were it not for Malcy's enthusiasm and JOG featuring on his bucket list, very few people at all would be likely to know anything about the Company at all - or so it would seem anyway.

To out thinhs more in perspective, nothing that I'm aware of has changed much (except for adding £25m to cash balances and the now completed wide-ranging 3D seismic study of the P2170 licence area)since last October, when JOG commented thus:
"Current management estimates for gross recoverable resources attributable to JOG across all of the P.2170 Licence prospects (Verbier, Cortina and Meribel) range from 70 MMboe in the low case to 273 MMboe in the upside case, which correspond to management estimates for net asset value to JOG of approximately £83.7 million in the low case (which assumes a subsea tie-back operation) to £400.5 million in the upside case (on a standalone production platform basis)"

https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/placing-to-raise--20m-by-accelerated-bookbuild/201710200700031694U/

market cap (immediately after placing & offer) Oct 2017: £43.7m
market cap today: £38.8m

Guess we'll have to wait a few more months to find out if all the excitement was justified. I'm staying in for the ride (if it ever starts......)

GL

If the West Phoenix is heading north to do an estd 81 day drill at Ragnfrid on the Norwegian CS as soon as it leaves Guillemot (whenever that may be) and after that's done it's planning to drill exploratory wells at Pip and Bigfoot on its way to Verbier, then it is impossible for a Verbier appraisal well to be drilled in mid to late Q4 2018.

We're in the 2nd half of Q3 now and the rig is still moored 100 miles or so east of Aberdeen. Add 90 days (say) for Ragnfrid and another (say) 70 days min for Pip & Bigfoot and that would take us to mid-Jan (Q1) 2019.

If it was always planned to drill Ragnfrid North first, the confusion appears to have arisen more than partly as a result of JOG's shareholders (and the market) being advised Verbier would be drilled "in the summer" (of 2018). This was never going to be possible if an estd 81 day drill was going to be done on the Norwegian CS starting in July 2018. Even if the drill had been completed on time and the rig had moved straight to Verbier,the appraisal well would not have spudded until late September 2018, which couldn't realistically be called: "summer".

Maybe Equinor has re-scheduled the Ragnfrid North drill and it will now happen next year - who knows? I'm not disagreeing with you Urraca, because on the face of it this wouldn't make much sense. But we don't know what's on Equinor's agenda. It is unclear to me why more detailed information has not been provided - it might be that JOG doesn't know any more than it's told us, which is a concern as it only has one asset to speak of and evidently it has little or no control over it - as it was always known would be the case when the farm-out was completed. It's called being tied to Equinor's boot-laces.

I am not being critical of JOG's management in saying any of the above. They have done a sterling job in getting the Company to where it is today. What is disappointing, although it was always going to be a tough ask, is that JOG has failed to spread the risk by completing even one of the up to half a dozen planned acquisitions of late life producing interests in UKCS fields it outlined in plans presented to shareholders (existing and potential) about 3 years ago now. Maybe they'll surprise us when we're least expecting it and announce they've pulled off a blinder. I'm an optimist at heart.

Fairdealer - I don't think it's permissible to sit on information that's price sensitive until it suits a listed company to release it publicly. Thus, as I understand the situation, the results of the big seismic survey over the wider licence area will have to be announced to the market as soon as the data has been fully evaluated.

I expect Equinor or JOG will advise us when more info is available. Any further delay is bound to knock the SP even further off course - unless other news is announced in the meantime that appears promising.

wdik? btimamuyofm

This is all very confusing. Ragnfrid North is on the Norwegian CS. My take is it was intended to be drilled after the 3 UKCS had been completed.

The West Phoenix rig was contracted to Hibiscus to drill a sidetrack well at Guillemot, completing by the end of June:
https://www.offshoreenergytoday.com/hibiscus-on-track-to-drill-anasuria-well-with-seadrill-rig/

All things being equal, this would then have freed up the rig to make its way to Verbier to begin drilling there, say, in mid-July (July is "summer" whereas September, for instance, isn't). If the drill was thought likely to last 2 months it should have completed by, say, mid-Sept. Pip and Bigfoot (both UKCS prospects) would then follow (or so I thought).

We weren't told, however (as far as I can recall - I suspect we just weren't told) whether the 3 UKCS drills (Verbier, Pip and Bigfoot) were scheduled to happen before or after the Ragnfrid North drill on the Norwegian Continental Shelf. All I knew was that the Verbier drill was due to happen "this summer":
https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/rig-contract-signed/201803011008493668G/

We now know that the Verbier appraisal will be the last of the 3 UKCS drills and we are told it is likely to happen in mid to late Q4 2018. Pip and Bigfoot are both exploratory drills so should be completed relatively quickly, but it seems likely the two in aggregate will take at least 2 to 3 months to complete.

It seems inconceivable, therefore, that the Ragnfrid North on the NCS is the West Phoenix's next scheduled drill, assuming Equinor has been truthful in advising JOG the Verbier drill is estimated to happen in "mid to late Q4 2018" and that JOG accurately reported the situation in the "Verbier Appraisal Well Update" RNS of 24 July:
https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/drilling-of-the--verbier--appraisal-well-update/201807240700065096V/

The West Phoenix rig is still moored at Guillemot according to Marine Traffic reports:
https://www.marinetraffic.com/en/ais/details/ships/shipid:458810/mmsi:370506000/imo:8768294/vessel:WEST_PHOENIX

"Why"? is one question that comes to mind.

If anyone from JOG reads these boards - more clarity is needed. Markets hate uncertainty. Whilst short term prices aren't thought by some to be that important, they become so when long and steady drifts take a company's share price to a level from which a sharp recovery on the issue of positive news fails to return the price even to the level it was at before the drift began.Today's SP, for instance, is a long way below the level it was at before it was known there was any oil at all in Verbier.- 12 months ago now.

This is silly, assuming someone can remember roughly where the oil was found and the West Phoenix manages to find it again

Gosh, is that the time? I must rush straight to bed or I'll be thought of as weird by some................
https://www.youtube.com/watch?v=cp7_u0kcQRo

Did someone ask you for your life story, workover? If they did I must have missed it. Many congratulations though - haven't you done well.

You don't know the first thing about me or my circumstances. The insulting way you present me, which displays a bigoted attitude towards all those over a certain age, says as much about you as anything. First I'm gay, now I'm senile. You've lost when you resort to insults. I and others spotted your worthless agenda immediately you arrived on the scene spouting your non-existent expertise. Your contributions have been worthless. What I and others have tried to help you understand goes way above your head. Most on here fully understand the risks because they're a good deal sharper than you'll ever be. As for your "due diligence", laughable doesn't begin to describe it. You can't even spell the name of JOG's CEO (it's Benitz, not Benetez).

Tom Cross of PMG took £506k last year in salary and fees, Percival took £151k and Stroulger took £80k. Two non-execs were paid £20k each. You need a new calculator if you make that an average of £89k. This is typical of the nonsense you spout. SDX is an anomaly.

I purposely used the word: "salary" and referred separately to bonuses. Salary: "a fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker". I also provided a link to a detailed survey on AIM directors' remuneration published relatively recently by BDO. Did you have difficulty understanding it?

The only logical conclusion one can reach is that you are paid a lot less than the amounts you are so angry JOG's directors have so far modestly been paid for what have been very successful results to date from which all shareholders (certainly those who were invested in Trap Oil) have derived great benefit. Why not have a word with your boss and tell him (or her) of the sheer injustice of it all - he (or she) might take pity on you and let you claim a bit more on expenses to help even things out a bit.

Why do you keep mentioning MOG and BVLN btw? And why do you assume I lost money on these shares? Even if I did, why not ask what I did with the proceeds? For all you know they might eventually have allowed me to buy a truckload of shares in a NKOTB junior oilco at an average cost that's a small fraction of what they're quoted at today.

You don't seem to get it, workover - why not get an adult to explain things to you? I dare say there's someone out there who'd be patient enough to try, even if most of what he (or she) explains is bound to fall on stony ground.

All I can say is that I know where I am today as a result of everything I have learned and done in my life and how I presently choose to spend my time. It's pretty obvious how little you've learned but I can only guess at where this has led you to today. I'm reasonably sure I wouldn't want to change places.

:-)

Some classics on here over the weekend. The best isprobably: "#thevoiceofreasonwillnotbesilenced" - crikey, the bloke's flipped :-)

workover, I selected the nomme de plume "dickupham" back in the day and then found I couldn't change it. It was intended as a pun - or a play on words that are intended to sound similar to something else but leave things to the imagination. Your rather vulgar use of the deliberately insulting: 'dickuphim' (picked up from graybird) seems to be intended to present me as a homosexual, which I am not. It seems, however, that it would be a problem to you if I was and that derisory remarks should be made to reflect this. I would think carefully about the situation before posting anything similar.

Different opinions are always welcome on any discussion forum. But they should not be intended to cause harm and they should have some basis in fact. Many of yours deserve the criticism they get because they clearly fail to meet the above criteria. You openly insult JOG's directors and accuse them of things of which they are about as far from guilty as it is possible to be. For instance, in the first year following JOG's reversal into Trap Oil, JOG's directors took 3 pay cuts from an already low base, in order to conserve cash. Even today there is none among them that is paid a salary in 6 figures. That they were in receipt of a bonus last year and were awarded options reflects the fact they have been responsible for adding very considerably to the company's value in their first 3 years in charge.

Your opinions lack any credibility as shown by the following:

https://www.bdo.co.uk/en-gb/insights/industries/aim/bdo-aim-directors-remuneration-report

https://www.google.com/search?newwindow=1&tbm=fin&q=LON:+JOG&stick=H4sIAAAAAAAAAONgecRowS3w8sc9YSn9SWtOXmPU5OIKzsgvd80rySypFJLmYoOyBKX4uXj10_UNDZMqkyuMiy3LeAAu7gG_PQAAAA&sa=X&ved=2ahUKEwj2r6fF6OfcAhUECcAKHViXAM8Qlq4CMAB6BAgAEBE&biw=1229&bih=582#scso=uid_iFBwW5m5LOvTgAa4sZ7IDQ_5:0

(click the 'Max' tab and look what's happened to the SP since JOG took over)

Your fury at what are in fact low salaries together with your poor spelling and use of English shows where you fit in the pecking order, workover. I'd probably put you at someone on an income around the national average who washes his Mondeo outside his semi in suburbia because that's the way life is in his world. It's a bit pitiful to read about you possibly increasing your holding to 20k shares - yet another give-away I'm afraid. As for your mythical big 6 figure gains and investment properties, you and the chap below would appear to have a lot in common:
https://en.wikipedia.org/wiki/Walter_Mitty .

For the record, it's "hear, hear" (not: "here, here") and the word "its" has no apostrophe when it's an adjective . Don't tell us - it was spellchecker. Fairdealer has already pointed out a number of your other inadequacies.

I'm feeling quite polite today btw.

Abatt - there's nothing I could write to JOG's board about that they'd find useful. The key directors have decades of experience at the right level in the industry and are held by others better qualified than I am to judge as extremely competent. I'm certain they've been working flat out to identify the right sort of income-producing NS assets to buy but it can't have been easy with no money in the kitty until the back end of last year and the oil price advancing so quickly when JOG's standing improved after the Verbier discovery. My money's on them announcing in the not too distant future they have done a deal and that this will change JOG's profile significantly for the better.

We're all a bit in the dark and left guessing on a number of different issues. I trust the directors (two of them at least) to look after our interests well because they have a lot of skin in the game and what benefits us is the same as what benefits them. If you look at the bigger picture, JOG three years down the road could be very different to the company it is now.

You sometimes have to speculate to accumulate and to trust your own judgment as well as that of the people (effectively) looking after your money. You say you're new to investing. Research, understanding and patience are key skills you'll need to develop to be successful but it's people who win in life. Good ones seldom fail. Find out more about the people looking after your money and exercise judgment of their integrity as well as their ability to deliver what's expected of them. Luck (eg with drilling exploratory wells) can play a big part in outcomes.

I'm only in three AIM stocks now, two of which have done well for me so far. Paper gains might feel good but they're not real until the money's in the bank. I wouldn't suggest anyone buy anything I'm involved in - others should do their own research and form their own opinions. I had a career that was relevant to an understanding of what companies might fundamentally be worth (which is always related to long-term investment return) but what any company's shares trade at is often unrelated because supply and demand determines prices. A lot seem interested only in short-term prices. Short and long term investors have different interests but both need each other. Short-term investors (or day traders) provide liquidity and long-term investors stability (in some companies by providing the means for traders to go short although I don't believe it's possible to borrow JOG shares. The spread betting firms say they can't do it and it's unlikely brokers would lend to individuals, with all the guarantees needed.

Hope you manage to master this investing malarkey before you get too old to enjoy your winnings, Abatt. You seem a decent sort so good luck to you.

I have a confession to make, workover. I don't have a mortgage. I'd forgotten - I paid it off when I was a child. Do you believe everything you read on boards like these? Did I use the word: "naive"?

I knew Butlins in Skegness had improved their facilities, but not to the extent you describe. Sounds really great :-)

Care to enlighten us on why making a post at 2am one morning means I don't have a significant other? Are there rules on what time people are allowed to be awake (or indeed asleep). I tend to sleep when I'm tired which is an option that's always open to me. How about you, workover?

"Obsessed stalker?......................all I've done is challenge what were at first potentially damaging statements you made about JOG that were factually incorrect. Latterly you have changed your style and decided to damn it with faint praise, holding yourself out to be a successful investor (in your terms, not mine) who's looking to increase his holding to an impressive 20K shares (swoon everyone).

You're full of horse manure, workover. If you were a serious investor you wouldn't choose to align yourself with gaybird, who it's reasonably plain has serious issues to deal with.

The funny thing is that in your keenness to highlight all the risks facing JOG, you completely miss the biggest one of all, which is that following the Verbier appraisal Equinor loses interest in the Licence and shoves it into the: "let's have another look in 2025" drawer. Regardless of the present excitement about Verbier and whether it likes it or not, JOG is tied to Equinor's boot-laces. Hopefully the appraisal will come up trumps and Equinor will fast-track the rest of P2170. This would lead to the next big issue, which is how JOG raises the cash for the infrastructure to get the oil to the surface and beyond. It's a risk to bear in mind but at least JOG would have a very marketable asset. I get the feeling the P2170 partners are confident and the Licence is in the middle of proven territory. This doesn't guarantee anything, however. I'm strapped in for the ride and look forward to it, come what may.

I have a friend who has a lot riding on JOG and he seems happy enough. I tend to follow his lead because he's an accountant and the taller ones (standing on their wallets) sometimes pick winners. My friend (the accountant) is 5' 11", which isn't bad.

Are you planning to enter any of the talent contests while you're in Skegness, workover? I'm sure you'd stand a good chance of winning a few, particularly the ones on portfolio management and property investment.

Faroe sounds like a great company and well done for finding it. From what you describe it is practically risk free and there are very good returns to be made. Why are you considering putting your money into high-risk JOG instead of in Faroe?

When do you go back to work btw?

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