Member Info for dickupham

........."at some point in time this will be released, which should then confirm exact deal with statoil and what split/percentage of the oil each will get".......... .........the split is 70:18:12

The directors have never made any predictions about JOG's share price. A presentation was made tat the Oil Capital Conference in September 2016 (after the farm-out of Licence P2170 to Statoil had been agreed but before it had completed) in which (on page 3) JOG set out a low (£4m) and high £93m) estimate of core net assets in the event of the Verbier drill being unsuccessful (low est) or successful (high est), based on the volume of oil thought at the time to be present. Estimated volumes in both Verbier and Cortina were later revised upwards to a significant extent. http://www.jerseyoilandgas.com/media/22722/oil_capital_conference_160919_jab_2.pdf The low estimate resulted in a core NAV per share of 49p and the high estimate 1104p, based on shares in issue at the time of 8.39m. On 27 March 2017 JOG announced that a recent CPR showed increased prospective resources of 44% in Verbier and 36% in Cortina. The CoS on the Verbier main drill was increased from 26% to 29%. Whilst the number of shares in issue has more than doubled since then, the Company now has £25m+ in the bank and oil in what is thought by most will turn out to be significant volume has been discovered in Verbier We know the sidetrack drill was successful and also what the initial estimate of reserves is in Verbier, based on the sidetrack result. It is most likely this estimate will be shown to have been conservative when the CPR is released in due course. None of the above (which I believe has been accurately taken from official releases JOG has made to the market, is as graybird has presented it. Whilst it is of course tempting to ignore him, the fact of the matter is that his posts, always apparently deliberately mis-reporting the facts, might be a cause of concern to some who are not that conversant with JOG's actual and likely future position. I post only so that JOG's situation in certain regards is presented fairly. In summary, no-one in JOG has ever at any time publicly made ANY predictions about the Company's share price. The 26% graybird quotes as if it is meaningful is a red herring - it was the CoS applied to the Verbier drill originally and it was subsequently revised to 29%. In the event the CoS was 100% - albeit with the sidetrack drill, not the main one. Ignore everything graybird says. He appears to be deliberately posting incorrect information. dyor

"funny how i got it right so far"........... .......don't flatter yourself. You had a hopeful guess at what JOG's share price will be at the time the markets close for Christmas. We haven't got there yet. Nothing you have provided so far supports the price you guessed at. What might justify it (although you haven't cottoned on - no surprise there) is that the placing was at a low price and share prices invariably dip when the impression is gained funds are being raised for an impending transaction, but news of one then fails to emerge in the expected timescale. You say I only ever quote from what others say. This is a lie. I provide the quotes I do for reference purposes and have often gone on to give reasoned views about what the information signifies to me and what might or might not happen as a result. You have not provided a single useful piece of information that has helped others formulate views about the quality of their investment in JOG, its history, where it stands today and what its prospects might be for the future. You are what is known as a waste of space. Despite the slight criticisms I make above, I find some of your posts quite amusing. And they certainly give people confidence in their own abilities. Everything is relative :-) dyor

The sale of 4950 shares @ 168.9p reported at 15.40 hrs was a purchase of 4,950 shares @168.9p at 14.40 hrs.

I know all about Longreach, whereas you don't. You seem to be suggesting Andrew Benitz did something wrong while he was there. He didn't - why not get someone to help you read about what happened? Those who left were ultimately proved right. The two situations (JOG and Longreach Oil) cannot in any meaningful way be compared with each other - they are as chalk is to cheese, not that I'd expect a dishonest, uneducated, illiterate like you to understand. You seem intent only on undermining JOG, the extremely hard-working and talented people who work for and manage it - and ordinary people's investments in it, for reasons that must be personal to you. Talking of personal, my personal opinion of you is that you're the lowest of the low. You won't cut any slack from me, graybird - I find you repulsive. One could sum up your knowledge of JOG and investing generally on the back of a postage stamp and have room left to spare. Off skiing tonight are we?? Or is "Northern Lights spotting?

Someone should email Michelle Rey's boss at Market Realist and suggest she get's another job because she's clueless at the one she does. How does anyone think the oil is being extracted FFS? Why believe anything written by dim-witted so-called analysts in third rate publications like Market Realist? The lack of basic knowledge and understanding of some is bewildering. Regardless, it has already been stated that first oil from Verbier is not expected until 2022 at the earliest. 'Featherhead' would be a better name for at least one poster on here. The share price might be £5 tomorrow but it won't be because Verbier is producing. Whilst I'm at it, here something written on other boards by graybird in the past few days: "time to buy into a mobile phone firm ?" and: "when bitcoin or others crash gold will fly up" and: "wow 370 now 217 this is still going down, the ceo should make a statement to give us bit of hope mind you he will only say on track ,lol, heard that for last 3 years".............. ..........seems he puts on the total illiteracy which is always evident when he's posting on here (which makes him a fake) to try to make a laughing stock of JOG, undermine the company and unsettle people with his doomsday predictions (which make no sense at all if one considers the fundamentals). Like MEM I suspect people might end up kicking themselves either for selling based only on a falling price, or failing to add at what most (who are already full up with shares) see as ludicrous levels. The shares were double today's price getting on for a year ago before it was known there was any oil in Verrbier. Markets don't always (ever?) produce prices that align with value. Consider taking advantage of anomalies. Fundamentals win in the end. dyor

Gawd - give me strength................. Perhaps they're sucking it out with straws from a dinghy?

MEM - I can't now find exactly what was said - I think it was in one of the early presentations but I recall seeing the use of the term: "small to mid cap" or similar. It might not have been the directors that used it because it is rare for responsible directors to set a price or market cap target - it just provides ammunition to use against them if things don't go according to plan. Oil is a notoriously risky sector to operate in, with a great number of risks of all kinds present all the time, whether you're an explorer or a producer (or somewhere in between) - many are totally outside a particular company's control. JOG's directors are already getting lambasted by some on here for failing to provide news of Verbier, when Statoil is the operator and gets to make all the decisions. There are different definitions of cap sizes eg: http://www.investopedia.com/terms/m/midcapstock.asp. If you take Investopedia's definitions, JOG will stay very firmly in the small-cap range however it performs, at least in the medium term. In practice, small caps with good assets that perform well tend to get taken over and this, to me, is the likely best exit for those who are in JOG for the long ride. My personal view (this is all it is) is that where JOG is concerned, you have to find a way to project what's likely to happen in the short term with Verbier (I have formed my views but posting them on here would be a waste of time) assuming the data Statoil, JOG and ERC Equipoise is working on is positive and put a value on assets at that point (there's too much uncertainty at present, although the directors HAVE said the least the oil in P2170 is worth is £83.7m which, when added to the cash JOG is holding gives asset backing of £5 a share now.. From there it's about what JOG's talented team can achieve moving forward and in what timescale. I don't see JOG becoming an explorer. It's just guessing to put a figure of what sort of number the company's market cap might increase to and by when. I'm not having a go at you, MEM - what you project might well turn out to close to the mark - but the directors haven't declared anything in this regard. I share your ambitions for JOG. With a following wind, shareholders could be in for an exciting ride over the coming months and beyond. News can be like buses - you don't see one for ages then all of a sudden two or three come along at the same time. dyor.

"Long term the Management have declared their intention to take this company to a value of approx £500m or about £20 SP"........... .........MEM, I've tried to keep up with things going on around JOG since the outset but can't recall seeing a declaration by JOG's Management of their intent to get to a market cap of £500m (resulting share price £20). Can you provide a reference? I'm aware Management sees JOG becoming a mid-cap producer medium term (they have referred to this than once if my recall is correct) but there's no real definition of this in market cap terms. I'm not being provocative - just asking.

"Joey- care to share your calculations that support your theory that the company is worth in excess of £152m as it's quite a statement to make with no figures to support it"........... See RNS Estimated value of JOG's oil in P2170 is between £83.7m and £400.5m. Take the bottom figure and add it to present cash of c.£25m = £108.7m. There are 22m shares in issue, giving a NAV of about £5 per share. How much do you value the knowledge JOG's 9 people have gained, which they'll be able to use to generate future profits for shareholders? And how much would news of cash profitable producing interest/s add to value (cash would be reduced if one or more were to be acquired). There isn't enough info to run a NPV model so we're working with other valuation methods. It's difficult not to see £5 a share of asset backing whichever way you look at the situation. I doubt JOG wants to go the distance with Verbier and the other P2170 prospects. It isn't an explorer.

None of us knows as much as the directors, who have a great deal of their own money riding on JOG's success

RNS 20 October 2017..... contd.......... The Company has also continued with its other focus of seeking to acquire value-enhancing North Sea production assets. The Directors believe that if the Company has a stronger balance sheet, it will provide vendors with greater confidence in the Company's ability to execute acquisitions. The Company will also benefit from having the necessary resources to undertake its own studies and continuing to fund the ongoing evaluation of numerous North Sea oil production and development prospects. The Company hopes to be able to transact in the near future on a strong pipeline of asset opportunities which the Company is currently evaluating. The Directors believe therefore that it is an appropriate time to improve the financial position of the Company since the Directors expect that there will be further financing requirements for the Company relating to its working interest in the P.2170 Licence, as Statoil confirms any proposed work programme. The Company's team has excellent technical and commercial knowledge of the UKCS, with decades of management experience, and to date has reviewed and evaluated in excess of 50 production field interests in the UKCS. The Company has a number of live production asset evaluations underway, looking at assets with reserves ranging from 2 to 24 MMboe and production ranging from approximately 1,000 to 3,800 boe/d, with such assets utilising a mixture of subsea tie-backs, production platforms or FPSOs. In the majority of cases, the Company is seeking transactions where the asset vendor will retain any abandonment liability obligations and all of the Company's current asset targets have upside potential from unswept pockets of oil or further development activities.

RNS 20 October 2017 Background to and reasons for the Placing The Company has worked hard over the last few years to deliver value to Shareholders. The Company has achieved two significant farm-outs of its assets, the most significant being the farm-out to Statoil in which Statoil acquired a 70 per cent working interest in UK Seaward Licence P2170, and the Company retained an 18 per cent. working interest. Statoil provided a $25 million carried working interest on the first P.2170 Licence well. The Company is now well positioned following the recent success in the Verbier sidetrack well, 20/05b-13Z, where the Company announced an oil discovery on 9 October 2017. Preliminary analysis indicates that the Verbier sidetrack well has proven hydrocarbon accumulation in good quality sands, up-dip of the water bearing sands encountered in the initial well. Evaluation of the sidetrack well results, together with the existing 3D seismic data, is ongoing, but the initial Statoil estimates of gross recoverable resources associated with the discovery are between 25 and 130 million barrels of oil equivalent, with a minimum proven recoverable volume of 25 million barrels of oil equivalent in the immediate vicinity of the wellbore. The Company's management estimates that, in the upside case of 130 MMboe, lifecycle cost per barrel would be approximately £22/boe (utilising current market rates) for Verbier. 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). In addition to confirming the presence of oil in the Verbier prospect, this discovery provides valuable information to help better understand the prospectivity of the P.2170 Licence area, which includes the Cortina prospect and the Meribel lead. .......tbc

"So that's the end from me".......... I don't care if you filter me or not Ajax but I didn't say I expect Verbier to be non-commercial - I said it is a risk I had considered. Statoil make the decisions, not JOG. I also said it might be putting people off investing in JOG or causing them to sell. Your response was daft. I am possibly the biggest fan of JOG anyone could find. It really isn't sensible not to consider risk in one's investments. I was speculating about why the SP has fallen so far. The shares are presently trading at half the price they were before it was know there's oil in Verbier. Calm down, Madcrann - you'll give yourself an ulcer, matey. Hilarious about you discussing what someone wrote on a blogging board with your manager at work - I'm still giggling. In fairness, you might have a point - I've started using it myself as a friendly greeting and it's worked so far (see above for example). I discussed some of what you wrote about me with my dogs. One of them growled. :-)

I wonder if Ajax would still be a 'good guy' if he'd told you what you could say and what you couldn't and accused you of 'feeding graybird', my 'fellowship in accountancy' friend. I think I counted about 30 messages in a recent thread about bench pressing on a public board set up to discuss the affairs of a company in which I have a significant investment. It makes a joke of the company and is insulting to those who run it. It is also damaging to those who take the subject of investing seriously because the reputation of the company is damaged by being seen as a trader's stock only. By 'investing' I don't mean jumping on the back of a 'runner' without the slightest idea of the fundamentals underpinning the company. Those who use this strategy (I'm being polite) are the ones who cause the spikes - and the dips they moan about all the time, because they think only short term and are always on the lookout for the next big winner to move their money into. It comes across as a sort of desperation. The number of people who can't tell the difference in prospects of JOG and the likes of UKOG and FRR (for instance) is truly alarming. mjga786 - I found your post classy and intelligent - everything I would expect from a fellow chartered accountant.

mjga786 - I think your post makes it reasonably clear you are not a Fellow of the Institute of Chartered Accountants in England & Wales, as you have claimed to be ('fellowsip in accountancy', as you called it). What does this make you, mjga786? I hate to disillusion you where Ajax is concerned, but your facts are wrong. I made what I hoped would be an informative and helpful post (actually about possible reasons for the fall in JOG's SP and what I thought might be a concern to potential investors or those who were selling). I was angrily told by Ajax I had no right to raise the issue and that I was 'feeding graybird. I responded as any normal intelligent human would to these dopey comments and the rest, as they say, is history. I am the villain. As a result of having been a Trap Oil shareholder for some time before JOG arrived on the scene, I am probably as well informed about JOG and what drives it as anyone who posts on here and potentially I had a lot to offer to anyone interested enough to ask about most things concerning JOG. I don't post on these boards for personal gain except to the extent it concerns accumulation of knowledge from industry professionals which helps me understand the fundamentals better. There is little evidence of these being around in abundance. I tried for quite a long time to stimulate interesting debate about a variety of subjects that might be thought interesting about JOG and its circumstances. Not many elicited any kind of intelligent response. Posts like: "I would of thought theirs a good chance the price will be £7 by next month" immediately suffocated intelligent debate. No-one joining the board over the last 6 months would have learned a single useful fact about JOG, or opinion offered on it, by about 90% of the regular posters on here, who appear to think this board should be a fan club. This is of course until news dries up, when it is held to be 'disgusting' that the directors are keeping everyone in the dark. Such incredible stupidity is difficult to put up with. Others seem better able to ignore it than I am. Such is life - we're all different. The above includes you mjga786. It was immediately clear to me when you claimed to be a chartered accountant that this cannot possibly have been true - you were seeking to gain credibility for your worthless contributions by making false claims about your qualifications, which is the lowest of low behaviour. Just my opinion fwiw. I'll leave you to your fan club and false claims.

Lazy as well as thick, eh. I wondered when you'd play the age card. I'm in my sixties - is there something wrong with that in your book? Do I show signs of being senile? Even if I was I wouldn't be as confused as you are about anything vaguely cerebral. Your use of the word: 'matey' further defines you, where you come from and where you belong. Over and out (for the time being).

.........I will never be your friend, Madcrann. The term: 'thick oaf' comes to mind :-)

Didn't mean to say anything untrue my apologies Big D - no doubt meant as "Big Dick". You just can't leave it can you? If I knew as little as you do I'd be inclined to be a little less noisy (and certainly less abusive to others). Are you going to explain to Ajax (from whom you've learned so much) that it isn't OIP in Verbier people are waiting for an update on here? Or do you not understand what it means either?

No problem, Madcrann - I was just pointing out the facts. Wouldn't want people believing things that weren't accurate.