Member Info for dickupham

Mr. Completely - with great respect, Roger Allways (note correct spelling) is my cousin, not my brother. I do have two brothers: stickit and shoveit (Upham), although we're no longer close because my parents ran away from home when I was 12 and we were placed in different orphanages (no single one would take the three of us). Luckily for me, there were lots of Enid Blyton books at the one I was placed in. It was a short hop from there to Aldous Huxley, soon followed by Nietzsche and Sartre, then onto: "The Manual of Auditing" by the late Sir Henry (subsequently "Baron") Benson.

The rest, as they say, is history. It's best we don't discuss the two years of my life I was lucky to survive after discovering Luke Rhinehart.

Sorry to veer off topic. Just ignore me - apply the filter for all I care. Someone else can keep the unruly children under some sort of control from now on. It shouldn't be long...........

GLAL

.......and now a response to another simpleton; vampirekitten.

Your problem is that you are incapable of anything other than one-dimensional thought, when much of what happens in life is multi-dimensional. In your simple world the fact Equinor was offered 50% of Buchan and J2 when the licences were awarded back in 2019 and they elected not to take up the option, means they weren't satisfied the oil was there in the volumes projected by JOG (after a huge amount of work carried out by JOG pre-licence award (a lot more work has been done since - more than 32,000 man hours - that has fully endorsed and added to JOG's initial estimates).

Why do you conclude it was only about the oil and not, for instance, the politics involved with Equinor being a huge force in the industry that caused Equinor to "walk away". Equinor is 67% owned by Norway (the State) and is a big political animal that's effectively forced to comply with the "thinking of the day" when it comes to energy production and the processes used to create that energy. Why do you think its name was changed? How recently were the wokes/green-freaks/socialists/the world and his dog screaming at politicians: "the world's gonna end unless Miss ugly-swede gets her way. Oh and by the way there's votes to be had, because virtually everyone has been fooled into thinking we're all gonna die unless we shut down the North Sea". Utter stupidity; and totally counter-productive to boot. How things have changed, eh?

Statoil (Equinor's previous name) farmed into JOG's/Cieco's) Licence P2170 in 2016, taking a 70% operator's interest, leaving JOG and CIECO with WIs of 18% and 12% respectively.

To save writing a book on the subject, Equinor had to have control and it wasn't getting it. Imagine if, during a period of BP-type denial that Equinor was an oil producer at all - what oil? we're a clean energy company to the core, we've got a huge drive going on with wind turbines stretching more than half way to the North Pole FFS - JOG announced (as 50% operator) production of dirty oil was scheduled any minute now.

JOG couldn't offer Equinor control because the GBA is JOG's sole asset. Work it out for yourself.

The JOG personnel I discussed things with told me Equinor were offered 50% "in the spirit of partnership". Whilst Equinor's involvement might have made financing the project easier, retaining 100% (subject to Cieco's 12% of Verbier more than compensated JOG and its shareholders for the costs (inc limited dilution) of getting to the next stage (farm-out) alone.

That's where we are today. Why not try to give it some objective thought for once? You might surprise yourself and suddenly find you want to become a LTH.

OK that's going too far. Keep pedalling the tripe via however many aliases you've created. That way we all know where we stand - who to believe and who not to. Guess which camp you're in vk.........

dyor

"Could China be divesting from the North Sea as they are planning on conquering Taiwan ?"................

.........why don't you tell us what you think - and what the effect will be on JOG. Concentrate on when all that you warn us of will be happening and how this relates to what JOG has to offer now.

I'm about to apply the filter. I'm fed up with all the deceitful crap emanating from a twisted mind.

dyor

"It was a hunch".................. Really? Never mind which firm I was a partner in, I haven't even mentioned the fact I am a CA during the entirety of your membership of LSE - you're not telling me you've trawled back over all my past contributions to find out this information are you?

"It was a hunch". A bit like "Ignore the RL joke didn’t mean it , sorry Ron if your reading this" maybe?

I see your post has now been removed. I'm surprised you haven't been too.

I disagree with you when it comes to what's important here. It's important to me that I make money, but not at any cost. Unbelievable as it might be to you and many others of your type, I value honesty and integrity above all else where most other things in life are concerned.

Best to leave my health out of the equation if it's all the same to you.

GFY

Simple question for you JamesSimon: how did you know I was a partner in PwC (if indeed I was)? If I've stated it as a fact on this or any other forum, then please point me to where and I'll apologise.

People don't like having their assets trashed by short term traders with the morals of alley cats. You pitched up here 2 weeks ago, with no apparent prior history of involvement either with LSE or JOG (you might recall asking in your very first post if it had any income). Now, 2 weeks later, you're a seasoned campaigner who's able to comment not only on JOG's directors and their strategy, but also on how investors treat their investments, sometimes damning JOG with faint praise as your real motive is progressively exposed, which is to put doubt into holders minds at a time they're bound to be feeling a bit exposed, given JOG's circumstances and the time it's (note correct spelling) taking to agree what would be a very complex farm out deal that in all probability would be a real game-changer and light a rocket under JOG's SP. It's not certain to happen, but there are many reasons to believe it will and that it's only a matter of time.

In the meantime please just answer the perfectly reasonable question I asked. How did you know what accounting firm I was a partner in.

I/we await your response

I don't recall ever saying I was with PwC? JamesS. Who are you?

What you have posted would appear to be in breach of LSE's rules and what you have written about me pushes the limits on libel. For the avoidance of doubt, I retired from the accounting profession 21 years ago, when I reached 50. I did so because I wanted to and I could. I enjoyed an entirely successful career with the Firm in which I was a partner and I remain in close touch with the Firm as a retired partner.

I don't become emotionally attached to my investments, although I do have certain favourites because they have the capacity to reward me (and other LTHs) for the work put into understanding what things are about. Serica Energy is another company I am keen on because its excellent managers have increased the value of my investment 17 times.
Wasn't I lucky.

I dislike and feel only contempt for those who trash companies I have invested in and the people who run them, when there is no justification for doing so. The majority of these types can't even spell, let alone understand what represents a good investment and what doesn't. There are no guarantees in the O&G sector - any seasoned investor would know this. Measurement and management of risk is what brings reward or perhaps avoids catastrophic loss, but I wouldn't expect you to understand this as it's quite complicated.

"it's" doesn't have an apostrophe when it's used as an adjective btw.

dyor

" you come across as a school teacher mentoring his student ".................... I reckon a schoolteacher has a much easier task than mine. Mentoring people like you is nigh on impossible. Where does one start?

When I said "he's one of us", I meant only that Ron Lansdell is now no more privy to information from the Company than we are, as he is no longer an employee. He does have the advantage, however, of having been instrumental in JOG understanding, acquiring and developing, to the extent it has to date, the oil & gas assets in the GBA. He has probably forgotten more about oil & gas than you, I or anyone else who doesn't have oil running through our veins would learn in this and another 10 lifetimes on top. He will know if the oil (and some gas) in GBA passes muster. And if in his view it didn't, he'd be daft not to have sold his shares already. As far as I am aware he hasn't and this should soon be capable of corroboration.

You should be ashamed of your sarcastic comment: " can you explain why the share price got destroyed before the placing last year ? Importantly why it happened and as a responsible caring chief operating clown what he did for shareholders at the time?"

Yes, I can explain what probably happened before the placing last year and it will have had precious little to do with a director who I doubt was even a part of the team presenting JOG's case to various City organisations, following advance discussions about the placing with JOG's brokers. News of the forthcoming placing was leaked which, as you say, crashed the SP.

Always follow the money. Ask yourself: who benefited from the leaked information? As it would have been difficult (and a giveaway) to have taken a short position in JOG's shares ahead of the leak, my money would be on one or more of the potential participants in the placing, which was probably provisionally priced at 200p+ (210p, based on the options strike price when the placing was done??). If the potential participants liked the placing at 210p, they'd have liked it a lot more at 165p. The act was a criminal one, not that this means much anymore in the City. So-called "professionals" don't care how they behave if there's money to be made. I'll spare you the rest. I was very disappoint not to see progress made on identifying the culprit/s. This might possibly be because the organisation asked to investigate the leak was the one that leaked the info in the first place?? Who knows, or indeed now cares. It cost us big time though, because an extra few million shares had to be issued to get to the "money raised" target.

The suggestion we should be getting an update in advance of a deal is that of a blithering idiot. The next RNS has to have money in it - nothing else will do

dyor

I think you mean "compliment", James. Your spelling isn't very good either.

You aren't fooling anyone. You say your comment about JOG's former COO selling his shares was "a joke". Perhaps you'd care to explain how anyone was supposed to know you were joking when you suggested today's fall in the SP was down to one of two things: "It’s either a tree shake or RL is selling up"? It strikes me that a former COO potentially selling his shares is hardly the stuff jokes are made of, although in the basement you operate from maybe it's par for the course? It's pretty clear the reason you mentioned it was to cause uncertainty leading to a sell-off

There's no evidence I've seen to suggest RL has either sold, or intends to sell, his shares in JOG. If anyone has evidence that contradicts this, then please speak up. No doubt there will be a price/time at which he will sell but, in the meantime, he's effectively become one of us. The share register is usually updated quarterly, so we shouldn't have to wait too long to find out if RL's holding has moved.

As for your comments JonnyBriggs, I have no problem at all with anyone disagreeing with opinions and views I put forward for comment and debate. On the contrary, I welcome well-thought out views, opinions and facts presented by others. These enable me to understand my investment better. Why would anyone not want to do this? What I do have a problem with is noisy airheads (generally short term traders) who never have anything worthwhile to offer and whose purpose in posting is questionable (at best).

Come on JamesS, put us out of our misery. Are you yet another identity of vampirekitten (aka rbonnier, catswhiskas) who, having disappeared for a while, smoothly rides back in half an hour after you've (jokingly) laid the groundwork about RL selling and calls it a "big red flag". You'll have to try harder. Both of me will try to be more polite to you if all four of you (and counting) stop behaving dishonestly. Sound fair to you?

How many more identities have you got up your sleeve, vk? Fancy someone pending his life being false for the sort of money he's likely to make out of it. Not a lifestyle that many would envy..

dyor

You're a very silly person, JamesS

https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/directorate-changes-and-gba-update/202111220700080479T/

"JOG is also pleased to provide an update regarding its ongoing GBA farm-out process as follows:

· We remain actively engaged with multiple counterparties, with discussions focusing not only on our Preferred Development Concept but also around alternative concepts using existing third-party infrastructure

· JOG has received expressions of interest from major infrastructure operators with respect to funding the proposed electrification of the GBA development and the potential regional collaboration opportunities that exist

· JOG is advancing regional electrification collaboration efforts with various industry parties in the Outer Moray Firth. There is the exciting potential for an integrated solution on power supply stemming from planned future offshore wind projects. This follows the recent announcement from Crown Estate Scotland detailing its plans to launch a leasing process that will enable the provision of low carbon electricity to power oil and gas installations to decarbonise the sector

· Potential collaboration with the owners of other oil discoveries in the vicinity of the GBA has also been accelerated to see if a wider joint development programme can be achieved"

Join the dotted lines??

dyor

I get it now. Ron departs, probably picking up a year's severance pay (assuming he didn't hand his notice in). Then JOG keeps paying him £20k+ a month for not turning up. I mean, why not?

Have you forgotten to take your meds?

"Delving further into his (AB's) past he had a pretty rough time with shareholders at Long reach and had to make a swift exit through the back door , similar to Dell boy running away with a suitcase of dodgy gear".......

..........JamesS - it is dangerous to make assumptions based on one's interpretation of information found on the internet. Having spoken regularly with and met with AB (and RL , VC and and MS) on many occasions over the years, I can assure you that all JOG's senior team are consummate pros who have never given me any reason whatsoever to doubt either their competence or their integrity. One might disagree with the way they have gone about monetising JOG's assets, but they are the ones who have the information needed to make the necessary decisions, not people like us. Ultimately it's all about trust.

Whether AB (in particular - who's own fortunes directly depends on JOG's success in achieving the ambitious targets that have been set and the whole JOG team has worked tirelessly for years to meet) is able to pull off a deal that finally and significantly rewards shareholders for their patience and support, is a question that can't presently be answered. As far as I am concerned there are more reasons to suppose a deal will be done than that one won't. And that it will add significant value.

The circumstances you make up about Longreach Oil & Gas are so far from the truth they aren't worth a response.

Suggestion: only comment on matters you have some understanding of

dyor

"Never a man to use a word when a sentence will do".................you've used that insult before, Herron. No-one is forced to read what I write - the filter is there for those who don't find my posts informative. I don't see much point in putting forward views & opinions that aren't supported to the extent that's reasonably possible.

Thank you for acknowledging I have never seriously forecast a SP of £43. As a general point relating to value, JOG's shareholders will never see the full NPV ascribed to the various assets, because this wouldn't leave anything meaningful for a buyer to make out of any deal.

As to whether your advice is worth heeding, I think the following (taken from your last post) probably says all that's needed:
"Are RL and AB still drawing £25k a month and what of the new crew ?".

https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/directorate-changes-and-gba-update/202111220700080479T/

I guess we'll find out soon enough (maybe sooner than we think) if JOG is just smoke and mirrors.

How will you be celebrating when you take profits on your £10k shares? Should anyone be warned about fireworks?

GL

Herron - the references I made to £44 (I'm pretty sure it was £43 anyway) were never intended to be taken as SP predictions. I don't make share price predictions, because to do so would involve guessing the future cerebral tendencies of hundreds, if not thousands, of different people whose usual inclination is to avoid logical thought. The number I referred to (£43) related to the Trap Oil (more like "investors" as it turned out) first day dealing price back in 2011 (43p adjusted for the 1 for 100 share consolidation when JOG reversed in in 2015). On the first day of dealing JOG's predecessor (TRAP) had a m/c of £78.3m, lots of cash and no assets (other than unexplored licences). Today, its successor (JOG) reportedly has assets with a NPV of (probably) £2bn or more and a few million in the bank, but its m/c is only c.£60m.Market cap is of course a function of share price.
https://www.investegate.co.uk/trap-oil-group-plc--trap-/rns/first-day-of-dealings-on-aim-and-placing/201103170800031030D/

Many different things can affect a company's share price, sentiment being one of the main ones. This has certainly imv been the case where JOG is concerned. My view is that the market has lost confidence in the board and isn't factoring a successful farm out into the current share price price. Who can blame the market, after past disappointments and the fact that more than a year has passed since we were told a farm-out process for GBA was underway "which we expect to be highly attractive to a wide range of oil companies in light of the project's scale, economics and low carbon potential through platform electrification, characteristic of certain fully electrified fields offshore Norway."

It's probably best if I stop there. I'm still fully invested but am pretty fed up with being kept in the dark.

Since you're putting words in my mouth, Herron, how come you're back and apparently so keen on JOG's chances, after doing your level best over quite a long period to put people off investing in JOG. Can I remind you of one or two things you wrote on here last August (there are any number of negative posts - the couple I set out are just short examples):
25/8/21: "Those two 5k "Unknowns" are my exit from this casino." (SP 122p)
31/8/21: "Still time to get out of jail. Trouble is, it won't be free in your case, to use a monopolistic expression" (SP 116p)

https://www.youtube.com/watch?v=OZUFqxriklE

dyor

......"Who is this Jim and son"?

He's this chap's brother I think:
https://www.youtube.com/watch?v=2aZE6IUT408

..........please don't say things like that, PC. What you suggest has always been my biggest fear. I've fallen victim to directors who've got their ambitions mixed up with their abilities in the past and lost a fortune as a result.

I doubt it will happen here, however. AB surely has too much riding on it to bet the ranch on something a few more years down the line? This, of course, assumes I've read the situation and the people involved correctly. If they did decide to go down the "let's take this all the way to production on our own" route it would very likely end in tears. I certainly wouldn't hang around for the years of pain and loss of value to follow, as the market firmly delivers the verdict: "you ain't gonna make it on your own - it's just too big and you'll never have enough money".

I thought having Putin to worry about was enough..............

dyor

Since when were politicians ever fair (or indeed honest)? Who gains the most from spiralling energy prices? Well, waddayaknow - HM Treasury, courtesy of the 20% VAT that's charged on the fuel cost plus fuel duty (57.95p per litre for both petrol and diesel), not forgetting the duty itself. Domestic heating fuel only attracts VAT @ 5% but so what.

All the hapless chancellor could offer yesterday was that fuel duty has been fixed for the last 10 years under the Conservatives. Does anyone remember (when Labour under Brown were kicked out in 2010) what Osborne did about corporate and other taxes charged on oil & gas companies' profits? He increased it from the draconian and incredibly short-sighted rate of 60% charged under Labour, to 62%. Unfair taxes had progressively driven NS-focused energy companies away from the UK, where costs had also spiralled with BC @ $100pb+ for more than 3 years (2011-2014).
Cue: the extended spat between the Saudis the US, which had barged uninvited into OPEC territory with oil from fracking (which was profitable with WTI/BC at more than $80pb) and we all know what followed.

All too soon, tax from the NS dried up altogether, as did exploration. Osborne reaped the rewards of his and HMG's greed and stupidity and it's been years since any meaningful taxes have been collected from NS-focused oil & gas cos.

The reasonably well-motivated and efficient (for a public sector body) OGA came into being, adopting MER as its motto. It has slowly and patiently gone about its job of maximising economic recovery (MER) from the NS quite effectively (in the eyes of most).

If lessons from the very recent past haven't been learned by the present clowns in charge what hope is there? No-one ever seems to ask the question: "why are oil & gas companies taxed at twice the rate of all other companies in the UK" anyway?

I was raging at the TV yesterday morning when Rachel Reeves showed an incredible failure to understand even the most basic economics. She scowled at dividends being paid by the likes of Shell & BP to that most horrible of all groups (shareholders). BP and Shell shares are held in thousands of pension funds, so it doesn't take Einstein to work out whose incomes are going to be hit hardest if dividends are reduced. By accident, however, she hit on bonuses being paid to energy co execs. It would imv be an excellent idea to have a special "bonus tax" levied on the "noses in the trough" brigade - but not one that's restricted to energy co execs. Far too many so-called senior execs across the board get paid ridiculous bonuses, because corporate governance in the UK is a joke. Shareholders like us pay the cost of the gluttony.

I'd better stop. If a windfall tax is imposed on Weds, we're closer to oblivion than even I thought we were. Let's hope sense prevails.

dyor

https://www.ft.com/content/3c958f6b-2f71-4a86-97eb-97c71434df1d

........."The OGA, which on Monday is changing its name to the North Sea Transition Authority (NSTA)"............

..........seems everyone's up to it...........

dyor

"I believe enough money (approx £40m ) has been raised on two placings"...............

Please don't sell your shares, JamesSimon.

Oh, go on then

I doubt JOG would want to be associated with what you call "dirty extraction" alsoppc. Their declared aim has always been to be as carbon neutral as possible over the life of the project.

A clue might have been provided by AB in the 22 Nov RNS as to how things might end up moving forward with a farm-out partner, maybe more than just one:
"We remain actively engaged with multiple counterparties, with discussions focusing not only on our Preferred Development Concept but also around alternative concepts using existing third-party infrastructure".
https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/directorate-changes-and-gba-update/202111220700080479T/

I'm no oil expert, so it's difficult for me to envisage exactly what AB means when he talks of using existing infrastructure as an alternative concept. Does he mean the need for expensive infrastructure could be avoided by, for instance, extracting the oil from Buchan, J2 & Verbier using a new partner's existing infrastructure? If so, one imagines whoever JOG is in discussions with around this concept would have to be a near neighbour with surplus capacity. This could be interesting for at least two reasons I can think of:
1 The cost pb of oil extraction to the existing producer would reduce (ie total costs recovered over increased barrelage);
2 Although the project wouldn't benefit from reduced carbon emissions via electric power, the carbon savings by not adding new infrastructure would produce considerable "offset".

That's how I interpret what he said anyway. Please correct me if I'm off the mark

If the above is the way JOG elects to go (perhaps because it's the only option available?) we'd better pray CNOOC isn't the chosen partner. As soon as politicians have forgotten about Ukraine and moved on to the next perceived vote-winner, you can bet your bottom dollar that having seen Russia get away with it, China will decide it's time to mop up Taiwan. You can work out where that might leave us.

Anyone care to estimate how much cash JOG has left? Seems it wasn't felt necessary to let us have a 2021 year end update. I dislike being kept in the dark

dyor

dyor