Silly comments about dilution.............3 Aug 2019 14:37
..........it is logical to assume that, at some point in the future, events that will have a positive impact on the Company (eg the acquisition of producing assets) might make it sensible for JOG to raise additional funds (probably via a placing to enable the acquisition to take place). But that would add value by producing an income stream and adding to reserves. And it is highly likely that when and if it happens, JOG's share price will have reached a level that more closely reflects the true value of JOG. Anyone with a modicum of sense will tell you it is way above the £48m some weak holders have recently been selling their shares at , mainly I guess because they can't understand basic arithmetic - or perhaps they can't be bothered to check what discovered reserves in the North Sea have recently been changing hands at? MMs must find it hilarious - and it's made them a fair bit of money as a result.
Since the initial frenzy of dealing after the big news, when the usual bunch of charlies out to make a quick buck were all over JOG like a rash, the pace has slowed and they've now moved on searching for the share that's going to change their miserable lives (UKOG perhaps, or a winner like FRR, had it not diddled punters out of their money and gone private). Slowly but surely the shares now being sold will be being mopped up economically by those who recognise the remarkable opportunity that currently presents itself to those who understand and are prepared to be patient.
There is no reason to suppose any kind of fundraising activity will be going on in JOG in the next two years or so (unless, perhaps, an opportunity presents itself to acquire production). JOG has plenty of options open to it to raise money via farm-out of its newly acquired interests, or to reach agreement with Equinor (or someone else should Equinor want to avoid ownership of 50m barrels of prime NS oil - does this seem likely?) about say, a loan on favourable terms secured on reserves; Equinor meeting development costs and looking for repayment out of future production; or conceivably RBL from a bank.
As for further drilling of Verbier/Cortina, JOG's share of the costs is 18% and there's enough in the bank to cover one drill in full. JOG' share of FDP on Buchan/J2 will be no more than £5m and establishment costs are low - plus there's likely to be cash coming in from Equinor to cover half JOG's application costs for the new licences.
So your mean-spirited (some might say dishonest) attempt to place doubt in people's minds about JOG's ability to conduct its affairs in a planned and orderly way through to production have fallen on stony ground, sotb (soab sounds better in the circumstances).
Did we miss out on the big rise, sotb? And is your resentment of others having read JOG's position a lot better than you evidently have such that you want others to lose money, so that you feel better?
Shame on you
all imo/dyor
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