Member Info for dickupham

There is no reason to suppose there will soon be a placing. CLNR has said it has sufficient cash to see it through to Shell's decision on P2437 and beyond and the $600k due from Shell would see it through to the end of the year. Any equity raise would first have to be approved by shareholders in a general meeting and all holders offered 'pari passu' participation under the general preemption provisions of the UK Cos Act.

imo 10p is a realistic target price on Shell farming in to P2437.

There is no reason to suppose there will soon be a placing. CLNR has said it has sufficient cash to see it through to Shell's decision on P2437 and beyond and the $600k due from Shell would see it through to the end of the year. Any equity raise would first have to be approved by shareholders in a general meeting and all holders offered 'pari passu' participation under the general preemption provisions of the UK Cos Act.

imo 10p is a realistic target price on Shell farming in to P2437.

Am I right in thinking that all posts under the thread (repeated above) have been removed by LSE?

If so, how odd. The false header: "£8m placing imminent" remains in situ.

Maybe it was my description of the bloke (one who moves stealthily towards a target) that caused LSE's action?

I was only telling the truth. Since when was this a punishable offence?

There is no reason to suppose there will soon be a placing. CLNR has said it has sufficient cash to see it through to Shell's decision on P2437 and beyond and the $600k due from Shell would see it through to the end of the year. Any equity raise would first have to be approved by shareholders in a general meeting and all holders offered 'pari passu' participation under the general preemption provisions of the UK Cos Act.

imo 10p is a realistic target price on Shell farming in to P2437.

dyor

philpb - are you saying you found a benefit in being married??

You're frightening me now, Maverick. First we have N_I telling us we're doomed because the gas price is about average when viewed on a longer term basis, now it's being gently broken to us (a bit like wind) that 2018 results will hopefully be delivered this side of summer. Now you're saying we might not get a summer at all, which seems to me quite likely because last year we had a great one - law of averages and all that.

Luckily I remembered one should always consider the facts. I managed to dig myself out of the khazi (where I'd spent most of the previous 5 days after N_I's, then jjasehem's, then your posts) and on checking, I discovered that last year the results were published on Tuesday 10 April. 2 weeks advance notice was given, so it is possible we will learn quite soon when the results for 2018 will be released.

If not, we've had it.

dyor

good idea f1 - see you next year.

........there's a lot more than just the drilling costs themselves involved in the exercise. The £9m-£11m capex re Verbier seems to include the big 3D seismic study and there is always a great deal of planning involved in advance.

£6m of the funds raised in 2017 were notionally set aside to explore Cortina and I'm not aware this has changed.

dyor

.....I see that CLNR is describing the well it states could be drilled in 2020 in P2437 as an "appraisal" well. Selene is described as a 'prospect' so are you able to throw any light on what the appraisal well is seeking to appraise? It's on page 12:
https://www.cluffnaturalresources.com/wp-content/uploads/2019/03/Corporate-Presentation_March_2019_FINAL.pdf

Given it's an appraisal well that's planned to be drilled so quickly ("hopefully within 9 months of Shell farming in" were the words used when I enquired recently) would this not make Shell farming in to P2437 (and paying $600k in cash) the real deal - a transformational event in CLNR's history?

People might be missing this in all the negativity promoted by those with an agenda, who could be left with nothing to warn us about, given the $600k when added to other cash would give CLNR enough to see it through the rest of this year at least. It seems to me that when it comes to the appraisal well, CLNR could easily farm down a small percentage of its 50% of P2437 to provide both its share of the well costs and cash to cover its ongoing working capital needs.

For the avoidance of doubt, CLNR would have to gain shareholders' consent for any further equity fund raises - the position was clearly set out in terms of the last (or last but one) placing document. Existing consent expired in January 2019.

dyor

Urraca (are you? imafca) - as a matter of fact I set up a vigilante group a while back (not traceable to me) which will explain to certain people why they shouldn't have dicked around (pardon the pun) with democracy. Expect to see quite a few less politicians from the date Brexit is cancelled (it won't be 'officially' if you know what I mean, although it will be). 108 straight lies from a Prime Minister has to be a record - even in current and former communist countries.

I might agree with you about RNSs to keep the market informed, but it isn't the role of directors to make statements intended to promote a company's share price. Besides, it costs a lot to issue a RNS and JOG's directors aren't given to spending shareholders' money unnecessarily.

Directors are obliged, however, promptly to advise the market when unexpected events occur that are (or would be if becoming known to certain parties only) price sensitive eg on drilling into Kool Aid instead of oil

You might of course be right and daily RNSs might become a feature - I don't have a crystal ball. When commenting seriously, I prefer to take my guidance from statements made by the directors, not to rely on intuition or what I would like to happen because I want to see the value of my holding increase asap.

Might swim the Channel after lunch

dyor

"I, like many others, am expecting noteworthy information within the next 10-14 days"...........

.......what kind of info are you expecting, yoyo? Presumably something other than news of Verbier appraisal? Who are the many others who are also expecting noteworthy information in the next 10-14 days?

Morning GB - why do you say we're still 4 weeks away from full results (I assume you mean of the Verbier appraisal) when the Company advises "mid Q2" (I wrote it down 3 times) or c.15 May (which I also wrote down 3 times). 4 weeks from today takes us to 23 April.

I'm only trying to establish why I seem to be missing things many others are apparently 'in the know' about. Maybe it's an age thing??

Madcrann - my post about small value trades was intended to be informative, not critical of anyone.

Reference certain other posts I might make, they might appear a bit critical at times. This is because I have an aversion to people spreading false information deliberately intended to cause others to act in a particular way. I and many others agree with me on this but I'm not saying who the many others are

Just off to the gym then running a marathon. Nothing planned yet for this afternoon

dyor

........."Further to the Verbier oil discovery announced in October 2017, we are delighted to announce that drilling operations to appraise Verbier have now commenced and look forward to participating in a safe and successful well programme, with well results expected by mid Q2 2019."

..........with well results expected by mid Q2 2019

..........with well results expected by mid Q2 2019

..........with well results expected by mid Q2 2019

Mid Q2 is 15 May

Mid Q2 is 15 May

Mid Q2 is 15 May

https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/drilling-of-the-verbier-appraisal-well/201903040700076759R/

Next Monday will be 1 April. Not sure if there's any significance............

No-one is trying to make any money out of small volume transactions. Transactions are mostly executed via computer and as I understand the situation very small value trades are used to establish the level at which the bid or offer actually comes into play vs what it is advertised at.

You'd need a crook working for one of the market making firms to explain it all properly. I'm only a nuclear physicist (retired).

dyorasiuamm'sa

Crikey - "legend's" a bit OTT, Wolfson, unless it was meant in the context: "the bloke's a legend in his own lunchtime".
Glad to learn someone occasionally finds something I write worth reading. No doubt this will be taken by some delusionals to mean I have taken on a new identity.

Time to give it a rest for a while

GL

I was pulling your leg, GB. I'm glad you've struck up a friendship with the chaps. My dogs knows theirs, who say they're good masters and know what they're on about when it comes to oil. Dogs usually get it right so JOG's share price should get to £20 quite easily - not sure by when as they wouldn't say, but their tails were wagging.

Just off to do a triathalon, then I'm going to check the river systems in Africa as I now see the Central African Republic doesn't have a coast.

What a shame. Might have to revert to Plan A (spooky that the Cessna would be just right for me, my carer and two dogs; I've upped the ante on the holiday pad as I'm expecting CLNR to do quite well too):

https://www.onthemarket.com/details/6621172/

https://www.avbuyer.com/aircraft/private-jets/cessna-citation/cj3/355000

dyor

Welcome aboard, BadA and other new holders. Hope you make a decent return on your investment.

GB - you must have made AB's day by popping in unannounced today - always assuming he didn't pass up the opportunity to pick your brains :-)

Lucky you having a rich Dad - my kids get embarrassed when their friends tell them they've seen me queuing up at the food bank, or on my way to my night job (shelf-stacking in Morrisons) on my push-bike.

I do have other things though (like a bald head for instance) so it's not all bad. And I might soon have a yacht (not a dinghy either) and a holiday pad in the Central African Republic to sail it to.

dyor

Exploration - from P18 of CLNR's last presentation (on the website):

"Summary:

Shell investment and remaining Cluff working interest provides catalyst for potential further farm down to offset
future drilling costs"...........

..........this is repeated on P10 re P2252

..........suggests equity funding to cover drilling costs won't be necessary

https://www.cluffnaturalresources.com/wp-content/uploads/2019/03/Corporate-Presentation_March_2019_FINAL.pdf

dyor

That was twice as serious............

It was four times as serious as it might have been, ferrotty.

Never mind the appraisal well (getting ever closer to TD as we write) have you considered how the people on the rig must be feeling, straddled across two periods as they are.

Must be very painful and more than a little inconvenient. How do the go to the toilet?

It was four times as serious as it might have been, ferrotty.

Never mind the appraisal well (getting ever closer to TD as we write) have you considered how the people on the rig must be feeling, straddled across two periods as they are.

Must be very painful and more than a little inconvenient. How do the go to the toilet?

https://www.youtube.com/watch?v=V7NlFWh7Sz8