Member Info for Didas

Dick, I agree with Cuphalfull.

Very much appreciate your knowledge and analysis .

I have been invested since 2015 and built a significant stake and remain a believer but government has rather adversely interfered at a time when all effort should be invested in NS along the lines JOG and others propose.

I am confident that the Board and Directors are doing all they can to achieve second farm out at favourable terms but they will not be helped by external factors.

My body clock has been set at 0700 for years awaiting a RNS that will be transformational.

Thank you and please keep posting.

Is not the Enquest Producer in Cromarty Firth the favourite FPSO amongst what is available?

It was stated that commercial terms are agreed for a FPSO so we await confirmation of which one and the second farm out partner hopefully any day soon. Redevelopment plan to be submitted first half of 2024.

Getting impatient for news now.

I will be interested to see if JOG apply for additional licenses this time.

FPSO agreement, second partner, plus this, all potential exciting news flow to lift share price.

4 July RNS refers to connecting to nearby floating wind power developments.

GBA Development Solution

JOG and NEO, as the incoming operator of the GBA licences, have determined that the preferred development solution is via the redeployment of an FPSO. This solution benefits from being both the lowest cost development option and the one that results in the lowest full-cycle carbon footprint of all the potential options evaluated. This is driven by the ability to re-use existing infrastructure that can be located directly at the Buchan field and, with limited modifications, make the FPSO "electrification-ready" upon its redeployment. This will enable the vessel to have the potential to be connected to one of the anticipated floating wind power developments that are intended to be located in close proximity to the GBA following the recent Innovation and Targeted Oil & Gas ("INTOG") licence awards made by Crown Estate Scotland.

I read in the FT today that Vattenfall is halting its offshore wind projects off Norfolk and I wonder if the same reasons might affect the wind farm proposed in the Buchan area and thereby JOG's proposals?

Does anyone have any more information or thoughts on this?

Thanks, Greener.

Sad to view chart at this time.

Touched 350 in Oct and again in April and here we are at less than 50% of those peaks despite several good news releases. In fact we could touch a previous low of 150. What will it take to get this back up? And when?

Well done,AB and team. This giant, complex jigsaw is coming together in a very considered way.

Farm Out 2 please soon!

I understand how impatient everyone is getting and following recent news confirming the NEO agreement, it is easy to be impatient for the next steps ie FDP, FEED and another farm out.

We are also all disappointed that there is no positive impact on the share price despite this step forward.

We are probably tantalisingly close to next news and for me it is disappointing to read negative comments about AB whom some of you would put in the stocks and throw tomatoes and eggs a few hundred years ago.

I am in no doubt that the entire process is complex and I think that AB has been instrumental in bringing in the highest calibre of people to achieve our hopes and create major returns for us and themselves who also have skin and incentives in a great outcome.

It is hard to watch a weak share price and it is too easy to look for a scapegoat, but please let it stop and let’s give AB and his team credit in getting us closer. I feel there is momentum now.

Hopefully next news will be soon. I would also like to hear that they are actively courting institutions as well as the financial media.

I enjoy reading the technical and knowledgable contributions by many of you, but am sickened by the pathetic and naive comments by others.

I am sure that the team are acting sensibly and methodically and clearly they have great experience between them.

We should all be well rewarded and like you all, I want it soon.

Let’s change the subject now.

Hopefully FEED very soon to quantity costs/investment then and another Farm Out partner shortly after, then the market should sit up and see the value. Just hope it is next month.

DU I agree with you regarding a quote from NEO.

Often when two parties collaborate you will read a quote from each party.

It would have provided the market with confidence.

I hope that AB will take this on board and ensure it happens upon concluding the deal.

Dismal performance since announcement. I cannot believe the entire capitalisation is only £63m.

It is going to take some news to move this now.

Hopefully formal conclusion of F/O will be announced before the AGM and ideally additional F/O at the AGM.

Here's wishing and hoping.

AGM PROXY RESOLUTIONS BELOW.

Resolution 1 To receive and adopt the audited financial statements of the Company for the year

ended 31 December 2022 and the Directors’ and Auditors’ reports thereon

Resolution 2 To re-appoint Frank Moxon as a Director of the Company

Resolution 3 To re-appoint PricewaterhouseCoopers LLP as the Auditors of

the Company and authorise the Directors to fix their remuneration

Resolution 4 To authorise the Directors of the Company to allot shares in accordance with

section 551 of the Companies Act 2006

Special Resolutions

Resolution 5 To give the Directors of the Company limited power as specified in the Notice of

Meeting to allot equity securities for cash on a non-pre-emptive basis in

accordance with section 570 of the Companies Act 2006.

Resolution 6 To give the Directors of the Company limited power as specified in the Notice of

Meeting to allot equity securities for cash on a non-pre-emptive basis in

accordance with section 570 of the Companies Act 2006 where the proceeds are

to be used to finance an acquisition or capital investment.

Field Development Plan would be good to know too.

Whomever bought 10 shares earlier could be worth £100 if my target is correct!

It is interesting that the share options to management and directors were given so quickly after the NEO announcement. I hope this means that news of another farm out is not long away.
If we have another say for 30% leaving 20% and a free carry then this price target could be realistic!
Fingers crossed for news soon.

So, what are the scenarios now?

1. JOG is working on another farm out of say 30% or more with a view to having a free carry as it goes to first oil in which case no immediate return to shareholders and we are all in for the long term
2. JOG is working on another farm out of say 30% or more and need to do a placing or share offer to fund its remaining share to go to first oil- still long term return for us
3. They are looking at a potential sell out now on the back of a 50% remaining stake, in which case what would they sell at? £7.50-£9.50?
4. They are looking at a potential sell out when they have another farm in partner.

Please feel free to offer other options. It would be nice to see the share price above £6 soon, as well as longer term further returns, but I am not sure how we will get there looking at the current malaise in the share price.

Quite a swing today. Dipped to 219.5 and has touched 255. Just shows once short term sellers have moved on how this share can pick up quickly. There have been some chunky buys and many of us who have been in for the long term are holding our shares tightly.
There seems to be more and more confidence in JOG and its prospects. The next farm in should send this sky high.
Have a good weekend all.

Very frustrating to see the price drop away despite 5:1 buys, but there have been some 10,000 sales so it seems some are taking profits and moving on.
I believe there is more news to come on another farm out. They will have been speaking to numerous parties during 2022 and will be re engaging with some on the secondary farm out. This will cause a rerating upwards if the terms are good.
The aim must be to get to oil extraction stage at minimum cost to JOG, though depending on secondary farm out terms, there might be a fund raising. However the rewards are high, and if we are a bit more patient we could still see a multiple of current price before long.

I am sure they remain very active in discussions. Keep the faith!

Note from finncap:

Jersey Oil and Gas PLC’s farm-out deal announced earlier on Thursday is worth more than £4 a share, according to research from finnCap.

Describing the partnership with NEO Energy, one of the North Sea’s big operators, as "exciting news", the corporate broker then goes on to forensically break down the ultimate value of the transaction.

NEO is getting 50% of the Greater Buchan Area, 120 miles northeast of Aberdeen.

In return, the private equity-backed oil producer is handing over US$33.9m in cash payments, plus a US$12.5mln "carry to take the development through to sanction".

There’s also a 12.5% further "carry" on the Buchan development, the broker points out, the finnCap analysis reveals.

With initial phase development costs estimated to be up to US$1bn to first oil, this places a US$170m, or £4.17 a share valuation on the farm-out, the broker concludes.

It added: "The transaction leaves JOG fully funded to FID [final investment decision] and sets a floor price for future transactions.

"It provides a route to development sanction and first oil, with the opportunity to add further value through additional farm-out transactions.

"JOG has a 50% remaining working interest in the project and will look to cover its 37.5% share of the development costs through an additional farm-out(s), with potential non-operating partners waiting in the wings."

Ultimately, management is aiming to retain a 20-25% carried interest in the project, finnCap reckons. It has set a £6.60 share price target, which is more than double the current price of £2.75.

Exciting times for JOG. Great partner. Floor level is set and a further farm out would add to that and then realisation to first oil. Who knows what might happen on the way as a further bonus?
Well done to AB and the team and Board of Directors.