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Well, I did not expect a drop below 200 in January 2023! With a substantial stake that I have built up over seven years, it is disheartening, to say the least, to see the value ebbing away, despite the December RNS.
I continue to hold and cling to the thought that a drop might just mean imminent news! I am sure many of you feel the same frustration and like me, set your alarms for 0700 hoping for the greatest reward imaginable! Who knows, we might be caught out with a 1700 RNS!
Whenever it is, let's hope it will be a big reward for our patience and I will be pleased for the management too, whom I believe have been working very hard to achieve an excellent outcome.
I have no doubt that AB, RL, MS etc have applied their life and souls to get to where we are today and I sincerely hope that they and we will be duly rewarded. We are now fortunate to have the additional expertise of the Ithaca people who will no doubt be bringing additional skills derived from their experience in the development and sale of Ithaca. We are in a good position and everyone should be comfortably rewarded for our patience, and that includes the Board.
Interesting point Greener. If that is the case, then it might be contributing to the delay as well? However, with about 700,000 shares, I do not think AB would want to sell out for less than £8 for all his hard work since the beginning of JOG and, more likely, he will be looking for a far greater longer term return through a farm out, whether that features him as CEO or not.
I would be surprised if current Board members would accept a full take out at less than £8 when they could potentially derive far more with a partner and a bit more patience. Surely this share could be worth £20+ following a farm in once drilling is underway.
Dick:
"My gut feel is that at least the outline terms of a deal have been agreed, as it's difficult to see JOG's NOMAD agreeing to the wording used in the end of Nov RNS if a FO wasn't all but certain".
The NOMAD has to be satisfied that such a statement is true and not misleading, so I am sure that the FO continues with selected multiple parties.
Now that things are clearer re North Sea, I am sure they are just dotting the i's and crossing the t's.
It is interesting that they appear to be planning on continuing to first oil, which could make them a very valuable company if you are prepared to wait, though it will be exciting to see how the market values JOG upon the announcement of the FO and terms. My guess min £7.00 and if they are in for the longer term, who knows we could see £30+ a share!
Whilst a Christmas present from JOG would be nice, an early New Year one would be too!
Have a wonderful Christmas all holders and thank you to those who post detailed information
I think it is only the government issue that is delaying an announcement. "if not by the end of the year then certainly in Q1 2023" suggests to me that the parties are just waiting in case government amend the tax/levy before they sign in December. The latter part of the sentence would suggest to me they are 100% confident of a favourable result.
Could JOG be one such development opportunity for Ithaca?
18 Nov 2022
Ithaca Energy plc ("Ithaca Energy" or the "Company")
Response to Proposed Revisions to the Energy Profits Levy
Ithaca Energy, a leading UK independent exploration and production company focused on the UK North Sea, notes the revisions to the Energy Profits Levy in the Autumn Statement 2022.
The Energy Profits Levy favours companies that are reinvesting their profits in the UK North Sea, such as Ithaca Energy. The Company has a strong pipeline of development opportunities, which have the ability to increase domestic energy supply in line with the British Energy Security Strategy and allow the Company to benefit from tax relief under the levy's investment allowance. The Company will work with Government and its industry partners to evaluate its development opportunities under the revised Energy Profits Levy.
The Company remains committed to its communicated dividend policy.
The full details and legislative changes related to these revisions have not yet been published and therefore it is currently not possible to fully assess the potential impact on the Company. The Company will provide an update to the market, as appropriate, once full details are known.
John Briggs- or simply that they are working very diligently to achieve the best possible outcome for shareholders, including themselves who stand to gain significantly from a sale or farm out. I think it is likely that only the government stance on wtf is holding up any final decision by a third party. I am confident that we will see a great rise soon as most due diligence was due to be completed by end of October.