Member Info for Didas

JS- You apologise for ranting against AB and yet you blame it on HIS poor pr and communication. He and his team and Board have been, and still are, in detailed and sensitive discussions and he simply came up against the promised announcement by end of Q1 and duly informed us with a very positive update. What else could he do if the other party was not yet ready?
I believe he has done nothing wrong and anyone who sold out clearly did not have enough faith in the JOG story.

I continue to hold and await final, exciting and transformational news.

I think that AB, his team and Board have been working flat out for a long time to get the best possible deal for shareholders (and for themselves as they have a significant stake too which recognises their own faith in the JOG story).

Let's give them our support. I am confident that you will all be very grateful soon, including you, Batterymetals.

It was necessary to post today because of the commitment made in the previous RNS. I have no doubt that negotiations have been complex and I am sure that the detail you seek, DU, will be forthcoming once they are concluded.I have been a long term holder who has built up a sizeable holding and have always had faith in the management past and present. Let's remember that they have skin in it too and so it is in their interests to achieve a successful, possibly once in a lifetime, transforming deal. The slating AB has been given by some is shameful and pathetic and inconsistent with someone who claims to have 900,000 shares. I suspect this holding has been exaggerated by a multiple of 000.I think apologies to AB are due from some. Your comments were disgraceful and ignorant.

I cannot comprehend how someone claiming to own 900k+ shares is so negative. It just does not add up to good investing mentality.
I continue to have faith in the JOG story and potential and I am sure that AB and his colleagues feel the same.

I hope that the delay is only because they are squeezing the best possible deal for us all.

AB will be very aware of the time scale he stated which would have been approved by his advisors.

I think quite a few here could be eating humble pie if it comes in good.

Thank you, Dick.
Govt really needs to get a grip with its oil co taxing policy and think long term re attracting North Sea investment to ensure that we are not dependent on imports.
Currently they are playing short term politics and making it unattractive and could lose out long term.
No wonder talks are ongoing. JOG parties must be waiting for more clarity and potential amendments to the current policy. It cannot be easy for JOG management. So much is out of their control.

Article by Tom Espiner BBC Reporter is interesting: This is an excerpt:
........When he was chancellor, Prime Minister Rishi Sunak brought in a 25% Energy Profits Levy.
This was increased to 35% from January 2023 by current chancellor Jeremy Hunt, and will run until 2028.
The levy applies to profits made from extracting UK oil and gas, but not on refining, or selling petrol and diesel.
Less than 5% of Shell's profits come from UK production.
The scheme was criticised because it allowed oil firms an 80% investment allowance which overall allowed then to claim back 91p in every pound invested, including in oil and gas.
This investment allowance was reduced from 80% to 29% from 1 January.
However, the biggest oil producer in the North Sea, Harbour Energy, has been a vocal critic of the tax.
It said on Thursday that the Energy Profits Levy had "all but wiped out our profit for the year". Harbour reported pre-tax profits of $2.5bn, but tax - including $1.5bn set aside for the levy - had left the company with $8m in post-tax profit.
The tax "has driven us to reduce our UK investment and staffing levels," said its boss Linda Z. Cook, who used to be a Shell executive.
She added that it had given impetus to the firm to expand internationally.
Harbour Energy has not gone ahead at drilling at two sites, and did not take part in the latest North Sea offshore licensing round, a spokesman said.

That said, I think the investment allowance is good for JOG negotiations which clearly are continuing. I continue to have faith in the Board to deliver a favourable outcome for investors, including themselves who have significant skin in the company.

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.

You mean Mrs Didas?!

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.

Strange pattern today: plenty more buys than sells and fluctuation between 235 and now 217.5.
L2 order book for buys is more than sells.
I wish I had a crystal ball, but let's hope good news on Monday at 0700!

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.

A market valuation of approx £2.5bn. Let's hope this will result in an offer for JOG. I am a long term holder.

There was also gold prospecting in the 1930s off the south east of the island, but was abandoned after a short while.

Please can anyone explain to me how to understand level 2 colours, prices and codes please? I have subscribed, contacted LSE for an information pack but no reply!