Member Info for DiveCentre

Hi Laser

No surprise. It just confirms their expectation of continued production, unlike the prediction of doom and gloom in the scam sale to Prax.

Still waiting to hear of the mystic production deals Prax said they were going to do, but not holding my breath.

Greener

There are three options with gas, 1) flare, 2) reinject and 3) export.

It is highly unlikely the NTSA would grant approval for flareing so it has to be reinjection or export and if reinjection is unsuitable for the field it has to be export and that requires a pipeline.

EinbertAlstein

I agree that they need to do all they can to bring institutional investors on board but you cannot accuse AB of not bothering. Jimm333 posted on 5th October last year saying “AB was in London yesterday seeing institutional investors”

You can only do so many of these promotions and such events will not always be notified by RNS.

The next milestone will be completion of the Serica farm out on NSTA approval. If the timescale is similar as that for the NEO deal it should be around mid February.

In my opinion this will be a significant event which AB and the bod should take advantage of as an opportunity to get the message across that JOG is now firmly established on the road to becoming a producer. I would also like to see an updated presentation setting out the steps to the start up of production. If you remember the last presentation was published on the FPSO acquisition. The Serica deal followed shortly thereafter but without an updated presentation so NSTA approval and completion of the Serica farm out will be an ideal time.

Corryvreckan1

I think you are right in that the next DCU payment will only consist of revenue from two offloads. Also I think 0.6p is more likely. However the next payment, end of September should be from three offloads rather the two. It means that Prax make an extra six months interest on our money.

Spondy

I posted a link for the letter on 20/12/23, but here it is again:

https://democrats-energycommerce.house.gov/sites/evo-subsites/democrats-energycommerce.house.gov/files/evo-media-document/12182023-letter-to-diversified-energy.pdf

I do not have the reply.

Thanks. I thought it might be him. I know his style from another board, provocative and argumentative. He's a nasty piece of work and inclined to makes unfounded claims.

Apologies for going off topic.

MPO818

I looked at the PANR chat out of curiosity to see who was threatened but I suspect the post, or posts have been deleted, Can you name the member who claimed to have been threatened.

Hi Laserdisc

Looks like my f a g packet calculation was spot on, and it suggests a minimal decline in the production rate.

DonkeyOatey

There are shareholders who have sufficient to call for an EGM but they have not. Ask yourself why not. One of them posts on this board. Ask him if he agrees with you.

The RNS on the 15th advised of the intended admission of the Option Shares due to options having been exercised by a number of former employees. Note the word former.

Personally I have no problem with directors renumeration provided they deliver on what was promised and so far, although somewhat later than hoped for they have.

This is a link to the letter. I don’t think it has been posted before but apologies if it has. I cannot believe the timing of this letter and the NYSE listing is pure coincidence. It stinks to high heaven.

https://democrats-energycommerce.house.gov/sites/evo-subsites/democrats-energycommerce.house.gov/files/evo-media-document/12182023-letter-to-diversified-energy.pdf

Buchanan101

If that is the case the please explain why the share price is still 209.5p and not 500p.

CUPHALFULL

After announcing a second farm out which leaves the Company with 20% and full carry I am extremely disappointed the share price is still only 209p. Ask yourself why investors are so reluctant to pile into a company which the analysts are saying should be worth 600-700p. What are the potential risks seen by investors that makes them shy away from a 300% profit over three years. Oil price, political, failure to complete the project, or the stated production target is not acheived? Please let me know if you disagree or if there are other risks I have overlooked. By end of 2024 there will still be almost two years to go before start up and all these risks will still be there.

Bare in mind that short of some disaster befalling the Western Isles all the events through 2024 are almost guaranteed to happen and within the stated timescale.

So if the share price is still only 300p in twelve months time it will not be due to anything going catastrophically wrong, simply a consequence of the remaining uncertainly as to what will happen over the next 2years. You might also consider that 300p would represent a 43% profit in twelve months on todays price and who would say no to that if it was a guaranteed dead cert. Then there is the timescale to production because if you are of the view that there will not be any significant rise until we are nearing production then why not put your money to use elsewhere. As Greener says 5% on guilts.

It's anybody’s guess as to which particular events will propel the share price, excepting of course the possibility of an offer being made. Some here are keen to see an offer and I have no quibbles with that, but if it is a recommended offer will everyone be happy with the price offered, or will some feel cheated?

The prospect of an offer is something to keep investers on board and encourage others, but with the share price at it current level I cannot see anyone making a realistic offer and one sufficient to gain an acceptance recommendation.

The next milestone will be completion of the Serica farm out on NSTA approval. This will trigger the $6.8 million cash payment. If the timescale is the same as that for the NEO deal it should be mid-February 2024.

Next will be submission of the Buchan field re-development plan to the NSTA expected during the first half of 2024, (hopefully JOG will RNS this) and approval later in 2024. Approval will trigger the further cash payments, $12.5 million from NEO and $7.5 million from Serica.

Also there will be handover of the Western Isles FPSO which is scheduled to come off-station around the second half of 2024. All of these events will take the project nearer to completion and ought to keep the share price moving in a positive direction. If it has not reached a steady £3 by the end of 2024 I will be disappointed.

The second farm out was announced only 6 days after the FPSO announcement and I wonder if they expected to conclude a deal so soon. Rather than putting out a somewhat lacklustre presentation on the FPSO news would it not have been better to wait for the farm out deal and then put out a blockbuster presentation in which they could set out a clear path to start up. In any event I would like to see an updated presentation setting out a timeline of events to start up of production, what they expect to do with the cash they have received and are due to receive, and how they expect to return value to shareholders. In addition, Benitz should be working overtime on doing the rounds to promote the company and try and get some institutional investors on board.

These are my thoughts for what they are worth.

I read that article and I agree. It is a logical argument.

It would be interesting to know the mechanics of how equity will be transferred from the UK market to market makers in the US in order that trading can commence on the NYSE.

Does anyone know the process, and might these large trades be related?

Frankly I am amazed they felt the need to put out an RNS to advise on the dividend. Do they really think investors are that thick?

PC01

"Most people have blanked you but I for one enjoy the comedy"

Same here.

If his holding is as claimed he only needs to buy a few more and he can call for a special meeting.

The dividend payment will be calculated on holdings prior to open on the 30th November when they went ex-dividend.

Senseman

I noticed the longer than usual shut down time particularly compared to last year. The data indicates a period of almost three weeks and it begs the question of was it just routine maintenance of have they done some additional work for example on a gas solution; export or re-injection. Of course Prax are not going to say anything but the data reporting will tell us eventually if they have.

Laserdisc

Are you still watching all shipping as well as the offloads?

the latest field production data reported to the nsta is:

august: oil 2.59mb/d water 3.31md/d

september: oil 7.18mb/d water 7.56md/d

october: oil 7.16mb/d water 8.83md/d

for those unaware there was a scheduled maintenance shutdown in august which explains the reduced production for that month. also worth noting is the modest increase in production post shutdown and the reduced water cut. my *** packet calculations suggest the next offload around the 26th december and we are looking comfortable for revenue from three offloads for the next dcu payment.