Member Info for DiveCentre

Figures are now out:
12.04 bopd
w/c 24.56%

Lets hope it's not SpaceX

They must have read my post.

"The Board as a whole has responsibility for ensuring that a satisfactory dialogue with shareholders takes place. It believes that shareholder dialogue is key to developing an understanding of the views of shareholders and encourages two-way communication, providing prompt responses to queries received orally or in writing. The Board also remains informed by monitoring the main movements in shareholdings and reviewing brokers’ reports.

In the normal course of business, the CEO and CFO are available to shareholders in investor meetings and at public events. The Chairman and Senior Independent Director are also available to shareholders, if communication through the normal channels fails to resolve a matter, or if it is felt inappropriate to discuss the matter involved with the CEO and/or CFO.

Currently the Chairman and Senior Independent Director take the lead on these matters and ensure that the views of shareholders are communicated to the Board as a whole."
I don't think so.

slipanchor
Select Glen Lyon and check nearby vessels.
The only one in the vicinity is Grampian Dynasty.

And if they ceased operating you would have nothing to moan about. What would you do with yourself? Would life still be worth living?

If anyone missed the webinar and for those who might want to watch again it is on you tube:
https://www.youtube.com/watch?v=ikegBVHGtmI&t=161s

The poster claiming credit for a certain question is a liar because I know who asked the question:
“In the last presentation the sales process launch was said to be a catalyst in the path to unlocking the equity value. Announcement of the sales process launch was compromised by the need to respond to media speculation of the fundraise. Will there be any further announcement on the sales process launch and having started the process can you make any comment on the initial level of interest.”
The interesting answer was “it is expected to be a 4 to 8 month success.”

dickupham

I think your criticism is a little harsh. Any Company wishing to fundraise should expect their brokers/bankers to be secure with the information. If not it would be impossible to do such business and as I said in a previous post banks/brokers do have reputations they need to protect. I accept there was always a risk and I have previously expressed my opinion of the timing. They could have left it a couple of months. In hindsight and given that the leak RNS also said they had started the sales process launch I rather suspect that the plan was to announce the sales process launch along with the fundraise but it would have been at something between 200p-220p. So not difficult to work out the extra dilution. They have raised 15m with the bookbuild which is at the top end of the amount mentioned in the leak so the extra 2m is neither here nor there. I guess it was added as a sop to private investors.
The next question is why was is so necessary to proceed with the fund raise now rather than wait a couple of months. Do they need the funds now or were they concerned that the sp might drift down. The fact that they are progressing with a work program for the development could be a reason and if so it does indicate a level of confidence. Anyone who have a view please comment.
At the end of the day it comes down to the level of industry interest in what JOG has to offer. Will it be so intense that potential partners are beating a path to the front of the queue in which case JOG should get a good deal, if not an immediate buyout and if not will it be luke warm where they have to accept a raw deal, or will we be 8 months on and still no news? Even a raw deal should still be better than no deal.
There is still money to be made from oil for those willing to invest so the principal reason that JOG will succeed or fail is the value in the licence assets. The board may have committed a faux pas but that doesn’t change what’s under the sea bed.

It may be a decent take but studious avoidance of the leak and its consequences.

Well at least that is done and it should put a floor under the sp.
I really do hope they find the person responsible for the leak as it has cost dearly.

daltry

If the AGM goes ahead as a proper meeting it will worth turning up just for the entertainment.

And the obvious question is:
Who is buying them?

Chadster
you must think readers of this board are stupid
The interest is 17.25m$ annually.

continuation:

Whilst they said in the RNS “There can be no certainty that any funds will be raised by the Company.” the cat is now out of the bag and they need to fundraise very quickly and preferably with a book build to avoid the lengthy process of a placing. If not they must tell the market but that will alert both investors and potential partners that they have their backs against the wall.
The best we can hope for is that the asset is so enticing that the interested parties know they cannot afford to sit back and wait for JOG to run out of cash.
What is essential is that they make a further announcement within the next few days otherwise AB is going to have some difficult questions to answer on the 18th unless they pull out.

dickupham
You have invited discussion.
“What I do know is that, based on everything we and the wider market have been told as recently as 8 March, it makes no sense at all for the Company to be imminently contemplating an equity fundraise of £10-15m.”
I agree entirely, and as I said in my previous post “Any sensible investor will have been aware that the Company has limited cash and that a fund raise could be come necessary at some point in time, and depending on how long the sale process takes, but there was no need to consider it as imminent.”
Repeat “BUT there was no need to consider it as imminent”.
As soon as you start fundraising discussions you have to engage with parties outside the company and there will always be a risk that information will leak out. Brokers and banks are usually reliable as their reputation is at stake so the risk is small but you still have to ask why did the Company take that risk?

This is the message put out by Betaville and repeated on twitter:
“RARE ALERT: Jersey Oil and Gas said to ...

Thursday, 11 March 2021, 9:25 am
Jersey Oil and Gas, the UK-listed oil and gas explorer, is said to be working on a multi-million pound equity fundrasing.
People following the situation have heard rumours Jersey and its advisers have been sounding out investors about raising between £10 million and £15 million, potentially via a bookbuild and placing.
However, it's not clear why Jersey is tapping investors for fresh funds.
One person following the situation suggested the capital could be used to further develop the Buchan oil field in the North Sea.”

With Phase 1 development costs of 1.4B$ £10 million - £15 million is a mere drop in the ocean which suggested to me that it was ridiculous to claim the funds were needed for the field development. It was for this reason that I dismissed the reported rumour as just that despite hearing of it prior to the RNS.

In the forced RNS they say “The net proceeds of such a potential fundraise would be utilised to maintain momentum for the next phase of workstreams on the project and augment the Company's existing cash reserves during farm-out discussions.” which contradicts the purpose of the fund raise suggested in the Betaville message. If the stated reason for the fund raise given in the RNS is correct then in my opinion they have acted rashly by rushing into a fund raise at this point in time. I’m sure they could have held off for at least a couple of months. It is also why I would question the suggestion that it might be an initial consideration in the form of upfront cash payment as part of a farm in deal.
It does therefore look like they wanted to strengthen their cash position for the duration of the sales process.
(continued)

“Any thoughts on the next CPR ?”
Guarantee water will get a mention. Hoping it might also mention oil. Will most definitely absolve the authors for any inaccuracies.

https://twitter.com/USbrokerdesk/status/1369944807058120704

This should never have been leaked. Utter stupidity to tell the market in advance.

Slift
“I believe I read that HUR are restricted to buying bonds (unless at par value, i.e. redemption).”
Quote your source and explain why RB claims the Chairman of Hurricane had previously told the Fund that he regarded such a (discounted) purchase as "a commercial no brainer”?
On the matter of volume there will obviously be a limit to the amount that can be bought without pushing up the price above par but as they now have no immediate requirement for the cash they should be buying as much as possible whilst the price remains at a discount. It is as McTiernan said a no brainer.
If they buy enough to push the price back up to par would that not have a knock on effect to the SP?

As the board has decided not to drill this year the Company will be accumulating cash with minimal expenditure.
Last year I posted on this board posing the question of the possibility of buying up some the CB’s on the open market at their current heavily discounted price. I was unsure if there was anything in the unpublished covenants that prevented them. I emailed the Company twice asking if this was an option open to them but received no reply. On the second occasion it was as a question for the AGM last June but again my question was ignored.
I am therefore heartened to see that RB of Crystal Amber has raised the matter with the Company as highlighted in their recent report:
“During September and October 2020, the Fund suggested, following discussions with other Hurricane shareholders, that it should allocate a portion of its cash to buy in some of the Hurricane loan notes at below 50% of par value. The Chairman of Hurricane had previously told the Fund that he regarded such a purchase as "a commercial no brainer". No update on bond purchases or capital allocation has been provided to the Fund or the market.”
If McTiernan regards it as a commercial no brainer then it must presumably be an option open to them. Furthermore as it is such a commercial no brainer are they buying and if not why not?
Given the decision not to drill this year they should be using all available cash to buy up as many of the CB’s as they can whilst they remain at a discounted price.
I expect to see some statement in the HY results, if not before, and if there is nothing it should be the number 1 question at the AGM but with CA on the warpath we may have an EGM before that.