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MPO818
There’s no need to be disappointed regarding the farm-out. Its hardly likely they would finalise a deal and the FPSO acquisition on the same date. They have reaffirmed their stated strategy to farm-out a further interest in the GBA licences which indicates they are still in discussion with potential partners and failing a deal there is the fallback position of NEO taking a further 37.5% interest.
Presentation:
https://wp-jerseyoilandgas-2020.s3.eu-west-2.amazonaws.com/media/2023/11/20231117-JOG-Corporate-Presentation-vF.pdf
FPSO Acquisition
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that the owners of the Buchan field licences, JOG and NEO Energy ("NEO"), have executed agreements to acquire the "Western Isles" floating production, storage and offloading ("FPSO") vessel. The FPSO will be used as the processing facility for the planned redevelopment of the Buchan field.
"contact the FCA"
LOL
As it they will be interested.
If you lucky you might get a generic email reply 30 days after emailing them
Your post Kever 1 Jul 2023 21:30
What is the point of having a contract if it can be dishonouredwith impunity?
Shell and BP will both have robust legal teams and if they have a case they should seeks enforcement through the courts.
For someone who has constantly moaned about Benitz and the BoD sitting on their backsides doing nothing this comment from JS is hilarious:
“Big investors who I have a lot of respect for have something you don’t which is PATIENCE”
This is why I don’t have you on filter.
A buy recommendation from Tempus in the Times:
https://www.thetimes.co.uk/article/oil-major-adrift-after-loss-of-skipper-72ldmrphh
He placed an order and couldn’t buy.
I wonder why?
He only wanted 20K.
And the MM’s said try ebay.
It does make me wonder when people ask questions like this because the information is very easily found.
However:
The previous interim dividend was paid 3/3/23 so expect the next around a similar date in 24. It will be announced in the Interim results expected late January or early February.
Unfortunately this interview by David Blackmon is far to cosy. Why did he not raise the matter of the current sp weakness?
Interesting to see the Linked In post by Neo now has 129 reactions, which indicates a good number of people, mainly industry, who will now be aware of development. I wonder how many will connect it with JOG and consider the investment potential.
Noob
Benitz said at the beginning of the farm out process they would not provide a running commentary so it’s pointless screaming for an update. News will come when they have something to say.
One matter that does merit some discussion is whether they can finalize a deal for the FPSO before the remaining farm out. They announced in July that it had been decided to use an FPSO (rather than a platform as originally proposed) and that key commercial terms had been agreed for the potential acquisition of a high-quality FPSO. It has been speculated that Western Isles is the candidate and this looks very likely given that WI is about to be retired from Harris and Barra and NEO have a 30% interest. I suspect NEO had in mind Buchan as a life extension for WI when agreeing the farm in deal with JOG. So the question is could NEO and JOG conclude the FPSO purchase deal before JOG agrees a further farm out deal? Personally I see this as unlikely as it will oblige any potential farm in partner to accept the terms of the FPSO purchase deal. More likely is that JOG will finalize the further farmout deal in parallel with the FPSO deal. The alternative is that NEO will exercise its option to increase its 50% interest.
The latest field production data reported to the NSTA is:
May: Oil 7.34mb/d water 8.58md/d
June: Oil 7.19mb/d water 8.68md/d
July: Oil 7.09mb/d water 8.73md/d
Note there is a three month delay in publication of data.
The Iweb platform is supported by HSD (Halifax Share Dealing), as is Lloyds. The DCU payment has appeared in my share dealing account today.
“but a BB consisting solely of cheerleaders is helpful to no one”
And neither is one where false and misleading claims are made. I have no objection to members making comments raising legitimate concerns, but once an issue has been mentioned there is no need to go on endlessly repeating it.
Certain members seem to take pleasure in spreading fear and winding people up and I have seen many examples of this behaviour on other boards. It has been suggested that such members be ignored and this is good advice. Do not rise to the bait. Filter if you must, but resist the temptation to say you have filtered someone as this will only add to their satisfaction.
Good question and it will be interesting to see how the market reacts. My first impression is that it suggests the creditor banks have some degree of confidence in the business model.
"I am even hearing rummors that an offer is just about to be made to purchase the whole of JOG for £79.00 per share."
That deserves a recommend.
This is an interesting question and one I have thought about myself. I messaged Prax but have had no reply. (not surprised).
There is information on the Prax website. Click on investor relations and then Acquisition of Hurricane Energy PLC read more. Agree the discaimer and then click on DCU holders.