Member Info for DonkeyOatey

Oh well, seems like another year passes with no sale.

However, let's just remember that in 2023 the (dramatically overpaid) Chairman was talking about very hopeful of sale completed by year end. Why oh why do people bother believing a word this guy says when the passage of time simply proves all of his statements to be false?!

One born every minute, so it seems.

My expectation for 2024 is a large raise, in which the BoD do not participate, in order to keep the lights on and pay their six figure salaries - all of which they completely deserve for all of the value they've delivered to shareholders over the past few years; I mean, who doesn't enjoy looking at their portfolio and seeing the value having falled by >95% from the highs?!?

Incredible that there are still people on this board who defend this BoD, and ever more unbelievable to me that there are still people out their believing them!

Fewer than 36 hours to wait now until the end of 2023 tradingwise, we shall see if Schafftilitzky was telling the truth about completing the sale by the year end. With cash probably down to the tens of thousands by now (since it was only a few hundred thousand last time they announced) then we shall see what happens when they completely run out of money! I'm guessing early in the New Year there will be yet another raise for "working capital requirements whilst we finalize the sale" - basically the same lingo that was used how many years ago when the share price was more than 10x the current share price. So long as there are gullible people willing to buy the placing shares this can continue back down in the fractions of a penny where this company's share price really belongs.

"If Neo do have full ownership, it also raises the question of how much Neo will be charging back to the GBA partners for its use, albeit I do take some encouragement that the terms must be okay as Serica joined after the FPSO announcement."

Well, it won't be charging JOG will it, since they and SQZ are covering 100% of the infrastructure costs as part of the farm-in! So it's a bit irrelevant really, you'd only need to worry about that if you were thinking from a SQZ perspective. I confess I do not know the arrangements between Neo and SQZ for the Western Isles, but I DO know that a FO, 100% of the time, covers infrastructure spending, so there's nothing for JOG to worry about there.

As for why the SP hasn't risen, that's simply to do with the sector - our political lordes and masters have made oil and gas in the NS completely uninvestable. And to think we have a Tory (in name only) gvmt to thank for this. Liz Truss looks better and better in hindsight, the more I see of the current Tory party leadership.

As for comments earlier about why haven't current large holders called an EGM, perhaps the poster needs to reflect on the difference between the quantity of shares required to call and EGM and the number of votes required to pass resolutions?

A more interesting question for said cheerleader would be: "With all the six figure salaries being handed out to everyone on the board at JOG, why are we need reading of insider buying?" If they truly believed that JOG was a 3-4 bagger in a few years, why aren't they putting their hands into their OWN pockets to buy shares? Oh, that's right, I forgot, because they are busy handing themselves easy options at shareholder (dilution) expense. Time for someone to take a cold hard look at the board and the salaries and start handing out pink slips...

I would vote my shareholding in favor of any EGM resolutions to replace Benitz and bring down admin expenses.

Anyone buying JOG shares to take a bet on Benitz would've been pretty disappointed - since a large amount of shareholder cash has had to be spent in hiring the Ithica team to do the job which Benitz clearly wasn't up to doing himself!

My preference today is that we would keep Les Thomas as Chairman, on a reduced remuneration to reflect the lack of work now involved; and either bring back Ron Lansdell as CEO or someone he recommends, ideally someone who actually understands oil the way RL does; I have always said privately, particularly down on the southern coast of our fair isle, that we let the wrong guy go, and that we should've kept RL and given AB the richly-deserved boot.

"Patience, patience, patience, whilst 15 (directors and staff) people do exactly what in 2024, 2025 and 2026 until oil flows."

MP0818: I think you have failed to note the most important element here, so in the spirit of seasonal yuletide goodwill to my fellow JOG investors, can I suggest the following amendment "whilst directors and management cream off in inflated salaries, bonuses and easy options, all of the cash coming from NEO and SQZ which rightfully belongs to shareholders NOT those with their snouts in the trough."

Nice idea, and the theory is great with buybacks, and almost never feeds through to the commensurate share price increase. I want to see:

1. Reduction in headcount, especially at BoD level (we don't need Benitz any longer, imo, and the Ithica boys were brought onboard to do the farm ins which AB wasn't apparently able to manage, so their work is done too.)

2. Investment bank advisors appointed to sell the company, either quietly or through the FSP structure on AIM.

3. Preservation of cash.

What I do NOT want to see:

1. Higher salaries and bonuses to Benitz and the gang for doing what they've already been paid handsomely to do

2. RBL lending to buy late life fields

3. Overpaying for assets/projects in order to have something/anything to justify Benitz's continued employment

I think if that was going to happen, it would already have been done. Especially by NEO, those guys have plenty of firepower, and before they took 50% of the farm in, they could easily have negotiated to either take the entire farm in, or buy the whole company. But they elected to keep a limit on their risk in the project. Serica also had plenty of cash, and was hunting for oil vs gas some months ago, and could easily have offered to buy JOG before the first farm in by NEO. So no there's no legal impediment to them taking us over, but it would mean that their risk profile would need to have changed dramatically since pre-NEO farm in, and if anything the political and economic picture is less attractive than then. So to my mind, these two options are a nice thought but highly unlikely! That's not to say, however, that PE or VC might not be interested in a purely economic play, since they would have no operator responsibilities...

Well, what a surprise! After being absent during the complete collapse of the shareprice, cheesewhizz returns to start the ramping again! So predictable it's comical...

AAL cutting expenses and reducing investment in future projects, tells you everything you need to know about Arc's prospects here. No doubt, it will just drift for some months, Anglo will do the bare minimum and see where things stand in a couple of years. Sadly no reason for optimism here, it's gonna stagnate for many months/years imo.

Aw, Bonkers, you poor sensitive soul, I'm so terribly sorry that beginning my post to you I used WTF, I feel bad now that I've hurt your poor baby feelings.

"3. if the parties at the table i.e. Russian and Hong Kong based, want the assets, IMO they will want to bid before next years mining season."

Dattabase, a genuine question for you: since no buyers have apparently wanted the assets in time for previous mining seasons, why exactly do you think this coming mining season is the magical utopia?

CHF, I will give it a try again if our inept leader decides he needs a bonus for the work the Ithica team had to be brought in to do for him (since apparently he was sufficiently incapable as a negotiator to get these farm outs over the line himself.) Of course, if that happens, we mustn't tell Rollo_Tomazzi, since he apparently thinks CEOs don't need to receive bonuses if they've received salaries and stock options for that same work (I find the naivety rather sweet, really, especially for someone invested on AIM!) :) Perhaps a group of shareholders with say 10,000 shares and above need to all get in contact with each other and form a little group to wrestle control of the company away from Benitz if this happens, since I doubt most of us want to see the NEO/Serica cash ending up in AB's pocket since it is actually our money, not his, and he can get his rewards from capital growth just like the rest of us.

"From our CEO - No capital raise needed."

Is that the same CEO who said that the Anglo deal would be done in a matter of weeks not months (about half a year before the deal actually closed)?! lol, but off course, you should believe his every word, he's been so right so often in the past!!!

"pow won't find commercial discovery's on thier (sic) own. Will be either via a (sic) ipo , if they ever get off the ground"

The clear implication from what you wrote is that POW have yet to get an (note the correct indefinite article before a vowel) IPO off the ground, I've certainly no interest in reading your posting history in order to determine what you really meant vs what you actually wrote!

Stop responding like an angry, little baby, such aggression towards those pointing out some friendly facts simply shows up your insecurities!

Evening, CHF.

Just wanted to report back from my discussion yesterday with the boss. I laid it out, just as you taught me - I said "Bossman, I've some great news: I've found an incredible colleague who's willing to come out of retirement and take over my portfolio, he wants $XYZ per annum, but I think it's a great investment for the company, and he's amazing at his job, and one of the most highly thought of chaps in his field, we should consider ourselves to be so honored to have him working for us, and I feel a certain level of pride in my own accomplishments that such a notable character is willing to work along side me and head up the department. Most objective employers would regard being able to convince such an experienced professional to 'come aboard' as an accomplishment and endorsement of our business case , and once you see the calibre of his work and achievements for us, it will reaffirm to you my soundness."

Bossman: "Why would I pay someone else to do the job I'm paying you to do?"

OMG the world is full of unimaginative, ungrateful, visionless idiots, to say nothing of the share register...

WTF are you talking about, Bonkers, "via a (sic) ipo , if they ever get off the ground"? They've already IPOed Golden Metal (Tungsten in NV, USA) and FCM (Au, Ni, Cu and Li in Canada). Are you really suggesting that they dump these new IPOs on the market given the current rock bottom sentiment? I suspect that, if they do, you'll be one of the first to complain when the market turns and valuations improve dramatically. And even if they do IPO soon, and even if uranium goes crazy and the UEE plc share price rockets, it will probably not feed through into the POW share price for some long time, since the London markets are notorious for valuing holding companies below the listed value of their holdings.

For clarification, I've no clue whether any of their projects will hit the motherload, statistically it's a very low probability, but I do think they are doing all the right things.

So just chill, it will either be fantastic or a complete bust; right now it's priced for complete bust, which is fine if you like gambling as it's the time to get a seat at the table, if you're looking for an investment then POW (like 99% of AIM companies) isn't for you.

Agreed completely, Takenorisk, and as the share price continues its slide into the 2s, no doubt the usual suspects will be telling everyone that the market just doesn't get Arc! I suspect the reality is that the market gets Arc completely, hence noone wants to take a risk here, especially after researching the past history of the Executive Chairman at Bumi where he was shown the door by Rothschild who made comments in public to the effect that NvS is not leadership material. All in the public domain, and easily verifiable (despite the attempts to the rampers to paint this as a good thing!!!)

Why was there no announcement that in order to preserve cash, and in recognition of the complete failure of the BoD to get the sale finalized within anything resembling a reasonable time scale, they will all be losing a zero from the end of their salaries?

"hopeful of a successful conclusion" HOPEFUL?!?! As Warren Buffet says, "Hope is NOT an investment strategy!" What a bunch of overpaid clowns.