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ajax according to Which "Black Friday" is a con, most so called sale items can be purchased for less if you wait.

On the SP, remember your words in April when it was lower and your stress levels were almost suicidal!!!

Apart from the known issues facing JOG, the Bogeyman affecting all sectors, is the spectre of a Socialist Administration. Especially so for Oilers with the threat of a "Windfall Tax". Christ knows how any Business will attract investment if Mr Corbyn becomes Premier! Our worst Nightmare.

Mike don't be under any illusion, Directors do not need to read these boards, remember the CEO is an Accountant and fully aware of what can and can't be done. Even though one or 2 trolls were rabbiting on about a Fund raise, was it really expected in early June? Remember it was presented to PI's as a fete accompli and had obviously been engineered many days before. As far as I am aware the AGM held on 22nd May had no mention of a fund raise to be instituted on 5th June.

Not sure if my views offend you or what could be happening behind the scenes??

It doesn't have the scrutiny a Public co has.

......fly in the ointment is my view not Superoty's

BadA those are imo dribs and drabs, there are 1400m shares in issue.

I agree with Super.......the fly in the ointment is the presence of Cluff Energy (Africa). Could it be a vehicle to reverse into CLNR???

BadA, the Articles of Association dictate, apart from Statutory Rules, how Company matters are managed and organised. The norm being where matters requiring Shareholder approval a simple Majority is sufficient.
We are hypothatising, but should a Buy Out/Going Private be proposed, valuations will be undertaken, often a value related to the SP on a given date + a nominal premium.

As an example if the scenario emerged in line with going Private, the Company could say an offer using yesterday's closing price plus say 10%.
If as suggested a Buy out does occur, it is in the interests of the Buyers to see the SP lower.

The decline in the SP could be a tactic to buy shares as cheap as possible. The fact PI's are unable to buy at present, lends weight to the strategy IMO.

If Large Investors lack confidence, would they not be off-loading? I believe they realise the Asset value that Shell want to be part of, and are greedy enough to get a bigger slice of the cake.

I am sitting tight and will keep under review over the following few months.

Strangely less than One month after resigning and apparently going into retirement Algy Cluff set up a new Company ( Cluff Energy (Africa) ) in collaboration with Michael Spencer. That Company is Private

BadA read my experience. That Company was trading profitably after a number of years of development and consolidation and yet it was taken Private. A recommended ( usually by the BOD) offer is put to the PI's with the caveat, " A majority of Shareholders ( the Institutions) are going to Accept". Consequently Ordinary PI's are left with little or no option. If a PI Refuses/Does not Accept there are benchmarks where compulsion is put in place. Often the Benchmark is the Acceptance of 80+% of Shareholders.
Some points to remember. The placing was made at 1.75p, so institutions are under water including Michael Spencer, who incidentally has a higher average, he paid Algy Cluff in a side deal over 3p/share, for a considerable traunche.
It would be amazing if these Institutions are sitting idly by seeing their investment going South.

When the June Placing completed it was mentioned that the weight of Company Control had been taken away from Ordinary PI's.

The very fact Shell are on board, alone should have kept the SP much higher.
The cynic in me says mischief is afoot. Mike illustrates the difficulty/impossibility to purchased a small number of shares. Isnt this bizarre? Are MM's scooping up every available share? Has anyone attempted a dummy Sell?

micgill, snap, did not see your post until directed. Twins??? don't say that too loud !!!

Good day micgill,, any multiple of 0!!! Seriously I 'll not predict, anyone who does is either a Ramper or De-ramper. Did state a short time ago, if Arden are half right the SP should be £3.....look where it is.
We hear a lot about value, which can be distorted by all manner of events. Remember value to a Seller can be very different to what a willing Buyer is prepared to pay.

If a Novice Investor to these boards be aware they are full of visionaries, experts of all shapes and sizes. Read by all means, but always, repeat always do your own in depth research into any Company that interests you. The Golden rule being Never Invest More than you are prepared to LOSE.
GL

MM's filling an order??

olly......the excelerated bookbuild in June created 855m new shares allocated to existing and New Institutional Investors. This included Michael Spencer who already held 65m (11.8%). Michael Spencer through his company received 20% of the New Shares. Ordinary PI's were not allowed to subscribe for the New Shares.

There are now circa 920m shares in the Hands of Institutional Investors. Total share issue is 1406m. Therefore more than 64% of shares are held by Institutions, who if they act in concert could engineer the outcome you deny.

Mike you make a very valid point, but it is folly to ignore. The saving grace for PI's and a northwards move in the SP, is Exec share options cannot be exercised, in about a year, unless the share price is close to 3p at defined time.

BadA, not necessarily. I had company stuck with for years, partaking in Rights Issues etc. I could see the long term potential, they were into a unique(patented) system weatherproofing large industrial buildings. It was a relatively small company who were being awarded major contracts, particularly Airports throughout Europe. The share price moved within a very narrow range, 7-10p. , it's profits because of developments costs were small until the company's products/services became widely known. Significant profits were announced and within 12months the BOD in colusion with a Major Bank, forced, yes forced small PI's out at a value they considered fair. There was no arbitration, PI's had to accept what was on the table on that was it. I protested strongly ,I wished to retain an interest, but was prevented. Considering my loyalty over several years, came out with less than my total investment. Too add salt to the wounds within 3 months the Company, sold an asset for a mega profit which went some way towards discharging the Buy-out Loan.

Super... there are rules which are not difficult to comply. At the end of the day a Majority of Shareholders can do almost what they wish and a Court will Uphold.

The lack of news may be good to some, others view it with suspicion. It all depends how much you trust this market??

micgill, I am certainly not Clark Kent, but sometimes the vision can be clouded or distorted and as that well used acronym says, DYOR. As true now as it ever was.
You can lead a horse to water, but you cannot make him drink!!

ajax, my strategy has always been long term, however sometimes it is wise to keep options open. Sticking with a company through thick and thin may eventually provide that proverbial pot of Gold, it may not. A volatile stock can create sleepness nights as you know, the people making money here are discretely buying low and selling on the spikes. A good strategy!!!
The fear of a Corbyn Administration, and the ramifications that go with it, is real however much of a fantasy it seemed a short time ago.
The Oil sector will not escape a Socialist Haircut as JC intends to introduce a North Sea Oil Tax.

Mike, the SP can be allowed to drift lower, spreading discontent amongst Ordinary PI's meanwhile Major investors tend to be more aware of a Company's activities and potential, than the "minnows". The BOD in concert with Major Investors present a buy-out deal to PI's which is basically a fate' acompli. The Company is de-listed and goes Private. Have seen it happen and there is little Ordinary PI's can do. Cynical view perhaps, it is the way money and overwhelming shareholdings can and do operate.
Just my opinion and hope for us all it does not happen, but the risk is real.

micgill, blind leading the blind!!!

ajax, you can probably buy with ease, but try selling!!!

Is it concievable, as I suggested just after large placing, small PI's are being forced out ahead of the Major Investors taking the company private. Cannot see Michael Spencer accepting the current state of affairs without there being an Agenda.
Food for Thought!!!

One or two people in "Glasshouses" me thinks!!

PC you are preaching to the converted. In all my years, more than I care too remember, of investing in the market, Company's and Investors ignore events outside of their control at their peril.
I have been over exposed in the Oil sector and have/ am reducing in an orderly manner. As stated, for the moment ( will see how events pan out these next 3 or so weeks) I still hold JOG.
I do have a divergent portfolio including investing in a Company developing a new Battery technology.
NEVER put all your eggs in one basket.

Individual Investors have their Strategy which either works for them or not. The majority of PI's are in it to increase wealth not reduce it.

Alibro it is a bitter pill for Oil Investors to swallow, diversification of the energy supply market is happening and is gathering pace. The majors, Shell, BP etc are moving more and more into renewables. Petro-carbon sources, even still important, will become less so, low cost producers being able to survive.
JOG, for it size, is undertaking a gigantic project, without, thus far, an experienced Partner.
That Partner may emerge before we know it. There are other major problems to be solved, the trajectory of 1st Oil in just under 5 years, and against the growing Global concerns regarding fossile fuels, presents shareholders with some serious concerns.

I am still in.

Zebbo there is an element of truth in your thinking, however unlike some small oilers, the Team here are not letting the grass grow under their feet and are maintaining traction towards production.