Member Info for fairdealer20

“Oh Dear Dick”
A form of friendly exasperation and certainly not capitulation as your succeeding remarks imply (Sat 23.47)
In the absence of precise comments it is difficult to understand exactly what you believe to be valid. There are certain incontrovertible facts, unless it is too argued “Black is White and white is no colour at all”.

Are Individuals allowed to have opinions which are factual and pure speculation? Speculative views are always open to debate and condemnation in a structured way. I can take on board criticism, as I do here, not sure that is a mutual trait?

My post, following the Investment of Blake Holdings, when you were absent, questioned the intentions of Richard Griffiths

It is confusing to read the word “cosy” is a form of bad-mouthing and then goes on to comment on the Major investor’s bodily functions. Mm
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With respect my criticism, and others here, was qualified by referring to the way the Drill news was presented. Maybe your construction of mails loses sight of the object!

Why do you detest Richard Griffiths so much? I don’t know him do you?

I can only imagine, as most, he is well-heeled, sees an opportunity, which would be surprising if he had not made some direct enquiries before committing £1m. Being in Jersey he could visit the office in St Helier easily, no good phoning as calls are not answered.
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Why is Richard Griffiths presence is so abhorrent, maybe that is no bad thing, it may as I suggested create conditions to increase Shareholder value by encouraging the present Crew to sail into bluer waters, much bluer.. If that is disagreed there is no hope.

For all we know discussions may have occurred and ongoing, regarding RG’s involvement. Doubtful your acquaintances could say much until the ink is dry, otherwise your posting would be compromised.

Acquisition of producing assets as been well debated. In a nutshell it has not happened, resources to achieve are diminishing, failure of the Verbier Appraisal has hit the potential collateral available, further Appraisal Drills required, using much of the existing cash. Clearly further funding will be necessary in the absence of a take-over or amalgamation, if goals are too be achieved.. That’s how I see it.

As stated, Dick, your dogged defence of the Directors is commendable, just wonder what it would take for you to see things differently, with the current Administration.

In my experience brilliant Scientists rarely make good Businessman

LONGWAIT, No I am not saying BOD are unwilling, quite the opposite they should engage if only because of his presence. Would you invest £1m in a company who has seen the SP dive by over 70%, without making enquiries. I know I would not even though on paper there is cash, at least to jack up the SP. It is clear Dick will have no truck with RG, short-sighted imo, as any meeting between the BOD, even though they are apprehensive could give a clue as to Blake Holdings intentions.

The Annual Report is due any day, which should bring clarity to the uncertainty

BTB remember Financial crisis of 2008/09 was so serious the whole Banking system was in danger of total collapse. Ineveitably Markets everywhere went into free-fall because no one knew how Capital markets could recover. They did of course with a lot of pain, particularly to the ordinary citizen.
MARS has a good dividend which is a big attraction to many. The problem is Capital growth is hindered most likely because the Market's concern over Borrowings. The BOD seem to have it managed and are committed to significant reduction by 2022.

Oh Dear Dick
It is very clear in spite of many different posters criticising, the way recent events have been presented by the BOD, seems they are above criticism, I have echoed concerns of others. My remarks have been critical, yes and suggesting actions could have been taken which could have avoided the near melt-down seen. If the way matters have been handled is not tantamount to pandemonium it is difficult to see what would be, certainly not a more thoughtful RNS.
Would suggest Rig-workers are subject to NDA’s, any leak regarding drill procedure could have serious financial consequences for a worker(s). It is curious having already asked, Equinor, do not appear to have reported the drill results. I cannot find any reference.

If the seismic data cross-referencing due May/June, reveals a different outcome too that reported in the RNS of 3rd April, will that be embarrassing for the BOD?

Not sure how my comments have been disparaging, critical yes. Are Shareholders allowed to criticise Directors or do we have an Autocracy? Do wonder when reading comments regarding Richard Griffiths, “that he doesn’t start to imagine his <7% holding entitles him to start telling others……” By extension this means ordinary PI’s have little or no rights. Quite astonishing.

The point is made how affable and approachable the Company and its Directors are, well I can report telephoning the Jersey Office 3 times a week or so after the bad news. After a lengthy ring out I hung-up. I can understand the pressure they may have been under; however there was NO answering system to even convey the simplest of messages. That is not good management whatever the reason.

The arrival of Richard Griffiths, a Welshman by birth, and qualified as a Jersey man, has created hostility. He has managed at least 2 Junior Oil Company’s, so is able to claim knowledge of the industry and its management. One would think the existing BOD would be wise to engage with him. After all it is Business and not a self-appreciation society. Dick I am sorry to put it that way, your dogged defence of the Directors is commendable, you better than most, know Business is Business.

Business and Pleasure are not good Partners.

Surely if Richard Griffiths presence is the catalyst for improved Shareholder value that should be applauded!

Seems there are 2 Directors due to retire by rotation in May, could be re-appointed or not. After the serious disappointment it will be interesting to see if they wish to continue for another 3 years!

Dick your views and opinions are respected, however, in this situation I do not believe we will agree and best agree to disagree and leave it at that otherwise this Board will get clogged with futile exchanges

longtime.... have previously made the comparator with GKN and other Brewers, it baffles me why MARS are laggards. Can only think although the debt is managed now, the Market may have concerns should a downturn in the economy occur.
I still hold but have reduced.

PT am not sure if the way you have presented the suggested statement is in agreement or not? I'll take the contrary view in as much as what is being said the Drill has successfully completed, which is true. The drill has successfully completed, it does not mean they have or not found oil. Being pedantic at this time achieves nothing. The point being and only emphasis, as have others, who should speak up, the flow of information from the BOD has been disappointing.

In so far as RG's status, he lives on Jersey and unless someone is re-inventing the meaning of Jerseyman, which I suggest it is taken up with Jersey Evening Post. The point being as a Person who lives on Jersey it would be easy to pop into JOG's office for a chat as some of our members do.

Dick, to answer your question, what ever the rights and wrongs of Schroder's reduction, and being amongst one of a group of Quality Funds, their experience would be known in the Investment Fund fraternity, which would not be helpful to JOG. Remember I said "MAY" have faced some difficulties, not WILL. Subtle difference but highly important.

Throughout all of this time, has anyone seen a report from the Operator, Equinor? cannot find anything but am open to direction!

Dick, sorry if the confusion interrupted your sleep. You know better than most the Rules which govern Director’s , whether Statutory, Articles of Association, undertakings granted by Vote etc.

Many members have shown their dissatisfaction, as identified quite well by the post I quoted, at the lack of information flow.
Very well, if as suggested the BOD have not been able to fully interpret all data associated with the failed drill, which on that basis could return results quite different to the initial statement. A statement, which taking on board your thinking, was it folly to have been issued so soon?. I would suggest a better way to have presented would be to say, “ the drill has been successfully completed, the results will be encorporated with the seismic surveys etc and a fuller statement will be issued later”. That surely would have prevented the near melt-down of the SP, bearing in mind Schroder’s were clearly not amused and had Richard Griffiths not shown up the BOD may have faced some difficulties in raising further Funds from some institutions. The fact Richard Griffiths is regarded as an Inhabitant of Jersey ( Jerseyman) it is not beyond the wit of man, enquiries were made by someone before the investment was secured. Would anyone plunge in a £1m blindly?
Your missive concedes the decision to drill before seismic data had been fully analysed was a mistake. Considering the drill had already been delayed twice and latterly put to the back of the queue in the UKCS, another 2-3 months would have been preferable too what has occurred. This has to be a question the BOD should address
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Blake Holdings have taken up the slack to a degree which now seems to cause some concerns. Not exactly sure why,as JOG is an open company, and anyone building a holding is frowned upon. I get the impression Richard Griffith’s methods could interrupt the cosy way JOG’s Directors operate ( just my feeling).

Why a major investor is attracting perceived animosity is difficult to understand after all it is a free-market. His investment has put some stability, even though at low level. In the SP

Dick majority of us here respect your views and opinions, whether agreeable or not. As the originator of the comment, "need shaking up", is a BOD not answerable to it's Members? Taking credit where it is due is fine, by the same token Directors need to explain when things go wrong.
The anger expressed following the "disappointing" drill result, was pulpable. I for one watched but kept out of the debate for a number of days following the news, allowing the dust to settle. It was clear many posters were concerned how unprepared the BOD was for the drill outcome. This feeling was emphasised by a revered poster who I have always found to be even-handed and unflappable, with this comment.

" its the first time in almost 2 years that I have to say I am extremely dissapointed in the BOD and the information flow... "

It does seem the investment of Richard Griffiths is creating waves, but then as a Jerseyman do we know if his support was actively sort? In which case the BOD would seem entirely comfortable with his involvement.

With respect mjga the removal of posts may not be of importance to some but their deletion may be significant in view of the arrival of Richard Griffiths. There are some who are apprehensive, even cynical, about the investment of Blake Holdings. IMO if he shakes the Directors up so be it.

ajax other posts removed had nothing to do with addresses but in answer to a thread regarding who was selling. A number of users, including me and I think you and others, made comments. These were all removed. All very odd!

ajax that is possibly the case, although as noix points out the information is readily accessible in the Public Domain.

Don't forget there was a whole raft of posts removed, not just one thread, that must raise questions!

Quite ridiculous, perfectly innocent posts which contain information freely available in the Public Domain.
Abatt makes a good point, cannot see admin viewing the 1000's of posts on all these boards without someone's complaint.

Over on the Cluff(CLNR) bb virtually every other post is deleted and 1 poster tends to have free rein.

Jersey Evening Post would not be amused to know their reports regarding Islanders are incorrect.
Could it be others feel uncomfortable with Blake Holdings investment?

it is strange Amtech. The first post was the holiday thoughts of a1m1. I replied with just a comparator of SP values, which a1 countered. Nothing offensive or personal that I saw.

Maybe the 6th post ( which I have not seen) was offensive....don't know.

Never know a board like this where Posts are removed with such frequency.

...."usual"

Jersey is a place where Financiers/Entrepreneurs know each other. Whether they like each other is another question, where money is concerned it does talk. Knowing this it would have been highly unusual for an Investor, with clout, too pop around the corner to get the low down. Richard Griffith's methods may be distasteful to some but it is results that matter.
Cannot see RG investing just to sit on the sidelines.

Following the discovery in 2017, surveys were commissioned and completed in June 2018. Recognising the data achieved requires interpretation and importantly cross-checking, even double and treble checking, a fast-track report was issued In December. It is reasonable to assume, given the delayed planned drills, the data was fundamental to site choice for the Appraisal drill.
Appraisal drill being the operative word, and not Exploratory drill to determine extent of field. Equinor tend to undertake drills to determine field boundary's as they did in Raynfrid, using WEst Phoenix.
The appraisal drill failed to determine an accurate reserve as expected. The rest we know. If as appears the case ALL data is being analysed, a report will be issued May/June, why was a statement issued indicating reserves are towards the bottom of the original discovery range. If the Q2 report is to be any different, why issue a statement which crashed the SP?

Is it a co-incidence a Jersey Entrepreneur comes along and takes up the stock relinquished by Schroders? Jersey is not large Island,most Business people know each other pretty well.

If the presence of Richard Griffiths is creating consternation, so be it, his interest should at least act as a catalyst which will create better Shareholder value.

When a Company's direction of travel is interrupted it is a perfectly normal human reaction for the Directors to be criticised, no different here. Mistakes have been made, too much reliance on wide scope results of the September 2017 drill, which possibly gave Directors and Shareholders a level of comfort which underpinned the SP. Recent results have brought a level of reality that hurts, some of this pain has been directed towards Directors. Some criticism is fair some not so, we are where we are.

We now have a significant Investor, Richard Griffiths, who clearly sees an opportunity, has experience with small oilers and recovery situations. Given such credentials it is odd to read what " gives 6% a seat on the Board".
Have the BOD some fear?
I would suggest the Board would be wise to Invite RG to take up a seat, if he has not already put forward a proposal for members to vote upon!!.

GB don't think that wise. The hounds will be loose!!

GB...Trinity Parish in Jersey