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Squirrel if you aren't up too speed on recent posts maybe you should do a bit of research, which when pieced together indicates further slippage.
Not sure JOG have been kept fully in the picture on drill programme,

Brickwalls have a nasty habit of concealing material facts. Research has challenged JOG's disclosed news. It is highly likely WP Operator and or Equinor have been less than open about their plans and our BOD have been misled. Dick, agree Equinor need to give JOG an explanation.

Fair enough, we are where we are, the oil is going nowhere in a hurry and those of us committed to JOG will wait patiently. However the drill programme debache raises wider questions. Once the size of field(s) are determined, what is the plan going forwards? Equinor being the major partner and having serious interests in the Norwegian CS, will they cap and Bank Verbier etc, will they wish to Develop assuming there is no intention to Sell the asset as is, and will JOG be tied too any existing agreement in so far as it's interest is concerned.?
The balls will be in the air once the Appraisal is complete.

Dick appreciate PI's rely on statement issued 24th July, however the happenings in North Sea along with statements issued by interested Party's tend to indicate further slippage in Drill programme. If BOD are aware now would be a good time ( WP about too move) too give an update, otherwise confusing information will continue to circulate..
IMO this is a problem Junior Partners tend too endure.

Can see both side of the debate....the oil is going nowhere. The vagueness of current operation and how it effects planned drills.
It seems, and I may be wrong, the client at Guillimot is not Equinor and West Pheonix may have been double booked this summer, consequently JOG and it partners have been pushed back.
Different scenarios have been put forward which only adds to the confusion. This confusion could be corrected if an update statement is forthcoming.

Trent, WTB were under pressure since the Spring to separate Costa the perceived view being a separate Float giving exiting Shareholders an opportunity to invest. So the emergence of the Cola deal was a great surprise, some WTB holders not, initially, pleased, however after their disappointment had subsided realise they would wait a very long time to get the financial reward on the table. The point being one never knows what could be happening behinds the scenes. The relatively small MARS Hotel estate could fit well with the Premier chain.

On the broker recommendation, it is interesting Citigroup have given a BUY to Greene King, when virtually every other Broker had put MARS as a better bet. The cynic in me wonders if Citigroup Broker for Whitbread!!!

The thought had crossed my mind. MARS current market valuation is under £600m, current liabilities around £400m. other liabilities are significantly higher secured against fixed assets. So WTB would still have money in the Bank and have Hotels which fit their portfolio.

Fantasy or Possible????

recommending Sell. Any ideas why?

Urraca you may have forgot the £20+m in Bank when making your fag-packet calcs?

bullson a few facts to consider.

Equinor and JOG announced the Drilling programme on 1st March. !st Drill to be Ragnfrid followed by 3 in UK shelf (Verbier, Pip and Bigfoot). Equinor have stated Ragnfrid expected to take 81 days. NO mention of Guillimot ( part of Triton Fields) at that time.
Equinor only got permit/approval from Norwegian Authority to drill Ragnfrid, in early June.

North Atlantic Drilling had contracted to drill Ragnfrid for £19.5m and the 3 UKCS drills for a total of £18.5m. We don't know what is involved with the Ragnfrid drill but clearly Contractually of higher value.

A fair conclusion is Equinor had programmed a drill (Ragnfrid) in March expecting the required Authority to arrive by the time West Pheonix was contracted to start operations. The anticipated Permit failed too arrive in time and so as to make use of WP moved to Guillimot, a Dana Petroleum asset, and there she stays. Although there are signs, currently, of activity around the vessel.

Equinor are no doubt keen to get Ragnfrid drilled soonest, hence the amended programme.

That's my opinion, but no doubt there will be views to the contrary. Fair enough that is their prerogative.
PI's who do take an interest in their investment and just put facts together, should not be regarded as panickers or daft. It is the only way to hold BOD to account. Not sure if JOG BOD are being fully informed otherwise some clarification of the current programme would be forthcoming. Maybe it will now August is coming to a close.??

GLA

Franko 1st rule of investing do your own research and ignore the opinions of PI's.

Anyone subject to panic should NOT be investing in shares..

The seafish report as discovered by poortiming, was issued on 9th August. The whole situation is very confusing, clarification is required.

The report was produced on 12th April and the footnote reads "subject to change without notice"

bullson have been making the point for days, why some interim data ( seismic survey) cannot be available sooner. Your post and link confirm that thinking. Could it be Equinor are such a shrewd operator, and basically calling the shots, they will receive the survey reports first and choose when to share with partners?
Equinor are very active in the North and Norwegian Sea areas, having just announced further discoveries. Is it possible, although Verbier is very important to JOG it does not rate anywhere near that level of importance to Equinor?

Royscot you make a fair point, unless the BOD is being mislead, the need for better information is essential.

It is puzzling why West Pheonix was programmed to operate in Captain whose assets are owned by Chevron, who have recently announced it's intention to sell a number of late life assets including Captain!!

I am not a Geologist just a poor investor.

Royscot majority of the information posted recently is in the Public domain for anyone too research.

No good blaming the BOD JOG is just a passenger, Equinor will call the shots. That's the simple view from an inexperienced Investor!

Even though WP is a durable rig, it's the supply vessels which may be the problem.

She has been moored at Guillimot for some time, so unless there is a twin rig, something of a puzzle!!. Let's hope the BOD are being kept up to date!!

Understand the seismic survey included multi sites so not beyond the wit of man to believe the various surveys are being worked through in some kind of order. Presumably it was considered appropriate to release results, on Verbier, simultaneously with drill appraisal. Unless we are in for a surprise, the programme has changed, should AB be pressing for an early release, to the market, of the Seismic results?

Makes interesting reading. Not sure how a stock with limited issue can be shorted? IMO for Shorters to make money they need to acquire volume.
It is good too read a BUY recommendation, not sure how sound BB's previous suggestion.

Not being Masters of our own project, don't believe JOG's BOD could be held responsible for what may or may not be happening with the Drill programme.
It is conceivable even though Equinor had programmed, in March, the first drill in Ragnfrid, it could not be confirmed until Norwegian Authorities approved in early June, by which time West Pheonix was preparing too drill Guilimot.
All speculation but in view of events an highly probable reason for the revised programme.

Be good too get further info from Benitz.

It is confusing. Have been watching West Pheonix and apart from supply vessels she remains anchored, when if the programme is being met would have moved some days ago.....maybe they are technical problems?

Having been given the green light by Norwegian Authorities in early June, Equinor have stated drilling in Ragnfrid will take 81 days using West Pheonix. It is not clear when this will start but entirely possible this year even though moving the vessel almost 400Km would seem poor management given the time involved. Added to which West Pheonix is already fully programmed to operate in the Barents Sea in 2020, which may seem a long way off but given the already changed programme for this year only places greater pressure on the Drill Operator.

Equinor is a huge operator with fingers in many pies, whereas, we,(JOG) is a junior partner who is dragged along.

When Investors are able to ascertain the operational movements and objectives without punctual updates, PI's can become, at least, disappointed.

IMO and if there is further delays with the Drill, the BOD would be wise to release results of the 3D survey as soon as the data has been analysed. No doubt the Drill is required to further confirm the extractable volume, but as I understand it the 3D will show the size of the Field(Verbier) if not the potential volume.

Nothing worse than the confusion this uncertainty creates, even for LTH's..

That is feasible. Is it housekeeping by Standard as this does draw attention?

The volume of stock to create 5% from zero has taken sometime for the MM's to accumulate.
At least with Standard on board any PI's who were jittery can relax.