Member Info for grewber

Great to see confirmation of the appraisal of Verbier; but as usual a little short of detail. I would like to see plans for a DST to confirm flow rates at Verbier. Hopefully more detail of the work programme will be available nearer the time. GLA Grewber

https://www.bloomberg.com/news/articles/2018-02-26/make-room-opec-the-u-k-is-set-to-become-net-crude-oil-exporter Grewber

No comment on the CEO interview Dick? Has the potential shift away from producing assets made you sell up?

Valuations thrown around in the Malcy interview need some clarification because if you use Cebos US$5 per barrel valuation then even with the top end of 130mboe for Verbier you only get 130m x $5= $650m x 18% to JOG= $117m or �85m. Not quite the �200m AB alluded to. Obviously, this ignores the rest of the licence but in reality it would have v little value without a further discovery and half the cash they refer to, to consider in addition, would be burnt proving up Verbier.

https://www.youtube.com/watch?v=TIJMsP0hrpk Very encouraging particularly around 14 mins. GLA Grewber

Isnt tomorrow the Statoil market update?

Does anyone know of a video of todays presentation? Earlier ones have appeared on youtube and would be useful to see. Thanks Grewber

http://www.jerseyoilandgas.com/media/25271/investor_presentation_1_feb_2018_final_v3.pdf From JOG website for those who havn't seen it.

Dick I share your cynicism regarding the purchase of producing assets as it has been the stated aim of JOG to purchase these assets for over two years, I believe at one time they expected to have completed on between 6 and 10 by now ( those with better memories feel free to correct me). As we are well aware to date we have none. The reason for this, I am sure, is not lack of effort on Jog's part, rather the failure to agree profitable terms. The main benefit of acquiring these producing assets in the oil price downturn was to benefit from the upturn- now we are at US$70 suggests we may have missed the boat on that one. Hopefully more detail on that tomorrow but there are only so many times you can say "we are looking at many potential deals" before you need to actually do one or reconsider your strategy. GLA

Jersey Oil & Gas An operational update from JOG this morning which is very much what shareholders are looking for. The work programme and budget for 2018 has been agreed by the �co-venturers�. This will include an appraisal of the Verbier discovery and �contingent well planning including acquisition of a site survey to progress exploration activity on the licence area�. Negotiations for a rig are �advanced� to drill one well and with the option for a side-track to be drilled in the summer of 2018. All this can be funded from the company�s cash reserves which after the autumn raise leaves December 31 2017 cash of �25m, capex for this year is an estimated �9-11m so plenty of headroom and I hope that a modest production acquisition maybe on the cards. With an exciting programme of events for this summer and a gross recoverable resources range of 25-130 mmboe as estimated by none other than Statoil, things are looking up for JOG in no uncertain way. Taking the estimated mean Statoil number of 69 mmboe and the oil price of $70 I still think that JOG has massive potential upside with a market cap of only �47m. The shares are surprisingly off 4% this morning but this may be a bit of profit taking after a 23% rise so far this month, stick with the shares, they won�t be coming out of the bucket list�

I understand your frustration but if Statoil havnt confirmed their drilling intentions and/or reserves update for Verbier and any production deal is as yet not finalised what new information can JOG tell us ? Patience is boring but there it is

Shell have given the go ahead for a redevelopement of their Penguins field. It demonstrates again projects in the north sea are increasingly viable. The Penguin field is more challenging in an engineering sense than Verbier as its 150 miles North of Shetland. If Verbier has commercial reserves the economics are improving- lets get on with it whilst the going is good! https://www.bloomberg.com/news/articles/2018-01-15/shell-gives-north-sea-operations-shot-in-arm-at-penguins-field

I see JOG are presenting at the Oil Capital conference on 1st Feb. That's the first time I have heard they are presenting to investors in a while- do they have something new to talk about? http://www.oilcapital.com/conferences GLA

Hi Cebo I think your probably right about the choice of a currently working rig. My example was just to illustrate the buyers market in rig hire at the moment . We will soon see I hope. Refreshing to have an informed exchange.

The new Statoil Spitsbergen rig contract, if taken at face value, could be disappointing for drilling at Verbier etc as it begins in 2019. However, there is only focus on the Spitsbergen rig because it is an impressive peice of kit and was faultless in drilling the Verbier discovery. In addition, its present contract length implied it would finish drilling Statoil's Aastor Hansteen field in a timescale consistent with the stated JOG ambition of the next phase of drilling at Verbier ( Summer 2017). If you look at the next drilling phase at Verbier etc with a clean peice of paper you wouldn't contract the Spitsbergen rig in any normal circumstances because, for all its benefits, it is fundamentally "over specced" for the job. The Spitsbergen is an Ultra Deep Water Harsh Enviroment Rig, capable of operating in water depths up to 3000m. Verbier is situated in 125m of water - the equivalent of a choppy paddling pool in offshore drilling terms. Therefore, you could contract a suitable lower spec rig more cheaply and flexibly. The downturn in worldwide offshore drilling means there are many suitable rigs laid up waiting for a job. An example is the Ocean Guardian, laid up conveniently next door to Verbier in the Cromarty firth, waiting for a job and available from Q2 2018. https://www.rigzone.com/oil/data/offshore-rig-search/rig-profile/578/semisub/diamond_offshore/ocean_guardian/ GLA Grewber

Oops wrong website https://www.statoil.com/en/news.html

Thanks for that Cebo. Another odd thing is Statoil have, as far as I can see, made no reference to the 22 well contract. This is a major undertaking and should be announced on their newsroom site.Odd. http://markets.businessinsider.com/news/stocks/Transocean-Ltd-Announces-22-Well-Contract-for-Harsh-Environment-Semisubmersible-Transocean-Spitsbergen-1011737913

Statoil have, according to this article, contracted the drill rig used for the Verbier discovery for a new 22 well programme starting in 2019. Difficult to know what this means for Verbier and Cortina but would be a disappointment if there is to be no appraisal of Verbier / exploration at Cortina until 2019/20. Obviously there are many other rigs that could do the appraisal sooner so lets hope that is the case. http://markets.businessinsider.com/news/stocks/Transocean-Ltd-Announces-22-Well-Contract-for-Harsh-Environment-Semisubmersible-Transocean-Spitsbergen-1011737913

Hi gods JOG have not updated us on any of the current work programs and seem to be the type of company that doesn't speculate much. Other companies take a different view. Sound Energy for instance, are very proactive with investors and will issue an rns when they finish a toilet roll. You pays your money and takes your choice I suppose. Grewber