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Looking at last year's RNSs, I see March 17 was the day the dodgy raise took place. So my Smartar5e thought is that our new BOD might do an old JOG special and take advantage of the rally in sp to raise again. Boris says he's going to announce new North Sea strategy but will the wife let him. Good opportunity for BOD to raise again just to "enable us to negotiate with confidence in this new environment" and allow AB to top up on Mr Sheen. Wonder if RL has been selling into this rally ?
At the interim a year ago the cash position was £8.9 million. Since then , if I am not mistaken, JOG has raised a further £16.6 million. Now the cash position is circa £17million. Although it sounds bonkers, does that mean the company has spent £8.5million in the interim ?
Even if mankind hadn't made a terrific effort to use up as much oil as possible, urban dwellers particularly, now realise that using petrol and diesel for transportation is polluting the air to a serious extent and therefore we are now thinking electric for all forms of transport though hydrogen may have an expanded role here. If 80% of cars, buses and lorries were powered by electricity by say 2030, I have no idea what effect that would have on the world's oil needs. I am no longer a holder but following JOG puts into focus some seriously important questions. And whatever we do in the West, will China and India negate those efforts in the East.
My source tells me they have paid big money for the script writer. Words like "surprised" and "disappointed" will definitely not feature. However, my source suggests that the latest exuberance maybe irrational, to quote a former FED Chief. Perhaps the great reward is to sue the state when the tables are turned. Now that could be something.
Just come in from a spectacular round of golf/dinner and I have to tell you Tommy that I was pretty convinced that you were on the company's payroll because you never posted (until recently) without telling us what an excellent management team JOG was. Why did you do it ??? ?????????????????
Of course COP26 hasn't just appeared in the middle distance, AB was well aware of it when he gave the six to nine month time frame for an achieved farm out. The tricky thing is to assess whether it is likely that the conference will be positive or negative to JOG, assuming as I am, that there will be no farm out decision between now and the conference. Changing the tack slightly, Buchan has the advantage of being a scheme where huge amounts of speculative drilling are unnecessary, on the other hand what Titan wants to go where too many others have been before. Mind you between now and the start of COP there's time for any numbers of other factors to come into play, the harsh reality being that JOG has not traded above £2.50 for a very long time.
The generous interpretation is that the Board are tidying up any future liabilities in relation to Zermatt and Glenn for a potential buyer. From a cash flow position, at least those two "opportunities" will no longer be a drain. None of the sellers today would appear to be large holders.
Greater Buchan Area needs to become Buchan area and focus on selling that without buyer having to spend a billion and with government providing as much for electrification as possible. As previously stated, company's vision has been out of step with what is realistic in the midst of fast moving climate change debate. IMHO
As we have no sales revenue PIs have no idea what is going on in the absence of an RNS. There are no buyers because the charts suggest it will be cheaper next week and now the shadow of COP and the Green media frenzy that will be associated with it is upon us. But wait, was that a Chinaman I saw Benitz greeting at the airport .................
If I am stumping up to extract the stuff I need to be sure that the government who will reap the tax benefit and the supply of work to the struggling O&G sector are confirmed to pay the rig electrification cost. I think it certain that this rather wet government will not do that before COP. Nor for a month or two after. I would be very surprised if this farm out is announced before 2022 when the media will be distracted by the Nicaraguan variant or whatever the next apocalyptic virus is called. Clearly a Chinese owned parastatal (Jim's word) will face less UK domestic abuse if it takes the plunge than BP.
"....including my wife and her parents, my brother, his gardener, someone I overheard on the train, to name but a few. "
Petrovac in yesterday's Telegraph underwhelming on capex in the industry.
But hey ho we beat the Germans. Oh sweet joy. On the subject of which, we've just got to Doddle which I am told in investment terms means Hang on for dear Life.
Hi Dick, you are a very positive exponent of JOG whereas I have stumbled into this for reasons of which you are aware. If the oil business was as simple as taking as word the "predictions" made by advisers no matter what their reputation, then this would have been done some time ago. But the facts are that, as I understand it, there are numerous issues to address to actually turn the black stuff into gold. I am simply saying that if the price can move through the $80 level, then momentum may indeed take it on towards three figures and make the case a lot easier to sell. Even in the world of oil cos the numbers we are talking about here are only going to be signed off at the very highest level and an interested party will no doubt be expecting the government to subsidise the rig electrification costs. I am hoping that the government will see that extracting the remaining oil from an existing well with an electrified rig is a great story for them to support. For the record my holding is down to just 10K shares.
It's possibly just that sort of figure that would tip the balance on an investment decision in favour of our project. It's a number that AB would have dreamt about when oil was languishing a long way below that number. There have been times when the strategy statement on the company's website referring to a recovery in the oil price has seemed counterproductive but maybe that moment is finally upon us. Happy Days.