Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
international Energy Agency report (with the IMF) does not make pretty reading according to DT this am if you are talking
multiple new drilling sites in the Greater Buchan Area. I have written about it before but my concern has always been that the scheme is too grandiose, too expensive and now looking more and more ecologically unattractive. I am still holding but hope someone can buy us out with the simple aim of emptying the Buchan field of the oil that Schlumberger etc say is still there. Can anyone tell me what they believe those discovered resources are worth ???? (If they are there and can economically be extracted)
If you've been concerned about JOG running out of cash before reaching Nirvana then for a few years at least those worries are in the rear view mirror. So when the price drops as it has done this am its simply a case of writing another letter to Boris reminding him of his hero Churchill's role in recognising the importance of oil and the then newly formed Iraq and stressing that there aren't enough rare earth metals around to bring about the transformation to net zero no matter how attractive that may seem. For God's sake if ever the exchequer needed some tax revenue - now is not the time to allow the woke lawyers and the Green Peace hippies any traction.
What I want to know is who is behind this money and if they're on the PNC. The last thing we need
with COP approaching is any connection with the OCG. I expected the RNS to reveal the identity of
at least one of the investors. We need more info PDQ
Part of the reason for the financing could be that the BOD need guarantees concerning subsidies for the electrification of the rig and this will take time (if indeed they can be applied to a new rig). In addition, a buyer will need to be very sure that the government is rock solid in its ongoing support of oil extraction in the north sea and committed to resist the clamour of climate change activists. I have bought a ticket because although the farm out may take quite a while, the oil price must rise as recovery kicks in and this should push the price back up north of £2 again, in relatively short order. Like all followers of JOG, I want to see Bouncyman's claim that this is a "lifestyle company" proved wrong. But given the recent appointment, I don't think any serious sales discussions are in hand as yet and with the cash in hand , I can't see the BOD rushing to get this done.
Dick said "Goodness knows what will happen if the SP is below the placing price on April14". Can someone explain what the investors have undertaken to do after the vote. Have they committed to buy the new shares at 165p whatever the price on that day ? I
The price of Brent crude must be in part a reflection of the health of Europe's economies and right now the pace of recovery is concerning. Aim being Aim, I am not so what will sustain our share price whilst we're waiting for these protracted deliberations to conclude. Now our saddle bags are awash, perhaps we should go "on trend" and drop the Oil and Gas from our name and while we're about it drop the Jersey too.
Our board have been working on a very ambitious plan to maximise , in their minds, the value of the licences they have acquired. I hope they have spoken to lots of potential investors because the feedback they will have received should help them decide on the course of action which has most chance of rewarding all the company's owners.
I think it was Bouncyman who said his research led him to believe JOG was a "lifestyle" company because we had never turned a dime. Our board have stated that they are discussing a funds raise and I don't think that will have been easy because our lack of trading history, the UK government's hosting of the environmental conference later this year and the fact that as yet whilst oil prices have significantly recovered, they have not overshot into the 80s or 90s as yet. On the plus side the location of our potential oil is excellent. I haven't bothered to look at the recent video because we have been talking about the Greater Buchan Area for some years and our idea of a seabed power line has been in the public domain
for some time too. However, as we have completed our concept select with thousands of hours of company and external hours expended we are able to present some arithmetic to anyone who is minded to lend us some funds and we've got the share options all ready. If Andrew pulls off the farm out of this complex and extremely expensive project it will be an extraordinary achievement for which he will deserve to be hugely rewarded. Of course all any of us who have been with the project want to hear is that our board is talking to a party interested in what we have got to sell rather than a bank, a supplier or the OGA. Because sometime THIS year we have to turn a dime. If your interpretation of recent events is correct that moment may be upon us.
on Jan 4 when an RNS made us aware of the out of court settlement
On Jan4 when we were told of the one off settlement via RNS, we were also told that including payment of that settlement our year end should work out at circa £5m. However, we have since been told that thousands of hours of consultancy have been purchased. It is therefore quite possible that our year end was £4.5 and we have since done another £1m. Wearing our FD's shoes it is quite easy to see why he would be saying to his co-directors "If we carry on at this burn rate our cash position going into the last quarter will not take us into 2022". I believe all the recent promotion has been aimed at the investment community to bolster our cash position some months before the funds are needed. Let's hope it worked.
This mole may have made a fund raise more difficult and the terms of the raise might have been effected. But mole's actions should result in shareholders being appraised of more information than would otherwise be the case. And if the raise was not successful there will be a clamour for more information re the cash position, burn rate etc. Useful information for humble PIs
This price action looks to me like some people already know the outcome of the fundraise and if we are being asked to wait over the weekend to know the answer that's not so good. But if the fundraise is today rather than yesterday then I would expect an announcement before end of day.