Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I posted last year that I didn't see the Stanton Landsell Benitz skill sets as being any guarantee of the ability to sweat income out of an acquired asset. Jersey is a long way from Aberdeen and just because one man can squeeze income from an asset is no guarantee that our team could do the same. The farm out and fundraise were our skills at work and i wouldn't be surprised if our team were worried about their ability to manage an income producing asset (and hence justifiable concern about paying over the odds) but as Wolfson said you choose what you are after and pay to get it.
Whatever grief we are feeling and directing at BoD as PIs, I think it is safe to assume the same questions and potential solutions will be coming at Stanton, Landsell and Benitz from larger stake holders who may have been told an even more upbeat story than us prior to "surprised and disappointed". In the business, asset vendors will now know JOG position which won't help the price we're being offered for assets with an income. Fortunately, however, our 18% stake could be worth a lot more to Equinor if their analysis is positive and in the meanwhile our outgoings MUST be small.
"JOG is a British independent North Sea focused upstream Oil and Gas company, driving shareholder value through creative deal making and operational success" Just at the moment the slight problem is that we are worth about the same as a single house in a prime London location.
It is comforting at a time like this to know that our Non-Executive Chairman went to Oriel College, Oxford. Personally, I am banking on him to tell RL and AB that the game is up and they need to find a way of selling the 18% share we have in this licence as soon as a reasonable opportunity occurs so that we can be reacquainted with some of the money we were strongly encouraged to invest. In the meantime as a member of the Remuneration and Nomination Committees could they cut down on office cleaning and lighting by working from home. I shouldn't imagine that he's too stressed by his 10,000 at 173 and more recent earthshaking 15000 at 68.4 but hopefully the damage to his reputation might be a greater incentive.
As the company has not acquired any income generating assets and therefore has nothing to manage on that front and it would appear that all the data analysis is in Equinor's hands, in theory monthly JOG outgoings should be pretty low, particularly if they have reduced the payroll since "surprised and disappointed" day. At the AGM, I imagine PIs
will want to know what belt tightening has occurred. Could JOG have made a bid for another licence ?? I am just trying to think of reasons to keep the office open for the next month.
I agree with Wolfson and disagree with Trigger. In these circumstances and now that JOG's value is so low
any positivity by Equinor about the licence's potential must have a strong impact on the SP and the attraction to either of our partners in increasing their interest in the licence by 18% for maybe as little as £20million. So although everything seems to be out of our hands, it is not irrational in my opinion to stay in here. Now if your talking about
topping up, well that's a different matter, tempting though it may be.
I see Final Results are due out on April 20 ( reflecting year end 31st December ) And AGM on 25th May
(bomb disposal outfits on hire for our leaders) But how do we know the current cash position ?????
Any advice welcome.
I paid £1.66 for a lump on Dec 6th and that was my last buy. Actually been regretting not picking up more when they went to £1.50 until, that is, the sobering news of late. Lets hope history repeats itself because last time we were down here, great things were about to happen.
I was one of the mugs that sold out on publication of the hugely negative RNS before the announcement of the sidetrack. When the price eventually settled so far below the top, I bought back in. I have been acquiring since and have a modest 5 figure amount of shares. We have all had to wait awhile for the Verbier appraisal but the upside to the current situation, to me, is that we are now told that decision making on the licence based on data interpretation will be soon upon us - June I think. So I am going to hold and try and resist the temptation to top up.
This will go to 60p or less because now more than ever we are totally in Equinor's hands and have no income. If they like what they find perhaps there is a way out but I can see why others are throwing in the towel. Imagine how many shares you can pick up at 60p and the lovely things that will do to your average.
RNS 11th September '17 "encountered water bearing sands, sidetrack unlikely, ...plugged and abandoned."
Maybe we are better off without an AB RNS as this information was grossly misleading.
Cummon Mr Stanton, we need some info here. After all, we were encouraged as PIs not to let the
corporates have all the North Sea upside
I am so tired of hearing your drivel Graybird at a time when everyone is interested in reading the posts to understand more about how operationally we got here, what may happen next in drilling terms, what the company's assets are worth etc. I was hoping for a takeout by Equinor after a favourable drill but at today's share price and having studied the scan data, Equinor may think they can mop up JOG for £40m and thereby at least take us back to the offer price. I have zero interest in your holding Graybird or what you paid for it. Please post elsewhere for 24 hours, please.
I don't think it would take too much effort for those of us interested in using this site to for its intended purpose to jointly raise the £16.50 required to buyout Graybeard's holding here. I would happily lob in another £20 to enable him to establish a major holding in another venture so he can spout drivel to a new audience in 2019. What about the burgeoning high street retail sector, plenty of scope there GB.