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Although I remain sceptical, part of Me thinks that the lawyers would not be getting involved on a 'no win no fee' basis (hopefully I'm correct that is their terms) if there was not a reasonable chance of winning the case. I'm sure they don't waste time and resources on such cases 'just for fun'
While We in the UK are sitting round a solar powered lava lamp singing kumbaya and spending a fortune importing oil & gas, China, India, the USA & Russia will be carrying on regardless burning the planet to a crisp and milking all the export profits.
The country needs a sensible, cross party Oil & Gas policy, that's exempt from political game playing (it wont happen though sadly)
Honestly, what did you expect? And so they should reward themselves, 2/3 years ago some on this board were even saying the oil wasn't there, followed by they'll never get a deal etc etc. Slow though it has been, they are still progressing in an upward direction and the share price would be much higher if the Govt werent so useless and unpredictable with regards Windfall Tax/North Se development & Energy Security policy.
Still only 33 million shares in issue, which is still very low compared to others. if they did an issue for another 10 million 43 total would still be low. so ,plenty of wiggle room imo.
I don't think most recreational investors knew what value to put on it and were just following what the share price was doing when the selling started they took a quick profit and when that started a few followed suit, the price dropped and either manually got out or stop losses were triggered and all the rest of it.
As Dickupham rightly pointed out, JOG is worth more today than it was yesterday.
Call Me sceptical, but If you are talking about a possible re-rate anywhere between 5 & 20 times the current share price then that's way too much potential money to be made for no one to know anything at all (imo anyway).
Hope I'm wrong though.
Bought 2500 shares yesterday via a quote through a share dealing platform and it was listed as a sell. My view/hunch about that? (and happy to be corrected if wrong) is, that the platform 'sold' Me the shares and as they were the reporting entity it showed up o the list here as a sell (they 'sold' them to Me). I personally never reported anywhere that I 'bought' 2500 shares etc.
The Ithaca guys are involved here with JOG correct? Maybe Ithaca have said to JOG We'll buy you out at a low ball amount say £6 a share and the offer is good until end of Q1. You've got until then to find/close out a better deal if you can. That sort of thing could be the reason behind the bullish AB comments back before Xmas.
All valuations aside tough, something is only worth what someone actually wants to pay for it.
If we were in the same geo-politcal climate as we were 12 months ago, pre COP 26, Russi's invaision of the Ukraine and BoJo still PM then I would share a large dose of the sceptisism on here but 12 months on the world is a hugely different place.
The UK Gov are now actively on board with developing our O&G assests, the west want no supply from Russia and now cant deal with or trust VP, we're virtually in recession and UK Gov are on about investing/spending our way out of it and are under massive preassue to sort out the domestic energy crisis or face losing the next election.
Do I think a deal gets done? Yes based on all of the above and basic supply and demand if nothing else.
I would like to think that the last 9 months events have slowed the whole process down quite a but and sure its a test of patience, so I'm currently in the 'I think it will but it may be a while longer yet' corner
Can't just 'buy' a company just like that without Shareholder/board approval/agreement on the sale price per share.
I'd like to see the UK Gov to put together a solid national 'cross party' plan for how they intend to be Oil & Gas independent from Russia going forward, but whilst Johnson and His bunch of clowns are in office it's probably hoping for too much !! :-)
The geo-political landscape changed completely when Putin invaded the Ukraine and for a long time to come. Behind all the superficial stuff is a basic need for the UK (and Europe) to find other sources of oil and gas than getting it from Russia and that means either a) buy it from somewhere or b) develop the assest you've got.
No one is going to be trusting Putin or Russia for an awfully long time, ceasefire or otherwise.