Member Info for MPO818

I agree with most of the topics covered this afternoon. For the current BOD to continue in office, financed by the money stumped up by NEO and perhaps more from a second F/O would be criminal. Investing in end of life oil ventures would (imo) add little or no shareholder value in the current industry climate. As mentioned by others they have been well rewarded by their salaries and share options. I firmly believe that hanging around to 1st oil (2026 or later) equates to pure greed.

Last year these were released on 29th June and included the following

Half year cash balance of £48.6m (HY 2021: £61.3m) with a loss for the period of £8.5m (HY 2021: £3.6m)

Company continues to target full year growth in revenue - WELL THAT NEVER HAPPENED.

With the cost of living crisis and inflation, growth in the company headcount, still no meaningful sales and a share price slumping to 13p, god only knows what's in store in the coming report. Cash must be dwindling fast. When will "plenty of cash" become "we need more cash"?????.

DonkeyOatley

"but if that was the.case with neo wanting the lot, why didn't they just offer the same terms.for the remainder"

Well maybe they did, we just don't know the detail of the discussions.

On the 29th November 2022 JOG reported via RNS the following:

Following a recent period of fiscal uncertainty, confirmation of the retention of the investment allowance as part of the recent amendments to the UK's Energy Profits Levy is welcome, as we progress advanced commercial discussions with a select number of counterparties in relation to the Company's GBA farm out process.

A select number is not two, a few is usually 3 so for me a select number is 3 or more. This was reduced to one by end March and revealed as NEO on 6th April. The BOD have determined they want to remain involved through to final production, and as of now they will be with a guaranteed 12.5% stake even without a second F/O.

We need to remain patient to see if this approach is in the best interests of shareholders, analysts and media report on how good the deal is - the market is not yet on board.

"Surely the 2FO just need to buy Jog.."

I am just wondering if "perhaps some additional information" is not being disclosed to shareholders:

We know NEO now has a 50% interest in the project.

We know they have agreed to take a further 37.50% should JOG fail to find another F/O partner leaving JOG with the balance free to production.

What we do not know is whether NEO wanted the LOT (at whatever price) and the BOD rejected it and have kept quiet.

I raise this following a recent post suggesting that a second F/O partner may attempt to take JOG out fully.

Any other views on this? I recall the KISTOS/SERICA recent saga were initial advances only came to light after a formal bid and counter bid became public.

"Yes - Tenerife is pleasant in February. Probably have to go in January and return in March - Haha."

and I could add that based on my gas and electric bills for that period in 2023 the trip would be almost free

Yes - Tenerife is pleasant in February. Probably have to go in January and return in March - Haha.

Another note from these following completion of the NEO deal, with a 14% increase to target 755p. Also 525p should no further FO occur.

Reiterate their view without any price reaction - just crazy:

My post at 7.36am this morning is looking rather silly. The share price reaction to the RNS just beggars belief. With more news to come, hopefully things will change and a true valuation emerge.

There may not be many cheap shares around today.

Downwards - A common comment is "we have plenty of cash", well without any meaningful contracts or sales this will quickly run out. With over 700m shares in issue, raising further funds at this bombed out sp will take us well over the billion. A rather dim future (if any) imo.

They say "no news is good news". Well with none ahead of todays AGM the message from the recent financial results could come in the next 8 day window.

" It is anticipated that the farm-out will be completed around the end of the second quarter of 2023"

Perhaps giving the market the certainty it apparently requires.

Greener101 you said

"DYOR and don't bet more than you can afford to lose."

I hope you meant "invest". I bet on the footy and occasional nag and that why cannot afford more JOG.

It is great to see you still have a sound sense of humour DU.

"They do a mean "full English with tea and toast" for half a crown..........................."

I recall getting a few of them (half crowns) for Christmas (along with the traditional orange). We only used postal orders to do the football pools, what memories.

American markets may be due a breather, so any early spike over there may create an excellent trading opportunity over here. Will watch how that theory pans out today.tomorrow.

The overall trend is positive as CCL moves into a new trading range (900p/1250p) with great opportunities.

Trading update on 26th there will be plenty of movement between now and then.

The industry is buzzing, with cheaper fuel cost and full ships these can go a lot higher.

Just had a message from "investing.com" saying JOG reached a 52 week low of 118.50p, almost fell off my chair, they have a history of sending duff information. Back to my book.

To be a persistent 5000 share seller holding back progress in the share price. I fail to understand why, given all the positive media spin and then todays "floor" for WFT.

Maybe just a leak of some coming news, or just too much sun for some - Haha.

The question is "will this incentivise investment" imo it may be too little too late.