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JOG have clearly convinced the OGA that they can deliver the project independently. They have been pouring over JOG's submission for the best part of 3 months.
Nonetheless, the addition of a major to the project, in my view, changes the dynamics considerably to the up side.
I don't normally do mystic megs but upon a positive announcement, where Equinor take up the option of the 50% of 20/5d and 21/1a, I don't expect the share price to fall :)

Apologies, I didn't address the how would it work bit. My understanding is that they pay all of JOG's costs up to the signing of the option and then clearly costs thereafter would be split as per any final agreement.
We shouldn't forget that JOG have been working on this for over two years, so I would imagine they are looking at a payment in the hundreds of thousands of pounds.

ALGU
This is the relevant section from the rns:
"JOG is also pleased to announce that Equinor and JOG have agreed and entered into a three month option agreement under which Equinor has been granted an option over a 50% equity interest in respect of Blocks 20/5d and 21/1a (the "Buchan Blocks"), which contain the Buchan oil field and J2 oil discovery. Should the option be exercised, JOG shall act as Licence Operator in respect of the Buchan Blocks and Equinor will reimburse JOG for its 50% share of costs in relation to the licence applications."
Equinor clearly bring much to the party, not least their considerable "major" muscle, which will result in economies further down the line. This has already been witnessed and experienced with our under budget costs, during the recent drilling campaigns. In the case of a new Buchan hub, we could be talking of cost savings in the tens of millions. The last sentence in that release is interesting and could be open to change or re interpretation.
I'd like to see them as operator and to pay a fee for the privilege.

PC01
This is not a criticism and I'm not suggesting it applies to you but I've seen a few seasoned investors on these boards, both here and on ad*vfn, saying that they were wary of the deal because it's a "gift". In effect that it's too good to be true.
The truth of the matter is that they are not sufficiently researched in JOG.
The Company have been working for over two years on this deal, in partnership with the OGA. The UKCS is a mature oil basin and the remit of the OGA is to extract Maximum Economic Recovery (MER) of existing reserves. JOG being a small, fast moving, nimble operator, were able to put together this Greater Buchan Area package, when others were quite simply not in a position to do so, or they were not aware of the potential. Licence P2170 was the catalyst and the Verbier discovery the accelerator and deal maker. Slowly the market will wake up to the reality of the situation and after the holiday season I expect more widespread recognition of JOG's 31st SLR awards.
One other point, CIECO have been conspicuous by their absence ? If I had 12% of P2170, I'd certainly want the chance of a piece of this new action.

to do this to you Ajax, but had you invested that £40,000 in JOG at 60p a share only around a month ago, it would now be worth circa £145,000. The benefit of hindsight :)

The only surprise for me with the block awards was the timing (a few weeks earlier than I anticipated) and the fact that a consortium application wasn't made. However, on reflection it was JOG who had done all the work on this over the past two years and it rather looks as if Equinor might have agreed to let them get on with the detail and then they would look at the overall picture and seek director consents, after the awards were made. Now that would be a surprise if Equinor didn't take up their option, but not a disaster. There are plenty of other names in the area who are certain to be interested, a point not lost on Equinor either.

Sharebel
Why not 2.30 at 2.50 ?

Depends on how much oil they might have found.
At $1 in the ground we should be approaching that valuation now :)

trendz
Quite, I can't understand people saying that early news will be bad news. Some drilling campaigns run ahead of schedule, some behind, depending what sort of problems they may or may not encounter, drilling thousands of feet below the sea bed.
As it is slightly topical, in that they have been mentioned a few times on this board (and not initially by me) JOG gave guidance of 25-35 days for the Verbier side track and the discovery was announced after 21 days :)

when there is news to be released of a price sensitive nature. That may be before the 40 days guidance or after.

It's never a closed period for news. News of a price sensitive nature has to be released. For instance if the directors recieved an approach, they are duty bound to inform the market. The same applies to news of a technical nature.

topaimer
Oh dear, you are not very good at this, are you. If it's a close period, how have the directors bought shares and why would it be a closed period ?

topaimer
In answer to your question suggesting to us that the low 1's was the correct entry point here, i'm pleased you have realised that it isn't :)
And I don't know L&G's plans , or care for that matter but over 6 million shares have been traded since they adjusted their portfolio a week ago. They have to notify the market if they reduce by a further 120K shares. I'll let you draw your own conclusion from the two sets of figures.
ps This post is the ideal catalyst for a TR1 :)

Both with good cash balances and in partnership with majors :)

ijwt
I'm not going to debate it here because this is the ECO board but as you mentioned them, I'd say there are many similarities between JOG and ECO, except of course the location :)

AIMoracle
One other important point I didn't mention but which speaks volumes about the credibility of your guesses, is that the closing price on Friday 19th July was 73p. It was just under in fact. So applying your 20% premium, your entry price should be 88p.
Be very careful, by your very own reckoning £1.10 is too expensive. By the reckoning of us long term holders, it's history.

Fernan10
You will find the figures for all the prospects and leads covered by the CPR on pages 91-94.

AIMoracle, there's a misnomer if ever I saw one.
Given your actions the other day, when by constant negative repetition, culminating I believe in the removal of your posts (I haven't checked myself) I wouldn't normally afford you the courtesy of a reply.
However, my position is very clear, I don't mind the negatives as long as they are followed up with reasoning. I asked another poster to clarify his short position (if I've read it right) in JOG earlier this morning.
But let's not have the machine gun repetition of the other day and usually meaningless one liners, to boot.
You have made your point on price and what you believe L&G are doing. On the last point the next disclosure thresh hold will tell us if you are right and if so it will be sooner, rather than later. But in any event so what, the next big events here are the Equinor decision and the results of the 3D seismic. I believe your mystic meg £1.10 prediction will take somewhat longer to materialise, if ever. With our discoveries currently priced at under 40p a barrel, I wouldn't hold your breath if I were you. But on second thoughts..........................................:)

No it wasn't you MadCann. I've obviously made you mad now, so apologies.
I should have headed the post with the person it should have been addressed to and that was Garyn.
In fact I've now done what I should have done in the first place and looked back at his posting history, which I've now done:

"Best not to ask him about his favourite company, Eqtec, which he pumped for months and is now down around 80%... I have a small short running here and am not convinced a rise of this size is justified, but given how he used to report any negative post on that board it is somewhat hypocritical of him to come on this board and post in the way that he is doing!"
I'm still interested in Garyn's reasoning behind the decision.

It was somewhat hectic on this thread on Monday but did I read correctly that you had opened a small short position in JOG ?
If so would you be prepared to explain your rationale.