Member Info for noix

There is reference in the CPR to other leads not included in the report.

Thanks for that maverick. I gathered the sub thread was about TLW but I couldn't see the relevance to ECO:)

Forgive me if I've missed something but isn't the drilling campaign being a success the reason for investing in ECO and what in your view are the "oversold" promises ?

Try this:
https://data-ogauthority.opendata.arcgis.com/datasets/monthly-buchan-production-data?selectedAttribute=MONTHLY_WELL_DRY_OIL_BBL
The download tab is in the top right hand corner and the spread sheet might take a couple of minutes to download.
Then there's lots of scrolling down because there are many wells and a long time period to cover.
GL

I don't have membership of that particular club and try to deal with the facts, not withstanding the adage, you can do anything with figures :)
At £2 a share our market cap is £43.65 million.
In the Company's opinion we have an estimated 109.5 mmbo of recoverable discovered resources.
Let's say £25 million of our market cap is represented by cash and tax losses and with nothing allocated towards our assets on licence P2170 (aside the discovered minimum 4.5 mmbo, already in the above figure) that means the market is currently valuing the above discovered volumes at £18.65 million or 85p in the ground. Food for thought.

It's a stab in the dark re development costs (CAPEX) but one would hope that they would be able to obtain reserve based lending. The appointment of the new CFO wasn't without reason. There's clearly a hell of a lot going on behind the scenes. Me, I'm sitting back and enjoying the show :)

robsroom
JOG evidently believe they can get it out of the ground hence the y have commenced work on a FDP (Field Development Plan):
" JOG's acreage interest in the Greater Buchan Area ("GBA"), including P2170, is estimated to contain more than 100 million barrels of oil equivalent ("mmboe") discovered mean recoverable resources plus in excess of 300 mmboe identified mean prospective resources."
Note the word "recoverable"
poortiming
My reading of the rns is that the deal in principle has already been agreed, subject to Equinor's continued due diligence. My reading as it stands, is that they will reimburse JOG for all costs up to submission of the recent licence award. Don't forget JOG have been working on this for around 2 years. There after they will proceed on a 50-50 basis and presumably that will include reimbursement of work already undertaken by JOG on the FDP.

I believe you meant to say "buying the shares" and not "issuing shares", an entirely different proposition :)

I give up, what does the "c" stand for.
Pro If I may, the position with the tax losses is that we have circa £25 million gross but the usable tax loss element is around 40% of that figure. Hence we have tax losses to use against future production profits of approx 50p. The cash is around 65p, I believe.
In my view we have been languishing in the 50-60p range because the market didn't believe that Verbier would ever get developed and thus our 4.5 million share was priced at zilch. The market is now realising that the OGA are serious about extracting remaining oil reserves form the Greater Buchan Area and they are happy to have JOG as the lead pony rider based upon everything we have done (largely behind the scenes) since the Verbier discovery in 2017. Jenny Morris the head of Equinor UK is part of the MER group committee at the OGA and everyone is aware of the relationship between Equinor and JOG. The pieces of the jigsaw are slowly coming together. Let's not forget that Equinor's stated strategy is to tie in small discoveries, either to existing infra structure or to develop new hubs should the volumes warrant it. They have the same policy in the Norwegian NS.

We appear to have found a good platform, (we are going to build one as well) at this level.
It will take a little time but I expect institutional interest in due course. The potential is massive.
The OGA mentioned on their website that in the question and answer session with potential bidders, held in November 2018, some were unhappy at the short timescale between the opening and closing dates of the 31st SLR bids. This played right into JOG's hands and Equinor have the luxury of, in effect, getting at least a 3 month extension to complete their due diligence.
AB made reference to the agility of an independent in the rns : "These awards are the kind of value creating opportunities available to nimble independent companies operating in the North Sea today." We are the quick moving cross channel ferry, the majors are the slow moving super tankers.
The 3 month option suggests to me that we might get some 3D seismic news in around 2-3 months time, coupled with Equinor joining the party. This is a wonderful situation for investors and of course the traders are having some fun too.
Just sit back and enjoy the show, riding the lows and highs as they come.

You have a late lunch, don't you :)

Is going to be coughing and spluttering all over this later on today :)

DB
Do it yourself. JOG have previously stated CAPEX, OPEX and ABEX in a range of $26-$39 a barrel and Brent is currently trading at $63.88 a barrel. Price in some financing and bob's your aunt.
Incidentally, I fully expect, after their due diligence, Equinor to take up the option, in which case we could easily see an acceleration of the first oil time frame. Hopefully by a couple of years. And let's not forget that they are still evaluating the 3D seismic, after which an exploration/appraisal programme will be determined for P2170, principally Verbier and Cortina but now with today's awards very much in mind.

You won't have to wait that long. I fully expect Equinor to take up their option, presumably at a price, once they have completed their due diligence of the assets.
And don't forget there's hopefully going to be plenty of activity on P2170, after the seismic survey results, with potential further drilling activity in the medium term.
The news today more than underpins the Company and provides assurances for the future. The other thought is that if Equinor do not take up the option (highly unlikely) then presumably it would be offered to other interested parties operating in the area.

https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/offshore-licensing-round-awards---option-agreement/201907220700062406G/

I've looked at a few of their recent drills and these are the figures :
Yellowtail - 5622m TD in 1843m of water drilled in 21 days.
Tilapia 5726m TD in 1783m of water drilled in 30 days.
Haimara 5575m TD in 1399m of water drilled in 34 days.
http://phx.corporate-ir.net/phoenix.zhtml?c=101801&p=irol-newsArticle&ID=2395069
https://corporate.exxonmobil.com/news/newsroom/news-releases/2019/0206_exxonmobil-announces-two-new-discoveries-offshore-guyana
Apologies if this has been posted before recently.

I couldn't get the CPR to load from the search function yesterday but I see it is hidden in Documents and Circulars, not Reports and Presentations :)
Looking at P35 it would appear that Kumaka is around 8km from Jethro so it's very unlikely they are targeting that as well.
Even if technically possible, they couldn't get to it within the forecast drilling time.

I don't know the distance. I'm just going by that map where it looks like a circa 500m deviation, which should be do able.
But all this is pure speculation. They certainly are keen to test the lower interval but without giving any specifics.

Unless they are going to also have a stab at the Kumaka and that's what IJwT was referring to. I'd have thought the company would be more specific if that's the case. Certainly intriguing.

Very strange. The one that should help you with your query is P10, showing a chunk of the Atlantic Ocean, the two drill targets, Jethro and Joe, Hammerhead to the right, depths to the left and the Upper Tertiary, Lower Tertiary, Upper Cretaceous and Lower Cretaceous intervals colour coded blue, brown, grey, pink and green respectively.