Member Info for noix

Skandi Vega is at 57.56.59.44 N 0.00.07.1505 W
ie Immediate vicinity of Werbier :)

Verbier appraisal well is down as a 30-40 day well, with the possibility of a sidetrack if deemed necessary.
There's no fixed date that I'm aware of for Cortina.

Pip should be a circa 2 weeks drill. Depending on the results, the Verbier appraisal well should spud either side of the weekend after next.

Index

was yesterday and the TVD is 2400m.

Bigfoot was spud on the 25th January and I understand WP arrived at Pip earlier today. It was an 2750m drill but I've yet to see any results published? So let's say 19 days, including transit time between locations.
Pip is a slightly shallower drill of 2640m, so that takes us through to around the 4th March. Once we know if BF was a Dacia or not, we can then factor in any possible testing that may be required. We then either move slightly out from 4th March or slightly in. As dick said, exciting times ahead.

dick
Forgot to answer your query re "tax losses being attached to individual fields".
You have already alluded to this. It's the constantly changing tax regimes that have evolved over time in the UKCS.
Every new Chancellor tend to play around with them.
So some tax rates and tax breaks are time relevant, I believe 2006 (so doesn't affect us) is an important date in this respect but I'd have to look at my notes (1000km away) to be sure :)

morning dick
The most recent and relevant info re the tax losses is this bit in the 2018 interims:

"TAX
Jersey Oil and Gas plc is a trading company but no liability to UK corporation tax arose on the ordinary activities for the period ended 30 June 2018 due to trading losses. As at 31 December 2017, Jersey Petroleum Ltd, a wholly owned subsidiary, had Ring Fenced Corporation Tax losses of approximately £24.3m and Non-Ring Fenced Corporation Tax losses of approximately £1.8m. Jersey Petroleum Ltd also had approximately £5.7m of losses available to offset future Supplementary Charge profit"

The £24.3m can be offset against 30% corporation tax and the, 10% supplementary tax charge. The £5.7m offset against the 10% supplementary tax charge and the £1.8m, for the purposes of this exercise and the small amount involved, I believe we we can also offset at 40%.
Reading between the lines, I guess after the Verbier discovery and the very real prospect of future production, that JOG have taken advice on this aspect of their business because it has now become very relevant. The tax position appears to have been fine tuned.
It's a bit windy in the North Sea today and tomorrow :)

In my haste I didn't put the PMG decommissioning figure from their 2018 accounts, so to save you going back to my Wednesday 13.16pm post, it was £6.4m down from £9.1m in 2017.
I repeat that PMG have Athena in their accounts as an asset with a carry value of £7.7m.
I've just had a quick look at the well situation for Athena vis a vis decommissioning and all they have done to date is to shut in the 5 wells ie closed off the wells to stop producing. They can be turned back on again when economic to do so and PMG are saying this is at around a stable oil price of $70 a barrel. With respect to all, I'm much, much more interested in Verbier and hopefully the rig moves from Big Foot to Pip in the next few days.

robs12 sorry for the late reply but I've been travelling most of the day and unfortunately haven't brought my notes with me. I got the de-commissioning costs from PMG's 2018 accounts and in my book there has to be a liability carry across from what they are saying, in relation to TRAP/JOG's liability. In my book your £60 million decommissioning figure just doesn't hold anymore. It was announced by TRAP in 2014 and represented an increase of £24m to the 2010 estimate of a £36m decommissioning cost.. TRAP's own share had increased from £5.4m to £9m. PMG's 2018 figure has reduced from £9.1m in 2017 and I repeat, they pay double our costs(30% vs 15% share) and their figures do not only include Athena. Ithaca instigated a new assessment of the de-commissioning costs in 2014 because rig rates and engineering costs were sky high on the back of oil trading at circa $110 for most of the year. The reverse is now true and hence the reduction in PMG's liability in their latest accounts.
re the trust fund, I'm just quoting what TRAP said in their June 25th 2015 rns:
"With respect to the future decommissioning liabilities associated with the Athena field, Trapoil's share of such liabilities is to be satisfied from the cash already held in trust and put in place to cover such costs. In the event of any potential insolvency, or similar proceedings, being commenced by Trapoil in the future, the rights of the Athena Consortium will revert to those in place prior to this settlement agreement."
This was the contingent liability statement made in the first JOG interims of June 2015 and once again decommissioning costs have reduced considerably since:
"During the period, the settlement agreement reached with our partners in the Athena Consortium (referred to above), means that, although Trap Oil Ltd remains a partner in the joint venture, any past or future liabilities in respect of its interest can only be paid from the revenue that the Athena Oil Field generates and 60 per cent. of any petroleum sales or net disposal proceeds from certain other Group assets, with its consortium partners holding security over such assets. As at 30 June 2015, Trap Oil Ltd's net accumulated liability on the Athena Oil Field was approximately £4m, which represented historic unpaid payments as well as future expect abandonment provisions. Any future repayments towards this amount cannot be calculated with any certainty, and any remaining liability still in existence once the Athena Oil Field has been decommissioned will be written off"
From memory around a further £500,000 was paid after the Statoil farmout.
Without going into all the figures in greater detail, it wouldn't surprise me if JOG ends up getting a rebate.
MadCrann the reason that this hasn't featured before is because it's a non entity and the tax losses have been discussed before. I reckon they are worth about 50p a share.

Trap has previously announced that Athena decommissioning costs will be settled from cash in a trust fund set up for that purpose.
PMG (30% of Athena) has the asset on its books with a carrying value of £7.7 million and the field would be economical within a settled oil price range of circa $70 a barrel.
All of their de-commissioning costs are booked at £6.4 million and that's not just Athena. Nothing like the £9 million to TRAP/JOG quoted in that comment. JOG has 15% of Athena, so less than half of that figure. Even as a liability we are only talking around 14p a share.
And in terms of takeover activity, who knows. JOG mkt cap £46.5 m and Parkmead £57m. We increase Verbier to just the mean recoverable of 69m with Equinor as a partner and Repsol/Sinopec active in the area. I know where I'd put my money.

What do you find scary about it ?

217.2 plays 217.6 :)

Well done on your trade and the IC article clearly attracted interest. There were 120 trades yesterday (including yours) and these are the number of trades during the preceding 9 days in ascending date order: 77,43,16,16,24,6,30,35,18,
Investors Chronicle has a circulation of just over 32,000 and I would imagine that the majority of its readers will be tucking into the latest edition over the weekend. I fully expect more fun on Monday and throughout next week.
IC is part of the FT group and let's hope they pick up on the story too.
When we spud is more or less guesswork but Bigfoot should reach TD next weekend. Depending on what they find it will either depart for Pip soon after or later. Pip is a slightly shallower well so I've pencilled in 5 days for re positioning of West Phoenix and 16 days to TD. Do your own sums :)

spread on these at present. The last half hour could be interesting.

If I read this correctly the supplementary 31st round opens today and looking at the blocks on offer against the accompanying map, there's plenty of interest:
https://www.ogauthority.co.uk/licensing-consents/licensing-rounds/
Click the first expand button for blocks and map links.

Possibly, but the Company has stated that it is confident it can secure reserve based lending, so in my book anything could happen. You could even make a case for the figures mentioned on Verbier alone.
But one step at a time, let's see how much is there first :)

If both Verbier and Cortina came in at the top end of expectations, that share price is closer to reality than fantasy.
Whether JOG would remain independent to realise the riches is altogether a different matter.

Well done Max. The shares are in tight hands and difficult to come by. On the face of it you bought all of yesterday's 20,262 and a few more besides.

It would help (especially if we are going to criticise) if we could ALL spell it correctly :)