Good morning14 Jun 2024 09:05
It was a great day out at the AGM yesterday, arrived about 8.50am bumped into Sir Paul at the entrance who was chatting with Adel the new Chairman, had about 5-minute conversation with them both, not a lot of people in attendance, i think there was at least 2 other private shareholders sitting up at the front,
The meeting opened up with the usual voting routine the Majority of the votes having been electronically communicated,
All resolutions were passed with Majority of Support in Favour, with tiny number of votes against i think it was about 100,000, or so (Probably a disillusioned Charlie)
Anyhow, Paul and Adel told me everything was on plan for gas at Akatara in the coming days and weeks, all the operations teams were working on site with the Contractors to hand over the Plant to our guys , the technicians from SKK MIGAS would be staying on site until our guys were familiar with all the operations and had gained complete confidence in the safe and efficient running of the plant,
he explained even at these last few days it was important that all parts of the plant are fully tested and safe, it is a bit like starting up a gas/petrol refinery plant,
in the early part of the production phase AKATARA would be throwing off a lot of liquids/Condensate etc, these would be sold separately to the gas, and at Aus based dollar prices, bringing in increased revenues.
after the meeting i spoke again with Paul briefly were i discussed CWLH, Pen Mal and Montara-Stag etc, i also mentioned the low SP that the market currently valued JSE at, he mentioned they were in conversation to bring in at least another couple of Institutional investors in the coming months,
he also said that they had the backing of a couple of large banks who would have supported the equity raise required with the failed takeover of Woodsides fields, without shareholders being diluted, which was great news, he is determined to get JSE back to where it should be in its valuation, saying the CWLH was worth much more!!! on its own than the current SP , and AKATARA was worth more than CWLH , i was asked to stay and chat, but having arranged to meet my partner for lunch, i was unable to stay much longer,
I left feeling much more positive about my investment in JSE .
Just got to be patient, the re-rate will come soon, and fast, another corporate update is being planned in the future.!!!
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