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no, not with this ****e, though i guess it contributes to the uk co2 reduction target since iog produced the square root of fa

Another example of the non-existent oversight by this (and globally, these types) of exchanges. Making unsubstantiated statements while generating shareholder/bondholder funds is a criminal act, but just who will prosecute. Directors took money and lied - been doing it for decades now and continue to do so. It is a casino, and the house always wins.

Cjm83 is right here. This will go nowhere, legal scuffling or not, its done. Waste of time and money. Those that sucked money out at senior level will emerge somewhere else in 6 months time and none of this will be their fault, in fact probably have it as an achievement on the CV. As some have said, it shouldn't be in administration (yet) but the board will be one step ahead and have done a deal (on or off the books) for the assets. Bondholders will end up ahead of the game. Life eh. Shrug it off and go again - wiser than last time. Good luck. Hoping Dunderhead posts something which I am sure, will put a few smiles on faces.

As angry as you and others might be, there is almost zero recourse for premeditated fraud in the financial arena, let alone IOG missing the spot. Others that are far more knowledgeable that have posted concur that geology assessment is not linear and drilling equally variable. The disclaimers on trading AIM, or any market for that matter, are clear and obvious. These people are no friends of mine but prospective "action" against IOG is fanciful at best. For all intent and purpose, IOG has failed and will likely disappear, with any value in the assets being swallowed up by consultants engaged in the divestment process, or sold at a quid and the IOG "negotiators" magically engaged at the buyers company within a handful of days of the completion. I hope for a buyout at any price, but not expecting it now.

For a good few weeks now this MB has been a tad toxic, shifting from decent operational/market chat to people with some odd agendas. Honestly, not sure where some find the time! Anyway, my 2p's worth is that the SP in IOG is hanging by a thread. IOG has lost the initiative, and potential as a developer to move the SP upward. Southwark was pretty much the catalyst of course (no news there), but others chipped in with a rather weak performance. IMO, IOG is worth more than 2p (current SP), but not much more. Winter gas price will keep the bond wolves from the door a little longer and the infrastructure is definitely worth something, but without any leverage (reserves AND production) it's not a promising look. Personally I have lost a bit of cash here but wont be buying any more stock. With all AIM entities, the board do well regardless and the retail shareholders are left with not much more than hope of a lottery win. The 2022 remuneration cost for Execs at IOG was £2m, up 100% on the previous year with Newell & Hockey taking £700k in performance pay - the period that saw the SP go from the 30's to single digits. Familiar taste that.

The bond will likely get paid but it is unlikely it will be the present incumbents that will write that cheque. An update on reserves will possibly to add further selling pressure and more bond pressure too. Limping to 3p or 4p is always possible but any thoughts of IOG swimming in the rarified atmosphere of the "teens" should be extinguished directly.

From what I read here and there some folk have a less opaque view on IOG than others . The Dunderhead poster called it a good while back on the 20p offer - if only, but there we go. That has sailed.

Shame really as the principle is on the money - squeezing out energy in times of very short supply, but IOG dropped the ball and shareholders are paying that price dearly. My hope is a bid comes in - it's clean and clears up a dilemma for some on the stick-or-twist question for adding more stock.

GLA.

General point here, but IOG influenced. I've lost money on this one. While I feel I was misled by previous RNS issuance it is also possible for circumstances to alter. That said, guidance was nearly 100% incorrect and there is apparently no new guidance on future earnings. Did IOG not have any financial (results) forecast of this failure on the enterprise? Apparently not.

This just leaves speculation and a very bad taste. Seems the energy out there is to buy cheap and hope for a miracle. As we say, a share can have fallen 99.9% of its value and yet you can still lose 100% of any new investment. It's cheap for a reason - poor management. Looks like Mr. Dunderhead is the lone ranger in this territory.

Price may fluctuate but my guess is in 5 years the employees will have earned good money and the Directors stolen a living. Why do they care if the SP is in the crapper. The Directors C.V.s will have this listed as a roaring success.

The only option is to take a bid on the company IMHO, so you may get 2p-5p a share from here. Look at the balance sheet and what do you see. All very well having licences as potential, but potential is always ahead of you and these people will never reach it.

Sell while it has some value.

You (almost) have to laugh when the RNS starts with "IOG - focused on high-return project". Like, since when?

Michael Mouse, times by 100.

I'm out. Waste of time and money

It is a fair point Denis by any measure. While I do not have the answer, so perhaps save yourself 1min 28secs of your lives, here is what I do know.

Markets move on news and/or the prospect of news. It helps (a lot) when the BOD's of listed companies both buy shares themselves and issue positive guidance. Very often, on all exchanges, I see small caps lying their rears off about prospects, usually just before another (and another) cap raise - diluting the crap out of early investors while they are at it. Sadly, regulators never, and I mean NEVER, take them to task about it, but there you go, life is not fair. Nonetheless, issuing statements where the projection is positive is both allowed and well received when based on facts - so facts are:
1. IOG is now a producer. Who knows how much, but they can have a stab at it.
2. Wholesale gas prices are through the firkin roof.
3. Cash flow is positive
4. The market (Europe) is desperate for gas - high demand/****e supply
5. Etc. Make the rest of it as you will.

In short, the BOD need to do better, but unless there is a dragon in the ointment, the SP will improve. To what, when, there you go, but it ain't 26p a share - simple free cashflow tells us that.

Just one other point really.

IOG state in their blurb that it is a focused on high-return projects. As always, ones X is another mans Y and who determines "high return" - high return for whom exactly, directors, bond holders, employees, or just possibly shareholders too. Whadya think.

At 45p, one has to assume its 15% plus, so post tax 7p and the outstanding determinant on SP would be production (would also determine opex to a degree).

At 145p (and way beyond), it is hard to see how this stock isn't very well bid. Markets can be a ***** at times but on the whole, like luck, it tends to even itself out. Hence, unless the company is a ponzi scheme and they are keeping secrets hidden in a box, it is presently worth more than the market cap indicates. How and when it gets to that, is something all of us have to wrestle with

I can't help with the logistics/operational stuff, but I can give a traders view on the numbers and prospective numbers, so here you go.

I think the comments about IOG going bust if the gas price was 45p is wholly incorrect. It stated in the RNS that opex was 13p-18p (from memory - and that isn't that good these days). Add in depreciation and funding costs, and you have a net pre tax that is positive. Sure, the JV costs make it a negative until expired, but as the winter season will make a significant dent in that, as a forward prospective, the company generates cash.

The period of super-normal revenues is unknown, but its likely to be a factor for 12 months, and maybe 24 months depending on many factors, including the geopolitical issue in Ukraine. Notwithstanding that, in light of the cost of bailing out the UK consumer and industry to the tune of perhaps £100bn (more than the cost of the furlough scheme) its a possibility that the UK may try to secure UK production - its better then LNG from an environmental perspective and cheaper than importing gas - I see a LNG tanker is docking all the way from Australia - thats Australia from a very long way away, how mad is that. Anyway, dribbling a bit now, so the point is, gas prices likely to be north of 45p forever and one day.

Ultimately, the SP will be a reflection of earnings and cash. If there was no more capex and IOG just operated its current reserves it would generate "X" in cash (post tax) and if that cash generation is £300m then the SP should represent 60p per share (2 x todays Mkt Cap). Decommissioning blah blah come in to play but without doubt, the value will be the sum total of prospective earnings.

The value will be realised and it doesn't take much to get that message across. I expect a competitor or VC to see this as a cheap flip of assets and buy it.

Hope that helps and good luck - hope you all make money on this.

Price action also due to todays volume - 6m + by mid arvo. It makes a difference.

Perhaps someone on here should contact WSB. They usually chase **** companies but this time they would all probably make good money. Sort the sells/shorts in a heartbeat, and be good fun.

Dunderhead. Haha, yes mate, we may have crossed paths. I try to stay out of the MB's where possible as it sometimes becomes a d1ck measure. I usually have "singapore" somewhere in the name so most likely, though I can't recall when I last posted TBH - either beer or age taking its toll there. Good to engage anyway, keep up the good work.

Peakview. Usually if the tide is in, and it is, O&G upstream should be flying. IOG should be flying. You are not wrong.

Hope this helps. Just want to "clarify" the holistic drivers for small caps.

Large shareholdings may be an issue if they were influencial in operational capacities. It seems LOG are not and simply seek to obtain the best price possible, and nothing wrong with that. The supply side for shares is easy, MM's simply make the price well bid and the tree is shaken.

The demand side, a bit different. Frankly, no one really knows about IOG. Placing an updated PP on the website is underwhelming in respect of demonstrating the merits of the company. Investor roadshows and keeping in front of II's should the price level get to a Mkt Cap that is OK for their mandate is a perpetual shoeleather process. Further, given the backwind on a downward slope in respect of the geopolitical issues both current and future should make IOG a compelling purchase for any UK/EU entity looking for suitable acquisitions - vertical or horizontal.

IMO the slide in SP is entirely down to the inefficiency of IOG. They are staring at an open goal but seem top want to pass sideways instead.

So if you are wondering why, typically there is something lurking underneath, a reason not to open the books to any DD, a reason for directors not to buy shares. I haven't looked at the open options position and no doubt someone on here knows that position inside out - massive dilution is also a turnoff for investors.

What the board don't know by now about IOG assets they will never know.

David

The title is "company valuation" and not "what does an RNS mean". Seems this is not an area of expertise for you so perhaps understand that guidance is a forecast that credible companies provide. Historic data can be found in the annual accounts.

Many reasons for an SP not to react to news and showing a negative P/B. That said, IOG do not help themselves. Check out the directors trades - underwhelming would be one way to describe it. As noted LC, where is the guidance? That is accounting 101. The CFO doesn't have a handle on cashflow? if not, then they should say so and let everyone bail out.

IOG has potential but as we know, potential is always ahead of you and it being in production now, they should realise that potential with clear forecasts.

Unfortunately, AIM directors are by nature near the bottom of the barrel, and there you go.

It's most likely to get bid, just hope it is sooner rather than.

MONM - no shareholder value delivered because they are poor quality directors and/or they have an ulterior motive. Needs a change of BOD or just hope to get lucky. Its only results that count.

Din32.

LOG was an easy option. Fair enough, chasing cash for development is a lot of shoe leather and hard to achieve, but it's achievable. LOG is history and an active BOD, who are appointed to ACT IN THE BEST INTERESTS OF THE COMPANY (owned by shareholders), should deal with this. They are either ignorant of the LOG effect or have an ulterior personal motive. Both stink.

They can do it forever if the conditions exist. Many short terms = long term. There are not that many MM's so tacit pricing is a piece of pi55. LIBOR was a rigged game for so long we can't remember when it wasn't a fix. One would hope for better, but then we wake up and see the reality of it all.

Cash is a factor, but not a SP determinant. As a shareholder, I'd presently hope that an entity prices up future positive cash and makes an appropriate bid. Don't know what that might be but with regulation and logistical ulcers left, right and Chelsea (e.g. pipelines to the EU from UK @ capacity now) there are maybe more factors in play than we care to recognise.

It's undervalued at 35p, but it's a market/game. If the BOD up their game, sell the sizzle AND the sausage, it should OVER valued at this point - wholesale gas prices, Russian P45, demand blah blah.

I have seen the BOD come under pressure on here and I can conclude that criticism is justified. They appear a bag of **** TBH but the sun does shine on a dogs ass. It needs a bid, simple as that. That is what my exit plan is.

Apology for "their" instead of "there is high volume".