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I don't think that's correct tebbster.

There was a Peppermill that went bust about 10 year ago. The Peppermill that sold the JLP shareholding is alive, well and kicking.

I'm at best neutral on the numbers this morning.

Best case scenario is that this is the start of the' under promise and over deliver' reporting style and as we go forward production will be ahead of forecast and project delivery be on time or ahead of schedule.

We should be given an explanation for the Roan production variance between July production and the quarter.

I think you are missing my point Gotreal.

'MK was planning to issue a baseline RNS by end of September' as stated at the meeting - To date none.

It is simple to fix..

'I was planning on issuing a baseline RNS by end of September, but because of X, Y or Z this is now scheduled for release on xx/xx/2025. Fixed.

Gotreal, Everlong, thanks for providing the source/s for the 'end of September RNS' expectation. It looks as though it wasn't stated in an RNS or a presentation so that perhaps gives JMK some wriggle room.

Comms at JLP have been historically bad and I'd hoped they had improved. It is not a difficult thing to fix as it is all within JLP's control. If JLP say they are going to issue something by xx/xx they should issue it on or before xx/xx. If for some reason, that date is no longer achievable, they should provide an update/new date on or before xx/xx. The reason this is important is it speaks to how the company view its investors/owners.

We have a few hours to go so hopefully something will come through. I'm sure they are all very busy but this is not hard to fix and it would be a pity if the clean sheet has its first old stain.

Gotreal, when is the end of September ?

Can you recall where the promise of a September update statement was made Frog?

KO, agree with your perception of the tone from AB re teh EPL and I was talking to someone in the industry (Total) who was also saying that the mood music had changed and they expected changes before 2030.

Steveo, thanks for the additional info. You quote UK figures in your calculation but have you factored in the Vietnamese transaction of 5.7 kboepd which ENQ have stated comes in at a cost of $40/boed ?

Stevo, thanks for sharing your view.

From my perspective the figures today are 'OK' given teh outage impacting Magnus. The pivot to Asia/Gas is welcome,

On your numbers...

Accepting your break-even cost of $72-$75 boed we need to factor in that this only includes 3 months of lowered lease payments. If your assumption is correct that $10/boed was due to the lease payment reduction, then we should see $20/boed reduction in 2H as the full 6 months of reductions flow through.

The FPSO lease cost savings will be starting to feed through into a lower cpb, to what extent we will find out. I would however expect a Waldorf deal on Kraken at least which will impact debt. Waldorf are hard up against it with the drop in the PoO and also a production outage at Triton where they have a small sharing agreement.

I'm hopeful this will happen on 15/9/25.

Interesting to listen to the BRWM investor presentation yesterday on investormeetcompany.

Firstly Copper is their 2nd largest single commodity investment at 26%, behind Gold at 34%,

Secondly the price to develop Copper production per ton has moved from 8K$ to 20K$ and in new projects is at 30K$. These costs have not yet been reflected in the price of Copper which have moved from 3$/lb to 5$/lb. BRWM's view is that the 3 to 4 fold increase in capital for production has yet to be reflected in the sale price of copper.

My view is that the focus on Copper from JLP is strategically correct.

The questions yet to be answered are 1) Do we need to sell Chrome/PGM to get there, and 2) If we do sell, is the deal a good one.

The jury is out on both those questions in particular the last one.

Indeed, and no talk about new investments. Looks like we're heading for a wind-up and with NAV at 152p before Klarna IPO I'll take that.

As above

As a company. with SA and ZAM in play, with PGM, Chrome & Copper in play, we have diversification and with that reduced risk.

With ZAM and Copper, we have a significantly higher risk

As a company. with SA and ZAM in play, with PGM, Chrome & Copper in play, we have diversification and with that reduced risk.

With ZAM and Copper we have significantly higher risk

I think Mark Twain summed it up best..

“the definition of a mine is ‘a hole in the ground with a liar standing next to it.’”

We have Leon.

Anecdotal I know, but still very real, is the impact oi net zero in the Aberdeen area.

My daughter moved to Aberdeen 21 years ago and 'we' bought an old traditional (grey granite) 1 bed flat there in a decent and well-established part of town for £130k. She sold the flat five years later (16 years ago) for £135k when she moved in with her husband-to-be and later moved down to Edinburgh.

An ex-colleague has just sent her the listing for her old flat, in decent condition, with the area unchanged and it's currently on the market for £80k

We have a narket cap of £300m and £140m in the bank.

I hope you are correct Mike.

I too am hoping for a move from 'over promise and under deliver' to 'under promise and over deliver' and from the recent RNS there may be a hint of that.

Unlike some others on here, I'm in profit on this one, but am hoping for more.

We need to see a change in approach and attitude and the standard of communicatons from them is also key.

Time will tell, fingers crossed.