Member Info for Varnish

Congratulations - if only I was that clever.

"in these sort of situations management buys shares to restore market confidence" - not in this situation they don't or should I say can't!

Boing!

Just bought some more (a lot) might lose it all but with no debt & proven technology this has to be worth more than £1.5m surely?

A good illustration of the futility of the UK government’s net zero mantra is the FT reporting that China’s construction of coal fired power plants is at a decade high. This government needs to get real & stop spending billions of taxpayer’s money on projects that will not make a jot of difference to emissions at a global level. So much I’ve read of late suggests NS O&G still has a future & I can’t help feeling that the prospects for JOG look more favourable now than they have for a while.

Telegraph reporting that Reform UK would “scrap net stupid zero” & impose a windfall tax on wind & solar farms. Apart from that being quite funny they can also have my vote.

Spot on MPO818. Shell should get this resolved quite quickly, despite the green zealots claiming victory, & have the financial muscle to take legal action if necessary.

Please correct me if I'm wrong but at tonight's closing price I make the EV/EBITDA multiplier to be 3! Tempted to add further at this ridiculous price.

We’ll it’s not Divers that’s gone but the largest shareholder! I don’t see how RBG can continue in it’s current form. RBG can’t afford the loss of it’s largest fee earner & what does Rosenblatt do with his 20% holding?

What’s happened here over the last few years has all the makings of a TV drama (or horror film!)

Telegraph just reporting Trump’s message overnight to Starmer - Britain making ‘a very big mistake’ by retreating from oil & gas. Also gives us a nice new slogan ‘get rid of windmills’. Doubt Labour will be listening but we can (and do) live in hope.

Thanks Dick, just found time to watch it & 20 mins well spent. As Scott Tinker makes very clear all forms of energy have a cost, perfectly illustrated by China opening a coal plant a week to help it produce solar panels and wind turbine blades for the UK! As he goes on to say we need to move away from the binary clean v dirty energy as there are trade-offs with all forms of energy. Ed Miliband et al should take on board (of course they won't) one of his succinct messages - "no form of energy is renewable".

Thanks for sharing this Dick, an illuminating perspective from the ORCA Chairman and his insightful comments around the Finch ruling and the negligible impact it has on the Rosebank project are in stark contrast to the media hysteria at the time of the ruling. Reading these comments from an industry expert is very encouraging on a day where it would seem some punters have taken fright.

That looks a touch silly following this morning’s rns!

I agree JS this is very interesting, not least because the joint venture can utilise Equinor's tax losses. On a completely different level to JOG of course but it highlights how tax losses have a value and in JOG's case have a value well in excess of it's market cap.

Also heartening to see in the FT the comment from Shell's upstream director about UK produced oil & gas playing a significant role in the future of the UK's energy system.

FT reporting in last few minutes that Argentina to receive $8.8bn in financing from World Bank and Inter-American Development Bank.

This is my understanding Stefwoj: as you say no tax to pay on the dividend for shares held in the ISA. If you're a higher rate taxpayer then yes any dividends that take you over the dividend allowance for 24/25 of £500 will be taxed at 33.75%. What is always difficult to predict is the drop in share price following the ex-dividend date. Logically the share price should fall by the amount of the dividend but if, for example, enough shareholders do what you're contemplating and sell their shares to avoid the tax (thereby depressing the share price) then the drop could be less (maybe a lot less?) if & when they buy back after the ex-dividend date. Pure speculation of course but some might argue the share price is already depressed because some Shareholders don't want to have a big tax bill when the dividend is paid - others on this board may have a different view. I guess the other thing to be aware of is any change in the treatment of dividends for higher rate tax payers that could be announced in the budget. Hope some of this helps.

Slightly off-topic but interesting nonetheless to see electric car sales in Germany drop by 70% in August. European car makers up in arms about the potential for billions of climate fines. Something has got to give. Kind of backs up AB’s comment about continuing demand for hydrocarbons during the transition and so much better for the environment, jobs, tax revenue etc if it’s produced at home!

Your dreams are different to mine EA! No great drama today - first oil delayed a bit but still all about the budget next month. Positive update from Zeus this morning possibly helping to keep the market relatively calm. I remain optimistic that Buchan will go ahead (eventually).

Thanks MPO818 - this article comes just two days after the chairman of Serica describes the UK as the worst place in the world to operate as a drilling business (The Telegraph). I hope the government is listening & will engage with the oil & gas industry to ensure the changes in the budget safeguard jobs and their tax revenue! At the current JOG price I still feel the short to medium term risk is significantly to the upside.

The market should love these results & £25 must be a possibility imo. Cash of $1bn likely to grab a lot of the headlines. It’s a great start to the week!