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The key bit of course is the last paragraph. You’d like to think that a government with a £22bn shortfall would not shoot itself in the foot by making this project uneconomic & thereby losing valuable tax revenue. Let’s hope common sense prevails.

The only thing that is pointless MT are your messages - not one recommendation. Time to take the hint and as JS would say bu**er off.

MT: " Expect a big drop here on Friday 5th July once Labour take up residency at No. 10 ".

Tick tock, tick tock.

The path back for the Tories seems clear to me, they have to get those that voted for Reform back on board. Time and again as the declarations are made tonight we can see that Reform + Tory > Labour. What might that mean for the O&G industry, well for starters the Labour party should forget about everyone ditching their petrol engine for electric. Perversely Red Ed could be just the man to help bring Reform & the Tories together.

Another excellent article (there's definitely momentum building but of course too late for Thursday), this time from Andrew Neil in the D Mail, on the stupidity of Labour's net zero policy. As he says; no one has tackled Labour (anyone seen Red Ed recently?) about their energy plans in the run-up to the election and that's been disappointing. Let's hope after Thursday that those challenges come thick and fast and when there are no longer votes to be chased that reality sinks in! I remain optimistic about JOG.

I hope the media and politicians take note of the excellent AGM statement this morning from the Serica Chairman. It 's spot on and could have almost been written by are very own DU.

MT, I’m sorry to learn you’re worried about JOG. I have a remedy - forget about JOG & move on. You’ll feel better for it & more importantly so will we.

Your doomsday opinions with feigned sadness & sympathy are in stark contrast to the insightful input from DU who in my opinion knows the NS O&G industry better than anyone on this board.

I’m not sure you are sorry for LTH’s & in any case your sympathy is irrelevant, like pretty much all of your posts.

Telegraph reporting that Ashtead are at early stage of considering switching it’s listing.

You’re right the market is not going to like this. 13 May first oil late 2026, 5 June first oil late 2027. That’s a lot of patience!

This seems like a message to the politicians as much as shareholders. If only we could rely on them listening. I fear the benefits of homegrown energy as AB put’s it are too nuanced for them to change direction.

Superbly put Dick and I guess we'll just have to import more of the stuff from the rest of the world and who cares that their carbon emissions are higher than GBA (insert any other UK oil & gas field) - the politicians aren't going to trouble voters with that kind of small detail. At least the politicians can point to the UK leading the way in decimating their own oil industry that produces less than 1% of global oil production each year. Please stop laughing at the back.

Lights on I say - 32 parties in the formal sale process has to be good news, with Nightcap waiting in the wings!

Thanks Dick, excellent post as always. Unless an offer is made for JOG it's hard to see the share price going anywhere until the final decision is made to go ahead with the project. If we're now at the bottom which I think you're suggesting a positive final investment decision should propel the share price much higher later this year. Naively I hadn't factored in the possibility (or given it much weighting) that the project might not go ahead at all. I shall continue to be patient and hope for a miracle at the polls in Oct/Nov.

In addition to the non-committal reference to Buchan in the presentation this paragraph from Serica's results (under 'Outlook') is rather concerning (to me anyway):

'A draft FDP has been submitted for the Buchan Horst field. As with all major capital projects, a final investment decision, which is not expected before the latter part of 2024, depends in part on the impact on project economics of expectations for the future tax regime which will apply through the life of the project.'

So if Labour win the general election later this year, as most commentators expect, it would seem a final investment decision is going to at least partly hinge on what impact their planned draconian tax regime on UKCS has on the project.

This adds an element of uncertainty to the project actually going ahead that, rightly or wrongly, I have not previously considered to be material. Perhaps Serica are just being ultra cautious in their wording (I hope so).

Headline in the Telegraph: Demand for electric cars slows sharply as customers revert to petrol. Red Ed on the wrong side of public opinion (again).

With the disposal of Convex this could be a bid target for someone. If not we have a simple legal services business with no distractions from paying down debt. It feels like good news, I hope the market sees it that way.

Thanks for your informative posts LOTM. I’m no expert just someone who’s held this share for too long! Anyway I see that Egypt has secured $8bn of funding from the IMF today. Could this help Capricorn secure some/all of the receivables due from Egypt? It may even explain the slight up tick in the share price today but WDIK

What the price drop in 2017 and 2019 has to do with the position JOG are in now is a bit beyond me and I strongly disagree that "buying JOG shares is taking a punt". As others have said the presentation uploaded to the website yesterday goes out of it's way to highlight the current value gap. We all know there are political risks but we also know we're going to need North Sea oil for many years to come. And who's talking about gambling life savings, that could never be a rational investment decision. I don't comment often but that just annoyed me this morning.

Fab-u-lous! What's not to like - especially £3.5m in performance fees.