Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The share price must start to reflect this new asset sooner or later. Market cap. only £16 million with at least half of that in cash.
'This represents a highly significant value enhancing milestone for our shareholders comprising 100% equity interests and operatorship of key development ready assets with the potential to create a major new area hub within the Greater Buchan Area.'
Highlights:
· JOG awarded, subject to documentation, 100% working interests and operatorship of three blocks in the Oil & Gas Authority's ("OGA") 31st Supplementary Offshore Licensing Round
· Acreage awarded includes the Buchan oil field and the J2 oil discovery
· Acreage is contiguous with JOG's existing interest in Licence P2170 (Blocks 20/5b and 21/1d) that contains the Verbier discovery
· JOG's acreage interest in the Greater Buchan Area ("GBA"), including P2170, is estimated to contain more than 100 million barrels of oil equivalent ("mmboe") discovered mean recoverable resources plus in excess of 300 mmboe identified mean prospective resources
· Work will now commence on a Field Development Plan ("FDP") with, subject to funding, first oil targeted for 2024 - JOG fully funded to submit the FDP
· Equinor and JOG have agreed a 3 month option over a 50% equity interest in respect of Blocks 20/5d and 21/1a (the "Buchan Blocks")
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are delighted to announce this transformational event. Prior to these awards, JOG's net share of discovered resources in Verbier were estimated at 4.5 mmboe. Today's awards add an estimated 105 mmboe of discovered resources net to JOG, in addition to a material uplift in new prospective resources. This represents a highly significant value enhancing milestone for our shareholders comprising 100% equity interests and operatorship of key development ready assets with the potential to create a major new area hub within the Greater Buchan Area.
These awards are the kind of value creating opportunities available to nimble independent companies operating in the North Sea today and stem from an intensive two-year work effort behind the scenes by JOG to prepare today's winning applications. By way of low-risk accumulation of discovered resource volumes, this is by far the most significant event for JOG since its inception and we are excited to start work on this new project immediately.
We are also pleased to enter into an option agreement with Equinor, which serves to demonstrate JOG's efforts to successfully collaborate and continue to strengthen our working relationship with Equinor as Operator of Licence P2170."
Curious99, I follow many shares and the comments about the BOD on some others I am looking at are much worse than the flak given to DS. SOU and TCG are two of the most recent BOD spit roasting shares I am following. DS has been treated very kindly.
Curious99, I am here just following the drama. Was going to invest when the rig turned up for the Mengo, now the Djeno. Despite DS, this has the makings of a decent profit when the oil flows or if the oil ever flows, or if the money will ever cover it being drilled and the seizure order is revoked and AAOG win their legal battle with SMP.
Yes, DS is a legend, not only can he run this company with JB, he is also doing a grand job at Iconic Labs and the SP there is still above the nominal price of 0.25p - JUST!
Yes, they are averaging down, I am wondering why. Has DS's BS worked on them too?
When the options vest when Balcombe is about to gush, that is when those options will be exercised, I think.
***
Following the grant of the share options outlined above, the total share options outstanding will be 54,418,304 representing approximately 10% of the 540,828,008 ordinary shares in issue
All those options cannot be taken until the SP reaches 4.25p (the last placing price). That's good news.
Lucan's, Hollis', Carlos', Cameron's, Paddy's options are worth £62,000 each to the company. That's £310,000 the Directors have earmarked to invest in Angus of their own money. That's good news too. Mike Wells has yet to join the party.
Miton Group are a decent institutional investor to have on board indeed. It seems like they are the only II taking the 5.2p placing shares handing over £2,562,994.04 to JB and DS in hard cash. They must think the shares will return them a profit, or they must have a screw loose.
Total 396,548,396 Ordinary Shares in issue with the placing shares and ISA shares. So, then Miton would have
76,989,330 / 396,548,396 = 19.4% from 11.64%. Seems that they are being very kind to me.
No, Miton have gone down to 27,700,983 (11.64%) from 29,981,677 (12.6%), that's 2,280,694 shares sold, apparently yesterday at around 4p. They will have a significant holding of over 26% after gaining these extra 49,288,347 placing shares.
76,989,330 / 287,217,385 = 26.8%