Jkx Oil & Gas Share Discussion Threads

[tens machine] 14/12/2016 11:36

could explode on positive news , production greatly underpins the stock

win win

[cudmore] 14/12/2016 11:04

Looking at the rise this week I reckon someone knows there is positive news looming here. Definitely worth a punt!

[h2owater] 14/12/2016 08:24

International ArbitrationAs reported in previous announcements, in 2014 the Company commenced arbitration proceedings against Ukraine on the basis of overpayment of production taxes ('Rental Fees'). The main arbitration case, which relates to the overpayment of approximately $180 million in Rental Fees plus damages to the business, was heard in London in early July and we expect the tribunal's decision by the end of 2016.

[moneybags] 13/12/2016 16:28

Just topped up with another 50,000 shares at 33p at 4.26pm

Off to Cuba for Xmas and New Year............Any others going there for Xmas.....?.......For a meet.....?


Maybe a long shot

Regards , MoneyOilyBags

[wallywoo] 13/12/2016 11:39

Incredible assets (over £300M invested), just happen to be in Ukraine and Russia!

Probably be some resistance around 30p BUT they are claiming £280M in damages from Ukraine and the court decision is anytime now. This could move fast IMO

[donald trumpton] 13/12/2016 11:33

wally, I love it too. Makes two of us.

[wallywoo] 13/12/2016 09:30

Well this has woken up. Interesting times a head IMO

[seanworld] 12/12/2016 21:33

Watching with interest Wallwoo.

Purchased JKX many moons ago at 11.8p,
fell through my tracking stop-loss at 65p.

Never bought back in again only to see them slice through £5 eventually.

[wallywoo] 12/12/2016 20:45

Strange share jkx it's up over 20% and I am the only poster. Very unloved!

[wallywoo] 12/12/2016 15:32

Interesting things going on here, downtrend for the last 18 months seems to have broken. Tax rate dropping and we have the court case decision coming soon too.

This could move up fast. Compared to the assets, the valuation is tiny. This could resume generating £60M a year in cashflow for 2017. Not bad for a mkt cap of £36M.

This sleeping dog could very quickly become interesting again.

[glavey] 09/12/2016 18:34

Restructuring of corporate bonds

Bit brief on detail but can kicked down the road at some cost. Wonder who are the significant bondholders.

[stonefold] 23/9/2016 15:53

22-09-2016
The government has voted to amend the law to ease the hassle for all gas suppliers = Insurance stock reduced from 50% to 10%.

“……№3617 - the obligation of suppliers of natural gas to form an insurance reserve in the underground gas storage operator of the gas transportation system, "Ukrtransgaz" of the company in the amount of 10% of the planned monthly deliveries instead established by the Cabinet of Ministers with January 1, 50% of the planned delivery month……”

[glavey] 22/9/2016 20:18

Perhaps the BOD know already... ;-)

[stonefold] 20/8/2016 14:29

The BOD could always try

"..Public companies incorporated in the UK have the legal right to request disclosure of the identity of any person with an interest in their shares26. This right allows the issuer to identify their beneficial owners underlying the nominees registered in CREST. In effect, the issuer (or an agent) sends a cascading set of notices, tracing ownership from the registered position of an intermediary through to the ultimate beneficial owner. Each party in the ownership chain is required to provide the identity of the person on whose behalf they hold their interest in the shares. Disclosure requests can be made at any time, and are subject to penalties for non-compliance ranging from suspension of certain shareholder rights (subject to court order)27 to fines and imprisonment28....."

As it worked so well last time ;-)

[glavey] 20/8/2016 13:36

OK, Sasha didn't back Proxima and now says he's out. But who is in?

[stonefold] 19/8/2016 14:56

The recent english version of the wiki also says that Mr Zhukov is out.

LPG and oil prices nudging up.

[glavey] 17/8/2016 06:46

"How much leeway do directors have when things don’t go their way?"

In this case, as much as they can get away with, it seems.

[stonefold] 06/8/2016 15:49

Two NEDs also work for Proxima, the other five directors although proposed by Proxima, apparently do not have any link to Proxima. So far the quality and frequency of communication from JKX has been good.

Guessing based on the figures - When the vote was held for the recent two NEDs:

Proxima and others voted in favour
Eclairs and others voted against
Glengary, Neptune and Interneft did not vote.


Compared to guesses for when the other current five members of the board were previously voted in then:

Proxima , Glengary, and Neptune voted in favour
Eclairs , Interneft and others voted against

If the non-voters for the two NEDs had voted in line with their previous voting, then the vote would have been passed.

I’m surprised Mr K hasn’t taken the matter of democratic flexibility to court, perhaps there is not enough time.

How much leeway do directors have when things don’t go their way?

If say 15 people voted a total of 43,401,417 shares for resolution 4)
And 5 people voted a total of 49,470,201 shares against resolution 4)

Then looking at bums on seats, that’s a win 15 to 5.

(Rather than looking at shares voted which would be a lose 49,470,201 to 43,401,417)

Possibly when they phoned around some of the non-voting share holders who held the remaining 80,000,000 shares, the views expressed were for the resolutions?

I doubt the board intends to step down this side of the arbitration result.

How much of the arbitration claim is overpaid tax and how much is damages? Which figure for the arbitration claim is correct $180 million or in excess of $270 million? Is there one main claim for $180 million and secondary case(s) for another $90 million plus?

==

According to wiki [in russian]



Auto translates as:

“……At the beginning of 2016 Glengary has sold its stake in JKX. Thus, Zhukov came from the shareholders of this company.……..”

I assumed that Mr Zhukov was still the owner of the shares, just that the holding company had changed from Glengary overseas limited to Keyhall holding limited on 30-03-2016.

I would not be surprised to see some tidying of stakes, as JKX for the next few months becomes an increasingly high-risk/high-reward share.

[glavey] 06/8/2016 06:24

Welcome to the JKX board.

"...in April, two new independent Non Executive Directors were appointed.

Alan Bigman and Bernie Sucher both bring extensive knowledge of working at the highest levels in the region combined with directly relevant experience both of which will be of great benefit to the Company. As independent directors, Alan and Bernie have strengthened the corporate governance credentials of the Company which ensures that the interests of all shareholders are protected.

At the Company's AGM on 28 June 2016, the resolutions to accept the appointment of Alan and Bernie were rejected by a small number of shareholders but with enough votes to reject the resolutions. Given the very low turnout of voting shareholders, the fact that the vast majority of voting shareholders were in favour of the appointments and the need for value-adding independent directors, the Board re-appointed both Alan and Bernie at a subsequent Board Meeting..."

OK, let me see if I have this straight. Alan and Bernie were REJECTED in the voting but the board decided it should ignore this because they say it's a FACT that the vast MAJORITY of VOTING shareholders were in favour.

Perhaps I'm confused but didn't the voting majority vote against?

Ah, is it because it was Eclairs who voted against? That's the same Eclairs that Proxima Capital (who seem to make up the current board) wrote to shareholders at the turn of the year opining that it was wrong that JKX should seek to supress the voting of Eclairs, isn't it?

Ok, so run that opening sentence by me again. You say Alan and Bernie are independent? How so?

[stonefold] 29/7/2016 09:41

Half year results.

At first glance it is better than I had expected with less cash burn.

The total potential debts which might fall due are still greater than the actual cash in hand to meet them. There are routes to resolve this, but there are significant risks if solutions are not found.

“…There remain risks in respect of the $27.6 million bond payment which may become due in February 2017 ..”

Though that may be mitigated by.

“.. restructuring or refinancing options, which are currently being assessed. …”

If oil and gas prices remain low it would be unlikely for there to be much upside to the cash figure of $18.6 million via operating profit alone. But if prices or volume improve then cash flow could easily briskly climb up from the current break-even zone. The cost cutting effort would look better if the directors led by example with their own remuneration.

Though the Supreme Court choosing not to consider the first appeal attempt is not good, let’s see how the second appeal goes.

“……;The Company's Ukrainian subsidiary, Poltava Petroleum Company ('PPC') has recognised a provision of $10.5 million and has a contingent liability of approximately $24 million in relation to court proceedings over the amount of production taxes ('Rental Fees') paid in Ukraine for certain periods since 2010. …… The Board believes that these claims are without merit under Ukrainian law and will continue to contest them vigorously. ……..R21;

I had hoped that there might be a settlement between the company and the government before the final arbitration hearing. Maybe a mutually beneficial outcome will occur after the tribunal's decision.

“..The main arbitration case, which relates to the overpayment of approximately $180 million in Rental Fees plus damages to the business, was heard in London in early July and we expect the tribunal's decision by the end of 2016. ..”

Aim to drill two exploration wells in Slovakia in 2016, and if cash can be found maybe some replacement production drilling in Ukraine. An ongoing strategic review of the Russian assets. Seeking farm-in partner for Hungarian production licences.

From an operating viewpoint it remains solid, it’s just the small matter of everything else not having quite such a harmonious alignment at the moment.

[stonefold] 28/7/2016 19:00

JKX's Half yearly report is due maybe tomorrow?

Edited - Some time remains before Arbitration decision announcement for those who might want to jump in or out.

Some brutally binary events to get through in the next year. Very high risks, some possibility of high reward - black holes and bright stars.

[dice1950] 25/7/2016 08:21

JKX Oil & Gas says police investigation continues into Ukrainian firm over funds

[stonefold] 19/7/2016 19:28

19-07-2016

Tom Reed, CEO of JKX Oil & Gas Plc was one of the participants at the meeting of the "round table" on "The Government's plan to escalating gas production by 2020 - myth or reality?".
With various Government ministries’ advisors and other production companies.

Suggested shifting from production tax to profit tax - Lowering of rent to 12% .
Increasing gas production before 2020 by + 35 %