 PL001 in the North Falklands Basin
In November, JHI and the Falkland Islands Government (FIG) agreed on a two-year extension to
the second exploration phase of the PL001 exploration license in the North Falklands Basin.
The second exploration period will now end on December 31, 2026.
JHI can apply for a third exploration period, which would run from January 1, 2027, to
December 31, 2036. Acceptance of an application to enter the third exploration period would
require a firm commitment to drill one exploration well.
Our project with Apex Spectral Technology, Inc., which applied its proprietary dispersion
imaging ADF ® technology to a 550 km2 area over the Eastern Graben of PL001, has successfully
concluded. The results of this ADF study are still being interpreted. Still, the early analysis has
caused a re-ranking of our prospect inventory with a focus on several stratigraphically trapped
reservoirs of the same age as the Sea Lion field in the adjacent block, which could represent
commercially viable prospects.
We expect continued positive news on the Sea Lion development to shine a light on the North
Falklands Basin in 2025. Environmental reviews of Sea Lion have concluded. Navitas, the
operator of Sea Lion, has publicly stated their intent to reach a final investment decision (FID)
on the $1.4 billion first phase of Sea Lion development in mid-2025. Sanctioning the first oil
development in the Falkland Islands will be essential in potentially attracting other companies
to partner in our exploration of PL001.
Positive Momentum Heading into 2025
As we look ahead to 2025, we are optimistic about the opportunities that lie before us. With a
strong foundation, a dedicated team, and a clear strategy, we are well-positioned to capitalize
on the opportunities in Guyana and the Falkland Islands. We thank you for your continued trust
and support, and we are excited about what the future holds as we move forward together into
another promising year. |
What's the update, and can you please paste it here. Thanks. |
New Update on Portal |
c2b
Quite.
Private Company, so no 'independent' registrar.
Their 'Company Secretary' (or equivalent) would/should issue the certs.
One just has to wait.
It will take as long as it takes. |
I don't think your broker understands the situation. Argos shares don't exist any more and so they don't exist in Crest. Argos has been in voluntary liquidation and eventually your nominee will receive from JHI a notification of the shares that they hold for all their clients and they can then advise JHI how the shares should be split into individual paper certificates. Then assuming your shares were not held in a wrapper such as a SIPP or an ISA you can merely instruct your nominee to send you the certificate and advise JHI that you are the new holder. As transfers following sales could only be arranged through JHI they are proposing to keep the original share certificate of title and just send out a copy by e-mail. There is no sale or purchase price so there is no consideration. |
I would take CAD 2.5 as this would be worth CAD 169,625 which equates to £95K |
I Called my broker and advised about their position of Nominee holder for my shares & they sent na blank Crest form to be filled in, But all the boxes can't be filled in unless a value is provided |
If only our JHI shares were worth CAD 2.5 each eh ! But we don't know there hasn't been a share split and we're still talking about the same nominal value. Much of the money will have been spent on oil exploration, and of course oil exploration companies are not worth now what they were in 2021. I doubt that our share certificates will state any more than the number of shares and their nominal (rather than balance sheet or market) value. I also doubt that any stock transfer form will be involved because there's no consideration and basically all that is happening is a name change on something we already own. The acquisition cost is whatever you paid for your Argos shares. Surely a Crest transfer form would only be required if the JHI shares were to be held in Crest ? |
Since OPUS has already advised me (Months ago) that my 2M Arg shares are equivalent to 67,850 JHI Common shares, I also called Tim Harrop to verify the number and he did.
Fingers crossed |
On 14th January 2021 This deal was completed:
HI Associates Inc. announced that it has received CAD 0.71875 million in funding from Westmount Energy Limited
January 14, 2021
Share
JHI Associates Inc. announced that it has issued 287,500 common shares at a price of CAD 2.5 per share for gross proceeds of CAD 718,750 on January 15, 2021. The transaction included participation from returning investor Westmount Energy Limited (AIM:WTE). Post closing, investor holds a total of 5,651,270 shares in the company, representing approximately 7.7% stake. |
That was Argos's price: Don't forget, OPUS were in charge of "Restructuring" & Finding an investor, so it could be any number when the deal with JHI was completed and as we know, JHI have had some activity going on since then.
We will not Know the true value until the first batch of share certs are received. This value is needed to fill in the Crest Transfer form for brokers. |
Argos put a value on JHI at the time of the delisting and it was some three or four times the closing ARG share price. Opus have repeated that sort of valuation and you can find it on the portal. So 1million ARG shares is about 20,000 Sterling. Of course that's historic and much of it represents investment in the Guayana licence. It's not cash on the balance sheet, nor does it take account of what the Falklands licence might be worth. The market puts a value of some 35 million Sterling on the Borders and Southern licence and some 150 million at the stage on the Rockhopper discoveries and farm out deal. A far bigger concern should be that we haven't had confirmation of what Opus have told JHI and the uncertainty as to how and when we'll become shareholders in JHI. |
Gee
ARG should have clearly RNS'd the converversion factor ARG:JHI shares, at the time of the delisting/takeover.
I did think, at the time, it was odd that it was left all so indeterminate: shareholders to receive JHI shares? But in what proportion?
JHI is not listed, so how do you value its shares? |
Hopefully someone will find out the value of the JHI shares soon, then we can take it from there |
My total investment in ARG for 2m shares was just over £30k, so until I can find out the value of One JHI share, I'm just as much in the dark as you 🙏 |
Theoretically 2m shares is about £40,000 but we don't know how much of that has been effectively invested (or lost) in Guayana. A current cash per share would be interesting to know, but that, it would seem is being restricted unless you are a shareholder. I asked and wasn't told. |
But did that affect the total number of Argos shares ? The transfer(s) should take no longer than that permitted by Canadian company law. Opus would be failing in their duty as liquidator if they fail to make an effective distribution. All registered shareholders should be entitled to vote in respect of required resolutions even in a Private company. If one is not registered you are effectively disenfranchised. |
Ha, would that be a worthwhile trip? 2M shares in ARG was calculated and conveyed as at that conversion factor, so I have No idea what it's worth. |
Gee
with that many shares, you could, surely, afford to fly over to Canada and have a meeting, in person, with JHI? |
Hey C2B, Yes indeed I have 2m shares which I refused to sell and allowed it to run it's course of liquidation/restructuring. I have been somewhat disappointed by the manner the administration has been handled, with lots of delays, empty promises on timelines etc. For me, my shares are with ii (Interactive Investor) and my certificate will be nominee form.
There is a good argument from our frustrated stand point to hold both OPUS & JHI accountable for failing to adhere to their respective Communications Policies as they have been (at Best) ambiguous and misleading for several months. I have been communicating and provided proof of my holding back in the summer of 2024 and all was open and I thought there was clarity, but unfortunately, the goalposts kept shifting.
I'm puzzled that the process was not being monitored by an independent organisation to ensure Good Communication was maintained throughout. |
c2b
"You will recall that Opus stated that they had problems reconciling the total number of Argos shares and that we were never advised what the outcome of that was."
..............................
Opus advised that they gave instructions to JHI on the 14th Jan 25, which means that any problems regarding reconcilliation had been resolved, given that that was what the hold-up was about.
There is now a line of communication with JHI, so one just have to wait for the "transfer process" to complete.
It will take as long as it will take. |
GeeBeeAD Do you hold some of your shares in certificated form in your own name ? I own 100,000 as a certificate. I hold others in nominee accounts. I accept that shares held in wrappers eg SIPP, ISA, and nominee accounts create difficulties and I approve of having a web page to keep such holders up to date with information that their nominee holders might not pass on. However I'm sure that Canada must have the equivalent of our Companies Act which places basic obligations on all companies whether Public or Private and one of these is maintaining a share register and registering the transfer of shares. In respect of my 100,000 certificated shares there should be no problem for either Opus or JHI in registering me as a shareholder without further delay. I would suggest thst other certificated holders make the same point. |
The trouble we have with JHI, is that they are a PRIVATE Company and can manipulate & control as they see fit.
The whole OPUS involvement has definitely contributed to confusion and misleading information.
Apparently they are preparing a Generic update for all shareholders, which will be uploaded to the portal very soon. |
SEDAR+ is the secure web-based system used by all market participants to file, disclose and search for information in Canada’s capital markets. SEDAR+ is available 24 hours a day, seven days a week.
hxxps://www.securities-administrators.ca/about-sedar
They (SEDAR) ensure that all Canadian business's are compliant. |
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