Jersey Oil And Gas Share Discussion Threads

[36redhill] 27/11/2020 22:13

Care to elaborate

[catswhiskas] 27/11/2020 16:47

And JOG heading south its already lost all yesterdays gains on thin volume.Depressing stock to hold share price is being held down for a reason wouldn't be surprised to see an MBO here very soon .

[mariopeter] 27/11/2020 16:27

Oil price heading up as Iranians very unhappy with the assination of their nuclear scientist.

[catswhiskas] 27/11/2020 09:38

There wasnt anything new that's why the comments are the same and why the share price is going back down again

[impvesta] 27/11/2020 09:34

Re post 3670 I note that Arden's comments are almost the same as they made in May (see post 3356). So not much new from Arden but a reiteration of their view.

[36redhill] 27/11/2020 07:31

Jersey Oil & Gas JOG has announced that it is to acquire CIECO V+C which is currently owned by ITOCHU Corporation and Japan Oil, Gas and Metals National Corporation. The acquisition secures an additional 12% working interest in Licence P2170 Blocks 20/5b & 21/1d thereby providing JOG with 100% ownership and full control of Licence P2170, located within JOG's Greater Buchan Area (GBA) development project, CIECO V&C's sole portfolio asset is the Licence Interest.The deal increases JOG's ownership of the Verbier oil discovery, the majority of which sits within Licence P2170 and increases ownership of multiple high-impact exploration opportunities within Licence P2170, including three drill-ready prospects: Verbier Deep, Wengen and Cortina. In addition, it simplifies licence ownership ahead of the planned GBA farm-out process and CIECO V&C has approximately £15 million of tax losses which are expected to provide additional value to JOG following first oil.The terms of the acquisition are simple, JOG is paying a completion payment of £150,000 in cash with further cash contingent payments of £1.5m upon OGA consent for the FDP of the Verbier discovery within Licence P2170 and another £1m 'not later than one year after first oil from all or any part of the area which is the subject of the FDP. As expected the deal is subject to OGA approval as well as being contingent on ITOCHU acquiring JOGMEC's shares in CIECO V&C ahead of completion, expected to coincide with the OGA process'.Andrew Benitz, CEO of JOG, commented:"The corporate acquisition of CIECO V&C completes 100% ownership of the final component of our GBA project that was not previously wholly owned by JOG and positions us perfectly ahead of completion of Concept Select and the planned launch of JOG's wider GBA sales process. "This Acquisition increases JOG's discovered resources, adds material value and exploration upside in addition to useful tax losses."We are grateful to the CIECO V&C team for the valuable contributions they have made during our partnership on Licence P2170, which led to the Verbier oil discovery in 2017 and we wish them well with their future endeavours."This is an eminently sensible piece of housekeeping from JOG, they are consolidating the last piece of the Buchan jigsaw puzzle ahead of concept selection and then the GBA sale process. Indeed the economics of the deal are seriously good, for £150,000 and the step payments, JOG get more oil and three material exploration prospects in addition to the £15m of tax losses (which may be conservative).The manoeuvring by JOG in recent years has led them to a very strong position in one of the largest new developments in the Central North Sea and it is not far away from becoming a reality. The concept selection is at the final furlong and the company has advised that it will be concluded 'in the near future' which I take to mean 1Q 2021 and as for the farm-out process I see a similar timeline.The GBA project has been meticulously put together and is in the last lap of the process, shareholders can expect an exciting time next year as this important part of UKCS history is recompleted proving that such a long term investment can be good for both the company and the country. JOG will have completed its journey in less than the 39 steps of John Buchan but will have a lasting prize for its verve and vison for which they deserve congratulations.

[knowing] 26/11/2020 16:49

Wee bit ambitious target I must say

[pro_s2009] 26/11/2020 16:47

Conclusion from Arden on todays news :


Conclusion:

JOG’s GBA project (based on the Buchan oil field, J2, Glenn and Verbier oil discoveries and a number of additional exploration prospects), awarded in 2019, has transformed the company’s asset position.

It puts JOG in charge of over 138mmbbl of gross 2C resources, which the company plans to use as the base for a new hub development in the area (which would likely facilitate tie-back development of any further discoveries JOG may make, and third-party fields). Progression of this project, with first oil expected in 2025, would make JOG an increasingly significant UK E&P company, likely to draw increasing amounts of investor attention.

Going forward, we look for ongoing updates on GBA core development planning progress, including completion of the concept selection work during Q4 2020, the partial interest sales process (on the main GBA development, but also potentially including the surrounding exploration assets) currently planned for in Q1 2021 (market conditions dependent), followed by FEED and then FID in 2022. There is also the ongoing potential for new production acquisitions, opportunities for which may be presented by the fall inoil prices. This provides plenty of potential newsflow in the coming months, and beyond this a route towards first oil.

In our view, the market is yet to appreciate JOG’s current asset position, but progression through concept selection and a successful partial sell down process could act as important events in demonstrating the materiality and significance of this.We have a Buy recommendation and 600p target

[pro_s2009] 26/11/2020 16:45

Decent bit of corporate action taking their share to 100%.

[bones698] 26/11/2020 11:39

So they now own 100% of a field that they have questionable 3d data on and the other participants have happily sold for very little money their stakes after the initial drill and sidetrack. Looks to me as though the others know it's not worth the cost and hassle but jog are carrying on regardless . With all the news and oil prices set to remain low for some time I doubt anyone would be willing to take a gamble on this field with it's questionable economics and to see it rise 12% on today's news just shows that there are some seriously delusional people buying his share. Mkt cap still considerably above it's cash value and they are spending that cash pretty fast too .

[value hound] 26/11/2020 10:02

These will surely be re-tipped by Simon Thompson which will give them a fillip; not enough of one to reach my target of selling half at £3 though - at least not today! :-)

[hiddendepths] 26/11/2020 09:27

Geared play on rising oil prices mariopeter. The RNS has just made people look and realise it hasn't kept up with the sector of late.

[mariopeter] 26/11/2020 09:21

One less party to have to deal with. Market seems happy they are going for some reason. It does show more faith in the overall project by the JOG team.

[chessman2] 26/11/2020 08:44

An excellent acquisition which explains the recent buying activity.

JOG is now looking even better for the future as the price of oil slowly grinds towards $60 a barrel. All the ducks are falling into line!!

[36redhill] 26/11/2020 08:09

I'd rather we were taken out. Must be with 10 times current value.

[mariopeter] 25/11/2020 07:18

Significant breakout on oil price chart. Hurrah! Brent $48. Oil price now a tail wind not a head wind for JOG.

[catchingmice] 20/11/2020 13:06

SORRY 88E & UKOGI wouldn't touch either company Just my opinion of course

[catchingmice] 20/11/2020 13:04

LOLJust because i called UKOG a DOG it doesn't mean i ever held any stock and i would be very angry is someone bought the shares for my BirthdayMy money is in Gold stocks and i have a nice amount in here as a long hold

[mariopeter] 18/11/2020 12:34

Kak,

Do you know how many barrels of oil a day the world consumes and what year do you think that will peak? Google will help.

[kakapo1] 18/11/2020 11:45

Hell, another hammer-blow for Oilers.....end of petrol and diesel cars, Shell moving more and more into renewables. Ah well will still some petrol for the Vintage stuff so long as they ( Climate change Gang) allow me to run them. Best invest in a Crematorium!!!

[catswhiskas] 17/11/2020 13:07

Oh No don't tell me catchingmice sold JOG to buy 88E .🙈

[mariopeter] 17/11/2020 12:22

Worse today Catching. Sorry for off topic!