Jkx Oil & Gas Share Discussion Threads

[pessimizer] 29/1/2016 11:35

Well a pretty resounding decision. Even without the suspended shares. It shows that there is a lot of appetite for change. Let's hope now that the new people deliver... Time to fill your boots???

[glavey] 28/1/2016 15:20

mutantpoodle, Oh, sorry, it wasn't you, it was a post [1635] by pessimizer, re 'alfa'.

Well, it's all over now (the vote, that is, just to be clear). Nevertheless an interesting poll. Wonder who didn't vote.

Any bets on how long this stays listed? Or alternatively what comes next?

[mutantpoodle] 28/1/2016 14:54

FAO Glavey

I appreciate your 'delicacy'

however I cannot see any reason to see that your first option (already screwed)
would not also have the addition you suggest in the second

ie + might be screwed again
?
have I missed a bit?

and apols but the 'alfa' reference escapes me!

[jumbo66] 28/1/2016 13:31

its a sad day for paul davis i feel for him the gun men could not take the firm but big money has sad day this firm has been good to me over the years good luck all re jumbo all imho dyor

[wallywoo] 28/1/2016 12:22

yep would be surprised now if Proxima don't get their way

[glavey] 28/1/2016 11:55

mutantpoodle, I was being delicate in my phrasing.
But your appraisal lacks consideration. Your choice would be either 'already screwed' or 'already screwed + might be screwed again'. In the latter case, perhaps somewhat harder. (You did comment 'Alfa' are very aggressive.)


Meanwhile, some pre-emptive resignations taking place?

[mutantpoodle] 27/1/2016 17:21

fao Glavey

as you say'' might''

so choice is 'as already screwed'

or other is 'might be'

I go for the ........

once bitten approach.!!

[glavey] 26/1/2016 21:38

pessimizer, It does seem that Tatarchuk is a long time Alfa man (he still appears to be connected with Alfa Ukraine), although there may be other reasons for that in addition to competence. Whilst I think the existing JKX management deserve some criticism they are operating in difficult markets in difficult times. However, I'm not sure anyone should assume Proxima will operate in the interests of all shareholders. Is JKX of sufficient interest to warrant Proxima running it as a business? That doesn't seem to be their remit.

I don't disagree with your principled view but can minor holders be comfortable with these major shareholders and the game they undoubtedly play. Do you think they will act in your longterm interest if you intent to remain a holder?


mutantpoodle, Or a vote for someone who might oversee you getting screwed (again, if that is your view) in the future??

[pessimizer] 26/1/2016 17:31

Sometimes anything, or at least almost anything, can be better than what one has at the present. This applies at JKX (and the EU, but that's another story...)

[mutantpoodle] 26/1/2016 17:05

It is a vote for something unknown

so a bit like DCs approach to the EU vote

vote for someone who has overseen you getting screwed for years because dont know about alternative??

[wallywoo] 26/1/2016 14:48

Why do you say that Woodstock? I don't believe that if proxima were in charge over the last 2 war torn and over taxed years they would of done better. Now we are back to normal tax cash flow should resume

[wallywoo] 26/1/2016 12:14

Having said that Pess, it is in effect a takeover without paying a premium and without abiding by takeover rules etc. Still expect a RNS giving a update on business before Thursday

[pessimizer] 26/1/2016 09:41

glavey, sorry for late reply. Been tied up with things other than Ukrainian oil and gas tragedies...

In answer to your questions, in some ways it is a protest vote, but also more than that. I have been involved in the post Soviet Union since the early nineties. I haven't come across Tatarchuk but I have come across the people he used to work for, Alfa. They are very aggressive - see BP, telenor, etc. etc - but no-one can deny that they are also very sharp and successful businessmen. If Tatarchuk is a long time Alfa man, he must be extremely competent. As such he will have the experience to make a success of JKX if anyone can.

I think the points that he has made about JKX's current failings are very valid and the company does need some drastic action.

Any lingering doubt I had about supporting the current board disappeared with their suspension of two of their biggest shareholders. I find it outrageous that a company can switch off nearly 40% of the vote in them without producing a seriously smoking gun. All they have produced is rumours - not one fact that I can see. This is like Russia in the '90s, when companies forcibly barred shareholders from voting. It shouldn't happen in London in 2016.

[jumbo66] 22/1/2016 22:46

hows it all hope all r well jkx imho is very much undervalued still even with the risks that come with it still have a small amount all the best jumbo [hd]

[glavey] 22/1/2016 09:59

pessimizer, In that case do you think it likely?

Have you (or anyone else for that matter) any knowledge of Vladimir Tatarchuk and his team at Proxima. Have you any experience of Russia?

Would it be fair to suggest your vote seems to be a protest vote?


woodstock17, Might your vote really be a protest vote too?


I think anyone who wants to make a protest vote would be best to think which of the resolutions they wish to vote. A blanket 'yes' vote is not the best way to achieve this. It is a vote for something unknown, unless you have insider knowledge. We all know how the market dislikes uncertanty and how it generally reacts. Do you really want to contemplate engineering a situation where there is an overhang and a lot of cheap stock to be mopped up (assuming you intend to hold)?

Of course, perhaps all this depends on the squeeze Proxima have on Eclairs, (or it might be the other way around).

[pessimizer] 21/1/2016 23:09

Glavey. Not unless there was real value for us shareholders.

[glavey] 21/1/2016 20:19

Just wondering..., would those voting for Proxima still hold that view if it was a vote for delisting and break-up?

[pessimizer] 21/1/2016 18:45

wallywoo. We wait to see with interest. They put out another "jam tomorrow" release this morning on Hungary, which didn't add much IMO

[wallywoo] 21/1/2016 17:58

pess - JKX have not updated the market for a while. Expect one before the egm. Remember they are now paying 29% tax not 55% as per the last 18 months, so should be generating good cash flow again. Can't see them going bust IMO

[pessimizer] 20/1/2016 14:00

I guess you all saw the company’s announcement today about ISS supporting their side today. I have followed ISS comments in these sort of actions over the years. It has to be said that their track record is rather patchy.

Particularly relevant is the view that ISS took over Petroceltic/Worldview. They supported the board against the so-called raiders and maybe helped them “win”.

PCI 'successfully' fended off worldview at 200p and again at 130p less than 6 months ago in probably the closest analogy to our situation. Today they are trading at 8.5p and they are heading towards bankruptcy.

It shows the dangers of doing nothing and staying with the status quo with a very similar and recent example.

JKX, according to their own reports, will be bankrupt in 13 months if they do nothing- cash is $20m, FCF is zero +/- at 1H oil prices and debt repayments over the next 13 months = $35m+

It's looks to me like PCI all over again.

And glavey, not too perplexed by wallywoo’s voting. It’s not a simple situation. I just take a slightly different view, that on balance, it’s time for the company to do something and it doesn’t look as though this will happen with the current team in place. So I have voted for proxima.

[glavey] 19/1/2016 04:57

"...just say it, whatever it is?" > So sorry, which bit of the plain questions 'Who are Proxima acting for?' and 'Ring any bells with anyone?' are you having trouble with?


"I'm with you wallywoo. I can't see the present team making us money... Time for a change." > Actually ww said it didn't matter because he was expecting to make money either way.

[pessimizer] 18/1/2016 09:55

I'm with you wallywoo. I can't see the present team making us money, after their performance of the last few years. Time for a change.