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Where is our 11p rise Nigoil ? I see turds, not swallows
Rock Rose NL/NS really impressive group.
Shows the difference IMO
Re Auson: Yep sorry Auson. No more, promise. (-:
Now now that ship they supplied him was faulty, ice breaker they said, unsinkable they said, poor bstad. Anyway never mind the AGM looks like we are doing AnaGraMs on here now.
Cyan, do you go to the AGM's? I wonder what our lager institutional investors think? Maybe as others have said no-one cares if the SP is up and we are in profit.
But I do not think RKH will make it like Rock Rose has..still think markets do not have confidence in Moody. Just think if RKH had used its money to buy similiar NL/SNS assets!
Moodys money: Share issue(s) x3 i think? kerchinnnngs, PMO 's money kerchinnnng and we are producing? Kerplunk.
Moody in charge through out..is it true his great great granpa was Edward John Smith?
Further to my last on the big bonuses; Read and weep; Big bonuses for just getting a CPR done; what!?
Report & Accounts for the year ended 31 December 2016
In respect of the financial period, the Committee agreed that the executive director annual bonus opportunity would be up to 100% of base salary and that the executive directors would be treated as a team for the purpose of objective setting. The following objectives were agreed for the financial year:
(i) Bringing an additional paying partner into the Sea Lion Development Project
Farmout discussions had been pursued with a number of parties but, as no deal had been agreed at the year end, the Committee agreed that this target had not been achieved.
(ii) Completion of a Competent Person’s Report (CPR) that meets specific objectives set by the Board
The CPR had been completed in accordance with criteria laid down by the Board and had raised the technical profile of the Falkland Islands. The Committee agreed that this target had been achieved in full.
(iii) Achievement of production related targets
The production target for the Company’s existing assets had been achieved and the acquisition of Beach Egypt had brought in additional production. The Committee agreed that this target had been partially achieved.
(iv) Achievement of specific milestones for the Final Investment Decision (FID) for the Sea Lion Development
There had been further progress towards FID with completion of the project definition for Phase 1 of the Sea Lion Development, completion of an updated draft Field Development Plan and Budget and good progress on FEED. The Committee agreed that this target had been achieved but that, as overall progress to FID had not been in line with expectations, this should be recognised in the percentage of this target that was considered as having been achieved.
The Committee agreed that a final bonus of 42.5% of basic salary should be paid to each of the executive directors in recognition of the extent to which the 2016 corporate targets had been achieved. An interim bonus had been paid during the year to S MacDonald in recognition of his work on the acquisition of Beach Egypt. "
Bonuses for just doing your jobs. This year just gone we have to factor in the fire-sale of those all important Egyptian assets; anyone going to take a pay cut? Don't hold your breath.
Good afternoon Surfit
You wrote "has Moody ever given himself a pay cut"
MOODY's basic pay in 2018 was £373k ; total package £539.7K
In 2017 his basic was £362.1k; total package £525.1K
In 2016 his basic was £362.1K total package £581.8 K Must have been a big bonus, but for what?
The next report will be interesting reading
Hey Cyan, thank you good points.
Remember Eddison were stating £32mil from their report, if i remember. Thats the only figure I have seen that has not been mathmatical speculations from bb members ( I belive, if any one can post another source, not a comparitive, please post link).
Where are Eddison getting their information from?
Navitas has moved up 23% aprox since Jan 6th and holding up very well, in this Corona virus jittery market.
This does bode well (imo) as it could indicate the markets do have faith in them.
FIG as you say, may probabley have little choice to accept. BUT what power do they have not to say okay you change the rules we will add this also. I would have thought PMO or worse RKH would have to offer something furter down the line. Business tactics..FIG would hold some decent cards..i.e liences...although when the extention was granted...Navitas and there situation could have been already known to all parties????? If so then its a check the paper work for legal loop holes and sign?
As before: If we have a steady string of announcements of steps forward then it could start to entice braver investors....as if this goes agead a lot will wish they had put more in.
Just do not have the money that some do on what still appears to be with out some risk ( albeit significantly reduced).
Signing the deal with Navitas will be an important mile stone, of course.
My hope is that Olver Irwins work has already secured clients and they are using Navitas as the vehicle for the financial conduit?
But all going well....one more year??? Seems a bit long if the finances are in place already.
$5.4 mil: has Moody ever given himself a pay cut....the top end boys never do. Who's to stop him.
"Who can rid me of this troublesome monk" too far? (-;
If memory serves, US50M award 25M costs, 100M award 35M costs
Don't forget there was a sliding scale mentioned at the AGM with regards to the cut the lawyers actually got, can't recall from memory but they had a sliding scale, so for example, if RKH won and were awarded 100m then lawyers got say 30% and so on, suppose this would include their fees, not added on top.
Again can't remember exact figures but it was a hefty chunk, but still getting something is better than nothing.
Retracement on RKH to hmmmm
I guess is not point to introduce this one
Placing for surveys ,Bills , Etc...2 tranches done already
-Site survey for Cameroon
-Farmout for Cameroon
- Start Drill for Cameroon
News can drop at any time for
-3D for South Africa
-Farmout for South Africa
-Farmout for Namibia
Have you been able to find any dates for the arbitrators meeting ? Is it in Paris ?
Between you and me I think they will be lucky when they get anything. Due diligence and all that, but the laws the law, they took the case for free and the judgements seem to have gone their way.
Well they said its a benchmark case for 100s of others .Thats a lot of money then .Reading the italian side of things i think they will be lucky to get that .
The claim is reported as $280m euros plus interest. Previous cases have awarded 50%.
The legal fees over 3 years are likely to be close to $20m
Good to see the boys getting their freebies, next up brucie bonuses
No drinking allowed in the asylum.
Nigoil .It will be nearer $20m than the $100 m you are predicting .What do you base your figures on pie in the sky.
Nigoil's getting a little cryptic these days. Wonder if he drinks with Borgo?
Good morning Surfit,
You wrote "I for one am not expecting the SP to really move until sanction is granted." Actually I think the arbitration has the potential to really move the price. Its so hard to predict; could be nothing or a sum equal to our market cap. The balance of opinion seems to be that we have won the argument and its all about 'how much'. Nothing would be a serious downer imo; $20 m USD i think would be rather low . Its not too long now before we know.
I really do want to see management getting a grip on the excessive admin costs. We have 14 staff and are spending $5.4m p.a on G & A. Its too high. No bonuses this year and a 25% cut in these costs required. Either people take a 25% pay cut or we shed staff. We have sold Egypt so the workload must be reducing.
The interesting question surrounds NAVITAS and their ability to fund. Its a bit of a chicken and egg situation. The FIG have to be convinced that NAV can raise. No doubt NAV will point to the recent Shennadoah project;
"Navitas jumps on positive Shenandoah report"
"Navitas and the operator believe that commercial production in the project will commence in 2023. Navitas's share of the development costs will be $184 million."
(contracts for the 'trees' was announced in October 19)
"(Navitas's shares is 65 million barrels)"
The FIG are going to have to be pragmatic and agree to the new partnership terms and accept that the deferred £59.6m CGT on the old giant carry's is unrecoverable now. The alternative will be risky; a possible failure to develop which I am sure PMO will highlight.
That's easier said than done Gozzie. This share can get quite addictive when it's on a roll. Having a firm exit price isn't a bad strategy.
Fecm thats what im sure will happen .Im selling if this gets to a reasonable price .
True, i think as long as there are actual announcements or up dates made it could shift the sp. This information has to be put out...its been very very sparce in the past (due to no news better than bad news) BUT I for one am not expecting the SP to really move until sanction is granted. I do not think any larger investors would not step in until then..too risky.
Hope I am wrong...sick of seeing red with my RKH investments....still ISA's loom in April.