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Airbus has announced that they are going to develop passenger Aeroplanes that run solely on Hydrogen to reduce green house gas emissions. Where is that Hydrogen going to come from....well fossil fuels probably as it is still the cheapest way to produce Hydrogen and probably will be until we harness Fusion ?
Cyan2 you say.........."RKH needs a large arbitration award; no matter what" I agree 100% and will say that if they get one ,I will sell there and then ,not letting this BoD have a chance to fritter it away again.
One can but hope there are positive moves we are unaware of. However; the POO weakness and our $40 break-even is the principal problem we have; if the numbers do not work; no-one is going to invest. Add on PMO's endless debt issues and their concentration on the NS because of their enormous tax losses; its hard to see PMO progressing SEALION anytime soon. i am sure the partners are involved in detailed discussions with the FIG; principally on an agreement for NAVITAS to enter the partnership and the FIG almost certainly writing off RKH's tax liability. I would like to think that the FIG have recognised the risk that SEALION is abandoned and the never see a penny in tax revenues. I would like them to further encourage investment by forgoing all tax revenues on oil produced prior to 1.1.27 or some other date. That might just encourage an earlier move to sanction as we already know its 3.5 years from sanction to first oil. DURRANT states their assumption is POO will be $65 going forward while the banks are assuming $55. That is good enough for PMO based on their previous statements regarding a reasonable profit margin. There have been better days when this project should have been sanctioned by PMO; for example 2018 when POO averaged $71 for the year. Things are far worse now with COVID-19 remaining a huge issue impacting demand going forward. RKH needs a large arbitration award; no matter what
Cyan, I've watched and re-watched Malcy's interview with TD and there was something peculiar about that brief mention of SL. I'm pretty sure they'd agreed that it would be odd if SL wasn't even mentioned, but that there's something going on which can't be discussed.
Navitas haven't gone away yet and there are a few other straws in the wind that support the idea that SL is by no means dead. If SL goes ahead, and I still believe it's probable, it'll be in a very different set of circumstances than everyone was expecting a few months ago. I have a few theories, but probably better to wait and see.
If PMO achieve DURRANTS debt reduction targets and the POO improves by 2025; PMO should be in a fit state to develop SEALION . If you then consider the NAVITAS timescales with Shenandoah; a delay might just suit them.
If PMO mess up; I just hope NAVITAS can step up and replace them in the driving seat. We just have to hope there is a huge recovery in POO.
After Durrants interview with Malcy I have , sadly, come to the conclusion that PMO has become a mill stone around our neck.
I previously highlighted Durrants comments on debt reduction up to 2025 and the various tax efficient (FREE!) options they have by exploiting NS assets. Durrant all but spelt it out; nothing is going to happen on SEALION for years.
Navitas is run by proper oil men with a track record of success behind them. They might just save the day ,BUT, we have to receive a cash injection ( via an award hopefully) and then have the patience to wait several more years. What will the oil market look like in 5 years?
Why would anyone take over RKH and tie themselves to a partner(PMO) who as the operator , shows no inclination to move the Sea Lion project forward, Best chance we have is if Navitus signs up and unites with RKH (60% combined holding) and forces PMO to either p..ss or get off the pot, if that scenario is possible. PMO are the millstone around our neck.
LOL you can take it from me Surfit there's not a lot of first class seats on the RAF flight from Brize Norton > MPA nor for that matter on the Lan Chile flight legs from Santiago > Punta Arenas > MPA but I do agree given the current state of play (cold stacked until further notice) the fat cats salary and benefits is way over the top for what is in essence now being akin to tens of thousands of others in the UK who are sat at home and furloughed.
the sad fact is Sam and Stu will sit firmly on their hands and stay put until they either run out of money, lose the licence or get taken out so IMO the only way you get rid of the 2 fat cats and still have a chance of seeing some return on your investment is by way of a take over but I'm afraid, irrespective of any lowly market cap, given the current economic climate in the oil and gas industry and not least its virgin location, that ain't gonna happen anytime soon.
the other sad fact is IF the OM award doesn't come in and pay out BIG as is hoped then irrespective of all the no cost free carry to first oil promises they are (or will be this time next year) in serious financial trouble.
now where's those swallows so I can get rid of my remaining shares :-)
Or are the buyers waiting for a lower share price to grab a real bargain? Only 1p off the all time low folks. Weldone Sam Sobel: cracked it £375, 000 per year, plus 1million free share ( although that may not be working out). First class tickets and accomadation all on take what you want expenses. AND how do we get rid of the man? Its really mad when you think about it. Start working out how to remove him. You could replace him and Stu with 1x retired oil excutive for 100k per annum to baby sit whole senario from his bungalow office. Its all down to PMO and Navitas after all. Rgds Sft
Does make you wonder, that at this SP value, no debt ( still cash positive, for now), the "potential" award from OM, the free carry from PMO, the % acerage of SL and isobel that have proven "potential" that RKH has not been taken over? Just can not understand why. It impossibley cheap, why are the likes of oil energy investor groups NOT stepping in? As some say it a bargin. Confusing to say the least. Rgds Sft