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Any stopping of project should be countered with a suit against them for shareholders.
They'll sidestep it tll RKH has award announcement.
Hopefully will get mentioned at the Harbour AGM this afternoon
Malcy on Sea Lion:
There looks to be a decent drilling programme across the portfolio which in itself is a great geographical spread covering many of the world’s most exciting basins. On that note they say that at Sea Lion ‘ a thorough review is underway’ ahead of a decision regarding re-start of the project.
At $75 Brent the project must be hugely profitable and if one had to question anything about the Harbour portfolio it would be a lack of genuine growth, Sea Lion would do that in one go, after all at Premier it was always the place where mid-decade onwards growth would be satisfied.
This time next year Rodders...........
I guess it makes sense not to disclose too much while (supposedly) negotiating with FIG about lowering royalty. I think FIG is forced to give some concessions here if they want to hope of A Falkland oil industry alive, and in return they could (and should) make HBR commit to a firm project timeline.
I think that is as much, possibly more, than we could have expected them to say, unless HBR were going to announce SL FID outright today, which they weren't going to do.
Especially as they have Zama to deal with. If they plan to monetise that, then they don't want to put too much of the spotlight on SL for the time being.
While negotiations with many, especially FIG, probably continue, today's announcement should be considered very positive.
In the mean time, you have until end of business today to submit in those RKH AGM questions to make our BoD face the music and maybe squirm a bit.
Email them to: info@rockhopperexploration.co.uk
Why would Habour show their hand before the outcome of the OM award? According to RKH we should know about OM in July. Very little for Habour to lose by waiting for this news. RKH still aren't in the driving seat with an OM award, it just buys them time. RKH without an award would mean Habour could offer very little and still RKH would take it. RKH's time is limited by cash burn and license dates. The downside for Habour is its need to buoy up production rates. Can Habour afford to keep this 'oven ready' project on the long arm?
I believe they are trying to say as little as possible and keep the options open. This way, they have time to renegotiate with the FI for lower royalties.
And what they said wasn't negative and also in line with the previous update where they said something in the line of wanting to look through everything carefully and that they are not expecting to sanction Sealion this year. Personally I believe that sanction will follow once they are happy with the outcome of new negotiations with the FI and/or have decided what to do with Navitas,
@CitizenTS, same, this is exactly what I’d have thought they’d be doing. For me this is news that SL is no longer on ice, the amount of FEED work having been done Premier engineers will be able to HBR management exactly what it’ll cost them to do any number of ways to tune the capex/opex, after that comes to decide how to deal with other partners and we all know that needs cleared up by September and notably RKH are having that meeting around then.
Q3 may be very interesting…
Maybe I'm out of step but very happy with a thorough review that could be a re-start. Isn't that what we want? Whole lot better than a cursory look and/or a more dismissive stance.
Not another "thorough" review! Thorough = it is going to take time so don't call us we'll call you.
SL is a fantastic asset in the hands of muppets. Frustrating.
Best
Happy
Another small hope for a little news of progress bites the dust… Being a holder here makes you feel like Sisyphus doesn’t it?
"All to play for. Oil ~$75 Sealion odds >50/50 imo"
I'd say odds are a lot higher than that..,you don't spend 600m on a 50/50 project. 90% chance of it going ahead in my book :-)
It was obvious there was not going to be any news otherwise RKH would be trading well north of 10p.
All to play for. Oil ~$75 Sealion odds >50/50 imo
A thorough review of the Group's Sea Lion project in the Falkland Islands is currently underway ahead of a decision regarding the re-start of project activity.