Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Appears bit of a sell off today but probably due to tax reasons more than anything else.
Sorry meant $14M in 2022 and $22M in 2023. Now where is that EIS and an update!
Happy Easter everyone. LTT
Thanks for the link pre2rcd, seems Navitas are spending, $14m in 2023, now $22m. so $36m in the past 2 years, would love to know what they have spent the cash on!
"The Partnership operates in a number of levels to promote the development of the project, including:
A. Formulating the financing plan for the project, which may include, among other things, financing by way of issuance of debentures, bank financing and oil traders financing.
B. Receipt of regulatory approvals for the revised development plan from the government of the Falkland Islands.
C. Identifying, negotiating and reaching agreements in connection with the ordering of significant long lead equipment, including the project’s floating production storage and offloading (FPSO) facility, and the supply and installation of underwater equipment.
D. Assessing the option of introducing another partner to the project, before or after the date on which the final investment decision (FID) is made."
LTT
Navitas 23 results out but very much an auditor report, no real new information
https://navitaspet.com/wp-content/uploads/2024/03/Navitas-annual-FS-2023_eng.pdf
RKH makes all-share offer for BP. Pundits agree it's a great deal for a beleagured BP - SP due to rocket on Tuesday, while RKH SP rise predicted to be moderate,
Premier had put out an environmental impact study if I am not wrong. There was a discussion around it and it was approved. Now that the project has a new operator the go-ahead from FIG needs a new EIS. But I don't think that the specifics around that study have changed. The geography remains the same, other elements will be broadly similar to the Premier study that was approved.
It might just be a question of copy-pasting the Premier environmental study with a few edits. No big deal
Wouldn't that be the Tel Aviv SE equivalent of an RNS ?
An RNS from Navitas to reiterate 2024 FID will reassure many.
Patience
One thing you understand clicking the link to FIG EIS pages, is they are epic documents 400+ pages long! No wonder it’s taking a bit of time, plus it’s not a EIS for drilling as the ones already there, it will be an EIS for drilling, connecting subsea equipment and an FPSO over a 15 year+ timeframe. Also I presume they will need to put in the FPSO they will be using to show oil many barrels per day they will pump, which in turn will indicate how many tankers are referring backwards and forwards into Falklands waters. It will all need to be in there.
It will be some interesting ready when it’s submitted that’s for sure.
LTT
This confirms the 42 day public consultation requirement.
https://www.falklands.gov.fk/mineralresources/regulatory/environment/public-documents
So the EIS should be highly visible. No sign of the public consultation yet.
https://www.falklands.gov.fk/policy/consultations
I was told at beginning of year that the EIS would be submitted in Feb/March, after which there would be a 42 day period for public consultation.
In terms of when an announcement would be released it would be if and when it was adopted by FIG.
I wouldn't have thought that the submission of an EIS was a event which merited any public announcement by the operator, never mind a minor JV partner. It's meat and two veg work for the project team, as part of the project plan. Approval of the EIS might be newsworthy but that was never expected in 1Q24
"2024 FID for 2026 first oil still looks good"
Possibly, but wasn't EIS supposed to be in Q1 2024? There isn't much of that left.
Anybody know if EIS been submitted yet, sure I was somewhere they expected to submit this first quarter.
Thanks Mogger for clarifying the date of FIG meeting was before the date of accident. I stand corrected.
2024 FID for 2026 first oil still looks good.
Financing can come from a new partner, a bond issue or any other. They had financed Shenandoah after all.
Patience
Citizen
26/3
Mogger
My own view is the plan is and has always been that SL is financed separately. Any reliance on Shenandoah would only be one sort of notional "plan b" if SL financing were not to to be possible. On that basis no direct impact.
Thanks Mogger, what date was that release?
Citizen,
"According to the operator's initial assessment, the damages caused to Topsides are not material and production from the project is expected
to start during the second quarter of 2025
The operator and HHI continue to carry out the tests, and will continue to operate during the second quarter of 2024.
work to carry out the required repairs under the supervision of independent professional consultants, so that the construction of the FPS is completed,
Its towing to the Gulf of Mexico, USA, and its installation in the project will be carried out in schedules that will allow the start of production
from the project as mentioned above, while meeting all the required regulatory requirements.
In addition, the operator estimates that most of the additional costs related to the work accident, including the repair of the topsides, the
The FPS and its installation will be covered under the existing insurance coverage for the construction of the project and/or under the agreement with HHI, and
Yes, this will not have a material impact on the project budget.
The terms included in this report shall have the meaning given to them in the original report."
https://maya.tase.co.il/reports/details/1581999
Mogger
Oscar,
The date of the meeting you refer to precedes the accident so you are not correct
Mogger
@ Mogger, have Navitas said/confirmed that?
If Shenandoah first oil is now revised to Q2 2025 then I will expect a significant delay ( H2 2025 ) to Sea Lion FID and first oil ( 2027-28 )
Also explains "delayed from initial timeline" in the FIG meeting minutes recently.
Patience
Long,
There was a death at the manufacturing plant in South Korea whilst assembling the platform. It has therefore pushed first oil into Q2 2025.
Mogger
Does anyone know how Shenandoah is progressing? There seems to be limited information available partly due to Beacon being a private entity.
I believe they were on with the 3rd or 4th well and they are planning production for the end of 2024. Is it still on track? Navitas’s income will go through the roof once Shenandoah comes on line, maybe that is what they are waiting for ! Our future is tied to Shenandoah.
LTT
LTTn presume related to buzzes comment about late decision re tax