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Same people, but on the St Petersburg troll farm now instead of in the KGB
Gozziesky, Tropski trolls. Think nothings changed in 10 years.
Too right for them.
Their Soviet agitator playbook was written in 1989
Tropski, Gozziesky, don't hold any of these.
Been waiting since 2010, looking forward to the next 10 years
A good précis of how Rockroses's partners view how good the company's finances are looking.
The judge agreed
https://hpruk.com/rockrose-energy-loses-north-sea-assets-to-taqa-after-partners-raise-serious-concerns-in-court/
Mogger
"A waiting game" correct sons of gwalia, a very long and wasteful wait. A look back at missed opportunities, delays, and freebies all around is there for anybody to see.just looking at geological surveys, commerciality , costs,ocean guardian£27 million? , the list is endless but the gravy train chugs along, looking forward to the next RNS, AGM
....bod bonuses
Same old crap from Gozziesky troll
From the sewage pit of Soviet agitator negatives.
Let's see what happens if price of oil gets $40
Gozziesky troll.
Russian Easter not till April 19th folks
Normal days work on the St Petersburg troll farm for you eh?
Let's see what happens if price of oil goes $40.
Yes yeh Gozziesky troll
Just looking at the 2019 Rockrose accounts there is a $1.3 billion dollar liability listed and net assets of only $0.153 billion
They are much more affected by the oil price than Rockhopper.
True lsetown there are decommissioning costs associated with Rockrose but I think the time line has been pushed out to 2030 at least for these costs to be found, and I believe they are looking at more efficient ways to manage these costs in the future.
Anyways that's why a bit of due diligence needs to be done. LOL
RKH have said $40 "cash break even" but my understanding is that that is not 'profit and loss" break even type calculation as anyone would normally see it. All cash flows are discounted and you end up with a hefty, pre current events style, return to equity providers as well. Especially as cash flows that are used to repay debt are discounted at 1.5 to 2x any actual cost of that debt in a scenario where this goes ahead.
Its all thought perfect valid and accepted calculation, just that cost of debt and equity are all in there.
Point is the result you get is pretty much a project 'Go' price rather than a price at which the p&l says zero. It's a price at which equity gets a (far more than) acceptable return.
The $40 could come down to $35 with a bit of help from FIG. Obv they want it to go ahead and their clarity on that might just be helped a little by seeing activity slow down!
Let's see.
There are large decommissioning costs and pension liabilities to consider with Rockrose. They probably need $50+ dollar oil - similar to Rockhopper in Sea-Lion - but Rockhopper have a possible fallback of OM arbitration. In theory we have a lot more oil here, but whether Sea Lion goes ahead and we get to see it is another question!
I understand Gozzie2 , but that's not what matters
Rockrose 13,114,387 shares in issue 883.0p MCap £115,800,037 producing 20K, £287M in the bank
Rockhopper 458,316,856 shares in issue 7.5p MCap £34,373,764 producing next to nothing, £17M in the bank
Rockrose valued at just 3 times Rockhopper
Sorry a bit off topic but it is a bank holiday weekend!
Excellent post surfit, Rockrose is where my money has been going into , since I discovered it three weeks ago. This company knows how to do things.
The market is still to wake up to the potential here:
Trading at about a third of the cash on the books
Producing 20,000 barrels a day
CEO owns 29% of the company, real skin in the game.
A CEO who knows how to make deals.
Pays a dividend with the stated view of continuing this practice.
Majority of assets are in the North sea so very stable environment.
So wish they were running RKH without PMO, as I have no faith in RKH management and Premiers debt pile.
Do yourselves a favor and do a bit of research into Rockrose this weekend!
Yep just a waiting game now and nibbling away as funds allow
https://aibel.com/project/sea-lion-fpso-feed
Well summed up Surfit, time to get rid of these company-wreckers
Great post , Surfit . Everything you said is right on the money -- sooner this horrible BOD lot go the better for all of us .
Remember to have a good read of the ADFV bb.
The RKH BoD's will get away with not having to face share holders.
No one (imo) can belive that the directors have made a good move since "the find".
It is essential that these guys are removed. They will not make wage cuts, they have not invested, they are worse than inept; they have signed terribly contracts (PMO payments & and no penalty clauses), they made naive errors in italy, Egypt cash supply issues & a drilling campaign that we did not benifit from.
Ensure you get your voting forms from either your broker or investment platform (email or tel) well in before the deadline.
If you need to think who should run what we have left...just look toward Rockrose energy's BoD for a good example.
These RKH guys will not stop blundering...they really do not know what they are doing (Oil wise) and will not stop in taking the companies cash.
They may (I doubt it though) make a token reduction gesture at wage reduction...but this should have been done several years back.
Vote the whole board out. Sounds drastic but vote RockRose in.
It has also really unbelivable that there has been no take over or buy out of this reaaly cheap company....remember we have a deadline with our licences, we will have to go back and hope the FiG grant another extention...if I was them I would be looking for a deal with PMO directely or another venture capital oil company. They will know Moody has blown it.
Rgds Sft
So you did , so you did. Still taking mine also went for a BCG Jab today at Roi-et hospital, best £9 Ive spent in the last 3 months. As someone with underlying health issues I want to do my best to be around for my twin 3 year old girls. As usual DYOR
https://www.euronews.com/2020/04/06/has-the-key-to-a-coronoavirus-vaccine-been-staring-us-in-the-face-for-a-century
https://www.nutraingredients.com/Article/2020/04/07/Could-vitamin-D-play-a-role-in-coronavirus-resistance
AGM is a waste of money. "we are making progress" will be thrown around again. Nothing to see. I would like to see the BOD pelted with eggs though.
If there is an AGM this year it will probably be held via Zoom rather than on site. I will not be going anyway this year as I have been told I am in the high risk category and to stay at home....however it reminds me of something Moody said at last years AGM, either publicly at the meeting or afterwards in private conversation, it was something along the lines of 'if we have not achieved FID by the AGM next year, I will have a lot of very awkward questions to answer' ! Well ....
Patience patience..big sam still washing his camel and polishing his fez
Thought it might have been mentioned in yesterday's RNS? Website says May/June.