Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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That third party assessments on salary entitlement, seem to me to be a bit of an insurance against any potential liability (imo).
Rgds Sft
Hey Nelius,
As I listen to the presentation (project wind down) HBR, are required "on paper" to inform RKH, FiG and Navitas which form of the 3 detailed will they chose to exit with in a 90 day time frame. The time frame thereafter (on their choice) was not clear and depending on which direction they go in could vary considerably, especially if they chose to try and sell it on. As Moody states the best option is negotiating buy back (it will not be the 1 dollar option that's for sure).
The best option would be a deferred payment option on development, but my feeling is they do not want any association as this would carry continued risk from Argintinia.
Will an OM pay out be sufficient or ever on time? Will Moody be able to secure further funding?
If we actually got a OM pay out, Moody must (imo) play hard ball make a small offer for the asset return. Remember the ONLY leverage HBR now have on RKH is delay, and if Moody, FiG and Navitas have some minerals they will offer a knock down price and call their bluff.
Note: PMO negotiated down with BP for Sheawater/Andrews (North Sea assets)
"It renegotiated that deal in June in response to “market conditions”, with BP agreeing to cut the cash payment from $625m (£493m) to $210m (£165m)"
until PMO failed to secure refinance for their total debt structure.
So OM near term payout or finding more funds are essential.
What is a good price to pay for the return of PMO/HBR share of SL, any ideas?
Addtional Note: Listening to the presentation again Moody does come across well, I appreciate the need to retain core personnel but that sence of entitlement for failing is still there. You do not need a third party to say your entitlement to too large a salary.
Rgds Sft
Hahahahaa !!!
But then again if you believe the FACTS as provided by ADFN loonball
23/10/2021
10:52 nigoil: Rkh are not in debt!.... Fact Rkh will shortly own 100% of Sealion... Fact Sealion is a huge World class oil field...... Fact Sealion has had over 1 billion $ spent on development... Fact Sealion is ready to go.... Fact Rkh will FO with Navitas and Co... Fact Rkh are due a HUGE payout from OM.... Fact Rkh will survive.... Fact Glenrothes1969 is a fraud... Fact We're having a wonderful weekend.... Fact What's there not to like! In Sam WE trust! Simples!.... :-)
We're all good ...pile in guys . We're onto a winner
Absolutely but there are plenty of nouveau riche who have got in at 5p thinking they are onto a sure thing and going to make a killing . .oh dear . ......just got to wait for the next update and this is going fly ......candles this and MM playing games ..they want your shares .blah blah blah .
This falls on good news on the best of days with oil through the roof ...nothing is ever gonna convince the world oil companies (already on the back foot being global pariahs)
To open up a brand new field in pristine hostile antarctic waters .
This complete farce has "on paper" lost me 60k
In reality 8k .so I'm not that concerned about upsetting the apple cart and I've made my point to the board several times . Dear clowns . ...and so on
I have absolutely no confidence in Rkh .they will squander the pittance they might get from OM .(don't count on it)
Oh and don't give me all that ..why don't you sell up then malarkey...heard it all before ....bit like jackpot ..here comes the sun .....
I can’t believe we’re still discussing RKH, it’s finished and has been for years.
Any chance of shareholders getting anything has long gone. Moody has no intention other than to keep paying himself hundreds of thousands of pounds a year from what is left of the pot that was once so big.
He is a parasite, a perfect example of corporate greed and the reason why AIM can be such a dangerous place to risk your money.
No doubt a few of you will remind me that we are about to get tens of millions from the Italian Government....good luck with that!! Or that Navitas will get SeaLion going again....in the face of weak politicians terrified of the climate change lobby.
It’s over folks, only Moody still has some upside...a few more years of enrichment for an hour or two of answering emails from his office in feckin Salisbury
Further to my last post ,this is from the FIG oil license conditions.
Note transfer of license requires Gov approval HBR may have some difficulty here considering they have opted not to proceed.
Existing production licence holders/operators are:
Borders and Southern Petroleum plc
Rockhopper Exploration plc (and subsidiary companies Falkland Oil & Gas Ltd and Desire Petroleum Ltd)
Premier Oil Exploration and Production Ltd
Contact details for any of the above license holders can be found on our contact page.
Previous operators have included Edison International, Noble Energy Falklands Ltd., Shell, Amerada Hess, BHP Billiton, Lasmo and IPC/Lundin Oil, together with their respective partners.
Operatorship
The licence holders must appoint an operator acceptable to the Governor.
The operator must organise, supervise and be responsible for all activities.
The operator is not allowed to commence any survey or commence, abandon or recommence the drilling of or completion for development of any well without the consent of the Governor. Such consents are obtained by completion of the relevant operations notices, downloadable below.
Good oilfield practices must be observed at all times.
Licence holders must comply with additional conditions to the licences as detailed in Petroleum Operations Notices issued from time to time by the Government.
Situations requiring an additional exploration licence
Production licence holders require an exploration licence to conduct work outside the geographical limits covered by any of their production licences, but do not require an exploration licence to conduct work themselves within the production licence's geographical limits.
However, should the production licence holder appoint a third party contractor to acquire exploration data on their behalf within the area covered by the production licence, the contractor must hold an exploration licence in their own right.
Other general conditions applicable to production licences
No licence or interest in a licence may be assigned without the permission of the Governor.
I have a strong feeling the FIG will have something to say about HBR `s exit and I have an equally strong feeling HBR is very aware of it.
Consider this HBR announces on 23rd September , that they will not carry out their commitment to develop Sea Lion, they knew full well FIG governing body was being dissolved the following day on September 24th ,that left the legislative body no time to meet and re-act to the announcement.
This timing I would suggest was not, by any stretch of the imagination,
co-incidental . I have the feeling HBR will either be gone after closely the 4th November or they will be kicked off , their News Release said categorically that they had no intention of carrying out there obligations, I think they may have stirred a hornets nest. JMHO
If they act ethically they’ll give RKH a clean break and not tow the line any longer.
Moody will have to be dragged from his seat in order to remove him as IMO he is finished after his performance with RKH.
The man needs to go, nobody of credible worth will ever want to work beneath his incompetence. The mans obviously a rat as anyone of integrity and common decency would have walked years ago given his shambolic performance.
The man knocks me sick to the stomach.
Hey @Surfit and @LacticsRule
I looked back at the presentation and Harbour have to decide what they want to do by 90 days from the 30th of September which is basically the end of the year. The presentation has several possible out comes, the one I don’t understand is the “Commercial terms announced in January 2016 coming back into force”.
Are these what you, Surfit, mention could drag on? Surely, if Harbour aren’t interested they aren’t going to hang around?
And let’s face it, Sam has absolutely no reason to press HBR …. Just keep collecting the salary from RKH.
Is there any timeline on Navitas … none that I’m aware of so Sam has blindsided us all ??
Assisted by Lough
Hey Nelius, With no (SM confirmed) penalties built into the farm out agreement, as I see it, they can defer indefinitely (or if FiG withdraw licence).
There is no way they are going to write PMO part of the investment and just hand it over to RKH for free.
Rgds Sft
Had Harbour 90 days from their announcement to step away to conclude their method of leaving? Was that the terms that was mentioned?
If so I was just mulling that unless someone steps in to buy their stake then I guess they will hold on until the end of that period before announcing any decision as, I guess, if RKH gets a decent payout it might mean other companies become more interested?
I can’t see it in Harbour’s interest to announce their decision quickly.