Wentworth CEO sees both capital and dividend growth opportunities in Tanzania's Mnazi gas field Watch Now
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Thought I'd reaquaint us gently with the world as it is.
No defender of board members but you'll find Rkh told us on 8 April, before PMO, that activity on SL was reduced to regulatory, fiscal and financial matters.
I too am VERY interested in the future but if you do not learn from the mistakes of the past.....
And the SAME man running the show. DOH.
Also factually showing investors what has gone on is not "spouting", You(and NigO) cant handle the truth and revert to type: hazing. With nothing but " brace brace brace, shut up every body its going to be fine"
All that work that Oliver Irwin of Bracewells law firm completed Premier Oil did not get the full job done.
Enter Navitas: Any info on their website????
Any update info from the RKH BoD????
At least TD told us via PMO that SL ops are to be suspended.
Remember RKH came by OM via Medeteranian Oil & Gas whilst under dispute, another fine purchase Sobel. Wonder if the UKEF will like the fall out of adverse publicity from a high payout that (because Sobel cant make any good deals).
Several good OM related bibliography at the end of the artical.
IMO there will not be a high damages award, especially in this current situation or climate.
Hope I am wrong but plan for the worst hope for....
Not sure if t
Godhimself... the total amount of financial reserves available to FIG are half the market cap of Premier Oil. That is no position to start raising bonds as a sovereign entity. Also the cruise liners have gone, the wool export market to India has collapsed and Spanish squid fishers are down, all because of COVID. FIG will surely have higher priorities to sustain their people?
It's a small town economy, without even a cash machine in the bank wall.
What I don't understand is why couldn't the FI government done more to help secure the funding for the oil companies. It's certainly in their interest and given that they hold all the keys to making this work at a taxation/licensing level couldn't they have issued bonds/offered financial guarantees to make this happen? FI could have had a sovereign wealth fund by now FFS
I’m interested in the future NOT the past. You can spout till the cows come home about what might have been.
We’ve had a financial crisis, a pandemic, all had to be weathered. These were not of PMO OR RKH making.
Things are beginning to fall into place.
Yes Rkh has 30% of Sealion, please don’t try to make out this is worthless, it’s not. 30% of something is a lot better than 100% of nothing. Rkh also holds 30% or upwards in other north Falkland blocks. Never was one oil field found in isolation.
In addition Rkh has substantial interests in the south Falkland basin as a result of the demise of FOGL and Desire. All more likely to be developed once the infrastructure is in place.
We know the facts HG/NigO..thats why people invested.
SL is a really great find.
Its great for the Falkland Islands
Its good for the UK both for reducing the tax bill and securing a separate supply of hydro carbon
Still love to watch this summary from 2012
For those that like a refresh RKH raised $600mil for the drilling (oh and they forgot to take the test equip, ran out of diesel..need resupply...demonstrating no decent company man onboard to check your contractor/driller) campaign see around +36mins
Drilling campaign cost 450mil see 42:30
REMEMBER raised 600mil
PMO in (43:20) as they were one of the few that would (i.e. Argentina?)
60% to PMO with them giving
231mil BACK CARRY
48mil exploration back carry
So as of 2012 according to above seminar RKH had 429mil cash, 40% of the licence(S)
1. How much went back to PMO for feed (poor contract)
2. How much went on farm in costs for Desire/FOGL ( was that prudent)
3. How much went on feeding the piggys...remember how they think about money...I bet that was Sobel that put "Kerchiing" into Fionas vocab.
Thats my reason for not likeing Sobel Moody and his buddy.
The project is a good one, the men running RKH are dangerous.
Ps listen to the duckups that went on in the campaign to...no premptive operations hands on knowledge...costs alot.
This is before PMO payments folks.....my whole continued objection is Sobel Moodys ineptness in finding the best people who KNOW about operations and what can go wrong...not finding out after! and being required to constantley raising more kerchhhing, contract accumen and managing finances.
Seriously hats off to Sobel he can raise it (respect) but he REALLY knows how to blow it too....there is not enough knowledge and proper risk assessment to know and anticipate financial/operational hazards/risk.
Ohhhh I am sure we will get there but...in what form.
Best thing can happen is if PMO or another operator take out Sobel
Godders, Hey comparing me to Trump is hilarious.
I knew you didn’t know much about shares, even less about football according to your recent comments concerning Liverpool. Didn’t think that was possible , but also you haven’t a clue when it comes to assessing people. Lol
Story telling though, you are very good at that. As Clint Eastwood said “a man has got to know his limitations “.
There you go, another of the pseudonyms comes out to support the rubbish from Godders. Don’t be fooled these people want to make money but will mislead at every turn.
Many small oil companies are a punt, usually on drill success. What makes Rockhopper stand out from the crowd is that they have unlike many others a fully appraised asset, Sealion. A large field with decent quality oil, THATS A FACT NOT FICTION.
In addition several other drills had oil shows most notably Isobel which had a large oil column and is thought to be bigger than Sealion.
There’s no debating this, Rockhopper has great potential and the derampers are doing their upmost to deceive the genuine investor.
Ok the wait has been long, too long for some but that amount of oil will not go untapped for ever.
These day traders are deramping hoping to make lots of money on a relating likely from the obrinamare outcome, due anytime.
Henry ... You sound like trump . What would a genuine investor look like? Would they be full of the joys of spring and in praise of the board and their performance
The argument that this must go ahead because of the funds spent is also.wrong. anyone looked to see if pmo have written off the previously capitalised costs in their balance sheet
Decent debate, valid points (Excluding Henry's/NigO's usual contribution).
I agree with the sentiments expressed the fact that PMO have invested SO much cash and time AND it secures there medium / longterm future is working in our favour.
The reality still remains that their creditors will not let them go it alone and that they are still recovering from their near threat of insolvency following the previous 2014 PoO collapse
1. Remember the next issue to face is getting the FiG to yet AGAIN extend the licence to RKH.
2. RKH have farmed out the majority of their ownership of SL to PMO and potential Navitas ( if they find the cash and complete the final sign up commitment).
3. OM is ESSENTIAL for RKH survival.
4. Sobel Moody and Stewart have moved to free share aquistion (after only taking a 20% cut).
THEY are still not using their own cash
Does point 4 have any baring when considering point 1 to 3?
I may be WAY off and the two carpet baggers think there is funding on its way ( or OM is decent enough for them to get a quick buck)
The rest of the team had to pay for shares
..but COULD there be another reason i.e. if OM does not pay out the amount hoped for (remember Edfison are only quoting 30mil, if I remember correctely) would FiG negate the tax looking to force RKH to merge with PMO thus helping PMO project investment/ final returns?
Don be fooled by Godders. Like everyone else here they are hoping to make money. Godders though is full of bu@@sh@@. Probably one of many pseudonyms trying to deramp and trick genuine investors.
His/her daily diatribe is pathetic.
Godders is fake and so is the story of a portfolio etc.
'' I'm too immotionally immature to crystise the loss''.
Well I admire your honesty, though it may perhaps, be clouding your judgement. If the Rock do manage to get a decent OM payout, it may be the time to crystallise half of your losses, to help with your mental wellbeing. Good luck.
I'm here ultimately because I've lost all my £££ here and. I'm too immotionally immature to crystise the loss. Also i am trying to achieve 0?5 percent ownership. That said i don't for a second think we will see fid in the next 5 years. We MAY won the arbitration but the money will just get ****ed up the wall like the 400 or so million we frittered away post the first farm out.
Godders, you say
''This isn't happening'', like a well traveled Timelord.
I'm here for an OM payout re-rating. Why are you here given you believe ''This isn't happening''?
Is it the same reason as me?
Well I'm telling you now Paul. Pmo are skint and the world is a volatile place. This isn't happening.
The biggest problem has been being shackled to PMO who wanted/needed to sort out their balance sheet before sanctioning Sea Lion, and the timeframe has always been in their hands. In a funny kind of way, now that they have put years of work into it and a shedload of cash, I think it might actually be a positive. We need to see a stronger oil price of course but PMO now view the Falklands as a large part of their medium/long-term future.
Course we were on the cusp. We've had years of 50 dollar plus oil post oil crisis and nothing happened in that time. Of course the directors are going to blame Covid. Reality is we weren't doing this at 50 dollars a barrel. We reached out to UKEF and sold off a good chunk to navitas to try and get us over the line. Both of those initives fell through and the price of oil has fallen significantly. I don't think we've been further from first oil than at any point since the oil crisis of the mod 2010's. But fear not though, the board have taken accepted a remuneration change from cash from our dwindling reserves and into options with a call price of near all-time low. Oh and the board for the benefit of our safety abandoned the AGM and then obfuscated the voting results... Where do i sign up to this amazing company
Sadly I think after 10 long years we were right on the cusp. PMO refinancing, Zama sale, Navitas farmout - everything was falling into place. Coronavirus was cruel timing for Rockhopper but it’s encouraging that all parties are still committed to it and the FIG is too. I think Sea Lion will go ahead but we will need a stronger oil price and economic environment first. Maybe I’m naive or mad, but I live in hope!
Paul we were on hold before covid. We've been on hold for 10 years. What in god's name does Sam do on a daily basis?
We will see. No doubt Covid has put things on hold for now, and it will depend on the global economy, oil prices and the virus outlook. In the meantime hopefully the FIG (who are keen for Sea Lion to go ahead) will help, and a positive Ombrina Mare outcome would put Rockhopper in a much stronger position.
I’m not reading much into the 10% rise on Friday because it was only the UT trade for 16k shares.
My bet is sweet Fa is going on. Come Dec 31st i bet navitas still won't have signed and FID will be no nearer .
I certainly agree with that. Q3 / H2 starts next week along with easing of restrictions. Hopefully things will start to pick up from then on. Covid always going to be an issue to factor in for at least the next 6-9 months though.
Interesting 10% rise late on yesterday. Doubt it's OM related however we did have the unexpected rise earlier this month. There must be some rumours circulating that we are not yet privy to. All to look forward to!!
Thanks fecm. From what I can understand, RKH & their lawyers were originally expecting an outcome in Q1 but it was always flexible & in the tribunal’s hands. They were hopeful that it would be in Q2 when they released their “coming months” statement in April, although again the exact timing is out of their hands. I doubt that the latest Edison report has any more up-to-date info but I could be wrong. The most important thing for me is that the outcome is positive, rather than when it arrives, but it would be nice to know either way soon - it’s been a long wait and it makes a big difference to RKH’s immediate value & their future.
Quite possibly pauldrayton. However, as it was written in Edison's 'updated' (25/06/20) report under the Industry Outlook, I take it as expected in the coming months as of the 25th Jun. It's about as official as we can expect and all we can go on. Anything else is speculation.
Isn’t that comment about “coming months” just lifted from Rockhopper’s April update?