Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Yes, and in the mean time, they've commissioned their own CPR, which shows SL to be an even bigger prospect than previously claimed.
Wots not to like?
Totally agree with you Maruman2, with regards to Shenandoah, they had secured ALL the cash PRIOR to FID. They were talking about doing it again with SL in there presentation with $1.3B cost, 20 wells, utilising the $300m spend by RKH and PMO. They are not starting from scratch.
Nothing can be officially said or done until FIG and UKGov have signed off on Navitas, then I can’t help feeling it will be like a starters gun. Navitas have been keen on SL for over 2 years, they hung on despite the PMO collapse and take out by Harbour and then hung on again waiting for a yes or no from them.
You cannot tell me they are going to get FIG approval and then rest on their laurels waiting for Shenandoah to come on stream sometime in 2024 before they hit the button!
LTT
Yeah Marunam2!
And if anyone was quaking at the thought of the God awful Cristina Fernández de Kirchner, I wouldn't tangle with Navitas. If Argentina needs something to shove up its pipe to smoke, I'd say Gideon Tadmor and his colleagues are just the job.
When Navitas was first mentioned in the PMO days, my immediate reaction was: "At last someone who can and will stand up the Argentina".
Forgot to add:
https://www.navitaspet.com/executive-committee/
The Management team at Navitas should not be underestimated. Navitas may seem a small player but the management are not. The executives on the board have held top posts in Delek and they helped transform that company.
The level of experience is high and I suspect they have already felt out the capital markets already before the farmin. Their ability to raise money is proven and bar raising the finance for Sealion they have not had to put their hand their pocket yet, a big plus for RKH imo. Look at it from their point of view, a 65% share of a fully appraised 500m -700m barrel field, zero % discovery, appraisal and feed costs and with Harbour exiting no de comm cost for the them. The current economic and energy crisis is playing into their hands and they would be foolish not to strike while the going is as good as it has been for 10 years. I expect a larger partner at some stage to join them , if they can raise all the funds, it would put them in a really strong position should they take on a partner to spread the overall risk.
I read ( can't remember when or where ) that the Deputy CEO is heading to Europe to sound out financial markets there over the coming months. The main problem for Rkh has been solved with the riase and a decent payout from from Icsid would transform the sentiment for the company .
I would be disappointed if the finance and feed option took more then 9 - months.
I expect a lot of manipulation here after OM to shake holders out , will go on for a few months and then true value will out for the next year or two.
GLA
Marunam2 - precisely and that's what Gideon Tadmor is counting on - he's a cool dude and probably the best management participant this project has had so far. As long as GT stays the course, SL and all the rest will be fine.
https://www.offshore-energy.biz/westwood-30-fpsos-to-become-available-by-end-of-2022/#:~:text=Market%20research%20provider%20and%20consultancy,by%20the%20end%20of%202022.
Second thought is what are the chances we get bought, just before or more likely after FID?
As an “exploration company”, we haven’t explored anything for many years. So does Rockhopper sell off its production interests and explores something else? Sell up completely and Sam just takes a nice cheque and some kind cut of profits going forward? Seat at the hob nobs table etc.
If we are sold off let’s say after FID or around that time, what is the multiple on the sp the buyer would have to pay? 100 x , 200 x 300 x?
Then I will be buying the 9p warrants for sure lol
Agreed ovetts the timing makes no sense.
When end of 2023 comes the sp needs to be above the warrant price of 9p or there is obviously no point in buying them. This share has a history of disappointing on many levels, but especially meeting any deadlines or dates they set.
Navitas may be the saviours here, but I’m not convinced they have any silver bullets to speed this tedious process along. Therefore, unless OM comes in VERY good (which I expect we get something) or there is some other positive news along the way, the sp will probably bump along in a range not dissimilar to the last year or so. As 2023 progresses and the jungle drums say Navitas are collecting investors, maybe there will be a gradual return of confidence and some sp movement, rather than a Big Bang when FID announced.
It’s aim so there always seems to be some fund or MM selling us off just when we think we are due a rerating. It always seems highly manipulated at the PIs expense.
Bottom line is ..for gods sake get this FID over the finish line
The question that fecm is asking - a good one, is that isn't slightly strange that the warrants expire on 31/12/23, if Navitas are talking (OK, only in public according to Sam) about FID in 2024.
That means that the really significant event, that would really make the shares fly, isn't scheduled to occur until after the warrants have expired.
One could exercise one's warrants before they expire, in the expectation that FID will be next year (i.e. 2024), but if you're confident that that's going to happen, you might as well buy your extra shares now at a 22% discount (or better, of the sp slides further below 7p).
Watch the video and you will see Sam say Navitas are talking about FID in 24 and it’s usually 2 and a half years from FID to first oil
I didn’t come up with anything myself, I’m just relaying what I heard, did I hear it right ?
Before I thought FID was 23 and first oil I didn’t know, but I didn’t think it would take another 2.5 years
**To be honest 2027 will do me. What’s 5 more years after this wait?! Any sooner would be a bonus now.**
Rkh won't exist long time before 2027.
####
"but they may have other plans, which they aren't currently prepared to publicise..........."
Very true...Wait & See
Am going to listen to it all. Wasn't at AGM.
My previous understanding was a possible FID late '23 and that is sanction in '24.
To my mind 2.5yrs fid to first oil wouldn't make sense.
But fid is dependent on all sorts and could happen earlier. Absolutely no reason to think Navitas would want to hang around.
2026, 2028, 2027, I too am not overly concerned which year,
just so long as FIG/UK Gov sign off,
Navitas secure a huge wedge of debt funding,
Navitas demonstrate commitment towards FID, and
Navitas cover most of Rocks costs until first oil.
I can wait 5 years, just so long as I know Sea Lion will happen, and I won't be diluted to death.
To be honest 2027 will do me. What’s 5 more years after this wait?! Any sooner would be a bonus now.
Yes, I noticed that, but then Sam also said "........Navitas are talking publicly about taking FID at some point in 2024......".
I read that to mean: "but they may have other plans, which they aren't currently prepared to publicise..........." and also, 2024, like any other year, is quite a long time for things like this. It could be January, or it could be December, or anywhere in between.
Nastynick may be right, with his first oil not until 2027, but Gideon may have other ideas, which currently he's not prepared to share for a whole load of reasons, including not repeating Tony Durrants mistakes of promising things tomorrow, for them not to materialise - in TD's case, not materialising ever.
Getting the right FPSO and getting it customised for SL might make it 2027, but I'm told that the FPSO market is very fluid (isn't that useful for oil? !!), so a used FPSO might become available at any time. If the right one did, I reckon Navitas would grab it immediately and start getting it customised.
I very much doubt that Navitas would commission a new one.
https://secure.emincote.com/client/rockhopper/agm2022/index.html
So the warrants are expected to expire before FID is announced? If that is the case then they may not be as valuable as first thought. All bets on a decent OM award then.
Having attended many RKH AGM’s during the past decade I can honestly say I have never witnessed the directors to be as upbeat as they were today. We are all adults and are aware of the risks but for me it’s an absolute no brainier. Thanks to DEM ,Yeast , Mule and LTH and others for the customary “after AGM “ lunch and drinks.
Anyone able to report on above?