Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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MD, It's reassuring to know your privy to Navitas's finance package for SL đź‘Ť
Mogger, Finance isn't an issue....Regards
All,
Unless you want to practice your Hebrew, I suggest turning on the subtitles. Not much information about Sea Lion but at the end you will hear how confident he is regarding the financing of future projects.
Mogger
https://youtu.be/7iiFlzqWoxQ?si=OSUo5nzgq5TsT9Qs
**I have been here over 10 years, today i finally sold my 15773 shares at a loss of ÂŁ3K**
Unbelievable!!
The strangest of timing to sell after 10 years of holding I have to say. We are closer now to the prize than we ever were, another year and we could all be millionaires Rodney.
GLA
Well that knocks Equinox off the list of farm-in partners and probably Valaris off the list also! Plus the basin they are drilling is approx 800km to 1000km to the north of Sea Lion, it's unlikely they are in communication!!!!
;-)
But then we wouldn't need a drillship anyway, it would be overkill for the pretty simple development drilling we need, 35days to 45days per well.
Saying that, I am sure I read/heard somewhere what a drillship, although expensive on the day rate, did have some cost savings over a semisubmersible. Basically because it can move around under it's own steam, thus not needing the support vessels a semisubmersible would.
It would also be advantageous if Navitas wanted to take a share in Darwin and wanted to nip down there and do a couple of appraisals during down time! It might also suit having a higher spec'd rig to drill Isobel as from memory it was higher pressure.
I suppose it depends on how the numbers stack up, a drill ship tootling across for South Africa rather than a semi being brought from further away, with tugs, moving at a much slower pace; a drillship being able to manoeuvre itself and drill faster and then head off after 11 wells, (or 14 if you could one on Isoble and a couple on Darwin).
Probably just me daydreaming again, but stranger things have happened at sea!
LTT
I have been here over 10 years, today i finally sold my 15773 shares at a loss of ÂŁ3K its been interesting reading over the years and name changes etc have humoured me
i wish you all the best of luck but im finally bored
good luck all
Valaris D17 Drillship is moving down towards Falklands offshore Argentina arriving tomorrow to start drilling. Targeting 1 billion barrels.
Equinor in April will begin drilling the Argerich-1 exploration well in the CAN 100 block in the North Argentinian basin, offshore Argentina.
The well will be drilled 315 km from the port of Mar del Plata by the Valaris DS-17 drillship in 1,527 m water depth. It will be the first to be drilled in the country in ultra-deep waters. The well is expected to reach about 2,500 m in depth and 106 cm in diameter at the sediment surface. Drilling work is estimated to take 55-65 days.
If the presence of oil is confirmed, Equinor and partners are expected to carry out an appraisal campaign in 2025 to gather technical data including field size and potential productivity.
The Argerich project is operated by Equinor with 35% interest. Partners are YPF (35%) and Shell plc (30%).
The article refers to an agreement from 2016, which was then " torn-up " by the Argies in 2023 - no new news.
R1234,
It doesn’t say much of anything except that he has been rehired to head up a different organisation based in Geneva, Switzerland.
Nothing about relaxing Argentina’s stance on the Falklands I’m afraid.
LTT
Does this mean that those assisting in FI hydrocarbons will no longer face sanctions? I suspect the threat of sanctions was what made Harbour Energy pull out.
It’s a good sign, but a little misleading as the ambassador has been brought on to do a new roll, nothing to do with the Falklands. They are just rehashing the controversy surrounding the previous deal that was torn up.
LTT
Very good news!
“In a positive spirit, both sides agreed to set up a dialogue to improve cooperation on South Atlantic issues of mutual interest. Both governments agreed that the formula on sovereignty in paragraph 2 of the Joint Statement of 19 October 1989 applies to this Joint Communique and to its consequences. In this context it was agreed to take the appropriate measures to remove all obstacles limiting the economic growth and sustainable development of the Falkland Islands, including in trade, fishing, shipping and hydrocarbons. Both parties emphasised the benefits of cooperation and positive engagement for all concerned.
"Macri administration wanted improved political, trade, culture relations with UK and Point 10 referred to the South Atlantic and the Falkland Islands, which made the Kirchnerites furious and were prepared to ignore it, particularly mentions of helping promote and develop the Islands economy."
https://en.mercopress.com/2024/04/22/milei-reinstates-ambassador-foradori-who-signed-the-falklands-2016-joint-communique
Surely the agreement to settle any tax due later (IF of course there is any) included Rkh trading normally in the meantime and was all TO ENABLE Sea Lion to happen. FIG need to keep to that agreement, not renege on Rkh trading normally in the meantime, and accept clarification of the wording to reflect the "meeting of minds" at the time of the agreement. That meeting of minds IS the contract that's actually in place. It presumably could be one interpretation of the existing wording. Simply needs clarification. All, as before, to enable SL including Rkh funding its equity share.
That's my tuppence worth for now!
After the farm out to Premier, there were a few wells drilled. Did RKH use some of the carry or did they pay their share completely themselves ?
Rkh no longer owe FIG any tax as the tax was owed on the free carry that they never received.
So it's zero tax owed on a free carry of zero !
The free carry went in 2021 when the new deal was struck with Navitas but FIG have not yet accepted the ammendment.
Its difficult to understand why FIG still haven't accepted this seemingly simple amnendment after 3 years as it seems relatively clear cut,being,No Free Carry = No Free Carry Tax.Simples !
RKH can't afford to pay FIG anything until Sealion is in production regardless of the OM payment. You can't have a situation where we pay a tax we don't even owe only to find Sealion doesn't get approval and RKH go bust due to lack if cash.
BlooBird, both equally good. It's as good an explanation as we can get get to from the information we have. Just need FIG to stop hindering their own O & G industry !
SpaceHoppa
It looks like we were both typing at the same time ... but you explained it slightly better than I did.
I'm probably wrong but this is how I see the situation.
I seem to remember that, after Premier walked away, the ÂŁ64 million CGT was negotiated down to about ÂŁ32 million ... to be paid after first oil.
RKH are negotiating with a 3rd party who want to purchase the OM claim but the 3rd party are worried that if/when ROI pay the money over to RKH then FIG will try and grab a prior claim to some of the money.
Buzz, this is how I understand it.
Rock has agreed with funder that funder has the right to pursue ROI for award amount and that Rock will transfer to funder the agreed % that they recover from ROI.
FIG though have a claim to Rock assets, so if ROI pay up the award money to Rock, FIG in theory then have a claim on that money and in theory could stop Rock paying funder their %.
FIG I think, just need to agree not to do that.
Yes, 42 days for public consultation and 28 days or so for internal debate within the govt. I guess there will be some questions raised in the public consultation period which will take a bit of time to resolve/answer so this should be approved in 3-4 months at the latest
"CAPITAL GAINS TAX
In December 2013, Rockhopper announced that it had reached
an agreement in principle with the Falkland Islands
Government (“FIG”) regarding the timing and quantum of the
Capital Gains Tax (“CGT”) liability due as a result of its farm out
to Premier Oil of a 60% equity interest in its Sea Lion discovery.
The parties agreed in principle that the total CGT payable is
ÂŁ90 million with payment split into two tranches. The first
payment, equating to ÂŁ26 million (approximately $41 million),
has now been satisfied. The second payment equates to
ÂŁ64 million (approximately $107 million) and will now be paid
at the same time as the first royalty payment to FIG from oil
production at Sea Lion.
Constructive discussions continue with FIG to document the
above agreement in principle."
Gosh, they were talking about reaching project sanction in 2015 !!!!!!
LTT
Rpoodle, the voice of reason.. Good to have you posting again Sir!
I've read all the comments but I'm not sure I really understand why RKH requested FIG approval. The OM award has nothing to do with FIG regardless of the tax position. You could argue the other way that RKH niw have skin in the game to say we will only pay tax if RKH Navitas get the green light on Sealion.