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Too funny, this carbon nonsense will be proved to be scam it is in decades to come. Earth was much warmer in the Middle Ages and the ice caps didn’t melt and polar bears did just fine. carbon hs very little to do with climate and is a lagging indicator. Many more people die of cold every year than heat anyway, I am glad I am old, maybe if I am lucky I will have 25 years more on the planet and if RKH comes good I will be buying the biggest gas guzzlers I can get and a peat farm in Ireland.
I topped up a little today
GLA
All,
Some new information released today regarding plans for carbon neutrality.
Mogger
https://gasoutlook.com/analysis/peat-rich-falkland-islands-risks-greenwashing-oil-project/
Seems my complimentary post - agreeing with everyone here on what an excellent working relationship Rkh have with FIG and how they are kindly protecting Rockhopper by having complete control over all their assets & refusing to sign the tax ammendment- has disappeared !
I'm sure we all agree, its reassuring to have someone like FIG working with you & protecting you from all those hostile take over bids 👍
Bonville, this was discussed a while back, and Sam Moody emailed
"There is more complexity than this but at a high level we require FIG consent because the incoming funder wants security over the Award proceeds. That security would then clash with the broader security enjoyed by FIG over all of our assets which came into being at the time of the tax settlement deed many years ago.".
There is no published evidence I know of that shows FIG are protecting Rock from anything, or for that matter that they aren't just dithering administrators.
There remains the possibility FIG are being helpful, but NOT signing off on the OM monetisation is definitely NOT helpful, so I feel they are short sighted ditherers.
**Would anyone kindly explain why FIG is connected to the OM award. How has that come about.**
FIG has nothing to do with the OM award...IMHO
Yes, a no-brainer for RoI to settle. The OM situation is at checkmate. A related question DEM --> Is CEO succession risk material to Rockhopper? How long will Sam lead, and what if he is unable to?
Patience
Would anyone kindly explain why FIG is connected to the OM award. How has that come about.
Although the 2015 Tax Settlement Deed's alleged tax liability is perhaps less poisonous than it once was and has been 'derecognised' by RKH - it still exists and is sufficiently complex, vague and material to the RKH balance sheet - to give any prospective predator pause for thought. There is, after all, no shortage of simpler T/O targets.
It should still be possible to find a form of words to satisfy all parties. By now, both RKH and the 'un-named Specialist Funder' will probably have lodged signed copies of the OM Monetisation Agreement with lawyers to be 'held to order' and subject to FIG's acceptance of the deal.
Whilst FIG do have a tendency to procrastinate - I do not think that the current delay is due to FIG's tardiness. I suspect that FIG will be happy to sign the docs, if and when, RKH request it and at the moment I can think of good reasons why it may suit RKH not to complete just yet.
The BIICL/Baker Botts study flagged that over 25% of Annulment proceedings were discontinued before the Committee issued a decision. 'The apparent reason for this is that many annulment applications are made on a tentative basis, in order to comply with the 120-day application deadline and/or to create leverage for settlement negotiations'. The RKH team must have got a reasonable steer, as regards timing and outcome, from the recent two day 'in-person' ICSID hearing in Madrid.
If RoI fail to get the Award annulled then they know that eventually - after much legal wrangling and delay - they will be faced with a huge bill. The original Award of €190 million + interest is now around €260m and is compounding annually at nearly 8% (3.7% EURIBOR + 4%). By 2027 it will be €320m and RoI will not be up against an AIM minnow - it would be a multi billion pound global litigation funder, red in tooth and claw.
With the new right wing Italian Government in place the RoI lawyers may now be allowed to cut a deal. If RKH were offered, say €200m in full and final settlement, this could save RoI around €100m + several years of legal fees. Even after paying Harbour Litigation €30m + the Specialist Funder's legal fees - RKH would still be much better off than under the Award monetisation deal.
If RoI think the Annulment will be rejected - they may be keen to agree a deal now and call a halt to proceedings before an expensive precedent is set for future cases. If RoI get the Award part annulled, resulting in a reduced pay day - then a deal could still be struck.
Whatever the outcome, RKH still has the Specialist Funder deal on the table and can trigger that by requesting FIG approve the deal so that RKH can complete prior to the 30th June. Further, if ICSID has not arrived at a decision prior to the 30th June - then RKH may opt for the Specialist Funder's Three Tranche deal as stage payments may reduce the risk of an opportunistic T/O bid.
It's complicated but most outcomes look good for RKH and OM is just the Overture for Sea Lion'
Suppose the markets are up in general today, but still 5%+ without any news make you think 🤔
They released the 2022 Investors Presentation last year in May, so could we expect another one this month for 2023 with some more meat on the bones? It’s probably about time they said something as we know they are putting feelers out for accommodation for Spring 2025; they are wanting a site prepped for drilling supplies also, not to mention an FPSO being earmarked.
They cannot keep this bottle corked for much longer with all the moving and shaking going on behind the scenes. IMHO
LTT
Ball drop. Sloppy of Navitas to have had that Companies House notice in public domain. Pull up your socks Amit.
Patience.
Well done Alma!
And Chess ... I don't know why you are acting like you do. It couldn't hurt pointing out something like this. Better be safe than sorry. And your negativity about FIG is also strange. During some earlier AGM it became clear that it's extremely unlikely that RKH will have to pay taxes on something that they didn't receive, but that it does reduces the chance of a hostile takeover. Sam has great connections with Fig and I'm confident that they take great care in the timing of certain events.
Chess,
I think the jury is out on this one, seems amazing timing that Alma sends an email and the within a week the matter is sorted. Maybe Navitas dropped the ball on this one, they are a Israeli company, working in the states, Gideon wouldn’t be aware of the rules, someone way, way down the pecking order will have been in charge, so make fun all you want of Alma, but we will never know if they did it themselves or got a nudge.
LTT
Exactly like I said Alma, whyever you got yr knickers in a panicky twist over this I have no idea !
To think that a multi-billion company would forget their accounts and need to be reminded by yourself was always Preposterous beyond human imagination.
Listen to yr Daddy in future 😉
Chess
What are the implications of signing it off quickly?
Wouldn’t have got their money if it was a reduced amount because we didn’t have any. Wiping it out might mean RKH Became an easy target for a takeout as they had no liabilities to them.
Maybe they’re working together in the best interest of each other
GLA
Boboil
Many thanks AlmaCogan, seems like a case of the right hand didn’t know what the left hand was doing…… or in this case the left hand wasn’t doing anything at all!
Thank you for being on the ball.
LTT
Sometimes taking matters into your own hand works. See below
STRIKING OFF ACTION DISCONTINUED
08138246 NAVITAS PETROLEUM DEVELOPIWNT AND PRODUCTION LTD
Cause has been shown why the above company should not be struck off the register and accordingly the Registrar is taking no further action under section 1000 of the Companies Act 2006 pursuant to the
Notice dated 03/05/2024
Todays little dip for no reason ?
SNO ; I would like & hope that FIG are indeed our friends and working with, not against us but its unfortunately not the impression I'm getting.
3 years (and still not signed) to sign a very simple tax ammendment seems unfair to me & I'm it's looking like OM sign off is going yo the wire or possibly beyond.
Hopefully, they are all working togeth
RKH share price holding up well.
12p coming soooooooooon.
BIG NEWS Coming out 2024.
Year end price. 28p.
Remember where you heard it first.
Bigfred right again.
Noboil. Serial loser. Simple. Yes he is.
Milei insisted that Argentina was “a country open to trade relations with the whole world, which is also the best possible guarantee of perpetuating collaboration
https://en.mercopress.com/2024/05/07/argentina-is-the-promised-land-for-businesspeople-milei-says
Agree StillNeedOil, the tone of this thread is a bit disrespectful tbh
Morning all
With the visits of Navitas and Sam Over the past year, do you not think that the partnership is strong? Hence, rather than being slow or Hillbilly like they are actually working together. All of the events that need to happen are independent of each other and could happen pretty much simultaneously which would be very much too our advantage, Argentina StopOil other potential opposers wouldn’t have time to react or kick up a fuss. Due to the Israeli Link now wouldn’t be the best time for this to hit headlines hopefully things calm down over there and that would be a much better time to release News.
Also wouldn’t call them hillbillies they’re supposed to be our friends
Just a thought
GLA
Boboil
FIG runs like a church parish. Time to grow up.
Give us a royalty holiday. Waive that tax. Sign off the OM award monetisation.
Patience
I expect Navitas to force the stubborn Hillbillies to sign OM off before the deadline as it could have a detrimental effect on the project if they continue to refuse.
As for the Tax Ammendment, I don't see the Hillbillies giving any ground on this and it may have to go to arbitration.They have refused to accept the tax ammendment for 3 years now and I don't see them accepting it anytime soon.
One thing's for sure though, FIG is most certainly not our friend & they don't appreciate that Rkh (& Premier) have already spent a Billion on the project without seeing a pennny return, the Hillbillies simply think every listed corporate entity are eternally capital rich and out to take advantage of them and pull their Hillbilly pants down so they fight tooth & nail on all & every issue as proven with OM & Tax Ammendment.
You're not missing anything LLT. FIG signing off, so OM is monetised, is easily the best outcome for Rock.
With that said, FIG not signing off by the termination option date, does not mean that either side will automatically terminate. Both sides must see the benefits in the deal otherwise they would not have agreed in the first place.
FIG are embarrassing themselves other this, but even they must see that ultimately both Rock and FIG will benefit from a more financially secure Rochhopper.