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This was a quote by Phipps of DES days so garbled quoted this many times as did I. Just clarifying. I don’t think this was ever meant as a “ramp” as it meant £20 or 20p meaning that it was a high reward / high risk gamble. We should all know this and accept the consequences good and bad.
I guess the inane current mud slinging is due to boredom during another long lull in communications from RKH, which is the norm. Again I think we all know this is a spikey share and news drives it often significantly high or low, so in the lulls we drift usually a bit lower. Main news on FID is to come in 2024 if they meet their promises and OM first half of 2024. Any news prior to that will be a bonus. Personally I am heavily invested. I may add a little during a dip but mostly I am in for the hopeful ride past £1 on the future good news items.
GLA
Sorry Ovets I missed your question in the sea of posts, not being rude, incompetent at worst, genuine mistake at best. Happy to answer it. To be fair when i asked you of you expected FID next year or receipt of OM monies or a dilution, your responses was "things will happen when they happen". Hardly an answer. I take that to mean you dont think FID will occur nor receipt of the monies and that some dilution will occur but arent prepared to express your true feelings. I wonder why that might be. I have been incredibly transparent....
You obviously haven't read my post.
Read it first, then make yourself look silly Latics
Decidedleaverage, after your repeated moaning about my not replying fast enough to your inane questions, you didn't even comment on the lengthy reply I wrote just for you - isn't that a bit casual, if not rude?
You obviously didn't bother to read it all, otherwise you wouldn't continue to repeat your inane points without at least challenging my reply.
'this share is out of money' - no it isn't
'This is a lottery ticket gamble' - no it isn't
The 'corporate update, the equivalent of a gant chart' (BTW it's Gantt) is for Navitas to produce. Too wet to abuse Gideon Tadmor, in the way you do Sam, are you?
You would appear to find it easier to post rubbish than do a bit of research, thereby making yourself look silly.
The usual Sam’s disciples.
‘He’s not the Messiah . Just a …..’
Latics, so far Sam has handled the OM award process impeccably - far better than even his supporters could have imagined, so why would he suddenly make a a mess of it, when so close to the end?
You'll have to do better than that, if that's your attempt at Latic's Silly Comment of the Day
Godders99
If fools have been "suckered" in over the last 10 months they would be showing a healthy profit. So even that action of yours is wrong.
What did you ask Sam? What was his answer?
Mogger
#Mogger you have a point. Anyone in vesting here should only invest money they cant afford to lose. And this is partly why i rant - to ensure ther fools dont get suckered in.
Re calling Sam. He knows who I am and i have embarrassed myself on this board by being petulant. So again this is my fault. I may have a go at the board but I know full well i am a flawed individual.
@Ovets .. The point was to highlight the potential irrational decision making that COULD be made by the BoD. We are NOT privy to any part of the decision making process and under Sam’s guidance the SP now rests at just under 12p. Agreed the addition of Navitas is indeed a positive step but RKH are by no means out of the woods.
Godders99,
It's exactly the same board that you have invested over £500k in, despite knowing all of that.
Have you bothered to pick up the phone and talk to the board?
Perhaps you should have participated in the warrants scheme so future dilution would become unnecessary.
In short, you are responsible for this board. If you have stopped buying the shares perhaps the share price would have continued to fall and broken the company.
It's your fault
Mogger
What was point of the last dilution if we Will need another one? Whats stopping the board then doing it again and again? This is death by 1000 cuts.
This is why this share is out of money. I dont doubt that SL will happen but a 10 percent dilution last year a 10% one next year.. give it a few years and we will all be diluted away. Right now I have NO view on when FID will occur, NO view on whether we will have another dilution next year or when we are likely to receive OM monies. This is a lottery ticket gamble where the only winners are the board members. Where is corporate update, the equivalent of a gant chart? We dine on scraps and platitudes from the board. Thats the same group of people that told us that the share was drastically undervalued and should be >£1 (pierre jungles), the same board that told us that they wanted to buy shares but were in a semi perma state of black out period, the same board that issued letters of intent which came to nothing. The same board that bought OM (a duff asset) , the same board that has not moved the dial in a decade.
Just to add - I doubt if the IIs invested in RKH will want to see the OM award slip through their fingers, if, say, SL is delayed.
So I agree that issuing a few more shares is an option, which would not incur the 'massive dilution' referred to by the habitual moaners
No Ralph, of course it's not a 'given'.
Just going through the options, one of which is to sell the award, but that would need the selling price to be attractive enough for RKH, which none of us knows (assuming there have already been some offers).
The point I'm really making is that RKH has a few options available before having to raise any more funds, selling the award being just one.
Ovets - I don't see what makes you think they will sell it, you talk like its a given. So, go through all these years to get the award only to the sell at in the current market at what I'm sure would be a huge discount. They would be better off issuing more shares and keep the award I would think.
Hi Chess,
On the Munin spec sheet it says, "Double hull Aframax size suitable for North Sea", it also says, "Crude Separation Plant suitable for production of waxy crude at high temperature" which if I remember correctly is the type of oil we have in the Falklands. However it doesn't have any info on water injection, seawater treatment and gas treatment which I think we would need capacity for that, but it has ample space on deck, so maybe this could be added on as part of the repurposing when it's converted for Sea Lion production.
All speculation of course and could be way off the mark, but it is interesting that there is potential of 2 FPSO's without a lot of searching, so at least one of these must be on the short list and if they are seriously planning first oil in 2026/27 they will need to get it booked sooner rather than later and start working up the development plan so they can work out budgets and go after the funding.
I can't help feeling that after years of a poor partner just going through the motions, when things kick off, they will move thick and fast.
LTT
See what I mean, everyone - Latics is one of the most active negative posters.
Latics, what was the point of today's silly comment?
Not so sure about that. Might seem the sensible thing to do but who knows with Sam at the helm ?
I have no doubt in my mind that RKH will "sell the award" if they do not believe they can recoup the award in the near term.
First, you must have subscribed to last year's Open Offer - you'll know if you did that, as that would have involved instructing your broker and paying whatever was due.
If you didn't, then you didn't participate (maybe you just overlooked it), so you would not have been given options for warrants.
Could anyone tell me how you qualify for warrants,I am a long time holder,thanks in advance for any info?.
'No OM money' eh? Some people just cannot be pleased. I know he's had a lot of help and advice from the top experts, but Sam has truly delivered on this and one very specific point is that he has not tried to rush things, even though he needed the award 'yesterday'. He could see that trying to pressurise the Tribunal would be counter-productive, something the moaners here are not intelligent enough to see.
Before they embarked on their claim, RKH, K&S and Harbour would have known that, with Italy, this was going to be a very long haul.
They have delivered an award, which is massively above expectations, to the point that RKH could sell it at a substantial discount and still end up with more than many posters here thought would have been a very good outcome.
I agree that to get the full settlement will take time and money, but RKH will be able to sell it early for a sum that will provide much, if not all of the cash needed for SL. RKH may decide that concentrating on getting the revenue from SL outweighs the long battle for the full OM award.
Then there are the comments about the need to raise more cash, with another 'massive dilution'. Where does that come from? The deadline for taking-up warrants is still over 3 months away. As I've already said, RKH may well sell the OM award for a considerable sum. So why the 'massive dilution'? How much cash do these posters think will be needed?
Decidedleaverage, if you're so exasperated, have you attempted to contact Sam to discuss your exasperation and what did he say? If you didn't, why not?
If I was as exasperated as you (and the others) claim to be and could see the possibility of things starting to turn around, I think I'd keep silent, rather than daily try to discredit the very thing that could resolve it all.
Decidedleaverage, thanks for your eventual answer.
It seems as though quite a few have had their fingers burnt, some badly, but to use that as the excuse to publicly attack RKH and Sam in particular, doesn't seem a very intelligent way of helping to rectify their situation, assuming those posters are really acting as they claim.
For example, calling Sam and the BoD fraudulent, or that investing in RKH is like a Ponzi scheme - that's not only abusive, but pretty mindless, unless, of course, these posters actually want to try and influence the sp to their advantage.
That they do so relentlessly and daily, without ever finding anything positive to say - It's almost a Putin-like approach: If I can't have what I want NOW, then I'll trash it. That's not only strange, but indicates that they have another agenda, which they won't admit publicly. These posters are not what they claim to be.
I'm not a great fan of Sam as our CEO, and I'm absolutely sure he's made plenty of mistakes, but the person who never made a mistake never did anything. It's the person who doesn't learn from their mistakes that you should be worrying about.
I also believe PJ was behind some of the earlier errors of judgement, seeing RKH being bigger and better much too early, instead of concentrating on getting SL into production, which would have delivered all those dreams instead of them being distractions.
I'm sure PJ and the rest of the board saw the SL discovery as so BIG, it couldn't possibly go wrong. Another error of judgement was to be complacent in believing all those oil companies would rush to get involved, which, of course, didn't happen.
As for Sam, I believe he has learnt many lessons, which he is applying now. To constantly moan about him, sometimes abusively, is wrong, unfair, counter-productive and unintelligent. Anyway, Navitas is the operator, so what's the point of shouting about Sam? The moaners are attacking the wrong target.
Regarding 'no timetable to FID', that's probably VERY wrong. I believe Navitas has a very tight timetable, but just isn't publicising it, because, unlike PMO and to a lesser extent Harbour Energy, Navitas don't intend making public fools of themselves making public statements, if something goes wrong. If things go right, they could even bring dates forward, but they're too intelligent to make foolish public statements, as PMO did.
Part 2....................................
Ches, could the Munin be on the shortlist too? It’s another Bluewater FPSO, rated at 60k per day but has been exceeding 90k and is ready for redeployment. Also meets UK regs.
It would give a bit more wiggle room to increase production rates. Sam at the AGM said there was more than one, less than five being looked at and the final look of the SL development would be based on the FPSO production rates.
That being the case it’s stands to reason that the kingpin will be a LOI on an FPSO, then everything else can slot into place.
Regards LTT
@Decidedlyaverage Can you put some figures on "huge cash injection" in terms of dilution? The last raise was about 10% and the current suare price is still up over 50% on that offer.
Trouble is @Bigred7 that if people did care they wouldn't be incessantly posting all day in the first place. It's also dishonest for others to say something like, "brokers have done more damage so what's the problem?" They are independent of each other and brokers don't constantly post on forums.
If you were underwater on any given share would you keep posting your negative view point? Of course not, because it's illogical to add to the negative sentiment which will then further your losses.