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Chessmaster, I have re read the rns and I had read it wrong, I accept that, although I am sure I read other posters on here referring to the decision being due within 30 days so maybe I got it from there. As to your other comments attributed to me such as "Italy will never pay" it is clearly you who is discombobulated because I have never said any such thing, nor have I ever moaned about my investment decisions so I suggest you are more careful before accusing people in the future.
I would have thought clauses 2 & 3 are pretty standard.
I think it’s important for Rockhopper to explain what it intends to do now following this ruling. I suspect they would, at the very least, want to get the ball rolling considering it takes time. It’s unlikely they will get the money before next year anyway so the escrow account is probably going to end up being irrelevant. This decision simply means that they can now go after assets without delay.
Fuey, yeah on second reading I think you are probably correct.
What's the betting that RoI will ".......within those 5 business days submit a reasoned written objection...." to the escrow arrangements?
It wouldn't be Italy's style to agree to something, would it?
Costs in implementing the escrow and hopefully legal enforcement costs perhaps.
Is it to early in then morning. To what does point 3 costs refer to?
If I were RKH I would wait until the the panels decision in Q1 2024 before making any further move on Italy. ( I don't see/like why the panel have added points 2 & 3)
Good news, the the following statement shows just how protracted this legal process is, 'The decision to lift the provisional stay of enforcement is unrelated to the merits of Italy's annulment request. A final hearing in relation to Italy's request to annul the Award is scheduled to take place in Q1 2024.'
So it looks like payment can be enforced, but any monies stay in the Escrow account until the final, final appeal is heard, so not ideal, but at least progress.
1: That the provisional stay of enforcement shall terminate 5 business days following the provision by Rockhopper to Italy of documentation that escrow arrangements in the form proposed have been established, provided that Italy does not within those 5 business days submit a reasoned written objection in these annulment proceedings that the escrow arrangements established are not in accordance with the proposed arrangements.
2: Reserves its right to revisit its decision at any time; and
3: Reserves its decision on costs
In the latest RNS! Means we can enforce payment, which then goes into ESCROW!
Pay up Italy!
"but you omitted to say that Rkh can sell the award, in full or part after annulment and that could generate a minimum of $75mln ($50mln net to rkh) after annulment", (Chessmaster)
I don't recall seeing the $75m figure mentioned before - are you able to share your source for this figure ?
Your $50m net figure assumes a 33% payment to Harbour, rather than the 20% figure quoted by SM in the RNS of 24-08-2022 'assuming full recovery of the award'. We know that the Harbour fees are on a sliding scale but its never been published. So, once again, would be interested to know the source.
I seem to recall that we enjoyed a few drinks, probably after an O&G AGM (HUR ?) discussing CCI and related topics.
DEM
**Islanders have shares in RKH, don't think FIG will let Navitas screw RKH over, they will have to be given something. The world is turning too quickly against Oil and it could screw us up for a generation. For someone with the cash, FI could be a very wise investment. Argies don't matter, no armed forces to speak of now and they are bankrupt.**
Typical ramping nonsense....imho
What did FIG do to PMO ? 10 years of wasting time and money for rkh.
Islanders have shares in RKH, don't think FIG will let Navitas screw RKH over, they will have to be given something. The world is turning too quickly against Oil and it could screw us up for a generation. For someone with the cash, FI could be a very wise investment. Argies don't matter, no armed forces to speak of now and they are bankrupt.
Well, spread does look pretty wide just now, 12.55-13.85
What False Rumours ? What gambling addicts?
And when guys like you spread false rumours that pulls in the gambling addicts.
Sad really
So it happened, inevitably - the vocal mob. They couldn't resist being abusive . Posts full of malice and vitriol against my intelligent commentary.
It is difficult to understand why you people are so offensive - what do you do all day. I anticipate you are characteristic bores, socially unacceptable people, getting satisfaction by insulting people, hiding behind some obscure user name on the LSE site.
I visualize you as scruffy left wing, Guardian readers with grey flecked wispy beards, Jesus sandals, hunched over your lap tops in your bed-sit.
You, "Muchaboutmoney" how offensive. You, "Stillneedoil" "hsbilkhu" how vulgar. You ill educated,odious persons - you are a disgrace.
You, "DeusExMachina" What a bighead, what a know all, seeking infomation from your dust covered Encyclopedia Britannica to learn about the Bonefish. Bonefish, (Albula vulpes) is a magnificent, rainbow trout size, predatory fish populating the warm, shallow lagoons of Florida, Cuba and other Caribbean islands. And that is where I go to catch them with my fly rod - and DEM, you wouldn't have a clue what that experience was like.
Another offensive post from "Ovets" another know all, another odious person. Finally, "Chessmaster" Your first paragraph - Dumb & Dumber - again, abuse. Not acceptable.
Let me remind you to visit the Navitas site and study the make up of the controlling executive. Navitas is a large company and they will steer their own course to the benefit of their company alone. They will engineer a way of stuffing the tiny, English oil exploration company, Rockhopper run now by a solitary chief executive in the tiny city of Salisbury. If the vastly expensive drilling and extraction proceeds it is likely the innocent Falkland Islanders will be duped. And finally, if Argentina kick up a fuss, then Navitas will not wish to be put under the international spotlight.
Don't respond to this post, you abusive people. Get on with your boring lives.
Hi Auso, The figure are from IG , Spread bets values. It's now @ 13.949p - 12.484p.
Usually the mm increase the spread when a news/update is expected. ATB, Cheers
Market Dealer, you really should stick to what you know rather than what you guess, although judging by your posts what you know would be a very short list. I am not going to get further into BOR on here, partly because its the wrong place and partly because no defence is necessary, you are the poster being vilified on at least two posting boards, not me.......THAT IS FACT NOT OPINION, please learn the difference.
Market dope. You exposing false post and lies. Coming from you who posted I want to buy more shares but I’m heartbroken and skint then “allegedly” spent £250,000 two days later. That’s your funniest post ever. The irony of it. LIAR. FAKE. IMHO. DYOR. Just another day and another gut feeling matey.
Market-Dealer,
The spread isn't actually that wide, they will give me 12.95p to sell at the moment and can buy at 13.15.
Although the spread did seem to widen end of last week coinciding with SP rising.
All the best
Heard it all now … Garbled warning us about Pump and Dump !!
You couldn’t make it up … hilarious.
12.753p - 13.971p Too much spread between buy & sell.
Hopefully it will cross the 20p barrier soon.
**It appears market dealer that you are winning friends on here as well as on the BOR page, I can only assume you must enjoy the abuse, how sad**
BOR's bb is controlled by few posters, their mission is *pump & dump *,
They set up an emailing group and works together behind the scene.
Off course I will get the abusive words cos I did expose their false posts and lies.
You are one of them, Who is the sad one ?
A man with a small head cant ware a large hat ,need one say more.