George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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BP joins Adnoc in $2 billion gas deal hot on the heels of energy transition pivot
Deal would take NewMed Energy public and give consortium partners a significant stake in the huge Leviathan gas project
28 March 2023 9:36 GMT UPDATED 28 March 2023 11:53 GMT
By Russell McCulley and Nishant Ugal in London and New Delhi
UK supermajor BP and Abu Dhabi National Oil Company (Adnoc) have agreed to jointly acquire a 50% stake in Israeli explorer NewMed Energy for approximately $2 billion.
Money talks: BP investors vote with their wallets on strategy shift
Read more
NewMed Energy, a subsidiary of Delek Group, is the largest shareholder in the Leviathan gas project offshore Israel.
If the deal goes ahead, the BP-Adnoc consortium will acquire the 45% stake in NewMed now publicly held and 5% of issued capital from Delek Group, further consolidating their green energy partnership announced last year.
The acquisition would also mark one of the largest commercial deals by Adnoc in the region, following a peace agreement between the United Arab Emirates and Israel in 2021, dubbed the Abraham Accords.
The consortium has offered 2.05 Israeli new shekels ($3.36) per share, a 72% premium on the pre-deal market price, NewMed said. Reuters put the value of the entire company at nearly $4 billion.
BP on Tuesday confirmed that it had made a nonbinding offer together with Adnoc to take NewMed Energy private through the acquisition of the free float and partial acquisition of Delek’s stake, giving the consortium a 50% stake in the company led by chief executive Yossi Abu.
“BP and Adnoc intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean,” BP stated, calling the proposed transaction “a significant first step in establishing this dynamic joint venture”.
The producing Leviathan field, discovered in late 2010 by Noble Energy, holds an estimated 22.9 trillion cubic feet of recoverable natural gas.
Israel halts UAE oil pipeline deal over environmental concerns
Read more
Chevron, which acquired Noble Energy in 2020, operates Leviathan with 39.7% interest. NewMed holds a 45.3% interest and Tel Aviv-based Ratio has a 15% working interest.
Green Energy deal
Adnoc and BP last year signed deals to develop hydrogen and technology hubs in the UK and the United Arab Emirates in a major cleaner-energy push, in signs of an improved relationship between the two players.
In the UK, Adnoc has joined the design phase of the H2Teesside blue hydrogen project, taking a 25% stake in the design stage and marking its first investment in the UK.
UAE joins Middle East club of nuclear power producers
Read more
H2Teesside aims to develop two 500-megawatt hydrogen production units by 2030, with the project set to begin operations in 2027.
Abraham accords
The Abraham Accords, which included Bahrain, normalised relations between the thre
Has anyone apart from the RKH BoD any idea of progress ? We know that Sam isn’t going to tell us the time of day let alone how things are progressing ?
Thanks to you both Paul and Buzz. I could not make much of it but clearly Sea Lion a prominent feature.
I presume Sam's RNS discloses the key features of the presentation.
I am still a buyer here i think 10p is ridiculously low but without a surprise ahead of ombrina mare update in q1 2024 and fid in 2024 im struggling to see next catalyst to gear my next large purchase toward
https://vimeo.com/812137726
Navitas Sealion presentation starts 19 min in.
pauldrayton,
Agree, its sentiment and expectation that drives share price. There are a few examples that spring to mind, PANR I think was over £1billion market cap at one point, GGP another got to over £1billion market cap. I watched the share price there trade between 1 and 2p ( it even went sub 1p for some time ) then on to a max of 36p. That Potash project in Yorkshire SXX another one market cap reached £1billion before any production what so ever.
The stage is set here and no one can time when the rise will happen.
This is why I think Rockhopper is more use to Navitas alive than dead. ISCID or not we can raise funds though equity and reserves based lending, also can't hurt to have a British company on board when developing hydrocarbons in British overseas territory.
Next catalyst will be the anger at the BoD awarding themselves at the AGM for their successes ie getting Navitas on board and the award of a court decision.
Neither has moved the SP yet Sam still gets paid handsomely. Imagine what he will be awarded at FID.
Anybody got links to this - I cannot get to it?
"The periodic report and a presentation that will accompany the investor call will be published by the partnership on the Securities Authority's distribution website at www.magna.isa.gov.il and on the website of the Tel Aviv Stock Exchange Ltd. at www.tase.co.il.
As of March 27, 2023, it will be possible to find a recording of the investor call on the Investor Relations page of the partnership's website,"
Paul most of those "some" are built into the risk/reward scernario.
Some may expect a dip if the committee extend the stay.
Some may sell their 9p warrants at a profit prior to conversion.
Some may see a long wait ahead now with no material news for a while.
Some may think Sea Lion will never get sanctioned.
Some may see better opportunities elsewhere.
Some may need the money.
Many possible reasons I guess, although I’m personally tempted to drip more in at these prices.
I really don't understand who is selling. The risk / reward is compelling I would have thought.
I’m not so sure, Thenorseman. Suspect the BoD don’t want the SP to rise until they have organised their free shares and done some back door deal for further funding. Look after the selves first.
Don’t think the new NPV will have any effect before FID.
Grow up Citizen. Afraid I’ll scare your sheep ?
I can think of two catalysts in the near future:
1: Broker note update including the Navitas new information on NPV and resources.
2: RAB Capital should soon have sold all their stock removing the overhang on the sell side.
N.
“ 10 years of being led up the garden path has taught me to be cynical.”
And that’s exactly why a lot of folks haven't caught onto this yet and will likely miss out when it starts to move
naaaaa, LatinsRule is just an in-the-closet climate activist who's delighted to see the muted, for now, share price reaction.
Also likes to say s/he's abused by people who disagree with her.
Dead simple … Mr Market wouldn’t Sam to organise a p**s in a brewery. No doubt that Navitas have the potential to be a game changer but as we all know … until FID … the SP stays at this level. I’d like to think differently but 10 years of being led up the garden path has taught me to be cynical.
whats our next catalyst? bewildered how this is only at 11
hsbilkhu Thanks for the Navitas information, it's very reassuring after all these years of bad news.
I started to watch a program on BBC1 tonight called 'Great Expectations' ... thought it may be about Rockhopper but it turned out to be something written by Charles Dickens !!
Sorry This is what I was trying to post
Cash flow forecast for the Sea Lion reservoir: Navits publishes for the first time a capitalized cash flow for the significant Sea Lion reservoir (712 million barrels) in which it owns 65%, which indicates a capitalized cash flow value of about 1.9 billion dollars for the part of the partnership. The partnership is working to formulate and approve a new and efficient development plan for Phase I of the discovery and to promote development financing, in preparation for a final investment decision (FID) in the project, during the year 2024. At the same time, the Falklands government issued a statement of support for the development of the reservoir, with the establishment of joint work teams of Navits and representatives Falklands Government to advance the development plan
Sorry this a better translation
energy
Navits with a profit of 49 million dollars; Production from Shenandoah is expected to begin in late 2024
The company updates that with the start of production from Shenandoah, the annual revenue volume is expected to jump to approximately $1.14 billion, assuming a price of approximately $78 per barrel of oil. Last year's revenue was 120 million dollars
Nathaniel Ariel 03/23/2023 18:07
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(2)
Subjects in the article Navits Shenandoah
Navits revenues Navits Peter Yash -0.41% in 2022 jumped by 39% to about 120 million dollars. The partnership records a net profit of approximately $49 million, compared to $3.9 million in 2021, mainly due to the increase in output in the reservoirs to 1.71 million barrels.
The partnership reports that the development of the flagship project in Nanoda is proceeding according to the planned budget and schedules, 43% of the development budget has actually been invested in it, and that the project is expected to begin production at the end of 2024, with the production of approximately 17 million barrels per year
In addition, Navits announces for the first time for the Sea Lion project a capitalization flow of about 1.9 billion dollars for the Navits part. Navits chairman Gideon Tadmor says about the results: "Navits concludes the year 2022 with excellent results and a significant increase in revenues and net profit. In parallel with the progress in the development of Shenandoah, we are working to promote the Sea Lion project, with the aim of reaching an investment decision in the project during the year 2024."
Navitas' EBITDA increased by 55% to approximately $76 million, compared to an EBITDA of approximately $49 million in 2021. The Bakskin project contributed approximately $54 million to EBITDA, compared to an EBITDA of approximately $36 million in 2021. The onshore assets contributed to EBITDA approximately $32 million, compared to EBITDA of approximately $24 million in 2021.
Progress in the development of the Shenandoah project: Navits updates that the works to develop the partnership's flagship reservoir, the Shenandoah project (388 million barrels), are progressing according to the budget and in accordance with the planned schedule, with production from the project expected to begin at the end of 2024. By the time of the report, approximately 43% had been invested From the budget of the development works in the project, in the financial scope of about 770 million dollars out of the total development budget in the scope of 1.8 billion dollars. With the start of production from Shenandoah, the annual revenue of Navits is expected to jump to about 1.14 billion dollars, assuming a price of about 78 dollars per barrel of oil.
As part of the development work in the reservoir, the advanced drilling vessel of the project, Transocean Deepwater Atlas, began the execution of the four development and production wells in the project, at a cost of appro
"Low volumes, the big holders will want warrants to expire worthless so that there is no further dilution. They will keep the prices low".
Not at all sure about this statement - there's a lot of misunderstanding and misinformation about companies raising cash and share dilution. Sometimes it's good news and sometimes it's not.
Companies issue new shares for many reasons, including:
- to raise cash to prevent insolvency;
- to acquire a business, as part of corporate expansion;
- to buy a new factory, site, building, as part of corporate expansion;
- to buy tools and equipment, for increased production and/or improved quality;
In most of the above cases, the market views the 'dilution' as a benefit and, for a well-managed company with a bright future, the share price will rise, as existing shareholders scramble to get as many new shares as possible.
Even the example to prevent insolvency could be viewed as a benefit, if the company is well-managed and, apart from running out of cash, everything else looks positive.
The one that shareholders hate is parting with even more money to keep what is probably a lost cause afloat - the classic 'throwing good money after bad', with shareholders unwilling to accept that this one's going to the wall, so cut your losses and spend that money on something better.
At the end of 2021, beginning 2022, that's how RKH was looking, with COP26 telling everyone that fossil fuels (especially coal) are finished. RKH had a pile of problems about to swallow what little cash was left (e.g. TDF decommissioning costs, Italy decommissioning costs, etc.). If that wasn't bad enough, Harbour/PMO walking away, no sign of that OM award, with most shareholders stating that an award of, say, £50M would be pretty good. To finish things off, SL licences were to expire soon and the RKH coffers more-or-less empty.
A year later and things couldn't look much more different. I really don't know what people were expecting from Navitas, but as they used to say: "What more do you want, jam on it?".
start at the end of 2024
The company updates that with the start of production from Shenandoah, the annual revenue volume is expected to jump to approximately $1.14 billion, assuming a price of approximately $78 per barrel of oil. Last year's revenue was 120 million dollars
Nathaniel Ariel 03/23/2023 18:07
Telegram
(2)
Subjects in the article Navits Shenandoah
Navits revenues Navits Petr Yash +3.78% in 2022 jumped by 39% to about 120 million dollars. The partnership records a net profit of approximately $49 million, compared to $3.9 million in 2021, mainly due to the increase in output in the reservoirs to 1.71 million barrels.
The partnership reports that the development of the flagship project in Nanoda is proceeding according to the planned budget and schedules, 43% of the development budget has actually been invested in it, and that the project is expected to begin production at the end of 2024, with the production of approximately 17 million barrels per year
In addition, Navits announces for the first time for the Sea Lion project a capitalization flow of about 1.9 billion dollars for the Navits part. Navits chairman Gideon Tadmor says about the results: "Navits concludes the year 2022 with excellent results and a significant increase in revenues and net profit. In parallel with the progress in the development of Shenandoah, we are working to promote the Sea Lion project, with the aim of reaching an investment decision in the project during the year
million dollars in 2021. The Bakskin project contributed to EBITDA approximately $54 million compared to EBITDA of approximately $36 million in 2021. The onshore assets contributed to EBITDA approximately $32 million compared to EBITDA of approximately $24 million in 2021 .
Progress in the development of the Shenandoah project: Navits updates that the works to develop the partnership's flagship reservoir, the Shenandoah project (388 million barrels), are progressing according to the budget and in accordance with the planned schedule, with production from the project expected to begin at the end of 2024. By the time of the report, approximately 43% had been invested From the budget of the development works in the project, in the financial scope of about 770 million dollars out of the total development budget in the scope of 1.8 billion dollars. With the start of production from Shenandoah, the annual revenue of Navits is expected to jump to about 1.14 billion dollars, assuming a price of about 78 dollars per barrel of oil.
As part of the development work in the reservoir, the advanced drilling vessel of the project, Transocean Deepwater Atlas, began the execution of the four development and production wells in the project, at a cost of approximately 320 million dollars. This activity is in full swing with the completion of drilling expected in the third quarter of 2023. With the completion of project development work at the end of 2024, Shenandoah's four wells are expected