Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Rockhopper is up 37% YTD vs sp500 up 14%. Period.
Am I a fool or am I the only one posting not on the RKH payroll? I was called a fool this time lst year, the year before that and that and that and to date I have been proved correct every time. Meanwhile Ovets have been busy saying what a great investment this is with there balances trending to zero completely ignoring the opportunity cost of holding RKH for the last decade.
Inflation is at 7% RKH cant even keep up with that.
*What happened to the court case, kicked down the road again? Anyone here expecting an update in Q1?*
What court case ? Who told you there is a court case? Cheers
What happened to the court case, kicked down the road again? Anyone here expecting an update in Q1?
Do you think they may apply for new Govt licences?
If you know that is, maybe nostradamus might..no pun
Thanks
Before we all respond remember!!!!
Never argue with a fool
On lookers may not be able to tell the difference
(Mark Twain)
As we all argue the months tick down... we will be arguing like this in March, June Sept, Dec of next year and then the pros will conveniently forget that yet another year has past and the share price and project hasn't moved on.
Definitely non starter
Good evening @headder
Any heating and process specifications I might have had are long gone with the employers I might have worked for. You cannot take employer IP with you when you retire.
There was an entrepreneur who acquired land at Port San Carlos on the western edge of East Falkland. This is not to be confused with San Carlos bay where the UK invasion force landed, which is the home of a British military graveyard and museum. I shall not name him here. His big idea was that the site was far closer to the North Falkland Basin versus Port Stanley. He thought that it could become a service base for the oil industry and perhaps a processing facility. As I recall, the FI government decided that under no circumstances would there be any onshore processing of oil and gas, so he was goosed (perhaps by an Upland Goose?).
As for FOGL, now assimilated into Rockhopper, they too had ambitions for the gas which is the dominant resource in the Southern Basin. I believe that a site at Fitzroy had been earmarked for a LNG facility but given the location history with the Sir Galahad tragedy, it gained no traction.
So, I think the whole operation will be an offshore operation and the crude oil might have to go to USA for refining for political reasons, and that might mean shuttling to a VLCC moored in Berkeley Sound, as you have observed.
Gas is probably a non starter.
@ Alma cogan, sorry, do you have any web links of heating specifications & procedures?
Here's your heated tanker; https://knowledgeofsea.com/tanker-various-parts/
And here's the oil; https://www.rigzone.com/news/oil_gas/a/95439/rockhopper_notes_sample_analysis_of_sea_lion_discovery/
And correct, the pmo base case was to shuttle oil from fpso direct to a tanker moored at berkley sound; (search transport to find the highlight); https://www.harbourenergy.com/media/monnn0pg/eia-non-technical-summary.pdf
Guess my mind goes off on a tangent sometimes, was looking at tanker rates recently & thinking a small refinery to break up the wax chains & onshore storage tanks would be a cheaper option that would load a tanker in a day rather than have it hang around in port etc. for what could be 20 days & paying it to sit around.
You are right, Venezuela seems to have thick asphaltine oil which seems to need a diluent to help it flow prior to export;
https://www.reuters.com/article/us-venezuela-oil-iduskcn1qu300
So back to the original post, lufc fan was it, that leaves political risk being the reason the project is 'cheap' with regards to Arg sanctions & the UK govt. plus dilution risk & the fact NVPT hasn't found a partner yet. Still not certain of the economics yet myself either. Basically, as people have said, there will be no rerate until a proper study defines the economics, project specifications and regulatory approval happens. Until then, well it's just knowing you could be investing in an early stage East india company, or you could be buying a south sea company. You are a speculator!
As you can see, this share does not trade comparably with the oil price as, rightly so, the project does not have defined economics & why would you trust an unconfirmable npv from a presentation hey;
https://www.tradingview.com/x/TuhboHwe/
Just an update from Hargreaves. My warrants are secure, however she does mention up to 6 weeks 'to receive the new ordinary shares.'
Dear Mr SpaceHoppa
I hope you're well.
I can confirm we have processed your request to exercise your Rockhopper Exploration plc warrants. Once we have received the new shares we will credit them to your account.
Please note, warrant exercises now are processed on a monthly basis so it may take up to six weeks for you to receive the new ordinary shares. Please ensure the required funds remain in your relevant account for this period. We are aware the warrants expire on 31/12/2023 and your request will be actioned in good time prior to that.
If you have any queries, please do not hesitate to contact us.
Kind regards,
Becky Haworth
Corporate Actions
Here, here, and apparently it commands a premium to Brent, so even as we head down to $80 per barrel, there is still plenty of profit in Sea Lion’s oil for everyone.
LTT
Good post AC and I would add a couple of points:
For those who seem to enjoy adding more worry to the SL story, hasn't it crossed your mind that PMO and then Navitas might just have known about this? It's not as though they are buying a dodgy second-hand car, which has been clocked and the engine doesn't work and they're not being told about it. The waxy oil is completely known and understood.
Second, the oil is very low sulphur, which is a very important plus, but the 'wax oil peddlers' somehow forgot to mention that.
The paraffin wax content of Seal Lion oil samples was measured as being around 20% by volume. Wax is of course a hydrocarbon, and is capable of being processed in a refinery, so it has value; it’s not waste.
The question has been asked “How to produce and transport it?” and whether there are risks attached.
It is well known that the Sea Lion crude oil is liquid at reservoir temperature but solid at room temperature because of the wax content.
Back in 2011, an extended well test was conducted, with pour point depressants injected into the well and with vacuum insulated tubing used to maintain temperature and liquid flow. The test fluids were burnt away through a flare boom. So, there is no difficulty producing the stuff.
As for storage and transportation, there are well-known options. Many tankers and FPSO vessels have heater coils in the cargo tanks, fed by hot water from waste heat in the engine exhausts. This keeps the cargo in a warm liquid state. You can use diluents such as light oil or diesel as a spiking agent in the tanker but that reduces the efficiency of the tanker voyage.
There is no need to have any local or Chinese facilities to deal with wax, as suggested.
As for Venezuela comparisons, their crude oil is not waxy, it is bituminous, and again it needs to be heated or diluted for transport. Different problem, same solution.
I once worked in a refinery in Kuwait and the bitumen pumps often tripped out at night and I was dragged out of bed to deal with it. The plant operators said it was an electrical problem because the circuit breaker tripped, but in reality, it was the plant operator’s problem because they had dozed off and had lost steam for the heating coils, rendering the bitumen solid!
Stop getting worked up about this, or just go for a Brazilian.
You think it's rubbish but all you can do is quote presentations.
Why is it rubbish? It's what Venezuela has to do. Libya has light oil to mix with their waxy oil.
Think I'm wrong? Post some links. Why does fogl have a land package in fi that looks like it's for a port complex?
Absolutely rubbish
The way I see it, RKH is in th best position in years BUT it has collected and impressive collection of "bad lucks" over the years. Assuming enough warrants are converted (I ordered mine to be converted the other day), no dilution is necessary in the coming year or so. Until the OM results should be in and we should at least have more news leading up to FID.
The calculations given before seem reasonable to me once they are producing. A P/E ratio of 10 is common in the oil industry, which would translate to a share price between £2.90 and £4.45 if oil is between $65 and $85 respectively. That's 25-35 times the current value. That's worth waiting a few years
From my understanding it's cheap because of people are skeptical of the companies ability to ship an oil that turns to wax at room temperature and also worried about finding service providers that wouldn't care about sanctions. Fid might take a Chinese partner to set up refining capability and this could even be the 'partner' both prem & nvpt both mention they want/ wanted but don't have yet?
OR, please sell so I can buy more shares with the warrants I've sold . TIA.
Yep, this is last chance saloon. If it were such a bargain and cheap then why has it been like this for years on end ?
12p is also now really 10p and dropping.
And the point should not be lost that is the SAME CEO who has been unable to convince the market that RKH are much nearer to success than they realise.
As I suggested, perhaps Sam isn’t bothered … they have negotiated a loan from Navitas ?
A number of times ive tried to assess the poor MCAP of the company . On every occasion i have reasoned that the market is just wrong and on every occasion the Market has known more than me and appraised RKH accordingly / correctly. This isn't "cheap" for no reason, either FID isn't imminent or a capital raise is imminent (or there is some other spanner in the works). Mark my words this company is not cheap, its not expensive. Its priced according to the reality.
Bootleggers, whilst the figures are as accurate as we can get, until the market is convinced it WILL happen, then the SP will reflect the decade of doubt I guess.
For myself, I'm 90% confident SL will get sanctioned in the next year, possibly 2 years.
I would ask why is our MCap so big
Based on that we have no income (to speak of)
Don’t manufacture anything
Have limited resources
Poor track record etc etc
The reason is potential
That’s why we are all here
GLA
Boboil
RKH lurches down (whats its best at).