Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Thanks Mogger for clarifying the date of FIG meeting was before the date of accident. I stand corrected.
2024 FID for 2026 first oil still looks good.
Financing can come from a new partner, a bond issue or any other. They had financed Shenandoah after all.
Patience
Citizen
26/3
Mogger
My own view is the plan is and has always been that SL is financed separately. Any reliance on Shenandoah would only be one sort of notional "plan b" if SL financing were not to to be possible. On that basis no direct impact.
Thanks Mogger, what date was that release?
Citizen,
"According to the operator's initial assessment, the damages caused to Topsides are not material and production from the project is expected
to start during the second quarter of 2025
The operator and HHI continue to carry out the tests, and will continue to operate during the second quarter of 2024.
work to carry out the required repairs under the supervision of independent professional consultants, so that the construction of the FPS is completed,
Its towing to the Gulf of Mexico, USA, and its installation in the project will be carried out in schedules that will allow the start of production
from the project as mentioned above, while meeting all the required regulatory requirements.
In addition, the operator estimates that most of the additional costs related to the work accident, including the repair of the topsides, the
The FPS and its installation will be covered under the existing insurance coverage for the construction of the project and/or under the agreement with HHI, and
Yes, this will not have a material impact on the project budget.
The terms included in this report shall have the meaning given to them in the original report."
https://maya.tase.co.il/reports/details/1581999
Mogger
Oscar,
The date of the meeting you refer to precedes the accident so you are not correct
Mogger
@ Mogger, have Navitas said/confirmed that?
If Shenandoah first oil is now revised to Q2 2025 then I will expect a significant delay ( H2 2025 ) to Sea Lion FID and first oil ( 2027-28 )
Also explains "delayed from initial timeline" in the FIG meeting minutes recently.
Patience
Long,
There was a death at the manufacturing plant in South Korea whilst assembling the platform. It has therefore pushed first oil into Q2 2025.
Mogger
Does anyone know how Shenandoah is progressing? There seems to be limited information available partly due to Beacon being a private entity.
I believe they were on with the 3rd or 4th well and they are planning production for the end of 2024. Is it still on track? Navitas’s income will go through the roof once Shenandoah comes on line, maybe that is what they are waiting for ! Our future is tied to Shenandoah.
LTT
LTTn presume related to buzzes comment about late decision re tax
Maybe FIG should pull their finger out and sign off on OM also! Can’t imagine what they are playing at! It would put RKH in a much better position financially for a start.
LTT
Paul and The Bear,
Thanks, it sounds very encouraging that things are really starting to happen at last.
Here you go bloo.
Press Statement
20 March 2024
MLAs and FIG undertake a prioritisation review
The Members of the Legislative Assembly recently held a prioritisation meeting with the Directors of FIG. Some of the conversation was dominated by the Oil Readiness work underway and the need for FIG to focus on this for the next six, maybe nine months. Inevitably, this will mean some other work taking a back seat for a while. This will not impact on frontline services but could affect some areas of policy or legislative development. MLAs want two areas prioritised in this way:
• Sea Lion Project – oil readiness
• Telecoms Development
In terms of priorities for the capital programme, Members reasserted that the Port and Power Station remain their foremost priorities but recognised that other capital works will continue, particularly in relation to the replacement of aging infrastructure
By undertaking this review government officers will be much more focused on support for these areas of work and projects, sometimes at the expense of other work.
***
ENDS
Hi BlooBird,
It was basically the recent conversation between the Directors of FIG, the conversation was dominated by talk of getting to oil readiness. Saying they would have to leave most projects on the back burner for the next 6 to 9 months to focus on oil readiness.
All positive. LTT
Hi Paul
Could you tell me what it said ... I don't do Facebook.
thanks
Thanks Paul-not seen this B4.
Apologies if this has been posted before. Nothing new but encouraging:
https://www.facebook.com/100064291495689/posts/pfbid0mE8Rku5fqdX26kGYzc6YzSmq4K7HzJMDRVWy1ibbcwzGhLoVzAZPTSus4kELshzYl/?app=fbl
Not seen anything on this (schedule is after 23/4 tax year for any announcement re tax/OM award). Certainly not something that will arise till after 23/24 year! I'd argue the whole award is restitution for net of tax profits. And those profits wouln't have been taxed in FI anyway. So quite wrong to for it to be further taxed.
However if FIG persist they might want to try and levy something on any amount in excess of the costs sunk into the Italy investment.
Optimistically a late announcement might suggest sense is modifying an initial FIG stance. An announcement that's much closer to some sort of go-ahead for the project, which will generate a hugely greater sort of FIG revenue, could be seen as mitigating objections to FIG not asking for a cut.
You might all like to see off the buzzy one as well, before it disrupts and drags down your board as well...bit of a hobby of his, deramping and arrogance.
Any thoughts on the tax aspect from RKH/Navitas OM award deal and that RKH/FIG are waiting until after the 23/24 tax year to announce?
The Board and Company are duty-bound to defend against unlawful conduct that damages the reputation of this company. Significant shareholders will support the Board in this.
It is wrong to damage the reputation of this company and the board on public forums. You have the option of voting in the elections at AGM every year. You have the option to call a Meeting. You can write to the CEO or Board and they respond.
Respect the fine line.
Patience
Glad to see the back of ya.
Such a big trader you’re posting about £5k buys on here Cheeky!
So long!
By the looks of it, he's already using another alias. One tick up, from 99 to 100 😂
Yeast-is-Rising