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The ghost of Ken Dodd appears in the form of a chess pawn. Tax, what tax? he said.
Oh yes, I can see the Headline now...." LSE Poster & Part Time Sleuth, Alma Coglan, saves Navitas Petroleum from losing their 500mb Sea Lion Production license by her timely intervention in reminding the company that they 'must' file their accounts before the Deadline.
Navitas Chief Executive Officer, Gideon Tadmor, personally thanked Alma for her timely intervention.
Tadmor said " that Navitas were so busy with Shenandoah and raising £1Billion for Sea Lion that they'd totally forgot to file the accounts and that they also forgot about all the reminders they received from Companies House & their legal team that repeatly told us in no uncertain terms they would be struck off and lose the production license on Sea Lion if we did not submit their accounts by the given date".
Gideon said" It was a really close run thing and without Alma's timely intervention, I'm ashamed to admit we would've lost those licences & thus 500mb of oil.Tadmor said, it's easy done, anyone can forget such minute detail as losing a production license on 500mbs of oil".
"Yes, we had endless reminders but we've all got memories like seives here at Navitas but we aim to put this right and make sure it cannot happen again so Alma has kindly agreed to send us a timely reminder each time we need to file the accounts in future.
And to show their appreciation, Navitas have invited Alma to the Victory Bar Pub in Stanley this Saturday tea time for happy hour and her first 2 drinks will be free, however, Gideon apologised once again, for forgetting to include travel and he also forgot to procure a hotel for Alma oh and he forgot to order fresh barrels for the pub so the trips been suspended temporarily.
Asked about Alma's travel & accommodation mishap, Tadmor replied, ..."Alma? Who's Alma", ....Damn, He's only gone & forgot again.
One has to wonder how GT & his Elite Team can run a Multi-Billion dollar company like Navitas - when everyone at the company has got seives for memory and they cant even remember to file accounts inspite of all the reminders 🤣 😂 😂 ...
Correction * over £700 million of tax losses*
OIL, I will write to the company secretary , Broughton Secretaries Ltd.
This company "NAVITAS PETROLEUM DEVELOPMENT AND PRODUCTION LTD" formerly "PREMIER OIL EXPLORATION AND PRODUCTION LIMITED" is the operator of the Sea Lion field and it carries over £700,000 of tax losses to consume, there is no way it can just be forfeit to the Crown in July if the strike off is not reversed.
Moving the licence asset to another company will not move its tax losses.
TCM's view that Companies House is irrelevant, is simply absurd. It talks a lot but makes little sense.
Alma, Write to Amit@
DEM
Of course you are correct and I had the same thoughts, but TCM rises to the bait faster than a salmon to a fly on the Spey. Don't spoil my fun!
"The Navitas company registered in England and Wales is the one with the Production Licence from FIG. If the Gazetted strike off reaches conclusion in 60 days, Gideon will have no licence to produce oil". (AC)
Agreed. However, this assumes that GT intends to continue with this unlisted company as the vehicle for Sea Lion & other future developments. There are alternative scenarios - which may perhaps be connected with the recent frequency of visits to the FI by both Sam and the NVPT team. Just a thought.
DEM
🤣 🤣 Alma, stop please, with all due respect, your embarrassing yourself !
Rest assured, Gideon Tadmor knows exactly what he is doing, the man is borderline genuis and heads a Successful Multi-Billion dollar company with a competent team of specialists, who also know exactly what they're doing...so I say again, Gideon Tadmor does not need telling from Alma Coglan or any other LSE poster that his accounts are overdue in England and that if he doesn't file them he will be struck off a totally meaningless register . It's Preposterous to think this genuis of a man needs reminding by LSE posters of one of the most basic principles in business !!!
TheChessMaster, FYI
The Navitas company registered in England and Wales is the one with the Production Licence from FIG. If the Gazetted strike off reaches conclusion in 60 days, Gideon will have no licence to produce oil. So while he may not be interested in minor English matters in your world, the devil is often in the detail, and he will have to wake up and deal with it. If he doesn't, I will take in on to remind him because my economic interest through RKH is being compromised. So is yours.
The SPs holding up, something regulars will know was never possible before, any buying volume was almost always sold into, so there is clearly demand for the shares,which should increase in line with the anticipated newsflow over the next 6months.
Will Sam update the market on his trip to FIs 🤔
Did he get FIGs signature on OM or the Tax ammendment 🤔
Are we near to hearing Nav have entered into an FPSO LOI 🤔
Could OM decision come sooner than anticipated (October) 🤔
How far away are Nav from securing SL Funding and will FID be Q4 24 as expected 🤔
Plenty for the discerning investor to muse over and all are expected before year end !
I don't think Mr Tadmor will need reminding from LSE posters that his Multi-Billion pound companies accounts are over due in England 😂.
He's almost certainly not interested in England or its system and more than happy to just let it lapse- having received no help whatsoever from the British Government in opening a Billion barrel basin in the Fls.
Alma,
No point sending Gideon an email or trying to call, it's Passover so he will be not allowed to use a phone, computer, check email or anything of the like, well not until after the 30th of April anyway.
Regards LTT
Thanks for the clarification DeusExMachina, I thought I was looking at it the wrong way, I'll get my coat!
;-)
LTT
Https://find-and-update.company-information.service.gov.uk/company/08138246
Someone ought to have a quick word with Gideon and remind him that his accounts are overdue and Companies House have gazetted a striking off notice for his company
Hi LTT
I think the FIG site merely records the names of the legal entities at the time the licences were issued. Desire and FOGL both still exist as legal entities and are 100% owned by RKH. See page 76 of RKH R&A's :
https://rockhopperexploration.co.uk/wp-content/uploads/2023/06/Rockhopper-Annual-Report-2022-WEB-FINAL.pdf
Ditto Premier Oil Exploration And Production Limited (POEPL) which was the Premier subsidiary used to hold the Falkland licences - before being acquired by Navitas.
'Don't panic Mr Mannering' !
DEM
But when is says Desire Petroleum holding 32% and 30%, RKH holds 5%/3% and that; "Navitas Petroleum Development and Production Limited was formerly Premier Oil Exploration And Production Limited". I am wondering who is in charge of making these documents!
Can only assume it’s Market Dealer
Hi SpaceHoppa, AlmaCogan,
I hadn't seen that either, it makes sense to use UKCS petroleum legislation topped and tailed with a FIG stamp.
However, just got a bit of a shock when i clicked the "PRODUCTION LICENCE_STATUS - 24 Oct" 2023 link, there seems to be quite a few errors on the link or maybe I am just reading it wrong, but when is says Desire Petroleum holding 32% and 30%, RKH holds 5%/3% and that; "Navitas Petroleum Development and Production Limited was formerly Premier Oil Exploration And Production Limited". I am wondering who is in charge of making these documents!
LTT
Thanks AlmaCogan, I had not seen that before and it is an interesting and informative post and link.
I've been saying ever since Navitas showed their hand, that, baring some very unlikely events such as POO collapsing or Navitas going broke, Sea Lion will get developed. The simple maths, life of field $80bbls, low tax and royalties - 35%, 300M bbls, means their is too much net profit to not do it.
Current SP is cheap as chips consider Rock own 35% of the above field and other discoveries.
My only mild concern, is not Sea Lion itself, it is will there be some manufactured event that means Rock needs to fund their part of the development and management go down the dilution route to give institutions their chance to get 250million shares on the cheap.
Hopefully the OM award will remove that option for ii's.
I am sorry, but all this hand wringing about delayed legislation by FIG is cobblers. Navitas, Rockhopper, and Borders & Southern all have legal “Production Licences” which allow them to produce oil from those licences, as long as they agree to:
“Good oilfield practices must be observed at all times.
Licence holders must comply with additional conditions to the licences as detailed in Petroleum Operations Notices issued from time to time by the Government.”
Verbatim from….
https://www.falklands.gov.fk/mineralresources/offshore/production-licences
The so-called Offshore Minerals Project legal drafting is all about the islanders’ readiness for the consequences of oil production, not a precursor to it. It is not an obstacle to a field development which has an approved plan and an approved EIS.
As has been pointed out, as a British Overseas Territory, FIG could simply adopt all of the UKCS petroleum legislation, topped and tailed, if time was of the essence.
They aren't alone without a clue, they have connections in Aberdeen and have done for years.
Broadly speaking I’ve found that timelines and cash solves these sort of problems. What doesn’t is having more staff and no definitive timelines. FIG could have spent a fortune, maybe they did, on previous hot air from Premier. They presumably have a punch list of what needs done, they probably know it’s all been done before in other regions, they probably have the phone numbers of the consultancies that can get drafts to them of the required legislation in short order to be reviewed and then put in place.
None of this is new, it’s all been done many many times before. Take document, write FIG at the top and change the signature name at the back.
Done…
That statement was 2 years ago and it appears the reality is somewhat different as that team that "should be capable of delivering the oil readiness project plan for the 500mb Sea Lion project" can not even deliver a very simple signature for the Tax Rockhopper 'no longer owe' and that's been over 3 years now, nor are they exactly falling over themselves to sign OM off, which will, in the coming months, begin to hinder progress on the project & one of the players (rkh), if it remains unsigned, and the video I watched here recently seemed like they were holding back till after FID and in no rush at all, which they actually emphasised in the video, so It's time Navatis had another word with them and tell them to get their butts in gear because its for real this time & happening.
Or do any posters here think FIG are moving all the regulatories along in a timely & efficient manner and have built a sufficient team as Navitas requested in 2022 to fulfil all obligations & regulations required on time ? As It's certainly not the impression I'm getting from FIG.
Stubborn Hillbillies is the overiding impression I get from FIG!
Noted talk about FIG readiness.
Took a while to find but I remember something about Navitas funding a FIG Sea Lion team on a recurrent annual basis, to ensure they were ready for Sea Lion.
It's probably one of Moggers finds
Oct 2022
3. Executive Summary
3.1 The structure and capacity of the current Minerals team is considered to be inadequate
to ensure the successful delivery of the tasks required in order for FIG to be ready for
the timely commencement of the Sea Lion project. Currently the establishment is 5.1
Full Time Equivalents (FTE) of which some is a Fixed Term Contract (FTC).
3.2 A new structure to support the project has been developed, and requirements identified
with job descriptions written and graded. This change will effectively increase the
department by 2 FTE.
3.3 The additional costs to secure and appropriately resource a team are to be met by the
revenues received by FIG from Navitas REDACTED On the basis of the budgetary
implications presented in section 2 this should result in circa 3 years of funding.
This team should be capable of delivering the oil readiness project plan for Sea Lion.
Director
Senior Project Manager – Sea Lion
Finance and Tax Advisor
Regulatory Legal Advisor
Offshore Health & Safety Policy Advisor
Offshore Environmental Policy Advisor
Project Personal Assistant
https://assembly.fig.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Papers/2022/12%2025%20October%202022/153-22P.pdf
Its good to see an uptick with improved volume.
This will be investors taking positions early ahead of any news and whilst the company making news is not anticipated until later in the year, OM sign off and Tax sign off from FIG would be positive as would an LOI for an FPSO but the first Big news. I'm expecting is Funding, which I expect before FID and that's when the action really starts !
FIG are reluctant to scale up sufficently until FID, that was the impression they gave in one of the recent videos posted here.
They've had numerous false dawns with Premier and are arguably,understandably playing it cautiously until the green light's given.
The downside of this is that they will be well behind on many issues,which is already the case, it's taken them over 3 years just to sign rkh's simple tax ammendment and they still haven't done it,not to mention the OM sign off and with Navitas powering forward on the project, there will be a great many other issues to sort so they are only going to get more & more backlog with such a skeleton workforce but I expect Navitas will have word with them and push them to increase the workforce so they can keep up with the pace.
Whether FiG take heed is another matter as they seem like a small group of stubborn Hillbillies who have oil on their land but little clue as to how to assist with all the regulatories in bringing it to production in a timely & efficient manner to coincide with the operators timeframe.
Premier had over 50 people working on Sea Lion around 2017,I don't know how many FIG have on it but I suspect its a rudementary & wholly insufficient number for all the regulatories to open a 500mb basin.
I understand their caution to an extent as they don't want to over commit if there's no FID but at the same time, they can't take an eternity to get all the necessaries in place and with Navitas appearimg to be very serious about delivering
production by 26- there's everychance of FID in Q4 24, so the South Atlantic Hillbillies need to start getting serious about the project and assemble a team capable of implementing all the necessary regulations in line with Navitas's & Rockhopper's timeframes.