Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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.
As PaulDrayton says, it’s a clever situation which benefits both RKH and FIG.
This “deemed Capital Gains Tax” from 2012 was valid at the time, but everyone knows that it is no longer payable including FIG. It has been written down to zero in the Company’ s accounts and the auditors approved that. The liability no longer exists under status quo. But there is a useful clause in the tax deed where it becomes immediately payable if the Company were to be taken over. It’s a poison pill to prevent a takeover and anyone in the know, knows it, so it’s useful to keep it.
When Odey tried to grab the cash element of the Premier farmout in 2013, via a court action to convert the share premium to distributable reserves, FIG used the CGT liability to take a security over “all” of the Company’s assets to prevent that happening. Odey was thwarted and left with his tail between his legs. That security is now the apparent clash with the OM award funder, as the potential cash assets increase.
It is a clash that can easily be resolved through a legal agreement for the ranking of securities, viz. who gets what first, if it all goes belly up. Banking consortia do this every day.
Maybe that’s why Sam is going to meet FIG next week?
I think the poison pill will remain even after the clash is resolved.
“London Calling” …..remember The Clash?
It sounds a bit like getting adult content via mobile phone. You pay £1 on a credit card to prove you are an adult. On here you buy one share to prove you are an idiot.
Market Maker public "codes" in a world of encrypted data connectivity is just virgin on the ridicule horse.
Https://www.boerse-frankfurt.de/equity/rockhopper-exploration-plc
Frankfurt is a bit closer if you like
Finley
The breadth and depth of your precise analysis of RKH, GKP and the the oil and gas sector in general suggests you work for a major investment company such as Blackrock or Berkshire Hathaway. Can you give us mugs a few tips as where we might invest our spare cash for a return which exceeds the BoE base rate?
Finley is wrong about Anadarko history. On 3 Feb 2012 at 14.56,a text conversation between a poster in the Casino at Biarritz, and a poster in London, took place. These two posters identified the tail code of a private jet parked at Mount Pleasant in Falklands as belonging to Anadarko Aviation Services, which was co-domiciled with the oil company of the same name in Houston. Clearly the Texans were in town and talking shop.
The London poster had the then Sun reporter, Steve Hawkes, on speed dial and he tipped Hawkes off. It seemed to confirm the rumoured story of 23 January that £1 billion was on offer for Rockhopper shares. The next day the Sun splashed it on its front pages with a picture of the boss man wearing his former US military general uniform.
Anadarko walked away shortly afterwards, and the official explanation was that the press publicity was too embarrassing.
The reality was that the US Secretary of State, Hillary Clinton, who had befriended Cristina Fernández de Kirchner, warned Anadarko to back off, so there you have it.
Sam didn’t turn the deal down.
I wouldn't have thought that the submission of an EIS was a event which merited any public announcement by the operator, never mind a minor JV partner. It's meat and two veg work for the project team, as part of the project plan. Approval of the EIS might be newsworthy but that was never expected in 1Q24
"Ridldle me this…. If I hold over 0.25% of RKH shares then why is my name not on the list/site?"
If you you bought them via an online Nominee such as HL, the shares are in the nominee name, as it says on the tin - nominee. The nominee appears on the share register.
If you bought them through a traditional trading broker, you would be named as the holder and reported as such on the share register.
Some folk have paper certificate shares from the 1990s and their name will be on the share register too.
"What can I do to make peace?", asks Godders..............
May I suggest you follow the example of that famous perjurer, Jonathon Aitken; accept your mistakes, retire from public life, take a vow of silence and join the priesthood as a penance.
When you are meditating in your new life, just ask yourself "why did I use a familiar version of my name on the internet and think I was anonymous"
Be careful folks, Godders might be Scottish and he will head on down to the sex shop in Glasgow to complain of a "hate crime " on 1st April:
https://www.heraldscotland.com/news/24181930.police-scotland-use-glasgow-sex-shop-hate-crime-reporting-centre/
Headline "Argentina raging"
Body text "Argentina voiced its concerns at the latest news regarding the port facility,"
Source " Daily Express"
Conclusion : even Garbled has more credibility.