Member Info for AlmaCogan

@Limited Funds, you are a bit early......

The Circular containing further details of the Open Offer, together with an Open Offer Application Form for Qualifying Shareholders who hold their Ordinary Shares in certificated form, is expected to be posted to Shareholders on 29 December 2025.

Latest time and date for receipt of completed Application Forms and payment in full from Qualifying Shareholders under the Open Offer or settlement of the relevant CREST instructions (as appropriate)

11.00 a.m. on 15 January 2026

Rolf1001 and Santos1.....

You sound like a pair of bald blokes arguing about their hairstyles. Quiff or DA !!

Do me a favour and take a train to Scarborough to explain your respective positions to a Yorkshireman eating his dinner at a fish 'n' chip shop. He will give you total clarity in two words.

"Why don’t they just buy it …. Like everyone else !"

Because it was stolen by communists.

On January 1, 1976, Venezuela officially nationalized its oil industry, replacing foreign oil companies with PDVSA.

2007 Expropriation: Under President Hugo Chávez, the government expropriated the last privately run oil fields in 2007, taking over projects from major international firms like ExxonMobil and ConocoPhillips after they refused to restructure to grant PDVSA majority control.

"I’m a bit confused, as the pdf says one thing and the fleet status report says it’s good for 10,000 feet"

I don't think the rig has enough mooring chain fitted for over 5,000 ft depth.

LTT: 8,000ft (2,438m) designed 5,000ft (1,524m) outfitted

https://noblecorp.com/our-fleet/fleet/fleet-details/2024/Ocean-Endeavor/default.aspx

"Amber we think you should write an autobiography next."

@FamDavison ; If you are referring to me, I have. It's being published by Pegasus Publishers . Awaiting cover design artwork and print run. Hoped it would be out by Xmas but running a bit late. I suspect the lawyers are checking for libel risks!

After the UK Supreme Court’s Finch ruling (June 2024), which required downstream emissions to be considered in EIAs, Navitas revised the Sea Lion EIS to include Scope 3 emissions — i.e., those from the eventual combustion of extracted oil.

Source : Mercopress.

At long last¡¡@!!@!!!!!!!!!!###@@

I once spent some time working for a local council during elections and saw how ‘purdah’ worked.

The last act of the outgoing assembly before dissolution was to delegate its authority to the chief executive to make any urgent decisions during purdah, and the first act of the new assembly was to ratify any such decision so that they were legally enforceable.

I believe that the chief executive will have already decided to approve the final field development plan (FDP) under delegated authority, and that fact has been communicated to Navitas. That is why Tadmor said the Final Investment Decision is just around the corner by EOY2025. The press release, flights and hotel bookings will already be in place. LAN Chile A320 arrives this coming Saturday morning from Santiago/Punta Arenas.

All that remains is for the newly elected members (and there are only 8 of them) to be invited into a committee room after the 10 am swearing in ceremony at Government House on Friday morning to ratify the decision. Convention dictates that ratification is a formality, and no-one objects to it, otherwise the whole idea of delegation would be pointless.

So, my estimate is that the FDP approval is ratified on Friday, Tadmor and team arrive on Saturday, TASE reports the FID on Sunday and Rockhopper releases a RNS on Monday 15th Dec.

Years ago, during drilling operations at Wych Farm oilfield, one of the roughnecks suffered a hand injury during a pipe nipple coupling activity. He was sent to a hospital in Portsmouth for treatment. An eagle-eyed reporter from the Sunday Sport picked up on a small local news report about the accident and ran a headline:

“Nipple pierces man’s hand!” alongside a pic of a buxom lady.

I once went into the souvenir shop at the pier at Stanley harbour to buy memorabilia. I offered to pay with a £20 note issued by Royal Bank of Scotland and it was declined. The sales lady said "We only accept Falkland Pounds or Pounds Sterling." I asked her to read what it said on the face of the banknote: 'Twenty Pounds Sterling'.

She was astounded but accepted it.

@nikb

If you go back and read the company's statement on 31 July when it raised all the equity finance to fund RKH share of Sea Lion development costs with a share placing at 53p largely with Israeli investors , they offered to make a token deal to "existing shareholders" through a so called Open Offer at the same price.

"The Company considers it important that existing Shareholders who are not participating in the Placing are given an opportunity to acquire new Ordinary Shares at 53 pence. The Company therefore confirms its intention to provide existing Shareholders with the opportunity to subscribe for new Ordinary Shares at 53 pence pursuant to an Open Offer to be announced on or around the date of Admission, which is currently expected to occur by the end of 2025. Pursuant to the Open Offer, the Company will seek to raise gross proceeds of up to €8 million (approximately US$9.2 million)."

There has been a long debate about the meaning of "existing shareholders" and on what record date they would qualify to take part.

@nikb asks "I am the random fisherman actor after reading what Alma posted....no idea what you are talking about lol. Is it good?"

I was just trying to answer a question from a newly joined poster LseRkh about eligibility for buying cheap 53p shares if ever the Open Offer is ever published. The "record date" question has been the subject of endless debate over the last 3 months.

@Ralph says: "The 53p shares were taken up mainly by Israeli investors as far I understand it, I for one don't think they will all "sell on news" on FID."

Those Israeli investors agreed they would not be entitled to the Open Offer

I don't see how you can declare a record date before you issue the formal Open Offer document, because that document is supposed to contain the record date. I don't see how the record date can be a historical one, because some holders at the historical date will have sold, emigrated or died in the meantime.

I expect the record date will be shortly after FID and formal offer document issued , and "existing shareholders" will be those who exist at that time. Anyone selling on FID will not qualify, and that's how it ought to be arranged, IMO.

Because that's where they live....

Beacon Energy plc

55 Athol Street

Douglas

Isle of Man

IM1 1LA

@nikb asks "So why did they delay their election then? It's a strange thing to have done and with all the Sea Lion stuff going on I was surprised to hear that."

Navitas wanted the tax and regulatory position clarified with a formal Letter of Comfort, before any elections, in order to take a Final Investment Decision.. Accordingly there was a special meeting of the standing finance committee held in October before election purdah commenced. The meeting was held in camera with the agenda and minutes totally redacted from public view.

One can only presume Navitas got the Letter of Comfort, otherwise Gideon Tadmor would not be saying at this stage that he is still targeting FID by EOY25

The Energy Profits Levy was fair at the time it was introduced by the previous government because gas producers in particular were generating obscene profits from the Ukraine War pricing, but now it’s become part of the UK net zero policy to prolong it. The SNP are not helping because they want power and money to move from the Northeast to the Central Belt and are content to see the oil and gas industry die off and for Aberdeen to wilt away as a political diversion. Grangemouth and Mossmorran are the early casualties, never mind Harbour Energy.

Harbour Energy was the child of American private equity, through backing the Chrysaor start up and reversing into Premier. They bought all kind of mature assets with high costs and imminent decommissioning, even though on aggregate they have a lot of production, so they are highly exposed to both oil price and taxation.

Look at the other side of the situation where Shell and Equinor have created a new operating company “Adura” to run all their North Sea assets with new ones coming online. They are looking beyond this Labour government and investing for the future.

And as everyone knows, Harbour could have stayed the course in FI, but chose to walk away, just as they are walking away from UK. They are short term speculators, heading to South America for the next gig.

But the working interest is 49% not 22%