Member Info for AlmaCogan

It's all a bit like a climatic version of Pascal's Wager. Abandon reason or abandon belief?

Sometimes taking matters into your own hand works. See below

STRIKING OFF ACTION DISCONTINUED

08138246 NAVITAS PETROLEUM DEVELOPIWNT AND PRODUCTION LTD

Cause has been shown why the above company should not be struck off the register and accordingly the Registrar is taking no further action under section 1000 of the Companies Act 2006 pursuant to the

Notice dated 03/05/2024

Total comprehensive (loss)/income (1,345,819) for the year

They lost money in 2023 and cash was down from 2022

Explains it all, telegram group P&D

That's OK , Ken Dodd, I will let you know what the company's response is.

Laugh as you wish, Ken Dodd, but this is the Sea Lion operating company

FIRST GAZETTE NOTICE

08138246 NAVITAS PETROLEUM

DEVELOPMENT AND PRODUCTION LTD

Publication date in the Gazette: 30/04/2024

The Registrar of Companies gives notice that, unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than 2 months from the date shown above.

Upon the Company's dissolution, all property and rights vested in, or held in trust for, the Company are deemed to be bona vacantia, and will belong to the Crown.

The ghost of Ken Dodd appears in the form of a chess pawn. Tax, what tax? he said.

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.

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!

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.

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

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?

Jesus said to them, “Render to Caesar the things that are Caesar’s, and to God the things that are God’s.” And they marveled at him.

This is a copy of the ChessMaster post of 9th April .

What'/s that about ThomasFooler?

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

OTC Markets, Ticker RCKHF , Rockhopper Exploration plc, 18 cents, not much volume

Ovets

See parody. Laugh. Don't deny/

SpaceHoppa

Its very uncharitable of you to deny me the pleasure of soaking slugs in salt to see how they wither.