Member Info for AlmaCogan

Mr Calgary does not need any more shares. By acquiring >10% he can block any takeover or approve one according to his whim. That's his strategy IMO. He is looking years ahead and doesn't care about geology or drilling rigs.

"In the context of takeovers, a 90% takeover block refers to the threshold at which a bidder can acquire 100% of the target company’s shares. When a bidder acquires 90% of the shares related to an offer, they can utilize a compulsory acquisition procedure under the Companies Act 2006 to acquire the remaining shares1. This mechanism allows the bidder to gain full control of the company."

Just as an example of obfuscation, the jewel in the crown fund "BOAGF" has been dismantled as a limited partnership with SLIM, in the Cayman Islands, and repurposed as an Irish ICAV , based in Dublin, seemingly without SLIM's expert involvement? Is that not worthy of a proper explanation, rather than burying it in a broker note?

"You won't be able to do that by moaning on an Internet forum" says raaydaar, moaning on an internet forum about some folk who don't follow his philosophy, and his belief in the leadership.

What are internet forums for then? Just for sucking up to the Board? One is entitled to publish a contrary view IMO.

Raaydaar, why should it be necessary for the shareholders to indivually "reach out" to the directors of a public company for a private chat? The directors are accountable to the shareholders for the provision of periodic information on the progress of the company's strategy. No good saying they are using broker notes, which are paid-for puff pieces. It's the Chairman's job to keep shareholders onside and he is manifestly not doing that. The SP record is not that of a growth company.

How can a shareholder make rational decisions about his holding if he has no knowledge of what is going on? He sells, doesn't he ? And selling is what is going on right now.

Just a matter of waiting, when your capital could be better employed elsewhere, is not good investing, surely. Any bit of SP is sold into relentlessly.

But it's sunny in Bermuda, so why give a toss about the Limeys, eh?

LSE posting rules...............

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The North Falkland Basin is not a harsh environment, it's similar to the North Sea. The Ocean Guardian was not a harsh environment drilling rig, but it spent 2 years there drilling exploration and appraisal wells for DES, FOGL and RKH. Those old second/third generation rigs are increasingly being retired but there is no need for a 5th generation harsh environment rig.

There will be another broker note in May, telling folks what they are paid to tell them.

No one ever believes a broker note anyway. That why there is Zero Growth instead Alpha Growth.

Insurance is a boring business which attracts no one if it is fronted by a penny share.

What on earth happened to the core plan of building a longevity asset fund?

Word salad...

Regards, Tom

At 1.4p, the market cap of £6M is almost equal to the net asset value of the company, (£444M -£438M) so it is fairly priced right now . The acquisition strategy of buying unloved insurance companies, with similar assets and liabilities on the books, is unlikely to change that very much. So even at the aspired level of $2billion of assets under management, there will likely be almost $2 billion of liabilities and the NAV and SP will be unchanged. The management fees will end up in the managers' pockets, not in the shareholders' pockets.

It's a plain to see as a XL Bully Dog's teeth.

"Unbelievable."

We agree on that.

"Same with RKH. All if's and could until finance sorted."

Agreed, so what is your point of promoting BOR here, as if it was an easier project than Sea Lion?

That's 1 'if' and 5 'could' statements. It's still in the realm of ambition and feasibility study, nothing wrong with that but it's nowhere near being developed.

"If you look at BOR. they only need to drill 3 wells to be in production."....

If only it was so easy eh? There is no development plan to date. If BOR's website is accurate, then we have "Engineering studies have demonstrated that the discovery, if successfully appraised, could be commercialised by a straightforward FPSO development". There are 'if' and 'could' words in there.

So the Darwin discovery needs to be appraised before a field development plan can be devised and approved , particularly at Darwin West. The water depth at 2000 metres requires a much higher specification drilling rig than Sea Lion at around 450 metre water depth. There is little scope for sharing a drilling rig without compromising the Sea Lion economics with a more costly rig than needed.

Big challenge mobilising and funding a deep water drilling rig for 3 wells, I imagine, which is why Darwin is a stranded asset at this time. Its day will come, but I don't think it will happen until Navitas have put the FI on a proper logistical footing for an offshore oil industry.

Just listening to those weasel words from HMG about the Falklands being an "overseas territory" and incompatible with COP26 commitments about overseas investment in fossil fuel, as repeated on the video, it frankly stinks.

The French simply regard their overseas territories as part of metropolitan France and they vote in national elections and send MPs to Paris. If UK did this, there would no argument about sovereignty or finance support. Same for all the other overseas territories, and perhaps choke off all the tax havens in the Caribbean.

And surprisingly , the FI Registrar General is an Argentine national. Spanish is spoken widely, just as in Gibraltar. Plenty of Latin Americans working there. There is a monthly air service with Rio Gallegos in Argentina. Folk just get on. No need of Typhoons if firebrand politicians were eliminated. God save us from politicians. They used to say money is the cause of all evil; wrong, it's politicians and priests. Without them we all might live in paradise.

And one soldier for every two civilians.

"RKH rushed to monetize even before the annulment hearings commenced. Why?"

My primary school teacher explained it to me as " A bird in the hand is worth two in the bush"

It's the most sound piece of advice in any risky situation, ever.

LTT asks....."can the subsea stuff be done alongside the drilling or is it connected up after the rig has finished all the drilling? "

It is usual for subsea production well cluster drill templates to be installed on the sea bed prior to drilling the wells, and I have such a set up on the various presentations of Sea Lion plans. So yes some subsea work is required before drilling commences. If an installation vessel is going to be mobilised for that, it might as well install the collection manifolds, subsea pipework, FPSO anchor piles and anything else at the same time.

Or so I imagine...

If you buy a smart phone with the usual package of voice, SMS text, and a data allowance, then I think HL can offer to send you a one time passcode via the text service rather than landline voice service. You will see it pop up on the screen while your HL internet account is open on the phone's screen. You would need to register your smart phone in your HL account details.

I am not with HL, but its the same with II.

"Coffee an a bit of cake ?!!"

Coffee and coke, if you don't mind.

Lunch for two on two days? As McCartney might say "four of fish and finger pie"