Member Info for AlmaCogan

I give up, fffing LSE!

...

The Royal Navy has its own "ro-ro" port facility at Mare Harbour.

Navitas has its own port facility in Stanley Harbour, known as the TDF.

The replacement for FIPASS is needed before it sinks into the deep. It's for fish and cargo. It's being funded from a bank loan, but the

@Invested

Go google iceberg trades.

Oscar says "A sophisticated holder has sold a block to a dreamer."

Equally a sophisticated buyer might ask his broker to put an iceberg trade in, to soak up every sub 75p sell for the last couple of weeks, then reports his success when his broker has delivered the result, just below 3% so a TR1 is not required.

Oscar asks "Will you Hold if Navitas pushes FID to 2H2026 est?"

That is an impossible scenario, because there is a long stop on the equity funding of 31st March 2026 for FID, at which point all the money vanishes and is returned to placees. That kind of financial collapse would be a terminal event, not a project delay. So why ask the question?

Dai

The only explanation I can think of is that the tax was “deemed” to payable upon signing the PMO farm in agreement and was only deferred to first oil because there wasn’t the cash available to pay it at the time. Subsequently RKH agreed, foolishly in my view, to let PMO off the development carry hook in exchange for a loan. That probably did not sit well with FIG, who thought they had been stiffed and still want the tax which would have been paid under the contract.

It's a bit like I send a client an invoice for services and add 20% VAT, then they refuse to pay and disappear. I’m stuck with paying the VAT even though the client never paid me, and then there’s a long rigmarole about writing off debts and trying to claim relief from HMRC over ages.

I think I can attempt to suggest the blank redacted agenda of the FIG Standing Finance Committee extraordinary meeting on 15th October, without any inside information, just from public statements by Navitas, Rockhopper and FIG, and from the given reasons for the redaction.

Item 1.

To approve the content of a Letter of Comfort requested by Navitas Development and Production Limited, Operator of Licence PL 032, that the rates of corporation tax and production royalties are fixed at 26% and 9% respectively for the whole life of the Sea Lion oilfield.

Item 2.

To approve the allocation of production royalties at the wellhead, not at the tanker liftings, in proportion to the licence holders’ percentage of production.

Item 3

To recognise the conflicting claims on Rockhopper’s post royalty income by a) Repayment of a Navitas loan from 85% of such income and b) Payment of a deferred, disputed, deemed capital gain tax from 100% of such income.

It is proposed that any deemed capital gains tax which originated from a Premier Oil failed development carry, should it exist after expert tax advice, be ranked subordinate to the Navitas loan repayment, because without such an arrangement, the Rockhopper directors will be unable to approve a Final Investment Decision on developing Sea Lion.

Delta9, I heard a slightly different version of the Shell naming policy. That Auk meant A-UK and someone in PR got worried about the possibility of a sixth field being named F-UK, and the bird idea was adopted instead. Maybe it was an urban myth, but it made sense at the time. 🐦‍⬛🐦‍⬛🐦‍⬛

On 11 Jun 2025 09:06.....

Thus spoke Garbled....

"Not trading anymore , Just collecting Divi.

Had enough with the Falklands oilies ….time to move on….IMHO

(Have asked LSE to delete my last account, never been banned cos I have done nothing wrong)….ATB"

So move on, do as you said for goodness sake, be a man and go forth to multiply. Don't hang around like a broken septic tank.

This company’s value was always about West Newton, not Wressle, not Keddington, not Beacon, not Claymore royalties, not Oklahoma.

In 2000, we heard: “Rathlin Energy last week announced that its giant prospect near the village of West Newton in East Yorkshire – 25 miles from York – could be ‘one of the largest onshore discoveries in the UK’. It upgraded its potential reserves to up to 283million barrels of oil and 266billion cubic feet of gas. It is the largest onshore discovery since British Gas struck oil at Wytch Farm near Bournemouth, Dorset, in 1973, when 570million barrels of oil were found. Wytch Farm, operated by Anglo-French giant Perenco, is Europe’s largest onshore oilfield.”

But now we know there is no oil to speak of at West Newton, and whatever gas there might be is intended to fuel a farcical BitCoin mining project. Given the investment and operating cost of such a gas plant, they might just as well plug the mining server into the local mains supply and save money.

And the trading loss in six months is a year’s salary cost. Utterly ridiculous.

To the directors, I say…

“You have sat too long here for any good you have been doing. Depart, I say, and let us have done with you. In the name of God, go.”

The strange thing about Aberdeen is the SNP government spent £1 billion of taxpayer money to build a modern high speed dual carriageway by-pass (AWPR) around the city in order to solve congestion, and to promote the economic growth of the Oil Capital of Europe.

Then the SNP was hijacked by the LGBQ+ folk of the Green Party coalition to ban oil extraction and close the industry down. They have largely succeeded.

AWPR was completed just in time for it to become useless.

There’s little traffic now using the road apart from boy racers.

A billion quid of your money down the drain for the Green cause.

As a retired council employee, I can assure you that my pension is NOT paid from council tax. It’s paid from a fully funded Local Government Pension Scheme, where I paid 10% and my employer paid 15%, so it’s a contribution-based scheme which is no different from the private sector.

It’s the police and fire service with unfunded pensions, and they can put their feet up age 50, not the poor council workers who have to slave on to 67.

This talk of % of council tax is an arithmetical fallacy because it only funds 15% of local expenditure, the other 85% is a central government block grant.

He spent 10 seconds mentioning the historical claim to Malvinas.

If you use an ad blocker, then every time you access the site, you get a message " I see you are blocking adverts,.....etc" You cannot win

Foolish Motley answered it with their first post here....

There are usually 5 simultaneous "sponsored content" or advertising windows appearing and disappearing, two of them with video content, all competing for available bandwidth and if one of them falls over, the whole browser often freezes and an error message appears and blames the sponsored content. On a phone screen, they overlay the main content and its difficult to close them without triggering a new browser window. I know they need to make money but it makes the user experience a terrible one.

Pandy2

The open offer of 53 pence per share, as approved at the recent general meeting, will not be formally announced to shareholders unless and until a Final Investment Decision is made later this year. It will be an offer to sell you some shares, not buy them from you.

If you have received a letter from someone offering to buy your shares at 56 pence then it’s a scam that’s been going around a long time for holders of certificated shares. Best ignored.

The postponed date coincides with the start of FIG purdah, so it's surely the date to announce FID, or as AI tells us " So, in essence, the postponement signals that the company has wrapped up its consultations with key institutional advisors and is now preparing to present the outcomes to its broader stakeholders."

I'm surprised that the ham slicer "Ripley" hasn't turned up to say she sold at 91p and bought back at 66p