Member Info for bokorbilly

And an interesting press release…

PRESS STATEMENT

3 June 2026

Accelerated Housing Development Scheme

The Falkland Islands Government is pleased to announce that Executive Council has approved several recommendations to accelerate housing provision in Stanley in the immediate term.

In recognition of the urgent need for increased housing stock, Honourable Members approved the development of infrastructure for 60 new plots at Murray Heights to support modular housing solutions, and the construction of 30 modular housing units.

This project will be delivered in partnership with Navitas Petroleum Ltd, and the solution will result in the delivery of 30 houses for FIG within 12 months.

By approving the prioritisation of the Murray Heights development, Executive Council acknowledges that resources will need to be temporarily diverted from construction works on Sapper Hill, Phase 7. In the short term, this will incur delays of several months; but the overall effect will allow for the eventual release of more plots from the Sapper Hill for private development.

Portfolio holder for Public Infrastructure, MLA Dean Dent, said: ‘The Falkland Islands continue to experience sustained demand for residential accommodation, placing pressure on FIG housing stock and reinforcing the need for accelerated delivery. A range of options have been explored to deliver additional accommodation in a cost-effective manner within the shortest possible timeframe. Modular construction can deliver housing units approximately twice as quickly as traditional stick-build, and the Murray Heights area has been identified as a suitable and efficient site for this expansion.

The Accelerated Housing Development Scheme should provide opportunities for local contractors, as well as expedited delivery and cost-saving due to economies of scale and collaboration with Navitas.’

https://www.facebook.com/share/p/1GuttNFhcu/?mibextid=WC7FNe

The Times picked up the RNS, though I think they’re speaking about RKH’s share as if it’s that size of the whole field, so rather downplaying the whole thing.

Drilling to go ahead at Sea Lion oilfield off the Falkland Islands

https://www.thetimes.com/article/1eb1aaba-0008-48a8-8ff4-06cdb47c728a?shareToken=797dce4b7831a2224e41b84aa2c5ec5a

In theory we should see movement, based on actual revenue growth, as soon as preparations for SL begin on the island (ie now). I just hope that the new FIC management has a grip on things to be ready to expand on the retail side, and is rebuilding relationships with FIG. However, I suspect that the first inkling we have of it will be with the FY results, unless anyone in the islands can shed some light?

Like virtually all of us, I have been wrong footed by the events of the past week, and I still hold on to the belief that we will rebound post open offer etc, but also with more publicity. I liked Sam’s interview in The Times, but also the reference that FIG members will only be available for comment from next week; fingers crossed that the publicity starts to pick up:

Falkland Islands $4bn oil bonanza to fuel sovereign wealth fund

https://www.thetimes.com/article/431b91c9-9911-416a-aa35-e93a5b5da7c4?shareToken=35340167e96950732885e0bb7c32249d

Anyone know the Movements Officer at Brize?!

Or call RKH in Salisbury tomorrow

This is genius

And does that appear to be the case?!

I have wondered whether FIG would actually prefer to have FID confirmed prior the kick off of the election campaign itself (I think nominations are due tomorrow, so Monday could make sense). That way the candidates can debate what happens next for the islands during the campaign. It seems strange that they would be campaigning on a contingency, with redacted plans that can’t be discussed in public, only for this news to blow everything else out of the water a week later

I think it's wishful thinking on my part, given the published agenda of the Navitas meeting, but it's taken off in the last 2hours, and Navitas meet at 1300 GMT....is there a chance of progress today after all....hope springs eternal

Ha, you beat me to it; I just posted this on FIH’s board. Another piece in the puzzle, that I imagine was required before FIG went into purdah.

Https://www.facebook.com/share/p/1BVBfvBHmv/?mibextid=WC7FNe

FIG has signed contracts with Damien and RSK for the delivery of the new port, both the port infrastructure and access roads. I suspect this sort of work is too engineering focussed for FIH, but I wonder whether they did bid for any of the work that RSK won.

In any case, it’s a strong signal of intent from FIG, well timed this week, and good for FIH overall, as both a customer and possible service provider for the new port (even if FID doesn’t happen).

Ah, I forgot to ask…ramp to rig…what do you understand that to be?

No problem. My Dad was actually one of the other three shareholders there with you! I haven’t been to one since about 2015, but I remember the old board claiming they were ready to provide everything that Premier would need at the time, without additional investment required. Probably out of date now…however, I still don’t think they require much extra to be transformed as a company. Much will depend upon the new local management rebuilding relationships with FIG whilst Group focus on Navitas…the Group HQ had been having to run FIC from London which definitely distracted them.

I do know that they’ve been trying to better monetise Momart for years, under pressure from shareholders who are solely in it for the oil play and see Momart as a distraction. I imaging they did this when they couldn’t sell Momart. The successful defence of the takeover in 2017 saw a number of additional concert parties outside of those on the main register declare their hand, and they weren’t bothering just for Momart. Incidentally, the largest shareholder used to own the Hudson Bay Company, so clearly have a thing for far flung charter companies!!

Have just seen the answer to the competition question, RSK: https://www.facebook.com/share/p/17WjfqBtkM/?mibextid=WC7FNe

FIH is slowly coming back to life.

In theory , they are perfectly positioned to take advantage of all on island spend (unless an external big boy manages to muscle, but even then, it would probably be easier for them to just buy FIH).

They have had some trouble recently ( the MoD delayed providing power to a 30 house building project, so FIH didn’t complete and get paid), and their local management left, but now power has been restored, and they have a new management team in the islands.

Their share price is supported by a £40m ish revenue in the islands themselves, and more from the Gosport Ferry and Momart Logistics. Their FKL revenue should go through the roof with Sealion and any other exploration works (unless there is competition I don’t know about), which should send their share price several multiples higher, especially when compounded by a highly illiquid market, partly created by shareholders defending themselves against a takeover in 2017.

LTT,

Your mention of the Hatch report on RKH's board, and the welcome management appointments for FIC, had me wondering:

1. Has anyone tried to assess the potential spend that would filter through to FIH following Sealion (and from any follow on / other exploration work)? I've just assumed that it will 'loads' but I don't think anyone has put a figure on it. It will not be difficult to double / treble 2024's £40MM Rev....

2. Who is the competition who could dilute this? Either an outside party who launches in FKL afresh or local competition (I think there is one other company who has stepped into the breach whilst FIH have been having difficulties over the past year).

Have I missed anything?

BB

LTT,

Good to see you over here too. There’s plenty of overlap with RKH long term holders here, as I’m sure you know, for the very case you set out…I wonder whether it might be a takeover target for one of the big service providers along the way.

Horribly illiquid, lots of share were consolidated in the groups of shareholders that saw off the attempted management buy out a few years ago, but hopefully that will play in our favour once SeaLion preparation takes place.

The last year is more a reminder of how fragile things can be in the FIs…think the MoD were as much to blame for results as management.

TD,

You’re right that that risk is there, but it is diminishing by the week, and I think we’re all betting that that won’t be the case…That being said, although FIH is a perfectly viable but unexciting company without the oil development, the board would probably look to acquire / divest elsewhere in the portfolio. What are your thoughts?

Glad to see some movement here. Was beginning to think it wasn’t worth the bother fighting off Edmund’s dastardly plan!

I know that FIH were left high and dry by the MoD not facilitating power, so the houses couldn't be completed, but the management issues were more worrying. Glad to see new management in in the nick of time before Sea Lion FID. Hopefully they can make up for lost time.

What do people think the end game is here? Growth on the back of oil development (and divestment of the other assets), or being taken over and split up by someone wanting quick access to the land / business?

This might seem far fetched, but as it’s Friday, here goes anyway…

Israel have always known they would have to do this at some point, and that it’d it goes really hot, then oil prices will go haywire, and the rest of OPEC could refuse to sell to Israel.

Having Shenandoah online, and Sealion coming, could in theory support Israel’s oil needs (?!) during a subsequent period of conflict, whilst also boosting Israel’s forex coffers.

Even it’s not intentional, these factors certainly mitigate Israel’s possible isolation…

I believe FIG’s ExCo meeting was today…would anyone know when we might expect minutes to be made public?