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Will go down quote a way from the rig first

Assume it's a production well that will be somehow extended to go a little deeper as Navitas said it's an incremental cost of 5m USD in total

Eco's RNS on acquiring JHI said best estimate reserves of 3.5bln. in PL001. Navitas used the same figure on slide 17 of their 18th March presentation (slide 17), but the 3.5mln was NOT for PL001, here it was instead for the TOTAL of PL001 and Sea Lion! And in the split on slide 16 the LARGER PART, 2.2bln, is from Sea Lion with only 1.4bln being PL001. Navitas are conservative and if exploration is successful in PL001 there's no coubt a decent chance resource estimates could head northwards. However the identical figures so close timewise looks more than accidental. Did it make Gil Holzman appear just the tiniest bit lightweight? The Navitas presentation had share price reactions in Eco and Rkh (Eco suddenly came off its peak and Rkh was firmer).

And whilst writing, some other things. The mention by Ian Ramsay in English in the presentation of a third hub being either Isobel or PL001 sets up a few queries. It (presumably) means both will be explored and a decision taken based on what comes out of that. Just one possibility might be that specualtive central areas in PL001 disappoint, edge areas closer to Sea Lion are exploited via tie backs Sea Lion, and then isobel comes in for a third hub there. There are several other possibilities of course! But does this mean we really can look forward to firther exploration/appraisal drills on Isobel?

The other question is how Rkh woul pay for their share of that if it arose before before the existing funding timetable with the banks providing the project finance would allow it. I guess that's where the potential new entrant to the licences might come in, or it could be a modest equity raise (£20m for rkh, 3% of existing mcap?) I'd also wonder if Sam might see any decisions only arising some 2+ years out so that Rkh might be taken over anyway by then.

Finally, you'd have to note that Navitas have set up a situation where you can only be sure of participating in whatever comes out PL001/Isobel by holding Navitas units - though an incoming bidder might want an equal share of Eco and Rkh, hmmmm, or even 100% of both?

Unbelievably I'd be with JG on this one. If there was any comment worth reading on the board, it might be missed in the forest.

Am presuming Fin is right. Same for me. The 6.whatever must be a % of total applied for.

Hmmmm, now there's a thought ...

https://oilprice.com/Latest-Energy-News/World-News/Shell-Considers-Asset-Sales-in-Argentinas-Shale-Heartland.html

They do also still have small non-operator (not very Shell-like!) offshore bits as well.

And if you do go there old grouch, perhaps you might like to stay there.

Errr Grouch, Warsaw Pact doesn't exist because no-one actually wants to be part of an agglomeration of misery under the despots of Muscovy.

Please go there, find out for yourself if you're so keen!

@NO8s are you having a laugh! Ever wondered why no-one actually wants to be part of that sad agglomeration of misery the Muscovite despots have unfortunately burdened this world with.

Errr @ Mirasol, for your information commencement of drilling amd first oil (from any phase) don't happen at the same time. Thought you should know.

Rkh's published cash flow projections have phase 2 drilling soon after project first oil and, as an earlier poster has said, production ramping up 3 to 4 years after that.

@NO8s are you having a laugh! Ever wondered why no-one actually wants to be part of that sad agglomeration of misery that the Muscovite despots have unfortunately burdened this world with.

@EG777, many of the placees were buying all the way up from 13p to70p earlier in the year, which I'd guess would be instrumental in getting on to the 53p placing list. Point is they've had plenty of listed shares to sell if they wished if they wanted to calibrate their total holding and have had several months to do so.

Said the same earlier but a lot of the possible selling from whoever wants to have what in total including the 53p placing shares will have been done before now.

Re dippy's "Plenty of shares will hit the market at 53p," nobreason to think so. Most of those holders were buying all the way up from 13p to 70p earlier in the year, and then got on the placing list, so have had loads of shares ever since to sell if they wish and calibrate their total holding. Had many months to do. Most likely been done.

Odd thing, but in reality the only peeps who still don't know what their total might be are PIs applying for the open offer. But that, as we all know, is tiny, forget it for share price impact.

This share's ability to surprise many will, I suspect, be retained over the long-anticipated listing of the placing shares. It will only happen along with all the wheels for first oil being set in motion on financial completion for the funding. Methinks buyers will dominate.

And as most of Jonathan Leake's readers will have noticed themselves, his stated £975m is not £1m for each of 4,000 inhabitants as he also states.

He will find himself around the bottom of the maths class amongst the Telegraph readership and employees!

Taxes worth a lot more than 1.3bln in NSAI reserves report. Though it sounds perhaps right scale of fig for production from just first 11 (I think) wells that are part funded by initial project finance, ie to project completion as defined by the lenders.

Paid £2.25 for a pint in 'spoons London N10 - that's bijou Muswell Hill. 11.45 on a Weds morning. Should be supported.

That's re "Alex Kramer's" "book".

@Mike JE. I bet it is free as an awful and glaring piece of Russian disinformation. Maskirovka I believe they call it.

It very often involves projecting their own misdeeds onto others. The Russians have bet the farm on conquering Ukraine. They should be called out.

@Numbers. What if Russia has been selling bitcoin reserves NOT in order to buy things from outside Russia but to buy Rubles. Has to, helps meet, in reality, a large Ruble domestic budget deficit. What does that do to the Rouble exchange rate? Think about it.

Hardly paints a position of strength.

Navitas oruce not doing anything today