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I had an email reply from SM ref the tax situation:
Please see below:
‘ In fact, when Premier left the Falklands it resulted in some $674 million of carry never being received by us. The tax calculation assumes that money is received. We have therefore reflected a reduction in the deferred tax from £59m to zero in our accounts, based on legal advice. FIG is yet to formally agree to that adjustment from their end.’
The likely next milestone will be putting the revised EIS out to public consultation
Details of tax issue with fig 2015
Falkland Island CGT liability deferment
Released : 09 April 2015 07:00
RNS Number : 6748J
Rockhopper Exploration plc
09 April 2015
9 April 2015
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Confirmation of Falkland Island Capital Gains Tax Liability Deferment
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to announce that it has agreed binding documentation with the Falkland Island Government ("FIG") in relation to the tax arising from the Company's 2012 farm-out to Premier Oil plc ("Premier").
The Tax Settlement Deed confirms the quantum and deferment of the outstanding tax liability and reflects the principles agreed between Rockhopper and FIG in December 2013 and is made under Falkland Islands Extra Statutory Concession 16.
Highlights
· Outstanding tax liability confirmed at £64.4 million (approximately $95.7 million) and
payable on the first royalty payment date on Sea Lion (or earlier subject to certain
events)
· First royalty payment date anticipated to occur within six months of first oil production
which itself is estimated to occur in late 2019 (assuming Sea Lion project sanction in
mid 2016)
· Outstanding tax liability amount may be revised downwards if the Falkland Islands'
Commissioner of Taxation is satisfied that either (i) the Exploration Carry from Premier
is used to fund exploration activities in the Falkland Island license areas; or (ii) any
element of the Development Carry from Premier becomes "irrecoverable"
· Rockhopper provides certain "creditor protection" undertakings to FIG while the tax
liability remains outstanding including (i) restriction on dividends or distributions; (ii)
granting of first ranking security over Rockhopper assets; and (iii) while such security
is in place, restrictions, subject to conventional carve outs, on granting further security
· Intention that at the point Rockhopper is able to secure senior debt for the Sea Lion
project, the security provided to FIG will be released and FIG will be provided with a
standby letter of credit to preserve its creditor position
· Rockhopper retains balance sheet strength with cash resources at year end 2015
projected to be approximately $125 million
Sam Moody, CEO of Rockhopper, commented:
"We are delighted to have reached this settlement with FIG under which we now have much greater certainty both on the quantum and timing of the deferred tax liability.
"Under the amended commercial arrangements with Premier we intend to access the full $48 million of Exploration Carry during the 2015 drilling campaign which should allow us to reduce the outstanding tax liability by up to £4.7 million (approximately $7.0 million).
"The security arrangements and unde
LIBERUM
United Kingdom | New Energy | Alternative Fuels | HE1 LN | Market Cap £53.9m |
15 March 2024^
Helium One*
Transformational resource potential
Sam Wahab
+44 (0) 20 3100 2095
sam.wanao@liberum.com
The achievements of HE1's latest drilling campaign should not be understated. Successfully flowing high concentrations (4.7%) of helium to surface from Itumbula West-1 represents a crucial step in determining a commercial discovery. The company will now fully evaluate the results from both wells in their Phase Il drilling campaign before carrying out an extended well test (EWT) later this year and determining a further work programme, which could include an appraisal well on Itumbula and the deepening of Tai-3 to prove up additional volumes of helium in the Basement. Our updated valuation infers >2.5x upside on a risked basis. BUY.
Key points
Itumbula could represent a transformational discovery.
Global helium supply/demand dynamic remains critical.
Rukwa Basin significantly de-risked.
Value drivers
Further drilling at Tai-3.
Extended Well Test (EWT) at Itumbula.
Commercial volumes interpreted.
Securing a route to market.
What market misses
4.7% helium concentration could represent a 'world-class' discovery.
Itumbula West-1 was drilled in 18 days with no operational issues.
Upside with 2.2% hydrogen flowed.
SOTP Waterfall chart
양영영
Is there value?
We conservatively risk the new play types encountered during HE1's latest drilling campaign.
RENAV infers >250% upside.
3.3
2.0
(0.2)
0.1
(1.0)
Post Tax G&A
Cash FY24E
Risked Itumbula Risked Tai Prospect
Prospect
1
172
5
Post your reply
.
Research | AIM
BUY
Next events
03 2024
Stock performance
Testing/appraisal drilling
Jun/23
- HE1 LN - FTSE AIM All Share
Mar/24
Summary financials & valuation (Sm)
Calendar year
Market Cap
Nerveoucasn
EV
69
24E
69
Valuation (CY)
P/E (x)
Div Yield (%)
EV/EBITDA (x)
EV/EBIT (x)
Fore Yield (%)
(4.5)
1(14.2)
0.0
(31.1)
30.1)
140)
(21.9)
(19.7)
0.0
(21.0)
19.01
(20.1)
Financial year (June year end)
Financials (FY)
Sales
22A
23A
24E
25E
EBITDA
EBIT
(1.3)
(1.3)
Net Interest
0.0
(2.8)
(2.8)
(3.0)
(3.0)
(3.3)
(3.3)
PBT
FD EPS (S)
(1.3)
(0.00)
DPS (p)
0.00
(2.7)
(0.00)
0.001
(3.0)
(0.00)
(3.3)
0.00
(0.00)
0.00
Net Debt/(Cash)*
(4.9)
(6.2)
(2.9)
Net Debt/(Cash)**
(4.9) (9.0) (0.2)
Net Debt'/EBITDA (x)
3.7
3.5
(2.9)
0.9
Net Debt'/MktCap (x) (0.1) (0.1) (0.1)
(0.0)
sunile arm, a otis 16 basis unless
stated. * Including leases. " Excluding leases
Ili 500
↑
Article published in Mirror - Could David Cameron’s visit to the Falklands be the start of good news for Rockhopper? - hope so
I remember £5:00 back in the summer of 2010, when the Rock was in nowhere near the position they are today .
I’d be happy with 50p as a prediction but am quietly hoping for multiples of this with first oil 😀 after all we have more oil now than 2010 and the OM award so why wouldn’t the share price be higher?
From today’s RNS 3:15pm Aedos increase their shareholding from 6.565% to 8.33%
Do we see this as a potential takeover?
Your are spot on with your message- Director Warrant buying RNS out now- good call 👍
Basic Share Information from Rockhopper website :
As at 31 March 2023, the Company’s total issued share capital consists of 587,023,222 ordinary shares of 1p each, each share having equal voting rights.
The Company does not hold any shares in Treasury therefore the total number of shares with voting rights is 587,032,222.
Substantial Shareholders
As at 31 March 2023, the Company had been notified of the following shareholdings amounting to 3% or more of the ordinary share capital of the Company, in accordance with the Disclosure and Transparency Rules.
Number of shares % of issued share capital
Aedos Advisers 38,096,106 6.5%
RAB Capital/William Philip Seymour Richards 22,000,000 3.75%
Shares in public hands
In accordance with the AIM Rules (Rule 26), in so far as the Company is aware, the percentage of the Company’s issued share capital that is not in public hands is less than 1%. This percentage comprises the holdings of the Directors and related parties.
Current Directors’ shareholdings
Number of shares % of issued share capital
Samuel Moody 3,999,299 0.68%
Keith Lough 657,085 0.11%
John Summers 461,185 0.08%
Alison Baker 212,753 0.04%
I still don’t understand why the directors are not buying?? And have such a small percentage holding.
I wouldn’t want to sell out below £2 if we make it to first oil. I bought at 30p ish back when in 2010 a few days later price went 50p+ then summer 2010 upto £5 and I watch price dwindle to 4p over the years. My average is now 10p and I see no reason why the price should not go back to £5.00 in years to come- but I do have rose tinted specs for this share Gla
II are showing a close price of 12.5p I wonder if a large buy will show up after close?
Thanks, let’s hope we all get Lucky soon.
My trade this morning is showing as a ‘Sell’ when it was a BUY, so please don’t take the trade info on this website as correct.
trade at 19-Apr-23 08:02:16 11.20 89,232 Sell* 9,994 O
I notice a bid if 10.55 and ask 11.35, many years ago when the bid was lowered, many peoples stop loss got triggered - beware if you don’t want the market makers to get your shares on the cheap ??
Large trades from earlier in the day showing after hours
Date Time Trade Prc Volume Buy/Sell Value
13-Mar-23 09:42:52 13.70 750,000 Unknown* 102.75k O
13-Mar-23 12:10:14 12.55 1,000,000 Unknown* 125.50k
Apologies for the formatting
Indicative share price on II now is 11.4p