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This was bound to be a quiet year on the news front as the NEW operator steps up to replace Harbour, and gets established. They have set out their timeframe which is extremely encouraging. We have had no delays to date as far as I can see. This timeframe - FID 2024, First Oil 2026, almost guarantees news will be flowing in the not too distant future.
In 4 weeks time it will be 2024, then the fun begins, especially when you factor in news on the arbitration (Q1).
Not read too many negative pieces on Sea Lion recently but just came accross this one in Energy Voice which was dated a week ago. Not too sure what to make of it however I recall being a little surprised by the language used by FIG following the Navitas/RKH Falklands visit. Are FIG playing it cool or are there some people now not too keen to see Sea Lion develop? Where has the author picked up on the 'distaste' mentioned?
https://www.energyvoice.com/oilandgas/493054/atlantic-oil-and-gas/
"In April 2022, Israeli company Navitas farmed in for 50% plus the operatorship and, last month, visited the Falklands to meet with the government (Legislative Assembly) to discuss development options.
Despite the winds of change buffeting oil and gas worldwide, the Assembly still has hydrocarbons written into the Islands Plan, the latest of which covers 2022-26.
Whether Sea Lion or any other development get off the drawing board looks increasingly fragile by the day and there is now “distaste” within the Assembly for this to happen; possibly within the wider community too."
Only negative piece I've come accross in a long time so not reading too much into it considering the positive 'official' releases made by the companies involved.
If they don’t extend the stay of enforcement and Rockhopper takes steps to enforce payment, does any money obtained get ringfenced until the annulment decision is made? I'm thought I read this somewhere but can't find it again at present, so could have imagined it!
SH, I agree, most of the press release was very encouraging indeed. I just get a little frustrated when I hear things along the lines of 'discussions are on-going' (how many times have we been there). Citizen does make a good point though about not wanting to stir things up too soon, which I hadn't considered.
"We support the development of Sea Lion in principle, subject to required formal approvals, and remain keen and committed to continuing discussions with the team on how this project could develop."
To me, the language used by the Legislative Assembly doesn't come accross as if they are in any hurry. Thankfully, everyone else sounded more positive.
6.8M shares traded today with the majority done earlier in the day. Perhaps some news was expected that hasn't materialised yet? It wasn't really going to be sustainable without news. Exciting though, because it gives you an idea f what will happen when news lands - assuming its positive of course! Beware, traders will be loving it at the moment.
Old news (Jul 22) but don't recall reading it myself at the time. I particularly liked this bit -
Tadmor added that “Our experience in the Eastern Mediterranean makes me believe that oil discoveries are positive developments – if we succeed, other oil companies, even the big ones, will dock in the Falkland Islands. The truth is that the transition from hydrocarbons to new energy sources will take longer than people think, and in the meantime we will need for new oil and gas sources”.
Not sure who Rockhofer are though?!
https://time.news/navits-petroleum-received-approval-from-the-governments-of-england-and-the-falklands-for-65-of-the-rights-in-the-sea-lion-oil-discovery/
Navitas have also been busy in Texas hosting the Subseatieback forum and exhibition. It looked like IR was speaking there yesterday - Keynote Plenary Session. I liked his title "Navitas Falklands". Hopefully things are building up nicely behind the scenes. Would be nice if we could break through 10p again once and for all.
Because the ad hoc committee will decide within the next month whether or not RKH can go after the award payment whilst the annulment is still being considered. Extremely unlikely we will see any money until Italy has exhausted all possible avenues.
Latest Development:
February 7, 2023 -
Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration file observations on the Italian Republic’s request to continue the stay of enforcement of the award.