Member Info for fecm

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.

LSE now showing 7.8M shares traded today. If that's all PIs then I can't wait for the institutions to start building positions!

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.

5.3M shares traded already today, things looking up. Would be nice to get some official news to justify it. Fingers crossed!.

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.

Haven't seen a 1M trade for quite some time.

So potentially the meetings have already taken place?

Nice to see some decent buys going through today indeed. Spread 'normal' for a change too!

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.

https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/17/14

Latest Development:
January 31, 2023 - The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.

From Moggers link the other day -

Extract from commitment 21 -
Complete resourcing and recruitment needed for Sea Lion project
Progress update -
1. New director was due to arrive Q3 FY 2022/23, withdrew from process in December 2022

Wonder what put him/her off? Hopefully it was as better offer elsewhere!

I'd say not -

"As announced on 24 August 2022, the arbitration panel unanimously held that Italy had breached its obligations under the Energy Charter Treaty (the "Award") entitling Rockhopper to compensation of €190 million plus interest at EURIBOR + 4%, compounded annually from 29 January 2016 until time of payment (except the four-month period immediately following the date of the Award)."

I can't explain it very well but at the moment RKH can't go after the money awarded to them due to ICSID rules. The ROI wants it to stay like this until their annulment request has been dealt with. If they get their way, they potentially have up to 2 years before having to pay up if they lose. I think ICSID will decide by the end of Feb whether or not RKH can go after its award while annulment proceedings are ongoing. Lets hope it is resolved quickly, but not holding my breath!

Latest Development:
January 24, 2023 - Italian Republic files a request to continue the stay of enforcement of the award.

Thanks Mogger.

"Expecting Navitas project plan Q1 FY 2023/24"

Presume the FI financial year is aligned with the U.Ks but just to confirm, does this equate to Apr/May/Jun 23?