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"The Sea Lion oil field alone has a staggering 1.7 billion extractable barrels, which could go some way towards reducing Britain’s future energy worries. Navitas Petroleum, an Israeli company, and Rockhopper Exploration, a British company based in Salisbury, are leading the exploratory work but banks are wary of lending hundreds of millions in financial support without some form of government guarante"
ARGHHHHHH ! We know this, why doesn't our elected officials act on it
Are you making this up or do you have actual knowledge on the farm out process. I remember there being several interested parties just from the reports at the time. But you are so certain? Please give us the inside on your first hand knowledge.
Sam (and Jungels before he had the decency to FO) have been abysmal. Purchasing useless unprofitable assets for tens of millions and getting us into decades long litigation due to poor DD. Finally with the arbitration decision and Navitas joining we might end up ok but I personally would have wanted to monetise this asset when I was young and saved myself the heartache. Sam haw done alright though. a cushty job paying a huge salary due to his stock broking experience!
So all Rkh need to do is have in place a standby letter of credit from a US bank in favour of Italy, callable should the decision be anulled. Other than the issue of who will pay for such sblc (should be Italy) this should be very easy to achieve. Bang we are in funds before FID!
What will it take for the UK government to understand that shipping in ME oil in place of Russian oil is not a sensible energy security strategy? Do they really expect wind turbines made of heaps of steel and requiring miles of copper that have a shelf life of 20 years is the future of The UKCS? Do we need a revolution to clean out the woke mind virus from our population?
Neo have operatorship. They are going to drive this to completion at the earliest. JOG wanted to retain 50% because the ex-Ithaca boys are confident of better farm in terms now this deal has been done. If for whatever reason ex- Ithaca boys have read the tea leaves wrong then Neo can step in and buy another 37.5% interest with JOG have full carry to first oil.
This deal is a deal bnegotiated by oil men for oil men. Not for the lay man
The ex-Ithaca deal makers are creating another North Sea titan. People who can't see value accretion when it is staring them in the face while they keep bleating on about high salaries (compared to theirs possibly). Laughable
First oil targeted for 2026, that's very impressive. How anyone can think Jog is valued less because of this deal with a billion dollar backer is beyond me although it's probably because over leveraged and bored investors who are selling the news. Expect this to rerate upwards sharply. I just bought another 10k number of shares
Grounds for annulment:
(a) the improper constitution of the Tribunal; (unlikely)
(b) manifest excess of powers by the Tribunal; (unlikely
(c) corruption on the part of a Tribunal member; (unlikely - if anyone is acting corrupt it would be on Italy's part based on factual history)
(d) a serious departure from a fundamental rule of procedure; and (We don't know but unlikely)
(e) failure to state reasons. (reason given in bucket fulls)
That's it. No other grounds for annulment exist.
"Annulment proceedings are a limited and exceptional recourse,1 safeguarding against the violation of fundamental principles of law which govern the Tribunal’s proceedings.2 Therefore, the list of annulment grounds included in Article 52 is exhaustive."
Italy would have the burden of proof of establishing any one of the above. IT has to have grounds in order to start the proceedings for annulment:
"In an annulment proceeding, the applicant (that can be either the investor or the State) carries the burden of proof in establishing the existence of any of the annulment grounds it invokes.20"
"A party may not submit new factual or legal arguments when invoking one or several annulment grounds.21 The submission of new evidence to support any of the annulment grounds is also not allowed.22 "
"Ad hoc Committees are not bound to annul an award if one of the grounds for annulment is present.25 Rather, they may exercise their authority in weighing the gravity of the circumstances which constitute the ground for annulment and the materiality of their effect upon the outcome of the case."
Italy are a signatory to the NY convention on enforcement of arbitral awards. It will be easy to enforce this award in any jurisdiction where assets are held if that jurisdicition has also signed up to the NY convention. Stop spreading FUD!
Why wouldn't JOG get its appraisal and development costs covered by Equinor after a farm out? After all JOG is not a charity and Equinor isn't short of a bob..The oil is JOG's and I want to finally see a BOD who can monetise
I'd vote him out in a flash. But at what cost to bring in another CEO and can we afford it now that Moody has spent most of our farmout cash on top hotels and restaurants in Egypt and Italy pursuing his Greater Mediterranean investments (bwahahaha).
All I want is for someone to reign him in and to look again at the huge pension awards Moody has on top of his salary, to take another look at the 'special bonus' Moody gets equivalent to one year's salary and pension on SL sanction and to drop a zero off those ludicrous share awards. We small PIs deserve better.
Nice review from RealVision
https://www.youtube.com/watch?v=odG0vA8EyZk
I have built my share holding up over many years (pre and post discovery) and the lost opportunity cost alone has been sickening along with the dilution following ridiculous mergers with other FI oilers. Moody gets awarded 4 times as many shares for free. The reward doesn't take into account that the share price is on its knees because of Moody has done. Rocky was in a strong position before the oil collapse. Money in the bank to hoover up good producing oil opportunities. What did Moody do, buy a risky asset in Egypt of all places and lawsuit in Italy. What have we got to see for that? There were producing oil companies up for sale which have quadrupled in the meantime.
Moody is not a geophysicist and from all accounts a hopeless deal maker. Long term incentive schemes should only be given to those the shareholders actually want to keep long term. I don't understand why the majority shareholders put up with this. Moody has enough awards already and a handsome salary. If he wants to walk let him. He's not worth another 2million goddam shares which will be worth many multiples once the goddam funding is sorted (which it will be no thanks to him).
Another share award to the non-performing BOD who have delivered zero shareholder value for the last 10 years. When will the institutional put a stop to this and boot that curly haired **** out? There'll be nothing left by the time PMO has done all the work to get the funding sorted