Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
2 million buy @ 0.469p delayed report from 10:46 today, interesting.
Total about to drill in a frontier oil region and here we sit in an AIM listed wildcat explorer with an Mcap of £3 million and a Namibian offshore exploration license, I'm happy to hold.
GLA
"The Tribunal has made significant progress and confirms that it should be in a position to complete its work in the course of July."
Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty. All costs associated with the arbitration are funded on a non-recourse ("no win - no fee") basis from a specialist arbitration funder ". Source: RKH RNS 2 July 2021
Rockhopper could set a precedent with this case, we need to remember that Global Petroleum has not just spent money on applying for four Italian licenses but the company had to attend numerous regional tribunals where the environmentalists where blocking oil companies, legal costs must have racked up, the key question is how much money has GBP spent on applying and defending its four PEL applications?
GLA.
Looks like Monecor (London) Limited, the spread betting company, is offloading shares. A new RNS confirming the company's shareholding must be on its way.
GLA
I hope you're right bb.
Nice 2,905,593 buy trade today at 15:19, is this the start of investors taking positions before Total's drilling starts in September 2021.....we shall see.
GLA.
Just watched the Bloomberg Luke Ellis interview, things are looking good at Man Group.
Invested for over a decade, staying long on this share.
GLA
I thought The Guardian article would get a response from you Geowiz.
Who said the legal challenge would pay for the "Nam 3D"? That's your false narrative. GBP have said time & time again that they are looking for a farm out partner.
I see you're now attacking the Directors for not buying shares, why would Mr. Hill buy shares when he has millions of share options? I worked for a company which went through an IPO, did the Directors buy shares.....No, they were given lots of share options.
You've tried again to spin that false narrative regarding "$10 million for a 3D"......once again, GBP have always said that they are looking for a farm out partner to pay for 3D and drilling costs.
My feeling is that you are getting desperate, hence the constant rehashing of false narratives, we are weeks away from Total drilling in offshore Namibia, Shell will tell the market in due course, the timing of its Namibian offshore drilling plans. Yesterday's Guardian article has clearly unsettled you, Peter Hill - CEO / MD ( a former Clifford Chance Lawyer) will not doubt tell shareholders in due course whether GBP intends taking legal action against the Italian government. There is the prospect of not just the return of monies spent on the four Italian offshore license applications but also compensation, that in my opinion is a positive.
Are you going to buy GBP shares Geowiz or continue to sit on the sidelines ?
GLA
I understand that Peter Hill is an Oxbridge educated Lawyer who worked in a top UK Law Firm before joining the oil industry, he therefore would appear to be ideally equipped to assess whether Global Petroleum has a claim for compensation from the Italian Government.
Potential compensation plus Majors planning to drill in offshore Namibia, interesting times.
GLA.
A take out point from The Guardian article....
"The main criticism of ISDS is that the justice it provides is imbalanced because governments cannot sue companies and it is only open to foreign investors. In the past, the cost of legal fees – which average $8m a case – has also made it the preserve of multinational corporations. A number of specialist funders have, however, emerged offering a “no win no fee” service for international arbitrations.
Rockhopper, which used one of these services to bring its ISDS case, has a stock market value of just £42m, so an ISDS award potentially worth hundreds of millions of pounds would be significant for its finances".
So, how much has GBP spent on applying for its Italian Offshore Exploration licenses? Has Peter Hill spoken to one of the "Specialist Funders" regarding a "no win no fee" service for international arbitration?
https://www.theguardian.com/business/2021/jul/25/outrage-as-italy-faces-multimillion-pound-damages-to-uk-oil-firm
Peter Hill - Can you put out an RNS explaining how this affects GBP's Italian Offshore Exploration plans please ?
Thank you.
Interesting article in The Guardian regarding Rockhopper Exploration..."Outrage as Italy faces multimillion pound damages to UK oil firm". Looks like RKH could be in for a windfall payment.
For those of you that have been invested in GBP may recall that GBP was in the process of applying for Italian Offshore Exploration Licenses but Environmental Groups got the Italian Government to impose a halt to oil exploration. GBP might be in line for some compensation here, Peter Hill are you reading this ????
Fear not Geowiz, GBP might have it costs of applying for Italian offshore licenses paid back, that would replenish the cash reserves !!!
GLA.
GBP confirmed a while ago that salaries had been cut and overheads have been reduced so I think cash management is the order of the day at GBP, I don't see another raise coming in 2021, we will see. The main event is clearly the Majors drilling in offshore Namibia. We are literally just weeks away from Total starting to drill Venus 1, Shell will no doubt reveal timescales for its offshore drilling in the coming months.
I hope we will witness a nice run up during drilling, we saw this last time when Pancontinental drilling in September 2018, I think the GBP share price hit 4.05p.
GLA.
This company has earnings of £3.53 million and yet has an MCAP of £290 million, really??
Will Geowiz ever admit to buying GBP shares ? Time will tell !
GLA
The large holder is Monecor (London) Limited, it is a spread bet provider. I understand that their position is to hedge spread bets for their clients.
GLA.
The 1990's trade sale lasted about 3 -4 months, the 2006 trade sale was conducted over 9 months.
They were both UK FS businesses.
In my experience, there needs to be competitive tension in a Sales Process. I'm happy that the Exclusivity Agreement with Anglo has expired, the Sales Process needs to be opened up to the "Market".
I was involved in one trade sale in the 1990's which the MD managed, he granted an Exclusivity period to just one bidder, the business was sold cheaply in my opinion. The second Trade Sale that I was involved in was properly managed by an Advisor, over thirty companies received an Investment Memorandum. The Advisor whittled Indicative Bids down to four companies, those four companies were then invited to submit "Best & Final Offers". The business was sold in 2006 to the highest bidder.
GLA.
"Separately, a number of discussions are currently underway with interested third parties in respect of a potential commercial transaction in respect of Arc's copper exploration licences in Zambia". Source: RNS 19 July 2021
Can I suggest that a live stream of the drilling rig(s) is permanently on during the "discussions".
I bought my first Ortac Resources Limited shares back in January 2011, been through the pain of the 100 to 1 share consolidation in March 2017, averaged down and I'm now hopeful that this company will finally come good.
GLA.
"Talks are going well" means in my experience that parties are continuing to talk about a commercial transaction. Over 20 years ago, my two former partners and I employed a City Lawyer to help us with a commercial agreement, he told us that what we were embarking upon was similar to being in an Arabian souk trying to buy a Persian rug. He was absolutely spot on, I lost count of the number of cups of coffee that I drunk during those commercial meetings.
The Chairman is having commercial discussions whilst at the same time embarking a new drilling campaign, that is, in my opinion, very smart.
GLA
I have experienced two trade sales and an IPO during my career, what I can tell you is that things never went to plan, deadlines came and went, people got very frustrated, demoralized & bored. Delays and people being downright obstructive are all parts of a trade sale / IPO, in each case, the transaction / IPO, completed.
GLA.
Geowiz has been on this chat page for years criticizing the company and yet he/she does not own GBP shares. He / she has admitted to owning Char & TRP.
I can't fathom why anyone would waste so much time posting on a share that they do not own.
The clock is ticking on Total's Namibian Venus - 1 drill.
GLA