Member Info for Ladigue

Looks like the link was removed…

Trying to paste again – very interesting. Thanks.

https://www.bizportal.co.il/marketopionion/news/article/20030603

In case still removed – one can just go to bizportal.co.il site, and look for it in the front page today by using google translate tool from Hebrew.

Good luck…

Attached link to the PDF

https://canaccordgenuity.bluematrix.com/sellside/EmailDocViewer?encrypt=493194e8-ee90-46a8-a65c-1a4720c53638&mime=pdf&co=Canaccordgenuity&id=CA-InternalResearchDistribution@canaccordgenuity.com&source=mail

I guess you can use YouTube’s auto-translate feature.

It was very interesting—especially Ian Ramsay’s section on future plans in the Falklands.

https://www.youtube.com/watch?v=rQJgIwlw2c8

Link below.

Looks good, will share insights later, as the TA stock exchange is now supper busy with action…

https://maya.tase.co.il/he/reports/companies/1725340

“Entering into a non-binding memorandum of understanding for the acquisition of rights in the PL001 license, adjacent to the Sea Lion discovery in the Falkland Islands.”

From TASE -

https://maya.tase.co.il/he/reports/companies/1716562

Link

https://www.escenariomundial.com/2025/12/29/islas-malvinas-argentina-agradecio-que-israel-reconociera-la-disputa-de-soberania-tras-el-avance-del-proyecto-petrolero-sea-lion/#google_vignette

“The Partnership is pleased to announce that on December 19, 2025, the financial close was completed, following the satisfaction of the conditions precedent set forth in the Agreement.”

https://maya.tase.co.il/he/reports/1710736

Wasco at DDW (Dry Docks World) shipyard.

Link below.

https://themalaysianreserve.com/2025/12/02/wasco-posts-stronger-q3-orderbook-rebounds-to-rm2-6b-on-rm1b-new-contracts/

Relevant section -

“The investment bank highlighted that Wasco secured RM944 million worth of new jobs in the quarter, including the Tangguh substation, DDW Aoka Mizu Topside and Tangguh MD 1 modules, bringing total job wins to RM2.1 billion YTD. “

Hi ZYX,

Just a funny follow-up to your comment about the faulty auto-translate…

“Mind you, the auto-translate feature needs a bit of work — it told me the date for first oil would be Q5 2008!”

Gideon was mumbling a bit in that section, so I’m just reassuring you based on my Hebrew — he actually said “first oil at the beginning of 2028”… 😊

The main focus is the gas industry, but in the last three minutes he also briefly touches on SL.

He mentions that they have announced — and intend — to issue the FID by EOY 2025, which he describes as “just around the corner.”

I didn’t sense any hesitation on his side. 😉

https://www.youtube.com/watch?v=5S0GDbOuKSM

Hi LTT,

Regarding your comment on possible GAS in SL below –

“ Gideon made a comment about there being a lot of gas“ .

In Navitas’s reports and past conference calls, they clarified that although the reservoir contains a certain volume of gas, it currently has NO commercial value, since there is no nearby market that would justify investing in the dedicated infrastructure required to monetize it.

Some of the gas may still be used on-site for operational needs.

This point is also noted in the NSAI reports issued for Sea Lion by both Navitas and RKH.

For example, you can check RKH NSAI report page 2 –

Quote – “ The development pending contingent gas resources represent estimated fuel gas volumes expected to be consumed in

field operations; no contingent cash flow has been attributed to the fuel gas contingent resources. Because there

is no market for gas, all other contingent gas resources are subclassified as development not viable"

200 million dollars at a dollar-denominated interest rate of 7.95%.

To be redeemed in 5 and 6 years – half each year

TASE link -

https://maya.tase.co.il/he/reports/1703594

The SL FID is still expected by the end of 2025.

Shenandoah production continues at full capacity, as planned.

Overall — no significant new developments.

As my old man used to say, no news is good news… 😉

Report link: https://maya.tase.co.il/he/reports/companies/1703003

Hi EG777,

See below some comments on your questions — hope this helps:

1. Are these raises dilutive to existing shareholders? i.e., placement of new shares

[ No. The dilutive equity raise took place a few months ago (in September). What Navitas is planning now is a debt raise (via a new bond series), so there is no dilution to shareholders]

2. Were they proposed, or have they already been actioned?

[ At this stage, Navitas has only announced its intention to raise this debt. No specific date has been set yet, but it will likely take place soon ]

BR

Hi Alma,

Thanks for the through explanation.

Make sense and understood.

BR

Hi LTT and Mogger,

Since my English isn’t as sharp as my Hebrew 😉, I’d appreciate your help clarifying this — I’m not sure I read it with the same optimism as you.

When they’re referring to “tough decisions to make,” I assume that’s about our SL, right?

They mention these decisions are a task for “future assemblies,” but according to the document, those assemblies will only take place after the elections — by the end of January 2026.

That doesn’t really align with our expectation for an FID by year-end, does it?

Have a great weekend.

Hi,

Here’s some additional information regarding the points you mentioned:

Timing – There’s no fixed schedule at this stage; it’s more of a “declaration of intent,” which is a required step on the TASE before the actual bond issuance. Based on past experience, the process typically takes about 2–3 weeks, depending on when the company decides the timing is optimal.

Use of proceeds – The company hasn’t specified the exact purpose (e.g., Sea Lion? Refinancing Shenandoah debt?) and only states in general terms that the funds will be used for the company’s ongoing operations.

BR

Now updated in TASE – expected new debt is around 200 million $

Per the S&P rating agency report

https://maya.tase.co.il/he/reports/1700894

To be repaid in two equal installments in 5 and 6 years, no collateral.

A preliminary draft has been published in TASE, with no amounts specified yet.

https://maya.tase.co.il/he/reports/1700786

Hi Ovets,

Regarding “So why aren’t you ’aware of an easy way to translate the documents’? “

Right, I can read Hebrew, but I can’t manually translate the 20-page PDF and don’t know of any automated tool that can handle it properly.

I’m not sure why it seems strange to you…

I’ve read it and summarized in earlier posts the exact content of the three items it covers — report review, reappointment of the accounting firm, and management compensation.

Is there anything else I can help with?