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I can't blame anyone for locking in some profit, even selling at 12.5p would give a 30%+ profit and for warrants that cannot be held in an ISA with the new CGT allowance cut to £6k this year and then to £3k next year it makes sense. A lot of people selling after April the 5th would be hammered for 20% tax on any profit over £3k.
I know at this moment in time, many are underwater with their holdings, but even so, if you believe in the company and that there is much more happening than there appears to be, it could be worth selling, even at a loss, (thus having a loss to claim against future CGT) and putting the lot in an ISA. You can stick in £20k before the 5th of April and another £20k from the 6th April.
However please note, this is not meant to be financial advice, as anyone who did the above, if Navitas walked away and RKH ceased to be, you would lose the lot and receive no allowance for the loss (hence the rules of an ISA, you keep all the capital gains, but you have to take any loss on the chin).
It just depends what you believe the future holds for RKH, for the record, I now have all my RKH shares in ISA's, if I have the funds I would be taking up this and next years allowance also, but it's probably for the best that I don't. LOL.
LTT
Sorry meant $14M in 2022 and $22M in 2023. Now where is that EIS and an update!
Happy Easter everyone. LTT
Thanks for the link pre2rcd, seems Navitas are spending, $14m in 2023, now $22m. so $36m in the past 2 years, would love to know what they have spent the cash on!
"The Partnership operates in a number of levels to promote the development of the project, including:
A. Formulating the financing plan for the project, which may include, among other things, financing by way of issuance of debentures, bank financing and oil traders financing.
B. Receipt of regulatory approvals for the revised development plan from the government of the Falkland Islands.
C. Identifying, negotiating and reaching agreements in connection with the ordering of significant long lead equipment, including the project’s floating production storage and offloading (FPSO) facility, and the supply and installation of underwater equipment.
D. Assessing the option of introducing another partner to the project, before or after the date on which the final investment decision (FID) is made."
LTT
One thing you understand clicking the link to FIG EIS pages, is they are epic documents 400+ pages long! No wonder it’s taking a bit of time, plus it’s not a EIS for drilling as the ones already there, it will be an EIS for drilling, connecting subsea equipment and an FPSO over a 15 year+ timeframe. Also I presume they will need to put in the FPSO they will be using to show oil many barrels per day they will pump, which in turn will indicate how many tankers are referring backwards and forwards into Falklands waters. It will all need to be in there.
It will be some interesting ready when it’s submitted that’s for sure.
LTT
Does anyone know how Shenandoah is progressing? There seems to be limited information available partly due to Beacon being a private entity.
I believe they were on with the 3rd or 4th well and they are planning production for the end of 2024. Is it still on track? Navitas’s income will go through the roof once Shenandoah comes on line, maybe that is what they are waiting for ! Our future is tied to Shenandoah.
LTT
Maybe FIG should pull their finger out and sign off on OM also! Can’t imagine what they are playing at! It would put RKH in a much better position financially for a start.
LTT
Hi BlooBird,
It was basically the recent conversation between the Directors of FIG, the conversation was dominated by talk of getting to oil readiness. Saying they would have to leave most projects on the back burner for the next 6 to 9 months to focus on oil readiness.
All positive. LTT
What we need is news of a partner and then the buying will start, can’t rely on our Canadian friend.
LTT
"All the projects Navitas want to build", cannot wait until Navitas put some meat on the bones!
Seems like everything is happening but nobody is saying anything directly, surely they cannot keep quiet about this much longer.
LTT
Pre2rcd, so if they release some news of progress on the Sunday, it's ok because its out of market hours?
Is my thinking correct on that one?
LTT
Pre2rcd,
I was thinking the same, sure I saw on the Navitas website that they did a report on the 23rd of March, but cannot see it now! It's strange because there is a ig gap in their reporting from December until May.
Maybe I'm mistaken but I was sure I saw 23rd of March as a date for a report.
Oh well, will just have to wait and see.
LTT
Godders you seem to put in such a lot of effort to down play a share you have a large holding in. Maybe you should put a few in your ISA. Then in 2028 when they announce FID as you imagine, you will be quids in!!!!
LTT
Looks to me like a bit of Bed and ISA is going on, the sell of 157k shares and then shortly after a buy of 152k works out at around £20k. The person lost around 4K shares in the transaction but it makes a lot of sense, particularly as from April the capital gains tax allowance is reducing so best to have these sheltered as when things start to kick off they could double in a blink of an eye. Plus when the FPSO if offloading its first oil, I think 13p will be a distant memory. Maybe we will need to add a zero to it if all the stars align!
However, I’m getting a little ahead of myself, let’s get OM signed off and the annulment thrown out first, then we have €80m in the bank, more than enough to pay our share of costs to first oil.
LTT
Or running out of cash. Sam did the fund raise and had an uptake of over 90% of the warrants, they have plenty of cash to last them over 18months maybe more.
There are no pre FID costs to be incurred as Navitas is loaning those to us. Once FIG sign off on the OM deal we get another €15m instantly. Then we have a possible €65 if the annulment result goes in our favour.
The only scenario where we would need to raise funds is if Navitas went for FID before the annulment result, then Navitas would need our contribution not covered by the Post-FIG loan which from memory could be anything from $35m to $65m.
However if FID was to occur so soon, I cannot see the share price being 13p. Don’t get me wrong if it was I would be jumping in with both feet and the kitchen sink if Sam had to raise funds for there share of cost for FID raising at 13p and gave warrants at 10p or something like!
But let’s be honest, if FID comes early that’s a bonus, if it comes Q4 or early 2025 we should have a share price that is higher and maybe we will have all the OM funds in the bank. So it’s a win, win. IMHO
LTT
No problem p777, as Godders freely admits he is irrational!
Hopefully good news is coming back end of March. Watch this space, that’s if you can read anything with all these Ads popping up of your smart phone!!!!!
I get it, the site needs to make money, but it’s getting a bit silly now, if you are reading a long post and Ad comes up and you lose your place.
LTT
Hi p777,
I think the main event will be the 23rd of March, they have published Financial Reports quarterly and the next one is due on or around the 23rd of March. With a bit of luck we could get some news as to partner if any; FPSO's being booked for refurb; funding news; EIA submission and the all important timescale for FID, if it's still earmarked for 2024 or if it's going to slip, along with, are they still looking at first oil 2026 or will that slip also into 2027!
No sure the new date for the OM hearing, I believe it was sometime in April, as for the annulment outcome, who knows, it could come a couple of months afterwards or take another 12 months to deliberate.
Also don't forget FIG signing off on the OM deal which could drop at anytime, once that's done we get 15m euros straight away with a possible 65m euros more once the annulment rules in our favour.
So there is plenty to look forward to in the coming months with a bit of luck.
LTT
I wouldn’t say that Godders, your money has lost what, 70-80% in value and you still hold!!!!!! If it’s foolish to invest here then it stands to reason it would be foolish to BE invested here. So are you and I both fools Godders?
LTT
Not sure I totally agree with that Oscar, I'm here for first oil but also the excitement of the drilling of Isobel and Elaine and the other prospects of which there will be many.
Once we get first oil and RKH are generating cash, Navitas will be paid back in a couple of years. Then what are RKH going to do? I'd like to think that the rig mobbed all the way to the Falklands when it's finished drilling the 5 to first oil, then another 6 or 7, will hang around and do a bit of exploration drilling. It could possibly be kept busy until the next batch of producers need drilling.
So if RKH is still around at that point, i'd like to see them drill baby drill.
LTT
Godders, you know full well this is out of RKH hands now, why don't you bother Navitas and ask them why they haven't announced anything? If RKH or PMO were still in charge I might be tempted to agree with you, I might be selling up or sticking the shares in the bottom drawer in the hope that one day they may benefit my daughter.
However, Navitas are beavering away behind the scenes, if you care to look. They have got a team working on FEED; they have a London office; they have been down to the Falklands numerous times; the have earmarked FPSO's; they have asked for bidders to put forward plans to provide accommodation from Spring 2025; they have worked up the numbers on SL and found they can produce more oil and get costs to first oil down; they have got FIG to hire a team to actually sign off on things and so on and so on. Why you cannot give them the benefit of doubt I cannot understand, you seem to moan for moaning sake.
You remind me of a guy in a 2003 film called Northfork. He and his family live in a house that is going to be underwater very soon due to the building of a Dam. The person what has to get them to move out tells them a story, he says, "Every time a friend or neighbour rows by you home as the water rises, they offer to take you ashore in their boat but you decline saying you are waiting for a sign from God. This goes on and on, until the water goes above your roof and you all drown and go to heaven. In heaven you come face to face with God and you ask why did you forsaken us Lord, and God replies, I sent your friends and neighbours in boats to get you, how much more of a sign did you need!"
The moral is despite your negativity and posting, " I have loads of shares, I want it so succeed, I want to be wrong, but there will be no FID till 2025", it will happen, all the stars are aligning, the ducks are lining up. So why don't you give it a rest till the end of 2024, then you can say you told us so. Because I cannot for the life of me understand what you are suggesting share holders should do! Are you wanting us to sell because you say no FID till 2025, or are you saying don't buy or we will become stuck like you? You bought at the highs and bought all the way down, you must have had faith in the company at one point.
Regards
LTT
I cannot imagine it's for Sea Lion as wouldn't Navitas be beating the jungle drums, talking up the prospects and the payback? Could be wrong of course, they might be doing a cheeky little bond issue to secure long lead items and the like, under the radar, but then why would they need to keep it quiet, it's about time they gave an update! On or around the 23rd of March seems a day for the diary maybe!
Regards LTT