Member Info for longtermthinker

Hi Gardie,

yes, I bought a few more, but a little too soon, should have waited a bit, but keeping a little powder dry for any further weakness.

Interesting times are ahead here I think. Just maybe the share price got a little ahead of itself and it's having a pull back.

LTT

I think someone mentioned on another BB that a lot of Venezuelan crude is heavy, so it's a bit of a red herring that they will flood the market. The US needs it to mix with their light shale oil with the heavier crudes so they don't need to spend billions on retooling their refineries. It's all used as a reason to simulate buys and selling, drop the oilers share prices with the news of a flood of oil, then once it's down, they will start to talk up the price again with concerns of the billions to be spent on Venezuelan infrastructure. And so the merry go round keeps turning.

I'm only back into Eco because of Navitas, they are a can do company, look at what they have done in a relatively short time with RKH.

LTT

Divi, I’m interested to know what has changed your stance on RKH, you have been saying you would buy in the 60’s, even low 60’s and you mentioned a flood of new shares causing a drop, but now you are saying you will add £3.5k every other week throughout 2026? 🤔

So do you now believe there isn’t going to be a flood of new shares, that it isn’t going into the low 60’s? What has changed your mind, I’m curious.

LTT

Is it just me or with all the light shale oil being produced by the US, they need to cut it with heavier oil, and where is there on the doorstep with HUGE quantities of heavy crude?

Oh, but the US has taken out President Maduro because he's a drug dealer, it has nothing to do with oil. Just when he was offering to come sit at the table an talk. Hmmm, but then if the new person to take over the throne is friendly to the US and the US drops its sanctions on tankers, that would be a bonus right?

Or maybe I am just being cynical.

LTT

I have to be honest, I cannot get my head around this dilution dilemma! On the one hand we have 200m+ shares coming on the market which should in all fairness cause the shares to drop, the current market cap divided by the total including the news shares in issue!

However, we also have a lot of cash available from Monday or from Financial Close, that will be used not to keep the lights on, but will be used to get us to first oil, so in theory that should counter some of the dilution, maybe!🤔

It’s not like Borders, diluted to keep the lights on and them in the game. As RKH have done in the past, and also selling off bits of the company to pay bills to PMO whom just spent a load of cash on moving paperwork around! No, this time funds raised have secured the companies future, we know where we are headed, “2nd star on the right, and straight on till morning!” But we won’t end up being the Lost Boys and Girls in Neverland, we will be pumping oil in the Falklands in just over 2 years.

Seems like the stuff of fantasy and fairytale, but it is actually happening, the road to first oil just got a whole lot shorter, if you look hard enough you can actually see the finish line and it’s coming close every day, week, month that passes. Of course it may move a little, no project is without risks, but the biggest ones, like finding a competent partner; funding, project financing and financial close are behind us. All the feed has been done and a work plan will be followed on a timely schedule. Navitas are not scrambling around at this late stage for long lead items, FPSO and where it will be refit, or even a rig for that matter, it is all in hand.

Let’s see what Monday brings, for me it’s either sit back into the shares treading water or maybe a rise, and if there is a drop to anything near 60p high 50’s I will be selling something to buy more, as you don’t look a gift horse in the mouth. That isn’t a recommendation by the way, I have such a low average and other stocks as a balanced portfolio, that I can afford to wait for any storm to pass as I am looking at the horizon, not just 10feet ahead. Good luck whatever your strategy.

LTT

LTT

I have just checked in to my Barclays and they have given me two options, one to take up my allocation and the other to subscribe for extra shares.

I will get my allocated, but not so sure about the extra's I have applied for, as I see a lot of folk after more also, as 53p it's a no brainer.

However, I had to make sure there was enough in my account to cover both my allocated and the extras even although I and they are not sure how many extra's I will get. So the cash will be tied up until later this month, still it's better than it being tied up for 6 months.

Hope everyone had a great New Years and raised a glass to RKH and Navitas. Hopefully onwards and a gradual upwards from here.

LTT

Or maybe they are entities that bought from 14p up to the 3% notification threshold so they could be included as a Placee. Then they have subscribed for further shares that have taken them over it. That’s what I would have done, thus getting my break even back down.

So will the sell and run for the exit or hold longer term? 🤔

LTT

Happy investor,

Hmmmmmmm, I think a few things have changed since these were 14p per share, FID, Project Sanction and a $1B loan to draw on from late 2026/27 to name but a few. Of course we have the extra shares in issue, but as Santos I think said, there is a big difference between raising to keep the lights on, and raising to leap forward, as we have all no doubt experienced in the past.

Still, it may take a while for a partner or bid to come in, we might need to wait until oil is back into the low $70, but I’m happy either way, we are in the road to first oil, what’s not to like about that.

Anyway, Happy 2026 to one and all. 2026 should be interesting with the new shares flooding the market and hopefully then a bit of stability as various bits of news are announced. With a steady rise to first oil.

By the way, who won the end of year prediction? 🤔 Well done whoever it was. I won’t be taking part in an end of year 2027 prediction, don’t want to have to get my coat again ! 🤣

LTT

I’m not so sure, I think many, like me will have either sorted the funds by selling something else in their portfolio or will have sold the amount of shares they have been allocated as soon as financial close happened, why wait till the last minute with the possibility of a fall to the low 60’s, or maybe folk are waiting just in case it drops below 53p and will buy more on the open market!!!!!😳🤔.

However, to my mind, most will have positioned themselves long before now. This morning will tell.

Either way, it’s the New Year tomorrow, 2026 will start and I’d like to think there will be some news of the rig and the FPSO’s 3month countdown being started in the next couple of months. Plus, there is always the spectre of a partner raising their head between now and first oil.

Happy New Year everyone, I’ll be raising a glass to Sam, Gideon and teams that’s for sure.

LTT

Gardie, the only reason I sold most of my Eco was to lock in profits, no other reason, may head back in later next year as I like that they have a partner in Navitas.

LTT

Have at agree Ralph, any drop to 60p or lower would cause a buying frenzy, also at 53p the Placees would be well pi55ed off. It just shows what a good deal Sam et All did, getting the cash in at 53p with warrants at 80p many months ago, doesn’t look so much of a giveaway now. Plus us PI’s have had funds to use elsewhere, like buying Eco at 8p and selling at 24p rather than locking up the cash for 6 months, plus now we can get our 53p shares and maybe even some sub 60p if we are lucky. Still will have to be quick in the New Year, as I imagine anything 60p or less wouldn’t last long, but who knows during these crazy times.

Have a great New Years everyone. 2026 really is going to be the year of the Rock 😊

LTT

All you need to know is, it’s a done deal. The cash has been raised and is being moved from escrow to be used to fund Sea Lion.

Along with Navitas’ cash, it will fund them up to Q1 2027, at which point they will start to draw down funds from the $1B supplied by the International Bank.

The OO will give shareholders 1 for every 49 shares they own at a purchase price of 53p. Plus there are warrants for the Placees that can be bought for 80p that will add a little more cash to RKH pot. All told there will be just shy of 900m shares in issue when all done and dusted.

LTT

Merry Christmas everyone, looking forward to meeting many more at the AGM in 2026, it should be a very well attended this year with the FPSO on its way to refit and the rig named and maybe a partner onboard 🤔. Have a great New year and raise a glass or three to Sam and Gideon.

LTT

Lots of talk of a flood of 53p shares hitting the market, but why not now, or when RKH said FID was done all bar the shouting? Any of the placees would know they were about to get their 53p shares signed off, so if they had 25m already, and they had signed up for 25m more, wouldn't they have sold by now in the low 80's if they could get them away at that or in the mid 70's? Why wait until now or the coming weeks as it drips lower?

They could sell the their 25m or whoever may they have at 70p+, knowing they have already paid for the 25m 53p shares that will come back into their accounts shortly, plus they have warrants at 80p if the share happened to go a lot higher. It makes me think that many folk are holding on for further gains in the coming 2 years. If this is 70p in 2028 when we have first oil flowing I would be incredibly surprised, you would have to have oil at $30 a barrel for anything like that to be on the cards. Yes, there are a multitude of things that knock the schedule back, but we could just as easily have everything go right to plan, you pays your money your makes your choice, me thinks that those who protest too much do not have everyones best interests at heart! They protest just that little too much without any positives at all. I mean, saying the OO is not worth the effort is crazy, even if you only sold 500 shares today at 73p to get them back at 53p, you would pocket £100, in these tough times who doesn't want £100 for a couple of clicks on a computer and stay with the same amount of shares!

Whether you think the OO worthless, insulting or done just for show is meaningless, it's done now and we are on the road to first oil, an amazing situation after all these years. Well done Sam and the board, it's a fabulous result no matter what anyone says.

If this dropped to anything near 65p, i'd be weighing in for a ton more, as I think many longer term holders would. I think it was Much who put is best when he said something like, we have 200m war chest and the 35% of 300m barrels with upside to the acreage, funded to first oil, that is worth roughly £350m! Why hasn't the market awoken up, are they are in a pre-Christmas haze, are they asleep at the wheel. We shall see next year.

Onwards and upwards in 2026, well, after the flood for 53p years!

;-)

Merry Christmas and a Happy New Year to everyone, I will be raising a glass or two to Sam and Gideon, that's for sure.

LTT

Happy,

If you don’t want your 53p shares, don’t apply for them, I’ll gladly apply for extra to take up the slack and have yours thank you very much 😊

LTT

I'm really surprised that Borders do not appear to have given up a great deal of acreage!

How the heck did Desire miss EVERYTHING!!!!!!!!!!!!!!

Surely once FIG start opening up to other parties, Navitas and RKH will have their eye on some tasty acreage to snap up, wonder if they will go back to Desire's southern plots are go after some further north! It will be very interesting to see.

Anyway, lets get Financial Close over the line and those 53p shares hitting the market, then we will see where we are at after that.

LTT

Thanks Alma,

I’m a bit confused, as the pdf says one thing and the fleet status report says it’s good for 10,000 feet. 🤔

I know it’s more than good enough for the North Basin, just wondering if it can do a Southern basin or a drill for Eco on the way down.

By the way, has the Noble Endeavor been confirmed as our rig or is it still hearsay and speculation?

LTT

ZYX098,

I thought the Endeavor was rated to 10,000 feet water depth? Maybe I’m missing something. However thanks for your input, it’s interesting hearing the things that have to be done and organized. It’s shows what an undertaking it’s going to be.

LTT

Thank you JPDM,

I was thinking something must change as Navitas made a point of it in the Sea Lion FID report. It should but a line under our share price going forward an give us a starting point for anyone trying to make a sneaky offer. Hopefully there will be no opportunists until closer to first oil. But a lot can happen between now and then.

Its seems also from said FID announcement that no funds will be drawn from the loan until possibly Q1 2027, so RKH and Navitas will be spending their own cash first, approx $500m or $600m throughout 2026, that's almost $2m per working day! Suppose there are some big line items like the FPSO, but still cannot imagine that would be required up front.

LTT

I was wondering if someone can explain what this means?

"Reclassification of Contingent Resources as Reserves

According to the Partnership's estimation, upon the taking of the FID, the conditions regarding the

reclassification of Contingent Resources from the first two development phases of the Project (in the 2C

Category), which amount to approximately 220 million barrels of oil equivalent (the Partnership's share),

into the 2P Category, have been met."

I know it means RKH effectively has 110 million barrels reclassified to P2 from C2 from Phase 1 & 2 which has the FDP plan signed off on, but does this change how a brokers can re-rate the stock; does it open up the possibility of RBL in the future, once Financial Close happens will it cause a re-rate?

It's just Navitas have made a point of highlighting it in their FID translation and I wondered how important it is to have P2 rather that 2C going forward.

Sorry if it seems a silly question.

LTT