Navitas Q3 Results21 Nov 2025 11:40
I am surprised nobody has been through the results and posted some highlights with regards to Sea Lion, (although I am sorry if it has been posted already), but seems we are all reoccupied with the goings on at Sharkeys with the One Legged Barman, dancing girls, his Mrs doubling down, what's playing on the duke box and what balls are going down on a newly felted pool table! We will be wondering the significance of which pocket next, the left middle, top right?!?!?!?!? LOL
BrightSpot's cryptic musings are a bit of fun and that is all. He/she is no doubt connected, but is wrong as often right, Chinese whispers are just that and are open to interpretation. I sort of hope it isn't announce this Sunday or Monday, not so I can point the finger at BrightSpot and say "You were wrong", but because if it does happen, he will be hailed as the new Messiah, when actually he's just a very naughty boy!
;-)
Anyway, back to the main reason for my post, I touched on it the other day, a huge uptick in investment in Sea Lion, it now stands at $86m up to Sept 2025, plus $44m in loans to RKH. That is a lot of cash spent for someone planning to kick the can into 2H 2026! There was also some comments on the Sea Lion project;
"The Partnership in final stages of reaching agreements regarding overall regulation with
the Falkland Islands government, including on tax issues, fiscal stability, transfer prices
and more. It should also be noted that as of the report publication date, all the main
agreements required for the development of the project were signed (the entry into force
of some of the agreements and their implementation are subject to the fulfillment of
conditions precedent)."
AND
"The total equity provided by the Partnership for its share in the
Project’s development is expected to amount to approx. USD 743 million (including the
component of the loan to RKH), in accordance with the revised bank model and
subsequent to the signing of the commercial agreements. In addition, RKH is required to
provide equity in the amount of approx. USD 100 million, which RKH announced has been
fully raised in July 2025, subject to a FID. The Partnership’s equity capital is expected to
be invested over a period of up to 18 months from the FID date and, in any case, prior to
the first withdrawal from the project’s financing facility."
As per Alma's comments some time ago, they will not draw down any of the loan until after the equity capital is all spent during the first 18months.
Whether FID comes this weekend or in December it matters not, it is all but a certainty to my mind. I'm getting a little fed up, shouting from the back seat, "Are we there yet, Papa Sam?" , but I know one day soon, he will pull up the car, switch off the engine and turn to me, with a smile on his face and say, "Sunny boy, we have arrived!"
LTT
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