Member Info for longtermthinker

I suppose if they put the win on hold so RKH can’t go after the cash, with the award possibly being overturned then effectively RKH didn’t win, so how can the lawyers ask for the $3m as effectively they could , after 18-24months say they have reconsidered and RKH haven’t won! No win no fee! Although I’m pretty sure the lawyers will have a cast iron way around that situation.

Anyway it’s all semantics until the annulment gets kicked out or kicks off, then hopefully they can pull there finger out and get it sorted sharpish.

LTT

Pretty Evens Steven’s of buys to sells on LSE trades if they can be trusted, so nobody is in the know as of yet.

Many de-risking before the weekend, many being pulled in on a hope and a dream. Looks like we will be waiting until Monday and into next week for news.

Regards LTT

Can say for sure buffit but if I had to guess I’d say yes, it appears that a good percentage of annulments don’t proceed and then an even smaller percentage are successful, so I’d imagine they would have to site one of the five on the list of reasons to apply for an annulment. They can’t just say we are going for it and then cherry pick the reason after the fact as that would be a complete wast of time.

Hence that is why some believe this won’t progress particularly if they try for jurisdiction as they have ruled on it twice now. 2nd time delaying again, so 3rd time if they go that route should be smacked down hard, no dilly dallying around. IMHO

LTT

Thanks Maruman2, so my take is, it’s not a done deal, the annulment could get thrown out. Not sure how long that would take, but it should be a lot quicker than the 18-24months if it’s allowed to proceed.

So there is a chance it gets thrown out and RKH is going for the cash in the New Year. Fingers crossed eh.

LTT

Hi Soder

I think it’s Zulu, the title reads something like “Rumor”. That’s all it can be, a rumor. If no RNS today and if we presume a spud around 8th or 9th of Oct; no delays in drilling, then they could announce next week commencement of the sidetrack or could even be doing the sidetrack as we speak. The 25 days to get to TD must have been inclusive of wirelines and maybe taking cores.

However that is of course if it was smooth drilling. So many things can and do delay things, but one thing is for sure, baring a big issue with drilling, they would have been down to TD by now and had the rig away if there was “nothing to see here” IMHO.

Good luck everyone.

LTT

But Blue, am I right in thinking that Clause 6 would only be invoked if the award was annulled and then RKH could submit to a new tribunal and the merry go around starts again! But how could we get to that point after the 3 unanimous vote in our favor, awarding us such a large sum, must larger than anyone could dream of. It would make a farce of the ICSID.

I therefore I agreed, they need to slap this down sharpish otherwise everyone and his dog will just go for an annulment just because they can!

LTT

BrightSpot, you imply you are in the know, but how can you say Hydrocarbons confirmed in all prospects, that is a very misleading statement to make, if you are right you will no doubt be applauded but get it wrong, you will just disappear into the ether. You sound very much like Borgo who did the same routine.
I do hope you are right, but it's wrong to make such statements.

Regards LTT

Now wouldn't it be ironic if Harbour farmed in to Sea Lion. They are cash rich, they have a huge Energy Profits Levy to pay with no clear understanding as to whether this will be ongoing, a one off or increase further, plus Linda said the following today and I quote,

"As a result, evaluating expected returns from long term investments has become more difficult and investors are advocating for geographic diversification."

There has been talk of Harbour taking over Cairn or Tullow which is more likely and my comments above are slightly tongue in cheek, but surely with GOV not giving a clear overview of what investing in the NS means investment the NS will suffer. They may be giving out new licenses hand over fist, but not giving a clear picture of how they will tax those developments might make E&P look else where. Imagine spending millions to add to production then you are hit with another supplemental EPL, you may have been better to invest in another part of the world which is what Linda is intimating to.

LTT

Oh that’s much better :-)
For the record I don’t have many people on ignore, I am open to positive and more so the negative views, I know RKH isn’t perfect, no company is, but the harping on like a broken record it’s just pointless, Godders99 should take a pi55 or get off the pot, he/she will be much better off selling, walking away and never looking back.
Regards

LTT

Silver, Godders has so many shares apparently he would trash the share price if he sold. He could have got out after the arbitration result but used the above excuse along with being so far underwater there is no point in selling! Yet he just drones on and on to get a reaction. My feeling rightly or wrongly is he/she is a wind up merchant, effectively spamming the board with random negativity to make is difficult for people to find well reasoned comments/research. He/she never contacts the company, doesn’t attend AGM’s yet he/she puts down the company at every moment without backing anything up with real research. I’m putting him/her back into the green bin as there is no point reading this spam.

Regards LTT

If it is 25 days then would be going through or have been through the first target by now, so things should be hotting up from now!

LTT

By the sound of it, the Annulment proceedings can be rejected. Not sure what the timescales are for a rejection, all we know is if the Annulment case holds any water then it’s an 18-24month slog if we are lucky. A rejection, because the case has no merit might happen a lot sooner.

LTT

the start of operations, if you take off 3 days to spud we are 25 days into the well. Now it was said the well would take approx 25days to drill but have they been slowed down by bad weather,? has the drilling been tougher than expected? Did drill days include doing various tests and taking cores?

We don't know but will hopefully find out soon enough. If they are overrunning they would have to inform partners, likewise if they are going for the sidetrack. So what to expect from here? The longer it takes the more likely they are going for the sidetrack which could mean good news!

But knowing my luck of late, they have probably just lost the drill bit down hole and have spent the best part of a week fishing it out! Therefore they haven't even reached target depth yet! Even so I'm keeping my fingers and toes crossed.

Good luck all.

LTT

So am I reading this correctly, Italy and applied for an annulment, however for it to proceed ( and be an 18-24month affair) they have to prove there is good reason to go down the annulment route, they cannot just say “ We believe there is good reason……” and then the ball starts rolling. The have to give some specifics and they cannot shoehorn in anything outside of the case that hasn’t been submitted.

Is that right?

LTT

Mogger, if I could recommend that twice I would, many thanks again for your input.

LTT

Well I was way off the mark, although I was thinking of rumors rather than full results LOL, interesting times as we are getting to a point of then finishing the well and into sidetrack territory. I wonder if they will announce they are heading into the sidetrack. Hence Gil’s crack open the champagne comment!

LTT

Nice find Dicko80,

let's hope we the results are worth updating the market with! I suppose Eco has to" look forward" to updating the market good news or bad, but lets cross our fingers for good news. Either way the investors Breakfast Briefing should be good, we will be celebrating with sausages and champagne or crying into a bowl of cornflakes!

LTT

Bowtie,

Was there a Breakfast Briefing this morning? I thought it was happening around the end of November!

LTT

If we factor on a couple of days to spud, then they have been drilling for 11 days on an approx. 25 day drill with a target depth of 2800m so they could be at 1400m depth as we speak which could mean they will be into Namaqualand by the weekend.

Having no experience of Eco drilling a well as I’m a recent shareholder I am wondering how tight of a ship they run! Will there be rumors of oil by the middle of next week or will there be nothing at all until the 25 days are up, then they will announce a duster or a positive result and go for the sidetrack?

It’s all very interesting and exciting, just can’t figure out why nobody is buying with this possibly being a transformational exploration well for Eco and their partners.

Regards LTT

Wonder what the ROP on this well would be? They said it would take 25 days was that including sidetrack? Not sure how much they can drill through in a 24hr period but no doubt things have moved on a little bit since the discovery well in 1988!

Regards LTT