Member Info for lsetown

Thanks Brigodoon.

Would be surprised if it was moving for us so soon though. I thought June was the proposed spud date?

This sounds interesting. What might the different boats be doing ?

Just watched the recent LSE video and I like it and have bought in.

I have one question though: Does anyone know why Total didn't flow test their two exploration wells at Njonji1 and Njonji2?

It is only right that the CGT liability for the irrecoverable Carry is removed.
I expect we will hear as much if FIG agrees to the latest farm-out and it is signed by all parties.

Click the 'Filters On' button and paste the username in.

Great post Rpoodle.

You are completely correct - the Carry has been withdrawn before payment, so it is fair to assume that no CGT is due!

I wonder if FIG is aware of this deal and will allow Rockhopper to avoid the Carry CGT payment?

If that is the case, this deal has a slightly more pleasant taste.

The 9% Royalty and the post-profit 26% Corporation Tax are still definitely there.

Given the market price of a barrel of oil, I just want to workout the pre-tax per-barrel income for Rockhopper from this.

The breakeven for Sea Lion is stated as $40 looking at a recent presentation.

Does that include all the vendor, senior and upstream debt and the FIG 9% Royalty?

Can we expect per barrel revenue as "the current oil price" subtracting the $40 ?

ie. today that would be $69 - $40 = $29 per barrel ?

I would like ARG to get a similar deal to the one they had with Noble and Edison. A 5% Royalty of production free of costs alongside a subsistence cash carry.

Should ARG acreage be found prolific, a 5% revenue free of costs may well be better than a 30% revenue with costs.

Yes, I agree. On the face of it Navitas have been given as much percentage as us and have paid not much at all.

I am hoping that they bring some specific lending help to the table.

Yes, I totally agree.
I do hope the hand-wringing ends and Britain gets some confidence again.

The lender in question failed to meet the legal requirement to declare their huge short position against Premier.

In effect they made a big hidden bet that they could get paid for their debt while swallowing Premier's shareholders up.

But Premier is not in such a bad place now, with circa $2 billion debt and repaying at $300 million per year. A Zama sale will make that more like $1.5 billion.

Cyan2 is absolutely right, 'senior debt financing' for a future project is not at all the same as 'senior debt restructure'.

The latter implies existing debt which isn't the case here.

RKH and PMO have also got until May 2021 haven't they?

https://www.offshoreenergytoday.com/falkland-islands-govt-extends-offshore-license-containing-sea-lion-oil-field/

He was born in 1980 so the Falkland's war is not a memory.

I have a few of these but am now thinking that it may make sense to sell them all and move to RKH instead.

Yes this could multi-bag further than RKH, but it would also need so much more things to go right to get there. RKH could miss the UKEF funding (which I think would finish ARG) and still be 'saved' via the OM arbitration result. Even if that failed I think it is possible that PMO would make an offer to take all of RKH's NFB.

Can anyone sell the merits of ARG to me?

They've done the deal as far as I understand it. From the 9th December RNS:

As part satisfaction of the acquisition consideration, United is pleased to announce that it has conditionally raised US$6.25 million (approximately GBP4.8 million) gross by the issue of a total of 159,036,167 new Ordinary Shares in the capital of the Company at a price of 3 pence per Ordinary Share. 150,616,669 new Ordinary Shares have been conditionally placed by the Company's joint brokers Optiva Securities Limited ("Optiva") and Cenkos Securities Plc ("Cenkos"), on behalf of the Company with institutional and other investors (the "Placing"). 8,419,498 new Ordinary Shares (the "Subscription Shares") have been conditionally subscribed for by certain existing shareholders of the Company and two Directors as detailed below (the "Subscription"). 114,503,817 million new ordinary shares will be issued to Rockhopper PLC as part payment for the acquisition.

Brian Larkin, CEO, said: "The Rockhopper Egypt Acquisition is a transformational development step for our Company. Upon completion of this deal, United will have material production which will generate significant cash flow for reinvestment into the business. In addition, we look forward to announcing the completion of our Crown divestment before the year end.

I got back in today. I held here several years ago but I then got 'Gold-Fatigue' lol.

The one thing I remember thinking after doing research on this company was that they looked to be a good up-front team.

I wonder if we can back out?

At least we still have 18% of them eitherway.

Just ignore them rather than sell.