Member Info for Marunam2

Redon: If they could take out at around 45/50p it might work very well for them particularly if they can more or less at the same time line up a new rich partner. All very speculative but also perhaps possible!

45p/ 50p , on a buyout bid by PMO with ECA about to be formalised ?

Strong buy

I remember Tom Cross at Dana Petroleum,
When they were offered by the Chinese a very good premium to seel , he refused because he knew they would pay the full asking price he asked for, the difference was over £5 a share if I remember correctly.
So it all depends on the RKH board and I think they aint voting for Christmas unless they can buy an island they can roam freely and safely.

Redon; So why should they not buy us out for peanuts?

PMO dont decide the price of purchase, RKH do when they accept.

What is the "peanuts" price that you think PMO will get RKH for ?

Current M/c £ 123m , what premium would they give RKH ?

Anyone ?
Genuinely interested in the views.

GS,
What would the formal EC application mean to you as an investement case ?

Cant see how or why RKH would sell out .

We are about to make a formal application for funding to ECA .
The lead bank, Standard Chartered , must have in place the amount required for investment portion of the funding, otherwise why would they apply for ECA funding ? .
The ECA is not going to entertain the project if the rest of the funding is not "in place " .
Vendor financing is agreed , but again dependent on EC agreement.

PMO have now stated regularly that they have a preference for an equity partner to share the project, I think they will have that, as an ECA agreement would involve the GB government in the project and therefore makes it a safer project re any political backlash from Argentina.
PMO have a potentially very valuble asset they are appraising this summner , ZAMA, this would be a game changer as they have the option to sell this or again take on an equity partner.

With RKH's share of carry, their equity interest in Sea Lion alone , why would it thye sell on the cheap if their cost is $35pbo for LOF cost.

The formal application in my view brings all the entire project funding aspect down to a case of EC funding approval, the rest will fall in place.
If the whole thing is a game , with 60 people on the staff working on it, are we to believe that the FIG is not fully aware of progress. Would they just let it ride and do nothing to push the project into FID. Their entire financial outlook long term is dependent on massive oil revenue relative to its population size.
So Zama
EC application
Egypt well result.

On top of that , why would another company not put in a bid for RKH and its assests and a completed FEED project and a debt free company.

Next few weeks will re rate the value.
As many have said, if it's not going to happen then what are you invested here for , you will lose your money .
STRONG BUY.
gla

All in this Q !1,

Zama sidetrack / DST result now overdue imo.
Then, formal EC application ( after 2 years of consultation with ECA it is very unlikely to be turned down only when they apply formally, as they have worked on the requirements for a bloody long time.

The above two pices of news both before AGM , to avoid pesky questions from us pesky shareholders.

Al Jaahra well result also by 2nd week in MAY.

Above 50p by end of May and by August OM case result.

Strong Buy now.

Leaving a short open from now on is going to take some proper kajones by the looks of it .

Zama side track and DST result News soon ( next Week ? ) > Formal Funding Application ( PIM submission ) > Egypt Well result - by early May .

Carroteater, your style sounds very Essex matey ??? lol,

From my understanding ( laymans ) I think once a post hearing is submitted , that is it, unless some clarification is needed. No extra submission is allowed with regards any clarification.

Moving up very well today, Back to 40p ?

Too many missed deadlines ! , thats fair enough, lol .

What they should have made clearer is that whilst that is the maximum timescale permissable, a decision can be reached within the timescale given. ie, a decision could be reached by all three advocates on the panel at any time with 120 days to start with.

Investors will climb back on board pending the announcement PMO Zama sidetrack and of the EC application .

I have felt we were held back along with PMO at these very low levels. .

I am somewhat confused as to the timescales given for OM.
If, as is stated that the Post hearing brief has been submitteed by both parties, last one on 3rd March by claimaints , there is 120 day period WITHIN which the panel has to reach a decision.
Now that time scale would take us to Early August.

If there is a significant reason or issue should one arise, then the tribunal can extend the process a further 60 days .
So likely, the tribunal would likely have reached the decision by or even before early August . Mu understanding is that it is not at the end of 120 , it within that period.

What Rockhopper seem to have done is to include 120 days plus the 60 days in their time scale .

Is that correct ?

The formal EC finance application is slated for Q2 , I think it will be in this month itself. Possibly on the back of Zama sidetrack / DST result.

The applicaation itself will have been gone over with a fine toothcomb, it's nearly 2 years in the making. So no surprises in the application for either side , so then we have the matter of the agreement to terms and how long it takes to get that..
TD of PMO has stated that it will come as "no surprise" to the EC agency. It has been working with them for a very long time and should there have been issues they would have flagged them up and resolved them before the formal application .

Any partner will be much more confident with EC and Vendor credit financing the deal. It's in the vendor's interest to make it very successful and under budget if possible , like Catcher.

Any positive news on Zama DST would be very significant for PMO and their ability to drive a good deal with an equity partner for the Sealion project.

A positive outcome at OM alone could make RKH safe as houses for years.

Eygptian assets increasing in value every drill with the Bahariya formation becoming very interesting for exploration.

There is downside to this no doubt if sanction is not forth coming this year, I very much doubt that FIG would be sitting on their hands if that were to be the case.

Far too far along the project now, PMO have played the game as they needed to , prolonging the process while they really stabilise to a surer footing re their debt.

Near 10m Draw reported from EIA.

PMO well above 55% from lows , we are no where near that !!

Zama news due in the next 2-3 weeks or so, if it is good to very good we will see a big change in the sentiment for PMO and RKH.

Strong buy whilst you can can get in .

Thre is no rise here because the shorts are feeding on a no news vacucm.
Any rise is being shorted and considering the news on POO and PMO updare we should be a lot higher .
I have added substamtialy due to this
IMO, dyor.

Was wondering why we were lagging since Premiers rise up .

Thre is a also a possibility that with PMO results coming we may see an uptick on their sp and RKH following, if money is waiting on the sidelines like the last rise up we could see a snowball effect again.
It would certinly be a humdinger if FID was announced ahead of PMO results on the 7th.

7 p !! Ralph ,who knows but I'm invested for a lot higher , £7 will retire me and the wife to Barbados in a few years.

Seems to me that the top end positions for a project this size are now being lined up .

We had previoulsly accountants/ legal being flagged.
Thanks to Mogger, Rpoodle and now Suresh's finds , we are getting the onshore/ offshore positions of site construction, hardware logistics , well design and controls etc . These positions indicate a step up in the project finance deliverability.
From a laymans point of view, these seem to be positions at the top of the chain of command and the ones that signal that they must have high confidence of completing the finance package , if not completed.

It must be an expensive business putting out these jobs for hire,why do it if they were not anywhere near completion of the finance.
Much more confident in the out come than before and a matter of time.
TD and team of PMO will also be under pressure to deliver and soon.