Member Info for Marunam2

The insurance will be claimed and paid. Cannot see a reason for it to be refused. The result is, it was annulled, why it was annulled is irrelevant.

Cannot pick and choose which ground for annulment is applied, they were set out at the start of the legal agreement and were agreed.

Don't think this is over. RKH will get the insurance and hopefully a new deal with the funder for filing again and rkh insist of an upfront payment .

Insurance first then.....

GLA

Why not re-negotiate the terms with the Arbitration funder. Without RKH filing for a re trail they are down a lot of money .

RKH should sell the entirety of the claim to the Arbiter firm.

RKH file the claim against Italy and the arbitration funder pay RKH anything above the 31m plus the insurance fee 3-4m and the premium say 20m- 25m to fully let go any claim to any future awards. Total around 55m - 60m euro is the same as the previous agreement but without waiting for any outcome and the time it takes to get to them .

As the reason has not been confirmed officially to the public, the funder would want RKH to hold off making a claim while they decide.

OR

They could claim the insurance as the case is resolved officially. Then re enter into a new deal and re submit as a new claim . In which case a new deal can be done with a new upfront payment. Maybe a combination of the above.

It's over to the arbiter fund for the next move , if any.

GLA

Technically and legally it is no longer RKH's problem as the specialist funder took over the award.

Wonder what happens to Om the asset now ??, RKH still the legal owners ??.

As the case is annulled does the asset revert to RKH ?

I remember the Oxus gold arbitration well, that was a scandalous decision as well.

Oscar, were it not for the board and Sam Moody, we would be in the position that significant dilution might be taking place. As it is with the resource report the can do an RBL now.

Have to let the dust settle here and see when the insurance payout comes in .

Should have added that it aligns with the operator whose bank will welcome it as well.

To be honest, the timing of the release of this resource report is unlucky in that the impact is diluted by OM decision.

On the other hand the report itself is now there to be used against any borrowing, aligns with the operator and can be presented to FIG with regards to taxation - royalties should they need both parties to align regarding the resource to be extracted.

I would like to have seen "Annulment rejected " as opposed to "issues decision ", but that's just me .

Either way 32m euros --upto 65m euro in play now.

I'm very glad the board put the insurance policy in place , otherwise this squeaky bum time would be very uncomfortable.

GLA

I would not be surprised to see the reserves report coming out soon as indicated by Sam, before the AGM.

This has been a prudent move should any fund raising be required towards FID or dare I say to fend off a cheeky takeover offer ( highly unlikely before FID imo)

While the language used in the RNS implies the lead bank engagement is recent, they then say additional lenders talks have been positive . Talks take sometime when it comes to lending , that Navitas issued a updated NSAI in December 2024, I take that as the time it started to "firm" up funding options and the choice of Bank.

Banks also chase clients when they see a good thing, it's not always about the 1st project ,it's also the follow up projects which generate fees and interest for them, in this case it's Isobel for Navitas / RKH .

From memory, J.P Morgan was involved in the financing of Leviathan when Tadmor was CEO of Delek .

Waiting for Shenandoah to come online before announcing the funding is again a sound move towards achieving better lending terms and to generate significant cash inflow for the company.

The money is there, just the terms and structure to iron out.

Rig discussions and another FPSO in the plans confirmed.

Timing of 1st oil : Contingences in planning allow for this and they will have plans to reduce timelines for operational aspects dependent on FID timing.

Looks currently like retail investors are holding firm on this dip, some trading no doubt , but not the volumes needed to drop much lower as I type.

GLA

Not sure why Spodulicks is reposting my post . ??

JEBR,

The lawyers fee from the 1st tranch was paid to the "original " funder Harbour Litigation.

The new funder then took over the claim and they will have their own cost re litigation fee's.

Funny that you can bring an over pressurised oil field from seismic, drilling 4 wells , brand new FPS, pipe laying , tie up and onto 1st oil ,quicker then you can say Ombrina Mare award result is out .

Tincan ,

My understanding on the "Funder" / RKH deal is that, the initial 45m euro has been paid and a further 65m euro on the award being upheld fully.

The only benefit I'm assuming is that after 200% of the funders investment and cost : 45m + 65m+30m Euro lawyers fees, Total 140m Euro investment and cost . ( 30m euro ,it's a lot ,but it's lawyers so anything is possible). 20% of what left is due to RKH.

So : Lets say 300M euro's is the award including interest in total . Minus the Funders cost + lawyers fee so : 140m euro x 2 (200%) = 280m euro.

Leaves around 20m euro. Of which 20% comes to RKH. If all goes well anything between 4m to 10m euro to RKH.

Obviously the cost's are a rough conservative estimate, but that's my take on it .

GLA

OM: I'm beginning to think they must be negotiating it's taken so long . .

CitizenTS,

"some initial liveliness ", lol.

Bring on "over exuberance" that will be worth seeing.

GLA.

7 go's at breaking through 50.50.

52p needs to break to go to next level.

GLA

Re Shenandoah : Barring any RKH "news", it will be interesting to see and to monitor the sp as insiders will get 1st dibs and to see how much they front run the official news. Navitas I believe are the only listed company among the three partners.

June 1st oil: hopefully a case of under promise - over deliver.

GLA

Sorry, I meant that I wish the the annulment request would be declined while we are all still alive.

GLA

My belief is that funding is in the bag , a long time ago . Irrespective of the noise regarding raising funding being the next big item.

Feed, EIA, long lead items, FPSO, Rig to follow fid - etc, they are all go.

They have had 2 years at this project. Money to fund it would be at the top of the list. They have ticked off the stages one by one. They have their current next big thing about to take off.

If FIG are ready at their end ,then Navitas imho will announce FID and THEN announce a partner.

A partner(s) would have done their due diligence some time ago, because it takes time. They would need to allocate their share of the funds required to be ready at FID. Navitas would not want the partner to drag their heels at this stage, ask for better terms as the project is then dependent on the partner joining.

It would do wonders for the SP if they were to announce the partner before FID as that would mean FID is nailed on.

The sunset clause on exiting the ECT is 20 years, hopefully we all live to see the award annulled before then .

It would be settling ( for me ) to see the sp try to hit above the recent high.

GLA

Isobel - would that not count as a New venture ??

43p region hit first, now hopefully 52p next.

Fair play MD , short timeframe shorting on leverage is not for everybody, gains are high as well as losses if you don't know what you are doing. Hope you made gains.

Price swings occur and will always need to occur, I have not traded this since the rise to 40p, mainly because of time and potential news dropping.

I sense a significant number of posters here are on life changing money and these sp swings are a tough watch when it goes down. 15 to 25% % move in the sp equal 100% increase in holdings for LTH.

The main underlying story here is getting to FID.

MD is right imo, market condition's are likely to get worse, from this time going into NEXT month, when the tariffs effects and inflation data comes out for the USA. Does it matter to RKH ? , more then likely not.

The oil price is under $ 60 for brent as I write.

OM and FID keep RKH in the 42p-50p range till some news drops. If Shenandoah starts pumping before these 2 events, then 50p will break easily.

The timeframe for news flow is squeezing tighter, fingers crossed it flows our way .

GLA

Ovets,

Rise to 52p !!

There is Double bottom formed on the 8H,12H and 1d, on the chart.

Patterns don't always play out and hence my hesitancy in saying so.

It would be a good sign if it breaks above the 52p region.

Some positive news should do it , or just volume.

Could also visit the 43p region.

GLA

If Nav sp breaks 9300, then they are price discovery with Shanendoah to hopefully come on line without issues.

Hopefully they drag RKH with them .