Member Info for Mirasol

"Even so, I feel Navitas have funding all but sorted, if not how could they sign an MOU on a FPSO and conclude agreements for the manufacturing, with suppliers of subsea equipment and subsea pipelines that will be connected to the FPSO production infrastructure."

Whilst things can always go wrong at the last minute I agree with your words above - they have been carefully working their way towards production, and steadily building up staff and momentum. It's good to see someone doing it properly for a change. They have certainly have been spending at least as much effort on the financing and are clearly pretty convinced they'll get it. I expect they're not sure of the exact terms as yet but they're happy they can still make money.

RKH probably aren't in such a good position - no real income, only SL as an asset for the bankers. They're going to need some pretty good people to get this across the line and retain all the value.

But I'm sure Navitas will have figured this in as well and would be willing (and able) to help. At the end of the day they could just take RKH out at bargain prices to get the job done. Sams issue is that RKH don't have many cards to play if the bankers don't cough up.

"and the rest of OPEC could refuse to sell to Israel."

Israel has always been able to source oil & gas from commercial resources without owning a single oil field.

"I think the Iranian regime might fall pretty quickly"

people have been saying that since 1980.

"If big oil starts losing hundreds of millions of dollars in the Gulf, maybe they will look at new low tax regions to invest in!"

History shows that they fire everyone in exploration & development, pull their investments in everything non-core and sit on their hands for 5 years. This is what did for Premier's grand expansion plans when the POO went south 10 years ago

Yes and adding a lot more turmoil and uncertainty in the financial markets - such those looking to finance an RTO

"What a great place Argentina would be for the natural gas ?"

Not really as they already export a lot of oil & gas - they have the 4th largest reserves in S America. One of the problems of interesting large companies in Sea Lion is because so many of them dabble in Argentina already

Jut as long as they don't take any advice from Angus Energy..............

True - but this has been around for a long time. I doubt they'll get too many tyre kickers.

Large O&G projects in countries with a decent system of law aren't that common these days. Political risk is relatively low, the operator is a reasonable outfit. I'd be amazed if they don't get their cash

The mandate is not the actual finance - it's hiring a financial institution to try and organise the actual financing:-

"A "mandate" is a legal document signed by an issuer or a borrower, and which gives mandate (which "entrusts") one or several banks to arrange a placement of securities (E.g. bonds or shares), or a borrowing. "

No-one has agreed to put the money up (yet) - that's why they are doing due diligence.

One think they'll need to think about is at what point will they have to prove to Falkland's Govt & Navitas that they have the cash to pay for their share of the project. They will both want to see some sort of irrevocable document - not a story about being in talks with possible lenders. And that will almost certainly come BEFORE they get final Govt. go-ahead for the project.

"And what will Mr. Forrest think of being paid in suspended shares (at a discount)?."

Not a lot - I have heard he's a pretty tough cookie money-wise

I'm sure SUFC's numbers for compressors are fine if you're in the US - but a certified one for the UK is clearly a lot more expensive from the Zielicki quote.

This is exactly the problem that occurred in the original CAPEX estimate that went so badly wrong at the start.

There's a story going round that he was banned because of something over on ANGS - possibly abuse

Looking at the production numbers it looks as if it now fairly steady in the 0.1200 -0.1300 mcmd range.

We've seen plateaus or steps like this before (at higher levels of course) in the past. I'd expect this one to last for 5 months from April with further declines setting in late September. This isn't very exciting but the trend immediately before adding the compressor was starting to look grim - we'd probably be under 0.1000 mcmd by now without it. Without any info on the cost it's impossible to say if it was a good decision or not

"The point I was getting at is that it seems more likely that they are being oppurtunustic and trying to ride the wave when it comes, rather than being major players - considering their size."

Yup - they're tiny - Westmount has a mkt cap of less than £ 1 mm and they hold no licences in the FI - small investments in other oil companies. JHI have licences offshore Guyana - they got in early and then farmed to the big boys. No discoveries (yet) but might come good someday. Neither have the firepower to get into Sea Lion.

PPP have been suspended for nearly a year so that's a good guide

And the Hydrogen thing is a bunch of companies asking the Govt for money - have you read the papers recently? There isn't any.........

Tax losses on O&G are ring fenced. They are very hard to use.

A loss is a loss - as ANGS have found out

Another lobby group looking for Govt cash:-

"A UK-based lobbyist and law firm has called for a unified, clearly communicated vision for hydrogen and a dedicated Minister for Hydrogen across the Department for Energy Security and Net Zero (DESNZ)and the Department for Education. The Removing Barriers to Re-energise the Hydrogen Sector report, authored by Copper Consultancy and Charles Russell Speechlys LLP with input from over 20 hydrogen companies,"

"I don't know much about JHI or Westmount Energy Limited but I wonder if they are taking stakes in the FI in the hope that they might be more valuable down the line when the oil there is being produced."

No , of course not. JHI bought Argos because they just wanted some nice share certificates to put on the wall................. They're right next door to the Navitas acreage.

Who can get rid of him? there are no bankers, no large investors and they've a load of worthless shares in the pension fund that they control