Member Info for Mogger

Thanks JP. Makes sense.

Gus,. I said seller as it was bought way below the spread at the time. I suppose one would say someone got a real bargain.

Thanks for your input though

For information, I spent a couple of hours today trawling through the minutes of various committees on the Falkland Islands. Still no mention of BOR.

Rest assured if I see anything suggesting any progress with this project, I'll post here.

Mogger

Mogger

Anyone know who the big seller is? Another million today.

Mogger?

All,

Government Legislation Programme 25/26

"Offshore Petroleum legislation: Drafting is well progressed on two Bills; the Offshore Petroleum (Safety and Environment) Bill 2024 and Oil Petroleum (Application of Laws) Bill 2024 (the names of the Bills may change as work

progresses). The Oil Readiness Programme currently projects finalisation of key safety and environment primary legislation in February 2026 – with regulations to follow in 2027 and 2028. Some of the drafts are going through internal reviews. A list of major anticipated Offshore Minerals legislation is contained in the Legislation Programme under Mineral Resources – although the Oil Readiness Programme will almost certainly contain broader requirements for further regulation."

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Papers/2025/04%2022%20APRIL%202025/71-25P.pdf

Mogger

All,

I've had a busy day reading in the sunshine

"BYRON MARINE FEEDBACK TO 2024 PILOTAGE CONSULTATION

1. The feedback from Byron Marine (BM), as the current providers of pilotage services in Stanley covered a range of port- and pilotage-related issues and this Annex batches that feedback under subject area headings.

Offshore hydrocarbons operations

2. In their covering e-mail, BM noted that future oil and gas development will create a very different marine traffic operational setting, with intense activity, perhaps on occasion over 20 vessel movements in a weekend. Harbour operations will need to ensure that Temporary Docking Facility (TDF) operations are conducted in a seamless way, including bunkering operations. They also highlighted the impact on wider port activity and the need to effect appropriate prioritization of and de-confliction between the activities of different port users."

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Papers/2025/04%2022%20APRIL%202025/01-25P.pdf

Mogger

All,

February EXCO Minutes

"The Attorney General advised that there was also a discussion relating to reports on Sealion project – it is intended that a number of reports are to be submitted, some may come before others and there may be a need for a couple of special EXCO meetings."

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Public%20Minutes/EXCO%20Minutes%202025/03%20PUBLIC%20EXCO%20Minutes%2025.02.2025.pdf

Mogger

All,

Minutes from January EXCO Meeting

"The Attorney General commented that the strategy is very much about recognising climate change, needs to increase use of renewables etc. He stated that they would be agreeing the strategy a month or two in advance of potentially authorising the removal of oil from the sea floor.

He stated that he did feel a slight conflict between some of the statements within the strategy and what is intended.

HE The Governor noted this stating that if they haven’t got a strategy, it makes it hard to explain what they will be doing with oil. Oil revenues would help fast track some of the investment and technologies. Having an Energy strategy, shows the route to increased use of renewables and the vision. The Attorney General advised that should they be judicially

reviewed for oil decision; FIG should not be surprised if this is one of the documents used in any case against the government. HE The Governor commented that that might be the awkwardness of having removed references within the strategy to the use of oil revenues to fast-track projects.

The Acting Chief Executive commented that if oil revenues were referenced and did not come about, it would not mean that the aspirations would not occur, they would occur at a slower pace. The Attorney General commented that they will need to address the Energy Strategy in the later decisions in relation to oil. HE The Governor commented that none of the oil is coming onshore and therefore she believe it was separate."

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Public%20Minutes/EXCO%20Minutes%202025/01%20PUBLIC%20EXCO%20Minutes%2028.01.2025.pdf

Mogger

LTT,

Well found!

If you want more evidence of the work required to get a successful oil industry started then there is also the following planning application.

29.25.P

Upgrading the cricket facility with a 40m x 20m building over the existing concrete slab to provide indoor sports facilities, including archery

Comments need to be in by 2nd May.

Mogger

Marked,

I believe he is very much alive - just retired!

Mogger

All,

Although the meeting was in December and its redacted, at least we know the FIG are discussing important issues regarding Navitas

"REF: MIN 29/3 2.1 Navitas Investment Protection Agreement key principles - 162-

24 DNR

REDACTED

REF: MIN 29/3 2.2 Proposed approach to dealing with financial security

arrangements and decommissioning for offshore hydrocarbons

- 175-24 DNR

REDACTED

REF: MIN 29/3,

LND 1/12.3 Land Set Aside: Hydrocarbons development - 174-24 DNR"

Mogger

https://assembly.gov.fk/jdownloads/Executive%20Council/Executive%20Council%20Public%20Minutes/EXCO%20Minutes%202024/19%20PUBLICEXCOMINUTE17DEC24.pdf

Rot,

In reports past, FIG used to say "if" oil was recovered. They are now saying "once" It seems to me that they know it's going to happen..

Mogger

All,

The language used by the FIG has changed..

"FS confirmed that the A+ was a long-term rating – their short term 3-year horizon wasA-1 which was the highest rating to be awarded. FS advised that stability of the economy and good fiscal prudence was what ensured this rating for the Falkland Islands. Overall, the F.I is seen as having a strong economy and acknowledges that oil as potential revenue has not yet been factored into the rating. FS advised that once oil does happen it would take a few years to feed into their analysis so there would be no sudden increase once oil happened. FS said the Falkland Islands should be very proud of this achievement as they have a better rating than some countries with a bigger economy. HoF added that as a comparison the F.I have the same rating as Japan and China."

Mogger

https://assembly.gov.fk/jdownloads/Committees/Standing%20Finance%20Committee/SFC%202025/SFC%20Minutes%2026.03.2025.pdf

All,

Just a quick search through LinkedIn. Paul may have reported on these in the past so apologies..

Although he's been in position for some time, Stuart has only just appeared in one of my searches

https://www.linkedin.com/in/stuart-harrison-8b64923a/recent-activity/reactions/

A new recruit?

https://www.linkedin.com/in/jeff-dawson-a7b73535/

Looks good to me

Mogger

Rookie,

£200m is not a low ball offer for a non appraised field. Unless you can find examples, it's just a guess a number time.

Mogger

Rookie

How do you explain the change in broker ?

" you have no idea what company’s are in and out of the data room and what deals that have been discussed and near completion"

If the last broker had been bringing in a stream of potential bidders to the data room, why were they let go?

BOR has been a good punt in the last few months but I don't think the board have any leads. All we have is Gus saying that he had chats with the board and a video of a cosy chat with Malky.

The evidence of a new broker and another fund raise, combined with absolutely radio silence from FIG suggests their are no conversations happening.

BOR shares might do well but talk of drilling the south basin in the next couple of years is as as far fetched as Market Dealer telling the truth.

Mogger

Buffit,

I have never known a company to change broker because the previous incumbent were doing an amazing job of facilitating strategic partnerships.

Mogger

Nigel,

Interesting. That's the second reference to Shell this week.

Just a feeling?

Mogger

All,

I see the licence status has changed for some of our areas.

And that of Borders. That will increase their rental. I wonder if that was why they needed the cash so urgently?

https://falklands.gov.fk/mineralresources/offshore/production-licences

Mogger

Citizen,

I just used Google Lens on the Sea Lion pages. Quick and easy but I'm sure someone amongst us has a better way of translating the whole document.

Sorry

Mogger

All,

A presentation to go with the results.

"Approval in principle was received from the FIG for phase A and B of the detailed development plan"

" Examining financing options for the equity component required to develop the project, including bridging loans until Shenandoah is refinanced"

Navitas aren't hanging around

Mogger

https://maya.tase.co.il/he/reports/companies/1653254?attachmentType=pdf1

Market Dealer,

Still nothing about the South Basin. Where are you getting your information from?

Mogger