Member Info for Mogger

I should add that I would be more than happy if it has all been concluded and the 120 day clock has been ticking all this timer...

Auson,
If IR has said that there are no more representations then that is information that I wasn't aware of. That information is certainly not in the public domain.
The transcript from the June hearing states that the merit and award would be dealt with separately and I was expecting a hearing to that effect.
If the 120 day was as easy to calculate as to just adding 120 days to 30th Oct, I wonder why the RNS states Q1?

https://www.italaw.com/sites/default/files/case-documents/italaw10646_0.pdf

Mogger

Nigoil
You wrote
"ICSID have 120 days as from 30th October 2019 to give the OM ruling, simples! Saturday 28th February 2020 is the 120th day!"
That is not true.
"Once the presentation of the case is completed, the proceeding is declared closed and the award must be signed in the next 120 days, with the possibility of an extension of 60 days (Arbitration Rule 38 and 46)."

The only part of the case that has we know has been decided upon is that of jurisdiction. Only after liability and quantum has been decided will it go to award. That is when the 120 days kicks in

Mogger

https://icsid.worldbank.org/en/Pages/process/Award-Convention-Arbitration.aspx

All,

Yesterday's transcript for Diamond Offshore should give everyone an idea on rig availability

Mogger

https://seekingalpha.com/article/4322905-diamond-offshore-drilling-inc-ceo-marc-edwards-on-q4-2019-results-earnings-call-transcript

Auson,

I read both annual reports and found no mention that "UKEF have modeled Brent prices to average $65 for the next few years. So their decision making will be based on that price."
This is the statement you made and then when someone challenged you to provide a link you pointed them towards the annual reports.
As I said before UKEF forecasts are highly confidential and I would be very surprised if you would be able to find information on that in the public domain.
Premier , and all the other venders in Sea Lion have been consulted throughout the process( UKEF rules have been amended to accommodate the needs of the whole supply chain) so I am not surprised that you have found a reference that Premier have responded to a request for information from UKEF.

Mogger

"Hi Mogger,
Did you find mention of Premier Oil being consulted"
Auson, I wasn't looking. Should I have been?

Mogger

Auson,

I have just looked at the last 2 annual reports from UKEF and can't find any mention of $65.
I look forward to seeing what you can find
Mogger

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/810203/UKEF_Annual_Report_2018-19.pdf
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/718043/ukef-annual-report-2017-to-2018.pdf

Auson,
Thanks.

Mogger

Auson,

Could you provide the link to where UKEF have modelled to $65? I would have thought that was highly sensitive information that wouldn't be in the public domain.

Mogger

Sft,
I saw that myself but didn't want to comment in case Ralph thought I was trying to be a misleader.
Interesting indeed.

Mogger

All,
Details on the progress of all the legislation required for the development of Sealion
http://www.fig.gov.fk/assembly/public-papers/executive-council-papers/send/421-01-27-january-2020/2622-11-20p-legislation-
programme-2019-20-2nd-quarterly-report

Mogger

All,
"Planning permissions have recently been granted for three Sea Lion projects (two detailed and one outline)."
http://www.fig.gov.fk/assembly/public-papers/executive-council-papers/send/421-01-27-january-2020/2620-04-20p-sea-container-development-land-set-aside-gordon-lines-stanley

Mogger

Another wasted journey for the Premier executives giving misleading information to the locals. They should be ashamed of themselves
https://en.mercopress.com/2020/01/23/falklands-oil-company-lays-out-plans-for-production-85.000-bpd-at-peak-output

Mogger

Thanks Rpoodle.
I believe FID/sanction was planned for H2 2019, but the government was completely consumed with Brexit and the election.
PMO, have been about to sign off a couple of times but have delayed most recently because of their refinance requirements. Today was another good step forward in this regard.

Mogger

All,
"Premier Oil and Rockhopper Exploration have mandated lead banks for the ECA-backed financing of the $1.5 billion Sea Lion oil field development off the Falkland Islands in Argentina. Secondary syndication is expected in Q1, with financial close targeted for Q2 2020.The loan will come from a combination of ECA and and commercial bank debt. UKEF will provide an $800 million facility, while Export Credit Norway is also said to be covering a portion of the debt. Atradius was originally interested in the deal but has since dropped out of the fold. Standard Chartered is leading the financing alongside two other commercial banks. Portland Advisers are advising Premier on the deal, while while Bracewell is acting for the lenders."

Mogger
https://www.txfnews.com/Tracker/Details/b73440b0-6e3d-49d1-82e6-1dbc62c4c710/Premier-Oils-Sea-Lion-project-debt-takes-shape

Ralph,
So which advertisement has been misleading then?

Mogger

QED Ralph.
Well done for proving my point.
The report didn't mention anything about being flow tested because it was a geological survey.

Mogger

Surfit,
I am not trying to defend some of the actions of the board, but overall they have steered Rockhopper through some of the worst times that the industry has seen.
If you live anywhere near Aberdeen you should drive through the industrial estates. There are rows upon rows of vacant units and offices of once successful companies.
Earthquakes and Italian governments has made the MOG acquisition look poor up until now but things might change in the near future
Egypt needed to be sold quickly for this farm out. It was probably sold at less than market rate for that reason. But they still have skin in the game from owning 18% of UOG.
As to Sam's salary. Yes it is too much. But that's more indicative of the society that we live in, rather than one man doing anything unusual.

Mogger

Ralph,
I'll help you out. It was August 2018. And the report didn't show the flow test results because it was a geological survey. Not because it hadn't been flow tested.
You tried to make out that you had read and fully understood the report...which you hadn't.
So which job advertisement have you found misleading?

Mogger

Oh dear Ralph,
Come on then, I'll bite. When did I say that Sealion hadn't been flow tested?
Which job has mislead you?
As to comments made 10 years ago by an ex chairman, things move on. People say things that don't come true for a multitude of reasons but to hold on to those statements so long after they were said is a little naive

Mogger