The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
All,
Page 8 will show you how FIG are progressing on the Sea Lion project
05-23P: Islands Plan 2022-26 Delivery Plan Update (Q1-Q2 FY 2022-23)
https://www.falklands.gov.fk/assembly/executive-council/papers?task=download.send&id=3641&catid=570&m=0
Mogger
All,
An excellent summary of the arbitration.
https://voelkerrechtsblog.org/rockhopper-v-italy-and-the-tension-between-isds-and-climate-policy/
Mogger
All,
Some might find the legal and ethical debate interesting.
https://youtu.be/ni2BXZVheVA
Mogger
Deus,
It all makes for interesting reading.
I can't see any part of the respondent's case that was upheld by the tribunal. I really don't want to read it again so I'm hoping that you will be able to confirm my findings?!
Its a shame that Rockhopper didn't value the asset more highly at the point of purchase though!
Mogger
All,
For those that aren't watching the football, all 223 pages of the award.
https://files.lbr.cloud/public/2022-11/2022%2008%2023%20%20Rockhopper%20v%20Italy%20-%20Award.pdf?VersionId=jCPV978neEZ9LYnhwgTrt5yBQwzf0NEQ
Enjoy
Mogger
All,
Looks like we got our award just in time
https://www.reuters.com/article/eu-energy-politics/explainer-why-might-the-eu-pull-out-of-the-energy-charter-treaty-idUSL8N32K3GU
Mogger
Mirasol,
I suggested that you read the executive summary. If you had, you wouldn't have asked another silly question. Here are the relevant sections:
The structure and capacity of the current Minerals team is considered to be inadequate to ensure the successful delivery of the tasks required in order for FIG to be ready for the timely commencement of the Sea Lion project. Currently the establishment is 5.1 Full Time Equivalents (FTE) of which some is a Fixed Term Contract (FTC).
3.2 A new structure to support the project has been developed, and requirements identified with job descriptions written and graded. This change will effectively increase the department by 2 FTE.
3.3 The additional costs to secure and appropriately resource a team are to be met by the revenues received by FIG from Navitas REDACTED On the basis of the budgetary implications presented in section 2 this should result in circa 3 years of funding.
4.1 Under the Islands Plan 2022 – 2026 there is a commitment to “progress extractive industries in an environmentally conscious way”. More specifically within the delivery plan there are a number of clear objectives:
4.1.1 Put in place legislative priorities for Sea Lion project Offshore Minerals Ordinance
4.1.2 Undertake project management for Sea Lion project
4.1.3 Complete resourcing and recruitment for Sea Lion project
4.2 Over the past 15 years the size of the Minerals department has expanded and contracted according to the level of activity by industry. The current Minerals department has a small team of six established posts and one fixed term contract post. As of the end of September 2022 only the fixed term and the cleaner posts were filled.
4.3 The recruitment process for the new Director of Mineral Resources has been completed and a sucessful applicant is currently progressing through the on-boarding process.
4.4 During the farm-in negotiations between Navitas and FIG, and agreement was reached to secure a fee of $1,800,000 REDACTED. This will be paid to FIG in two instalments on 1 January 2023 and 1 January 2024. This revenue is expected to be used in part to fund the costs associated with ensuring that FIG is at the appropriate level of oil readiness for the Sea Lion project to commence.
Mogger
All,
As mentioned in the document that I shared a couple of weeks ago, here are the job adverts for the growing team.
The job description for the Senior Project Manager makes for interesting reading
https://www.falklands.gov.fk/humanresources/fig-job-opportunities
Mogger
Greenspot,
We've been through this before, but for those new to the board , here is Greenspot's posting history
7th August 2019 – “Sold a few weeks ago”
25 Nov 2019 “have a v v small holding left...worth around £1k so not material for me at the moment.”
4th Feb 2020 “substantial” holding at average “22.16p”
27th Feb 2020 “ Got out 100% at mid 16p”
5th March 2020 “I am watching now from the sidelines”
19th Aug 2020 “Sold almost all my holding yesterday, have a mere £2k left.”
1st Oct 2021 “Last 20000 shares sold, this will be 2p then bust” (price was 5p)
10 Nov 2022 “ I bought at £3.40 on the “promise of plenty of upside” and sold my last small trance at 12p”
Tells as many untruths as his friend Godders/James/ Latics/Bold
Mogger
All,
I see that Italy are about to open up exploration between 9 and 12 miles off the coast again! I wonder why. Of more potential interest is that they are starting the drilling onshore again.
https://www.reuters.com/business/energy/italy-expands-adriatic-drilling-rights-hike-gas-output-lower-price-2022-11-04/
Mogger
All,
I see that the case details on the ICSID website have been updated.
https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/17/14
This confirms that "The Acting Secretary-General registers an application for annulment of the award filed by the Italian Republic and notifies the parties of the provisional stay of enforcement of the award."
For those interested the next steps are :
Chairman of the Administrative Council to appoint an ad hoc Committee in accordance with Article 52(3) of the Convention. Article 52(3) details can be found here:
https://icsid.worldbank.org/sites/default/files/ICSID%20Convention%20English.pdf
Also contained in the above are details regarding the request for the stay of execution:
" The party applying for the interpretation, revision or annulment of an award may in its application, and either party may at any time before the final disposition of the application, request a stay in the enforcement of part or all of the award to which the application relates.
The Tribunal or Committee shall give priority to the consideration of such a request.
(2) If an application for the revision or annulment of an award contains a request for a stay of its enforcement, the Secretary-General shall, together with the notice of registration, inform both parties of the provisional stay of the award. As soon as the Tribunal or Committee is constituted it shall, if either party requests, rule within 30 days on whether such stay should be continued; unless it decides to continue the stay, it shall automatically be terminated."
I hope that helps those that want to know if there might be announcements before the end of the year
Mogger
Godders/James/Glen
Comment on what?
"Currently no material costs in relation to these activities are envisaged before the end of 2024"
That's more than 24 months away
We've established previously that you cant use a calculator , but I thought a calendar would be easier for you
Mogger
Godders/James/Glen,
You haven't called anything correctly.
26th April " I think the likelihood is a huge dilution" - wrong
6th June "My money is on a $15m win or a loss." - wrong
In the last month you have had plenty of opportunity to sell with a 50% tax free profit. In fact everyone on this board has been imploring you to do so. You even failed to do that
No wonder your twitter handle is "world's worst private investor"
Mogger
Mirasol,
Who trashed you regarding the length of time it might take? It was your nonsense of speaking of Italian judges etc. that you were criticised for.
The law takes a long time to get to the correct decision. You take very little time to get to the wrong conclusion.
Mogger
Paul,
Looking at the Legistration Programme attached, it looks like the UKG needs to sanction parts/ all of the project.
On page 22, regarding the new Maritime ( amendment ) Bill,
"Through the UK Department of Transport and the Maritime and Coastguard Agency, the UK has recommended that the Convention be extended to the Falkland Islands. This is seen as a pre-condition for UK sanction for oil extraction to commence in the Sealion oil field.
http://www.falklands.gov.fk/assembly/jdownloads/Executive%20Council/Executive%20Council%20Papers/2022/12%2025%20October%202022/160-22P.pdf
Mogger
All,
It unfortunately looks like Navitas has been too busy communicating with the FIG, rather than sending Latics and Godders updates as to their progress.
If anyone is in any doubt as to Navitas's commitment , please read the attached
http://www.falklands.gov.fk/assembly/jdownloads/Executive%20Council/Executive%20Council%20Papers/2022/12%2025%20October%202022/153-22P.pdf
Mogger
Happy,
I can't give you a percentage chance of Italy paying up.
The latest survey states "The States reported compliance with 35 of the 41 Awards of Costs and/or Damages in favor of the Claimant" Although there were a number of non-respondents in the survey
https://icsid.worldbank.org/sites/default/files/publications/Report%20on%20ICSID%20Survey.pdf
Mogger
Mirasol,
"that was those corporations not the Govt itself"
I struggle to understand why you are so keen to show your ignorance to the wider public.
British Gas and BNOC were created by acts of parliament ( the gas act of 1972 and the Petroleum and Submarine Pipe-lines Act 1975). They both reported to the Secretary of State and the provisions for both acts detailed how the two corporations could receive loans and financial guarantees from the government.
Are you trying to suggest they were private companies?
"and it was all done under Tony Benn" - wrong again
The Gas Act received royal ascent in 1972 under the Conservative Government of Edward Heath
Mogger