focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
"...work will now focus on refining the financing plan with a view to reaching FID during 2024...."
If their financing plan is ready to go, then anytime in the next few months, I expect Navitas to announce the institutional stage of an offering of participation units. Financing must be available at least a few months before FID announcement.
Keep an eye on TASE and Globes.co.il
Many Israeli energy companies have raised money via non-government bonds listed at the Tel Aviv Stock Exchange. If you see info.tase.co.il/Eng/MarketData/Bonds/Search/Pages/SearchBonds.aspx you will find so many outstanding bonds of size USD 200 million to 1,25 billion from issuers like Isramco, Paz, Tamar, OPC energy, Delek and Energean. You can read more news stories about Israeli energy companies from globes.co.il Yes NVPT can raise the capital that is required for Sea Lion.
The 12/2023 expiry warrants are pointless. No more dilution. Guidance on the Award 18-24 months (Q4 2024?). Guidance on FID possibly 2024. Nobody new buys in size before the FID or the Award. Daily liquidity is very low. Helps Large holders to keep prices below 9p this year. Well done Sam.
31 Dec 2022 8p
2023. 8p
2024. 9p
2025. 9p
2026. 9p
2027. 9p
2028. 9p
2029. 70p
2030. £2
2035. £10
2045. £25
2055. £100
"RNS Number : 1267I
...as at 30 November 2022, the issued ordinary share capital of the Company consisted of 586,460,359 Ordinary Shares..."
"RNS Number : 3700R
...Company has raised in aggregate gross proceeds of approximately US$10.4 million (£8.5 million)..."
"RNS Number : 5212Q
..Result of AGM"
Total For > 88%
londonstockexchange.com/stock/RKH/rockhopper-exploration-plc/trade-recap
"Volume - monthly"
10M to 30M
My expectations - Share prices would NOT reflect the full upside until Sanction. Discoveries of hydrocarbons in the NFB and SFB to exceed 3-5 billion barrels equivalent. Reserves in the ground worth at least 1/3rd CMV Brent. Future Brent to remain above $100. Company to thrive as a stable INDEPENDENT PRODUCER in the long term. Institutional shareholders to strongly support the Board. CEO's interests aligned with shareholders'.
My Verdict- LSE:RKH IS A VERY STRONG BUY IN GOOD SIZE. LONG TERM HOLD.
"RNS Number : 5792E
...Based on legal advice we believe annulment proceedings are likely to take approximately 18 to 24 months, albeit interest will commence accruing again in December 2022..."
My expectation: Minimum 30-36 months and not 18-24 months. Compare - InfraRed v Spain
"RNS Number : 0766B
...We look forward to working with Navitas, with whom we have already developed a strong relationship, as they build on all our existing work and knowledge to engineer an appropriate development concept and put together a financing package which could allow FID to be taken at Sea Lion during late 2023 or 2024..."
My expectation: FID earliest only late 2025. Compare - Shenandoah actual FID date was 1yr later versus estimated FID date. Also - Shenandoah expected online in 2025.
https://www.linkedin.com/company/navitas-petroleum/
Senior ex Murphy Oil staffing up Sea Lion project team.
Ramsay, Armstrong, Stensgaard.
My expectation - Navitas is a very strong partner. They show intent. They can raise financing from Israel by offering participation units in their partnership, just like they did for Shenandoah. They have track record. They are credible.
"RNS Number : 9884H
"enable us to progress our understanding of these highly prospective licences in the south - in particular, the PL011 licence which adjoins the Borders & Southern Darwin discovery"
My expectation - Rockhopper will explore and make new discoveries in both NFB and SFB.