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Some time ago, when I referred to all the ducks that needed to be aligned, there was a long way to go, but I was convinced it would happen, because the prize is so enormous and both HMG and FIG have very good reasons for wanting it to happen.
Now those ducks are being aligned, one after another, but without any fanfare, and at the moment, no new obstacles are getting in the way.
Plus a solvent company with increasing revenue from Egypt and a very realistic prospect of a favourable outcome in their claim against the Italian government on a no-win-no-fee basis.
One wonders why so few investors appreciate what's going on, right under their noses - suppose they haven't bothered to research adequately.

Then we have "experts" like Bancos (sure that rhymes with something) who mock RKH, its BoD and its shareholders and in the process, mock themselves.

When it all kicks-off, no doubt they'll crawl back under their stones, to reappear with a different name, saying how clever they are to have been investing in RKH from the start and that their average is, say, 30p!!

My advice, if you believe in the continuing need for oil, when Big Oilies have failed to invest in exploration, is to stick with it and laugh at the likes of Bancos, Master Shanus (doesn't that rhyme with something too!?).

Cataclysmic warnings are more credible if written in intelligible English!

and Sea Lion's a treacle mine

That Bancos knows what he's talking about - definitely sell the lot first thing tomorrow morning.
Sam Moody doesn't even exist.

You may know more than me - I can only repeat what I was told by those who were in responsible positions, rather than make stuff up, as many do on this BB.

One such was that certain important service contracts had been negotiated at favourable rates, at a time when oil/gas service companies had virtually no new business and these contracts were valid for 5 years. Of course, those 5 years are getting shorter with every day.

There may well be other less favourable contracts, but those I was told about mean that there's still no immediate rush to get started and the political situation in Argentina could rear its head once more, spooking everyone as it did during the reign of the Botoxed Cristina.

While it clearly doesn't suit RKH shareholders, it seems to me that some delays could suit PMO, RKH BoD and even FIG.
Relationships with Argentina have improved spectacularly since Macri became president, but their next election is only about 15 months away, and there'll be a lot of "politics" in the months leading up to that, so maybe need to get that out of the way before an absolute commitment to Sea Lion?

In the mean time, PMO continues to pay down its debt mountain, various negotiations continue, perhaps including agreeing Export Credit Finance (that seemed to be a very real possibility when chatting at this year's AGM), PoO hardens, so the value of the FI oil region correspondingly increases, Service contracts, negotiated at favourable rates were locked-in for 5 years (so I was told on the very best authority).

So more waiting would not seem to be an unreasonable expectation, assuming nothing catastrophic happens in the mean time, and there are some possibilities, including a raging Global trade war and a few other things too.

However, HMG would like to see its defence spending in the region refunded and it looks as though Art Berman's forecast of "moonshot" PoO is quite feasible, so "you pays your money and you takes your chance".

Whatever else though, having done that, don't moan on here if it doesn't go the way you want/expect.

Been reading his posts and while he's every right to be sceptical, his comments indicate a very selective recall of events.
At the time PMO entered RKH's world, no "Big Oil" company was prepared to risk its South American activities and PMO actually looked quite a reasonable 2nd tier fit with RKH, with the PoO very strong and its sudden and prolonged collapse on no one's RADAR, even though now, some clever Dicks claim to have seen it coming.

The then CEO, Simon Lockett, was very bullish about Sea Lion and the Falklands. Then, Tony Durrant taking his position seemed like the worst possible news, but it was TD who probably managed to steer PMO through the rapids of virtual bankruptcy, which SL would probably have failed to achieve.

OK, it's been wait, wait and wait a bit more, but during that time, others have gone to the wall, whereas RKH survives and is in pretty good shape as the PoO recovers.

Just do a Google translate
It says that the Italian Govt. failed in its attempt to have the RKH claim withdrawn/dismissed.
Shows why RKH are right to submit their claim via the UN and under no circumstances enter into an out-of-Court settlement with what amounts to a bunch of unscrupulous rogues.

peekayokay, the current skepticism is because of all the reasons you've listed and more.
sp of £20 is completely feasible, but not for a while (years).
In the mean time, most of those who might have thought of putting a bet on RKH have either found somewhere else (like a horse), or spent it, or died!

and a lot of selling too

Having spoken to a few of the BoD at the AGM, the "vibes" seemed pretty positive, but that there are many ducks to be aligned, but which are all progressing well. I think the biggest issue for PIs right now is the use of the word "imminent", which may have been a genuine mistake. Frankly, senior management shouldn't make such mistakes (if that's what it was), when so many are sitting on the edge of their seats waiting for good news, after years of relentless bad news/no news. Otherwise, whatever was believed to be "imminent" has now changed (e.g. haggling over details), in which case I'd have expected the sp to have slid more quickly to where it was before, in the 20s, because there are always some "in the know". I'm pretty convinced that Export Credit Finance is playing a big part of the funding and the final approval for that will then give confidence to others, who may be dithering/waving their pens in the air in anticipation before signing. I'm still very bullish, but perhaps management jumped the gun and are now looking a bit silly, while they have to wait for whatever it is, before the "imminent" announcement can be made.

Well, if ii wanted to flush-out all the riff-raff, they've done a great job - here I am to cheer you all up, once I've unpacked and had a shower! As for those who stayed, saying how great it is, or is going to be, best of luck to them, hope they enjoy themselves.