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ZYX098, I’d be absolutely gobsmacked to discover that anyone at Navitas even knows about this BB, let alone has time to read anything posted here !

Correct flipper, which is why Shenandoah, now in production, is absolutely fundamental to SL FID.

For buzz's benefit (who isn't 'really sure how Shenandoah news helps Sealion'), not only does it address the the 2 'warning signs' expressed by Simply Wall St on 24/7/25 (i.e. the day before the Beacon announcement), but it fulfils the requirement, stated by Navitas themselves, that SL FID could only happen after Shenandoah first oil.

No doubt that requirement was imposed on them anyway, but one would hope that Navitas management realises that you can stretch debt only so far before it becomes a problem, as happened to PMO.

Correct Topshelf. Like what happened to Repsol in 2012. A while ago, but not forgotten.

I think FID announcement is going to be a bit more than 12 weeks, but that delay could be a very good thing if the funding/finances work out as I suspect they will.

The reason why Argentina is being discussed is because some posters here were reviving the old 'bogey man', saying that Argentina might be a problem, if not to Navitas/RKH, then to any new oil company (perhaps an oil major that might wish to join-in the new Falkland oil/gas region, before the cost of joining becomes unaffordable) that is frightened away by the prospects of the Peronists getting back in power, should Milei fail to revive the economy.

It is very important and if you can't see that, you need to do some research.

My opinion, as already stated, is that Argentina is probably not going to be a problem, so need not be a concern and those reviving this issue are mistaken/wrong.

As for F-16s, F-35s, etc., that's not what we're talking about. What would concern a potential newcomer to the FI is that Argentina might try to mess-up their other Latin American commercial activities.

It could be relevant to FID if another partner is planning to join, but is nervous about upsetting a new Peronist Government in 2027, just when SL first oil is about to happen.

FFS !

None of us can be sure what will happen in Argentina, the Peronists have a strong following, Argentina still maintains a constitutional claim for 'Las Malvinas' and the next full election is scheduled for the latter part of 2027, but no date set yet.

In the 2023 elections, it was as though the Argentineans had given up on the Peronists and just elected the biggest lunatic they could find, in the hope he might do what the Peronists had repeatedly failed to do - create a growing economy (a bit like everyone in the UK, completely fed up with the Conservatives, electing the Monster Raving Loony Party, just to see what would happen).

Javier Milei was nicknamed 'el Loco' (the Madman), so not much was expected of him. Instead, Milei appears to be having success in turning the Argentinean economy around, with 2 years still to go,

If the majority of the Argentinean population perceive their lives improving as the 2027 election approaches, it's now believed Milei could be re-elected, which was inconceivable in 2023.

A lot of positive diplomatic activity has been going on recently between the UK and Argentina. Perhaps similar to the UK's relationship with Germany after WW2, there's a growing realisation that instead of beating the hell out of each other, it would be better to cooperate, with the economic benefits that can deliver, only in this case, it's taken over 40 years for the circumstances to allow that penny to drop.

It's possible that Argentina's constitutional claim on the FI will remain, rather like Spain's continuing claim on Gibraltar, but I don't notice any particular problem currently between Spain and the UK.

My view is that Argentina and the UK have far more to gain by cooperating than bickering over the FI, at the expense of everything else, so I think we can probably put those worries to one side, even if some would still prefer to keep them alive.

'His big round smug face is going to be an absolute picture!'

Make sure someone's around to take that picture.

Probably right this time LTT, but I seem to remember we've been saying similar things for about 15 years.

During that time, I've certainly been wishing my life away as I look forward to this announcement, or that, such as Tony Durrant promising FID in about 6 months' time. Counting down the months, weeks, days to nothing at all, so onto the next non-announcement.

My clock's (and patience) running out, so it had better be true this time.

Thanks for the responses - I was starting to get rather nervous !

OK if I stop flapping now?

Anyone got anything to report about progress at Shenandoah?

P.S. Thanks for such detailed and informative posts

ZYX098, you write: ‘Like I said - really hope it's not true!!’

But what if it is true?

Just hope someone is reading your posts and takes remedial action?

I'm sure, Cammbo, we're all 'kicking ourselves we didn't put more in', sold too early, or something, but we have to remind ourselves of the circumstances applying then.

Very easy to beat ourselves up, but that's how we learn and my advice is to make the best of the current situation, even if 67p seems unduly high to be buying.

Maybe wait for a retracement then pounce, but otherwise, the only way this is going is upwards, so best of luck to you and everyone else.

P.S. DON'T sell out cheap to anyone - that's an order !!

No worries JPDM.

Strange things have been going on with FIH, but I too have a feeling someone may wish to acquire their assets, especially their land.

FIG have been in regular contact with the Norwegians, in particular about setting up and running their sovereign wealth fund.

Also worth noting the £150M loan on exceptionally good terms, so repayment is a given, and that won't be from squid fishing licences.

For those who would like to see what things might be like in the FI after first oil, I recommend you watch episode 2 of Simon Reeves' documentary series about Scandinavia on BBC iplayer.

https://www.bbc.co.uk/iplayer/episode/m002cg5n/scandinavia-with-simon-reeve-series-1-episode-2

For those who doubt SL will ever produce oil, watch this and think again.

This should be compulsory reading for all RKH investors. Assuming all of it is correct, a glimpse of life in the FI in the near future.

God almighty Ripper, do you really believe any one of us is interested in your nonsense?

Get off this BB and find someone else to bore.

Bye bye

The only way this can be repaid is with oil revenue. Remember the FI credit rating for this loan? That was only possible with the certainty of oil revenues.

This £150M must be one of the strongest signals to anyone who might occasionally have any doubt about SL's progress to first oil.

Thanks Matt.

There seemed to be disproportionate attention to discussing something else going wrong, as though it’s expected.

Perhaps someone would be so kind as to give a balanced view, and why Shenandoah FO might be anything other than predicted?

Seeing how cautious and professional Beacon/Navitas have been so far, would they have made exaggerated predictions about Shenandoah FO, particularly as they’ll need all the support they can muster to get SL into production?