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Violindog, do you agree with my assessment, or maybe have other points?

I reckoned the Israeli Government was involved some time ago, with ambitions to develop as much as possible as quickly as possible

Don't know what happened to the formatting, but try and read it.

Before we all kill each other, which would be a pity so close to enjoying our winnings, I thought it might be worth summarising the key points from the discussion (below), initiated by violindog's comment: 'I'm pretty sure that behind the scenes the Israeli government are backing Navitas'.

- Could the Israeli Government be backing Navitas? YES

- What does that mean for us?

- Project funding is likely to be considerably more certain,

- the SL project will be very tightly managed,

- the Israeli Government will be looking beyond SL to the wider NFB opportunities and potentially the SFB.

- The FIG Legislative Assembly will be more focussed on delivering administrative and statutory decisions/solutions

promptly. There is plenty of evidence for this already, as regularly reported by Mogger, plus the appointment of the

new FIG CEO (Dr Andrea Clausen).

- Behind the scenes, there may also be HMG involvement, even if not overt funding, etc.

- On completion of phases, there are unlikely to be pauses, but rather to be more concurrent activity (e.g.

appraising other licence areas while work on SL project progresses).

- SL FID is a significant project milestone, but perhaps more important is that Navitas assumed the role of operator from

PMO/Harbour, after a FIG (plus others) delegation visited Tel Aviv in April 2022. It is likely that the ground rules for

Navitas becoming operator were set and agreed for the entire FI oil/gas region (not just for SL) to the satisfaction of

Navitas management and the Israeli Government, before embarking on such a potentially risky enterprise. Once that

decision had been made in 2022 and the participants demonstrated they could deliver on their commitments (e.g. FIG,

RKH), the rest follows, such as SL FID/sanction.

- Since April 2022, there is no evidence of FIG dragging their feet, which had been a concern, nor of FIG/MLAs/FI residents

talking about not needing oil revenue. Instead, FIG have been making astonishing progress. Perhaps this is where HMG

has assisted by making experienced resources available to FIG, when needed.

There is a total commitment and discipline about Navitas, which was never previously apparent with PMO, Harbour, FIG or RKH. A complete focus on the project, with far fewer, but competent staff and without distractions in Egypt, Italy, or anywhere else. Also, no distracting announcements that don't materialise, which shareholders may not like, but at least we haven't been misled as we were by Tony Durrant and others.

Conclusion: SL project is only the start of a massive programme to develop FI oil & gas resources, assuming that SL goes to plan.

Thanks Mogger

Rather a lot ‘Redacted’ which would have been interesting to know, e.g. land purchase and reassignment.

Definitely.

I think they were trying to play hard ball and messed it up at the wrong moment.

GT wanted absolutely certainty that Navitas plans for SL and the rest of the NFB wouldn’t be messed up by people who appeared to be suspicious of oil companies, believed their oil and gas reserves were so big that no one would turn their backs on them, were possibly greedy and might drag their feet when Navitas were trying to get the project running.

Wouldn’t anyone want to investigate such issues before committing to such a mammoth project?

It could well have been, but that’s what Keith Padgett said in the Legislative Assembly in 2016

As for ’FIG have a good reputation for trying their damnedest to get SL going while protecting the Islands position’, wrong again Mirasol. FIG and MLAs repeatedly said they didn’t NEED oil revenue as their other sources of revenue were perfectly adequate and their reserves were healthy, which wasn’t true either.

Mirasol, as so many do, you are looking through blinkered eyes and not recalling real events. Maybe just check your facts first.

Yes, oil started to take a tumble from about August 2014, all the way down until January 2016 and yes, the Peronists were making a lot of hostile noise in Argentina, but there were still some who were hanging on in the belief that the macro situation would eventually recover, which they started to do from February 2016 until September 2018. So, at the time we are referring to, oil price was recovering well and no one in 2016, except perhaps clever people like you, could have anticipated the oil price collapse from around Sept/Oct 2018.

Hindsight is such a blessing for those who can't think straight at the time.

In any case, that isn't what I was referring to here. OK things were looking shaky, but it's when the FIG CEO then tells you to get out and then boasts about it in the LA, that's probably the biggest signal of all to leave.

With all that in mind, GT would have been very focused on getting a commitment from the FIG that there wouldn't be a repeat of this, if that was perhaps the way they really felt about oil companies and still did.

I think we all missed the really big Navitas decision in 2022. Following PMO/Harbour decision not to continue in the FI, most of us believed Navitas would jump at the opportunity to take the 65% of SL. But Navitas clearly wanted reassurance that if they committed to SL and perhaps beyond, there wouldn't be a repeat of 2016 - Had the leopard changed its spots?

In April 2022, an FIG delegation, plus others, attended meetings in Tel Aviv and I believe it was around that time that GT made his BIG decision about SL and the FI. Would these people deliver and keep up with his timetable, or were they the ones to have derailed things back in 2016?

So yes, SL FID is a very important decision for SL, but I believe GT and Navitas (with Israeli Government backing) made their important decision in April 2022, so no going back now and SL FID is already baked-in. It's not 'if', but 'when'.

Another penny just dropped, prompted by violindog's post on 20/4/25 @ 22:20hrs: 'I'm pretty sure that behind the scenes the Israeli government are backing Navitas'.

About 9 years ago the then FIG CEO spoke very disparagingly, in the FI Legislative Assembly (LA), about arrogant oil company representatives who came to the FI. He boasted to the LA about the time when he kicked them out of his office and sent them packing, which they did. Some say that event caused some of the oil companies, which at that time might have developed SL, to leave the FI altogether.

Gideon Tadmor (GT) would probably know about this story - it was widely published at the time. If he was going to commit to getting SL into production and then on to the rest of the NFB, he and his financial backers would want absolute certainty that FIG wouldn't do the same sort of thing again. With such a tight project timescale, they would need FIG to be 100% committed to delivering to that timetable.

GT might be considered as yet another arrogant oil company manager (even if quite an impressive one). But if Navitas IS backed by the Israeli Government (as suggested by violindog), then the Israeli Government might have had a 'meaningful and quiet word' in the ears of certain FIG representatives, including the current CEO, saying that if they want SL to come to fruition, they'd better get their act together and make sure there are no repeats of what happened in 2016.

FIG is certainly pulling all the stops out, which is why I don't believe ANYTHING now is going to stop SL from going into production, whatever some posters write here.

I would add to my earlier post to remind everyone that Navitas have insisted FIG commit to keeping up with their SL project timetable, which is pretty brisk.

To be fair, FIG do seem to be meeting that commitment, as shown by progress in the Legislative Assembly and frequently reported here by Mogger.

So if you still doubt SL FID and sanction, look no further than progress in the FI, which surely wouldn’t be happening if this is just another false promise of the sort we got used to hearing from PMO.

Navitas plan to open up the NFB as quickly as they can.

SL FID will finally confirm that it isn’t the stranded asset many said it was. With SL on its way, Navitas aren’t going to sit around twiddling their fingers for 2 or more years. They’ll be getting stuck in for the rest of the NFB, which their financial backers expect them to do.

Navitas don’t operate to British ways of working: ‘so Charlie and me had another cup of tea, and then we went home’.

Ah! in that case don’t know, unless there’s an agreement about who goes first .

Navitas is and Israeli company, who I wouldn't expect to celebrate Christian festivals.

As for Beacon, if there is to be an announcement, surely that should come first from Navitas? Once Navitas has had its say, then Beacon would be free to make their announcement, but not the other way round, surely.

We're seeing much the same for SL - Navitas, as operator, make the first announcements, unless the issue is particular to RKH (e.g. OM award).

In that case GUH, why don't you come down and you'll discover how wrong you are.

What a load of rubbish being waffled here. Companies borrow money and/or dilute for a number of reasons:

- to prevent them going bust;

- to fund a new factory/facility for their fantastic new product range;

- to expand what they are already doing very well to increase profits.

- etc.

Clearly some are not desirable, but often it's for very positive reasons, which would be the case here, to get us to first oil ASAP.

As for giving up assets, what a load of rubbish. RKH wouldn't be giving up anything if another JV partner joined in.

Only last November a 16% increase in assets was announced and there could be more to come, giving RKH a lot of extra head room.

If we were to 'give up', say 5%, that would be for a JV partner bringing very large sums of money to the project as well as expertise that Navitas & RKH don't have.

What's got into everyone - been drinking too much ?

M-D is not just a windbag, but a proven liar, going right back to when he first posted here.

His posts are just noise to be ignored.

Let’s be sensible about this.

No one knows what is going to happen.

So far Trump is starting to look increasingly silly with unintended consequences of his tariff announcements becoming apparent.

What is very likely is Navitas won’t be blown off course, because they are looking further ahead to when SL will be producing.

The sort of thing that could mess things up are problems at Shenandoah, but we know that Navitas management is robust and well organised.

How about stopping flapping about things no one understands?

In that case, a very good reason to be an RKH shareholder, as that is the only way for us to have a 'share'.

P777, something else for your list of coming events is the very likely announcement by Navitas of a new JV partner for the SL project, bringing funds and expertise.

No doubt the Italians will, but once the ad hoc committee has announced its decision, those problems are handed over to those who have bought the award off RKH, so again M-D, a wrong and misleading statement.

'MHO, Itis already priced in the sp'.

How can it be, if the outcome isn't known? The only thing we do know is the payment will be in the range of €31M to €65M.

As for the Swiss Villa - what the hell has that got to do with it, other than muddy the water with an irrelevant story?