Member Info for Ovets

The claim was filed in 2017, so please get your facts correct before posting.

It's Sunday so we are all having a break, but I hope someone is keeping an eye on Tel Aviv, because Navitas occasionally have something to say on our Day of Rest (ha ha).

If they do have anything to say, they would probably have done it by now.

Where's Mogger? Not on a skive I hope.

P.S.

Actually, aren't we discovering that they are not 'being asked how they like their eggs in the morning', but are money laundering in the hairdressers, vape shops, mini-marts, etc. that have taken over our High Streets?

Apparently we have something like 13 hairdressers, 5 vape shops and god knows how many mini-marts (with their tacky stock piled-up on the pavement) in our area alone. All the nice independent shops gave up ages ago, not able to make a profit.

Better say something about RKH before I get shouted at: Wonder what the sp will do tomorrow. Will that do?

I didn't forget, just thought I would stop there and let someone else add to the endless list.

Otherwise someone might have accused me of being a miserable old bastard!

There's no way British forces will be off to Ukraine in the foreseeable future.

As someone (might even have been Putin) recently said, you can put the entire British Army into Wembley Stadium, with enough empty seats remaining for a sizeable French contingent as well.

That's what the 'Peace Dividend' has done for us, with NHS queues, no police to be seen, more potholes getting bigger every day, Birmingham disappearing under its own filth, but at least their rat population is increasing and we can't even make our own steel any more.

Otherwise, everything's just fine, isn't it?

With silly comments like that M-D, clearly you're not here with an intention of contributing anything useful.

Wrong O I L, OM could make an important difference to RKH's balance sheet as FID approaches and then to FO.

If you don't understand that, do a bit more research

For someone who posts as much as M-D does, I think he should spend more time researching, then assimilating and understanding, then trying to look beyond the end of his nose before posting.

Wasn’t suggesting anyone should be worried about OM, just discussing the details that may not be understood

As there is still some confusion about the OM award, it's worth adding a few thoughts for us to digest as we continue to wait.

1. The tranche 3 'extra' potential payment will be a nice bit of pocket money, but by the time that's paid out, SL could be in production, so the sum involved would be relatively trivial.

2. If the annulment request is thrown out, RKH gets €65M immediately, but has to pay Zodiac €5.5M and the award sum is taxable (10 to 15% they reckon, but who knows?).

3. If the annulment request is upheld, RKH gets €31M immediately, only has to pay €3M to Zodiac and good lawyers might be able to argue that as the award has been annulled, there is no taxable income for RKH, as the insurance payment is something completely different, which RKH had to pay for (€4M), almost like a bet. That's where we may come to like the lawyers.

So whatever happens, we get a good sum and as you can see, the difference between winning and losing the annulment request narrows significantly, once Zodiac and tax have been taken into account.

Daikihaku, you are not quite correct. Under the arrangement to sell the award, there are 3 payment tranches RKH can expect to receive:

1. We had the first in June last year, from which RKH retained €15M, after paying all the legal bills.

2. We are awaiting the second right now, when we hope to get €65M, but that isn't guaranteed.

3. Then there is a 3rd (which you seem to have overlooked/forgotten): 'Tranche 3 - Potential payment of 20% on recovery of amounts in excess of 200% of the Specialist Fund's total investment including costs'.

All of this is set out in the RNS dated 20/12/2013, which you can read now.

It pays to be on top of all the detail in matters such as this and I was surprised that 3 others have recommended your post. They need to check the details too.

Don't forget tax may be payable as stated in the same RNS announcement: 'Tax will also be payable on Rockhopper's share of the proceeds from the monetisation of the Award. These calculations are complex and are unlikely to be resolved for some months but Rockhopper currently estimates that the approximate effective tax rate of between 10-15% is likely'.

So even if the annulment request is upheld, after all this lot, RKH still comes out of it pretty well.

And of course, all the while, interest on the award continues to accrue, assuming it isn’t annulled.

Correct me if I’m wrong, but wasn’t this point raised twice by the RoI and dismissed twice by the arbitration tribunal ?

So is there a new argument being presented, or just the RoI trying it on?

I would say that the insurance Sam managed to get indicates this is just another attempt at the same thing by RoI.

So we should remember that if the annulment request succeeds, RKH effectively receives €33.5M, because it will have to pay Zodiac €2.5M less to wind up its Italian affairs, than if they receive the full €65M.

Yes - after everyone has experienced a proper beating at the whim of Trump, one shouldn't expect everyone to jump back in with only 90 days to go before, perhaps, getting another beating.

I think we now need some solid announcements before getting quite as excited as before

Activity yes, but NOT 'fireworks' I hope, LTT !

FFS Mirasol, you don't believe Navitas would be this far advanced and already spending shed-loads of money, if they didn't already have the basics, such as funding, lined-up, do you?

FIG has just taken a massive loan for the first time in their history. You don't think they would do this without any prospect of paying it off do you?

Please just engage brain and stop panicking - thanks

Exactly Mirasol, which is why they want to be pumping more oil, not less

No Mirasol, that's the defeatist's view, which isn't Navitas' style. They already have the necessary funds in place and are going to make hay while the sun shines.

As already posted, they're not in this game without having planned for this sort of event (they come round every so often). The disruption could even provide opportunities for the well organised and strong.

Navitas aren't faint-hearted, like some on this BB.

Either sell your shares, handing them over to villains on the cheap, or keep your nerve and get on with something worthwhile.

Just one more thing - there are villains out there who want to spook the inexperienced / timid / easily influenced into panic-selling their shares, so they can scoop them up on the cheap.

This is going to happen and Navitas are making damned sure it will - Sea Lion and the FI NFB reserves are essential to Navitas' business expansion plan.

If you really believe in Sea Lion and the World's need for oil for decades, then hang-on there and get on with some jobs in the lovely sunshine.

Mirasol, Navitas are a long way beyond having to worry about that sort of thing. They don't leave such momentous issues until the last moment.

As for PoO, do you really believe Navitas (and everyone else) haven't thought about this and factored it into their plans?

Navitas will be wanting to get SL into production as soon as possible and as things are now, delaying FID isn't an option.