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There has been too much criticism of Sam on this BB.

I’m sure he would admit to having made mistakes, but he has brought us to this point, where most others would probably have failed or given up.

I am sure that whatever is being negotiated now, Sam will not be giving anything away.

Just look at the OM deals, including the insurance option if the annulment succeeds , if you are in any doubt.

Depending on how much of the OM award is already in the sp, bearing in mind RKH will get €31M whatever the outcome, if OM ad hoc committee announce the full award is upheld in favour of RKH, that could add up to another 8p to the sp.

As for the NSAI report, if RKH is to have its own independent SL reserves appraisal, to me that can only mean another partner is about to join the project and RKH needs to be able to produce an up-to-date valuation of its share of SL.

Likely outcome of this is an increase in reserves valuation, on top of a new partner joining the project, on top of up to 8p added to the sp.

Who said 50p by the end of March 2025?

Looks as though StockWatching is one of those commentators who 'have a habit of posting negative interpretations of perfectly normal and positive events'

'......l RKH have a habit of clutching defeat from the jaws of victory'

Or some commentators have a habit of posting negative interpretations of perfectly normal and positive events?

It is just conceivable there could be a partial annulment, because the ad hoc committee find that the tribunal didn't properly follow some procedure correctly, although I find that very unlikely. The tribunal fell over backwards to appear fair to RoI, whereas at times, seemed rather impatient with RKHs lawyers.

In the event of a partial annulment, the award could be slightly scaled-down, and with that the accrued interest would correspondingly be reduced. That could explain the delay.

I don't happen to believe that the outcome will be anything other than confirmation that RKH gets the full award, which will mean €65M for RKH, paid immediately.

Don’t forget SL is low sulfur, which is a plus.

That’s pretty amazing .

Thanks for the link.

So you took my advice then, Ripley.

I’m afraid you’re wrong there buffit. I’ve been doing a lot of cooking recently, but perhaps I’ll get the evening off today !!

I was working out how to spend today's winnings, when my wife reminded me "I think we've been here before, when you counted this lot before we lost it last week".

If SL is going into production, which appears to be a pretty good certainty with all the actions already completed, reported regularly by Mogger.

FIG working full steam to meet Navitas schedule and Shenandoah also progressing to first oil, which will underpin the financials of SL and then the rest of the FI region.

With all of that progressing apparently on schedule, there are going to be a number of significant announcements between now and FID and from there to first oil.

OK, things are rather quiet today, as we continue to await the OM result, but all that will confirm is that RKH is funded to first oil, with oil & gas back on the World energy agenda.

Particularly if they really intend to deliver 10 major upstream projects by 2027.

Where are they going to find them, in geo-politically friendly locations - it's already March 2025?

While I re-watch Mark Alpenblick's presentation https://www.youtube.com/watch?v=cX3dFOXeaPY

it's very clear that Navitas has to get to SL in production, otherwise it will just wither away and we don't need any more evidence than their commitment so far that this will happen.

The presentation doesn't seem to take into account a new partner for SL, but if you look at what Navitas have done so far and how they have done it, I cannot see them not bringing in a new and potentially very large partner soon.

That would resolve many of Mark Alpenblick's questions and misgivings.

I also bet there are a number of big potential partners who would love to be a part of this new oil/gas region from the outset.

Despite all the gloom, hydrocarbons are going to be in increasing demand for a while yet, even if that ultimately kills us all.

I think someone has already done the sums on that one and has shown that RKH can afford to give up 5% (leaving it with a 30% share of SL) without losing anything at all, following last November's RNS 'Sea Lion Operator's Update', when NSAI reported: 'the certified gross 2C recoverable oil resources in the overall NFB have increased from 791 MMbbls to 917 MMbbls'.

I do realise RKH would have to give up 5%, but the remaining 30% now, would be virtually the same as the 35% of recoverable oil reserves before the update, which everyone considered to be very satisfactory.

When someone's going to make an announcement about something SL-related, it is worth considering that for Navitas' future growth, getting SL into production isn't an option. While Shenandoah is a major stepping stone to achieving that, it's not the be-all-and-end-all. And SL is just the entry to the much larger FI region.

I also see Navitas announcing a new JV partner for SL quite soon. I don't anticipate Navitas developing SL without another partner - RKH is of no help to them on that score.

I heard the ad hoc committee decided to have one last dip into their expense account by taking the Orient Express to Venice and make a flamboyant announcement in St Mark’s Square.

They were apparently seduced by an obsequious Italian steward, who suggested opening a window for some ventilation and, Whooosh, all their papers went out of the window.

I hear Sam has been asked if he minds resubmitting RKH’s ECT claim against the Republic of Italy and starting all over again.

You couldn’t make it up could you?

This sort of thing is exactly what I was referring to yesterday

The last time I experienced anything like this was with the telecoms company Orange. In that case, it was an absolute certainty that Orange would be taken over, but by whom?

To this day I can't remember how I worked out it would be the German engineering company Mannesmann, but I did. I think the 'secret' there was doing a lot of research.

As the share price followed the same sort of generally upwards path that RKH is following now, some did very well, some did OK and some even managed to lose money, possibly by trying to be too clever and then getting caught out.

Then Mannesmann pounced and the sp went mad. Most had taken their money and off to the pub to celebrate.

What few had anticipated was Vodaphone would then take over Mannesmann just to be able to get Orange. Things went ballistic, with Orange finally ending up in the hands of France Télécom.

Lessons learnt:

- take the retracements in your stride, as this one really is only going one way, but it will take time and, at times, some steady nerves;

- trade a few shares on the side to earn a bit extra if you wish, but don't put your main bet at risk, 'cos you could mis-time things;

- don't try to be too clever, as it may backfire. Actually, it almost certainly WILL backfire if you are trading the rises and falls repeatedly, unless you are lucky;

- Don't get out too early (Abbey National was another where many regretted taking their money and walking away too soon);

I finished building my main position around Christmas time and have left it alone since then.

Best of luck!

It can be a concern when the share price retraces, but you have to expect the share to be traded, as different punters have different ways of making money.

I’m in no doubt that the general trend is upward, ICSID have to announce their decision and pretty soon and RKH gets a substantial payout whatever the outcome, which really is quite unusual.

Who would have guessed we would have been saying things like this in 2022?

What a change in sentiment