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My understanding is the RoI has been desperate to avoid creating a precedent with the RKH claim, in case others are encouraged to file ECT claims.

Is it possible that in the face of losing their defence of this claim absolutely, RoI is desperately trying some behind the scenes negotiations to allow them to make an ‘out of court’ (I know it isn’t strictly a court) settlement, so that the record shows that they settled the claim without formally accepting the ICSID judgement?

Could that explain the undue delay?

Oh God, not that f00I jimbo back again - put it on filter before it drives us all mad - AGAIN.

There's a world of difference between another partner joining the SL project JV to get that into production quickly and a new partner joining the whole FI oil/gas region exploration and production venture.

I would see a company like Murphy Oil joining the SL project, as a very helpful partner.

As for the FI oil & gas region as a whole, that needs an oil major to join in, providing funding, expertise, etc. Apparently BP are to make an announcement about their new business strategy today. Wouldn't it be great if they announce they intend to substitute their less profitable renewable business, by joining the FI region venture.

Totally agree, but for some on this BB more than one new partner might be more than they can contemplate.

I agree oiluser.

With improving relations with Argentina and their new ambassador to London talking about dropping their constitutional claim for the FI, the atmosphere is changing to encourage an oil major to join the party and really shake things up in the FI region.

For RKH, this could be achieved for virtually nothing, following the NSAI resources report last November, when SL oil reserves increased from 791MMbbls to 917MMbbls.

For RKH, 35% of 791 would have been about 277MMbbls, whereas 30% of 917 is about 275MMbbls, so RKH could give up 5% of SL to tempt a new partner, while hardly losing any of it reserves allocation. Some shareholders might moan about giving up 5%, but it's not as though we would be getting nothing in return.

For the speculators here, while we await the next announcement, who might that new partner be?

All the ad hoc committee has to decide is whether the RoI’s request for an annulment of the ICSID tribunal’s award has any justification.

The annulment criteria are very specific, which most people consider not to be relevant in this case, so annulment request is most likely to be rejected, as shown by the insurance Sam arranged, if the annulment request succeeds.

There is a remote possibility of a partial annulment (I.e. a reduction of the award).

Anything else is irrelevant, so my advice is to enjoy the weekend by researching which Ferrari model you prefer, or if you don’t like cars, that new kitchen you have always dreamt of, or that holiday.

Something like that looks pretty likely.

We should remember RKH's 35% of SL increased by about 16% last November, so it really isn't a problem. We get a meaty JV partner to join the party, while remaining more or less where we were.

If you make statements like this, you need to explain them, or as the teacher might say, show the working.

So let’s hear your ‘workings’

Markednmbr1, I think I know what you mean, but it is confusing. Here is my version:

If RKH lose the claim (i.e. the RoI's request for annulment succeeds), then RKH receives €31M from the insurers, for which they have already paid a €4M premium, so €27M net gain.

If the RoI's request for annulment fails (i.e. RKH wins outright), then RKH receives €65M from the specialist fund.

Other factors to consider:

There could be a partial annulment, with the original award to RKH being reduced and the accrued interest correspondingly reduced.

There may be tax to pay on the receipt, especially if it's the full €65M.

RKH still has to pay Zodiac for de-commissioning its Italian activities. The sum paid to Zodiac will vary, depending on whether RKH receives the full €65M, or the reduced €31M. Not sure what it will be if there's a partial annulment.

I'm reasonably sure RKH is going to get the full €65M, but we will have to wait and see.

Ralph, my understanding is Malcy doesn't hold any share on his Bucket List.

Conclusion: Malcy is now invested in RKH.

After that demonstration of competence, any Sea Lion doubters still out there?

Nothing wrong with South Tyneside (well not much) even if I am a posh Surrey b*****d !!

Go away Ripper, if most of us have you filtered and you ignore most of the posts here, what is the point of you wearing out your fingers with your stupid posts? Surely not another self-obsessed narcissist? If so, find yourself a mirror and sit in front of it.

Someone was having another selling burst at 14:42.

LTT, I realise you are a fully committed believer.

My comments were aimed at the doubters.

Thanks for your great posts and insights

LTT, when I discovered some Israeli outfit was getting involved, I did some research. There wasn't much to find out at that time, but while some on this BB were pouring scorn on such a ridiculous choice of JV partner, I remember thinking that the Israeli outfit might hopefully bring some rigour and discipline to the project.

When PMO gave up and Navitas took over all 65% as operator, we already knew a bit more about them, and rather than disappointment, I felt that at last the project was in the hands of very determined, thorough and competent people, who wouldn't tolerate nonsense, but were also taking over as operator because they knew they would make it happen.

Returning to you 'getting into a cold sweat wondering what might go wrong to scupper us this time', my view is that Navitas is the sort of outfit that knows it is there to manage their way through the inevitable problems that arise in projects like this. They are not to sort of people who have a breakdown when something goes wrong, but instead, they know they are going to encounter obstacles and have the right people, with the right mentality to get things sorted, perhaps even turning problems into opportunities, where they can.

Those who are currently manipulating the sp with short busts of Automatic sell trades already know this and are making the most of profiting from the legacy of nervousness left by the likes of PMO who have indoctrinated us over years not to trust RKH and that SL will actually happen, let alone Isobel, Elaine, etc.

Navitas wouldn't still be committed in the way they are if they weren't sure they are on the brink of something truly gigantic.

And, with good management, sometimes things go better, particularly if that management doesn't over-state expectations.

"In May 2024" the question was supposed to apply to the Isobel thread.

"In May 2024" - are you sure?

Buffit, here it is 'mathS' - we're not part of Trumpland yet.

Thanks