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Am I dreaming, or has TheChessMaster just up sticks and gone?

That's Godders, Aiminvestors and The ChessMaster.

I wonder who's going to be next.

Good points LTT

Don't forget that with the recent insurance (announced on 14/10/24), RKH will receive at least 4p/share whatever the OM outcome and hopefully as much as 8p/share if the annulment request is thrown out.

Then there are the proven SL oil reserves. Correct me if I am wrong, but after Monday's Navitas announcement, RKH's 35% share of the oil reserves is now greater than was first believed for its 100% of SL when announced in 2010. Whatever the precise numbers, RKH's current oil reserves have just increased.

Initially on Monday there may have been disappointment at no FID in 2024, but as the pennies dropped, the above facts must be playing a part in the sp rise since then.

Yes BrightSpot, and we have all learnt one hell of a lot in that time, plus:

Every time the SL reserves are reviewed, they increase substantially and:

The cost of getting it out reduces significantly

What more could we want?

FID I suppose !

A positive OM outcome could push the sp up by 8p immediately

Yes, the £100M MC is almost certainly a factor.

While the RKH MC was below £100M, I bet a few fund managers had their fingers poised over the ‘BUY’ button.

A good read.

There probably was a time when the EIS was little more than a formality, but certainly not these days and even less in a pristine region like the South Atlantic.

TCM seems to be changing / adjusting his views as the real world around him gallops past him and away into the distance

As well as generally positive publicity, RKH's main asset (apart from its cash) has increased by 16% from 277MMbls to 321MMbls.

TCM said that wasn't worth anything until SL funding is announced, but clearly RKH's proven oil assets MUST have value and therefore MUST affect the sp.

The same applies to Navitas, who make a great fanfare about their proven oil assets being a major part of their value, of which Sea Lion is a mere 67.5% - BIG FANFARE !

For those still wondering about the value of SL and RKH (and perhaps have been persuaded that 40p would be a great takeover sp value), just think of that - SL currently represents 67.5% of all Navitas proven oil reserves, and that's just a start in the FI region.

Didn't attend an AGM and you claim to be THE expert?

Oh dear - it gets worse and worse.

Oh dear, back on the booze TCM?

I don't doubt that there are many who would be happy to accept 40p, even 30p, especially when persuaded by the likes of TCM to believe that would be a terrific deal, until they discover, too late, what RKH was really worth. It isn't just SL, but all those other FI region licences, not yet even explored. That's why the likes of TCM and his mates should be shown up as the rogues they are.

The NSAI report increases the SL 2C reserves by 16%. TCM says: 'This fact we have an extra few hundred million barrels in the latest update means absolutely nothing to the share price, they could say we have an extra 5 Billion barrels and the shares would barely move'. Actually, RKH doesn't have 'an extra few hundred million barrels', so TCM is WRONG on both counts. Apart from RKH's cash balance, its proven oil reserves are currently its main asset. I wouldn't expect a 16% increase in the RKH sp on the strength of a 16% increase in RKH's SL reserves to 321MMbls, but I would expect quite a sp rise if RKH's main asset has just increased by that much for absolutely no cost.

If the likes of TCM were really interested in discussing the true value of RKH (very relevant and important for a takeover valuation), they would be taking proper account of such news, but no, instead they're softening-up the impatient, the anxious, and the not-too-sure shareholders into believing that a takeover sp of, say, 40p, or less would be good for them.

All the while, the likes of TCM are accumulating more shares for the big moment.

Why isn't TCM mentioning the bidding war that is likely ensue for RKH and the take-out sp that might reach?

It's like the knockers who came to people's doors to offer derisory sums for their valuable antiques and jewellery, then disappear into the night, taking their valuables with them, leaving the poor victims to discover what they had just given away.

TCM repeats that the EIS and FDP are mere formalities, so no big deal. Once upon a time, the EIS may have been a formality, but not in 2024, when starting oil production in a pristine ecologically rich environment, at a time when climate change is causing widespread concern.

Does Ian Ramsay and his Navitas team think that producing an acceptable EIS is a mere formality after all the time and effort spent on getting it right?

Does UKOG management regard an EIS as a mere formality after their experience with Horse Hill?

And TCM seems to spend an inordinate amount of time on this BB telling us what a rubbish investment RKH is with poor prospects. Strange to be spending so much time discrediting such a worthless investment, don't you think?

It's NOT a 'no brainer' for FIG handing over control of most of their oil/gas resources to an Israeli company.

It's NOT a 'no brainer' for intelligent shareholders

It's NOT a 'no brainer' for the other potential bidders for such a substantial entry into the FI oil/gas region

Is it TCM.

TCM says SL is no more than a side show for Navitas at the moment. I have frequently wondered about TCM and his objectives.

Before yesterday's announcements, Navitas published that of their total 2C reserves of 821MMbls, Shenandoah is about 26% and SL was nearly 63% - some 'side show'

But after yesterday's announcements, Navitas total reserves have increased from 821 to 947MMbls, of which SL is now 67.5% of Navitas published resources.

Is someone being silly, or just plain thick when describing that proportion of their total reserves as 'a side show'?

It should also be remembered that RKH's 35% proportion of SL has just increased from 277MMbls to 321MMbls, PLUS initial production being increased, which means increased initial revenue from a 16% bigger oil field than we believed on Sunday night.

And then there's the SL EIS progress, which TCM dismisses as a mere formality - tell that to UKOG, and their involvement with Horse Hill and see what they have to say about it being a mere formality.

Nearly forgot the OM award. That looks pretty certain to be the full €65M for RKH, with the annulment challenge being dismissed. €65M another 'side show'? I think not, as that would add about 8p to the sp.

Why are so many posters trying to make the Navitas/RKH SL project look like a lost cause? They must be scammers, as the prospects for SL have NEVER looked better. I'm happy to wait a bit longer for a bigger slice of a bigger pie.

As for the RKH takeover rubbish: so Navitas will offer about 30p /share, which we will all jump to accept with gratitude? FIG will allow an Israeli company to take 100% control of SL and all the other RKH licences?

There will be no one else making a counter offer for such an astonishingly rare opportunity, with very low-sulphur oil and gas, in vast untapped quantities. I agree with BuildersBum, anyone who peddles and/or goes along with this rubbish is nuts or another trouble maker.

As for TCM, he definitely needs filtering and ignoring, as he's either drunk, ignorant, or a pompous trouble maker (perhaps all three?).

Agreed LTT.

I would go further and say if funding is a problem, Navitas would not be expanding across the whole basin and still less upping the funding from $1.2Bn to $1.4Bn - it simply would not make sense.

It looks to me as though funding is so little of a 'problem' that funders are encouraging Navitas to widen the Sea Lion scope from the outset.

They could always use it to pay for more luxurious care home costs - sounds rather attractive to me.

TCM's response is actually quite pathetic to read, even after all the typos have been corrected

Oh dear, the idiots have taken over the asylum:

The Head Boy (TCM) says: "Jebr, then Tell PD/Ovets and the others to stop posting misleading information about FID being delayed"

But Aimi said: "No Ovets, you have not once stated that a delay is likely".

Who to believe? - they can't both be correct.

Time to filter them both I suggest.

Agreed lufc4eva.

It would be fun to see the growing number of green messages: 'This message has been filtered, please adjust your filters to view' as Aimi tries in vain to get our attention.

1. TCM, haven't you noticed we are only half way through Q4 2024?

2. Aimi has made 367 posts since May, saying much the same all the time. We don't need any more. If we need Aimi's opinion, we only need to read the 367 posts we already have.

3. May I remind you that I was posting earlier this year that FID slippage was a real possibility - Aimi says those posts don't exist and you are saying that Aimi is the only one to have said it. Clearly you are as selective, or dozy as Aimi.

4. As long as there is real progress, does it matter if FID slips into 2025? What's all the fuss about? Whoever heard of slippage in a project?

5. As Head Boy, you sometimes show extraordinary naivety at times.

The only solution to this is for EVERYONE to put Aimi on filter

TCM, as The Head Boy, how about you tell Aimi to stop being such a self absorbed narcissist, eh?

Then you might be welcome at the p**ss up in the dorm.