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"nothing more than mundane red tape formality as the market does" and "going through the motions"

Have you made the same comments to UKOG about their Horse Hill oil field?

If so, what was their response?

Aimi, if you call 350 pages of very detailed and hard work as " all formality stuff", that shows you are that ignorant idiot, or just here to make mischief.

Aimi, of course funding is fundamental to the SL project (in fact, so obvious, it’s almost facile to mention it).

But the the ‘key’ (your word) to unlocking the funding and therefore the project, is the ratified EIS.

This is no mere formality, but a very significant step forward.

I would say this is a major step forward, from the PoV of significant and important collaborative progress between Navitas and FIG, when some (we all know who they are don't we Aimi) on this BB keep moaning about lack of progress, nothing happening, delays, etc.

As I have said several times, until EIS is ratified by FIG, nothing else is going to happen, so, yes, I agree with pre2rcd, this is a major step forward.

Aimi, how about making a constructive comment about something?

Aimi asks: "And how would you know about the "sentiment" overs. Hmm"

Why don't you effoff Aimi

Just to remind you, right now, getting EIS completed and ratified by FIG is by far the most important event. The sentiment is that will happen later this month. After that, all the dots should begin to join up.

I also believe any prospective funder would want to know the outcome of the US election before finalising any arrangement with Navitas. You may remember that many predicted it would take weeks before the election result was finalised, not the overnight result with Trump the undisputed winner. With that uncertainty now history, everyone involved now knows who will be in power for the next 4 years and the resulting policies.

So that is another potential SL funding delay now eliminated.

LTT says: "I wonder if the policy can be put in the funding pot as a kind of IOU to show they are good for the cash so Navitas can forge ahead".

I thought that was one of the most important reasons for RKH paying the €4M premium as well as just closing a hole in the OM affair. Not something Sam would have done without VERY good reason, as I believe he was very confident that the annulment decision will go in RKH's favour. Now we know RKH will receive funding from OM, whatever the ad hoc committee decides. An insurance deal like that indicates that sentiment is against Italy succeeding. Another €65M added to the RKH pot would put everything in order for RKH and FID with a decent amount spare.

It isn't all that long ago that there was growing concern about all the uncertainties associated with RKH's prospects, which have now gone.

Rather than obsessing about what Q4 2024 means and whether there will be any slippage (whoever heard of slippage in a project timescale?), maybe concentrate on the astonishing progress that has been made while the likes of Godders/Aimi etc. have been wasting our time with their wittering here.

I think it's worth pointing out that the recent OM insurance is an excellent resolution of one remaining issue: what happens if the Italian annulment action succeeds (which most probably believe is unlikely)? RKH would receive no further funding at a crucial moment while we await the Navitas FID announcement.

I think there is a correlation between FID and the OM award. If Navitas wish to announce FID before the ad hoc committee has announced its OM award decision (e.g. in Q4 2024), RKH would be required to show it has the necessary funds for SL. RKH being able to show this also makes it easier for Navitas to continue its funding negotiations / arrangements in readiness for FID. A remote possibility that the annulment is granted would make things awkward for RKH, with Navitas probably forced to delay FID until the OM outcome is known. The insurance solves that problem.

It is also worth saying that everyone (apart from Italy) would prefer the annulment action to fail with RKH receiving a further €65M, rather than the insurance €31M.

TNM, may I point out that my post you quote (one of those Aimi says does not exist) was made earlier this year before anyone was contemplating insuring against the annulment being granted. At that time, such insurance would probably have been unaffordable. The premium of €4M indicates the underwriters believe strongly that the annulment action will fail.

Which bit was supposed to be xenophobic? The bit about the Israelis being robust in the face of opposition, or a few nationalist Argies whingeing about the "Malvinas"?

I don't see anything remotely xenophobic about either. Both are factual statements. If we're to be called xenophobic when accurately describing what others do, there's not much prospect for truthful reporting.

Navitas have already stated that they're not concerned about the Argentinean situation and I'm sure they will announce FID when ready, which might be in Q4 2024, but might not. As Marunam2 posted, earlier today, about the notional FID deadline, it's not as though SL and the Navitas team disappear in a puff of smoke at midnight on 31/12/24.

It might even suit RKH to have a small FID delay, if the OM annulment announcement isn't until early 2025.

BTW, Aimi you must have found those 'non-existent' posts of mine by now? Here they are again, if you are struggling:

"I'm not in any position to say FID will be this year, that's for Navitas alone to say and you know it.

Navitas have said they plan to announce FID this year and so far they have been pretty good at keeping to their plans, so if you don't believe them, ask them and not me.

As I said earlier, an FID announcement earlier than anticipated could cause a funding issue for RKH.

Also, if FID is announced too soon, RKH will have to find some extra cash, while still awaiting the Ad Hoc committee's annulment decision which will release the bulk of the OM award payment from the new owner"

Right now, getting EIS completed and ratified by FIG is by far the most important obstacle. Anyone with any understanding of SL project knows this.

I would also imagine any prospective funder of SL and beyond in the FI region, would want to know the outcome of the US election before finalising any arrangement with Navitas.

Now we all know that, whatever particular issues arising from the Trump's Republicans can be better anticipated and factored in.

Aimi says: "Mogger, Ovets its unequivocal that Sealion is progressing in terms of the formalities but it matters not a jot if they cant source financing and CLEARLY there is an issue there otherwise we would still be expecting FID this year"

Just for the record Aimi, give us the evidence you have, that Navitas are having a problem with the financing.

In the mean time, are you saying that FIG progress, particularly with the EIS, is unimportant?

And did you manage to find those posts of mine from earlier this year, which you said don't exist?

Not doing very well at discrediting the SL project are you.

Thanks Mogger.

For those who didn't read it, or doubt there is any progress going on, the FI Executive Council Government Legislation Programme (29th October 2024) says:

'5.4 Oil Readiness: Drafting well progressed on two Bills; Offshore Petroleum (Safety and Environment) Bill, 2024 and Oil Petroleum (Application of Laws) Bill, 2024 (the names of the Bills may change as work progresses). A third possible Bill will deal with transitional provisions'.

I assume that will do for the time being?

Aimi: 'I am not'.

Then what's this:

'If Ralph can deramp or ramp, posts misleading info, as (s)he wishes, Why Aiminvestors Can't ?'

You can't compare Ralph and Aimi.

I haven't always agreed with Ralph, but his posts generally result from his view of the situation as he sees it.

By contrast, Aimi just posts incessant and idiotic self-obsessed rubbish, often inspired by nothing but narcissism and there are those who say he is entitled to do this.

Ralph's opinion is worth reading, even if you don't agree with it, Aimi is just a self-obsessed time waster.

The Bloomberg screen tells me that Aimi isn't some innocent scatterbrain, but is unscrupulous and calculating.

The comment 'no one was obligated to sell', when all he does is to rubbish RKH and its management, while apparently increasing his share holding tells you all you need to know.

Yes, but before that comes FIG ratification of the EIS, which I imagine would be at the next EXCO (later this month).

BTW lufc4eva, you said ' The timing of this next step relies on Navitas and Rockhopper', but surely it is down to Navitas and FIG? I don't think RKH has much, if any, influence over getting the EIS approved.

Once that is done, then we really are on our way.

TCM, and perhaps you could try not being so pompous. You aren't the BB Head Boy

Agreed, but at least Sam & RKH did attempt to walk, rather than just give up and sit in chair.

Now they seem to be walking reasonably well, being sensibly cautious as well as focussing on Sea Lion and not diverted by such distractions as ARG or BOR.

Yes Henrygroucho, the Nativity is indeed an old story and absolutely relevant to the SL project, isn't it?

You are the embarrassment Aimi - found those 'non existent' posts of mine yet, you buffoon?