Member Info for Ovets

Thanks Mogger.

I'm struggling to understand the point that Mirasol is trying to make, other than publicly broadcasting that he likes to feel important but hasn't a clue.

"that's .......everyone there is leaving".

Aren't these new posts?
If so, how could everyone be leaving, unless Mirasol is referring to the sheep?

Boboil, when you sued people, you had to set your claim at whatever cost you had incurred / lost. In this case, while RKH included a claim, that included notional loss of profits. Most of us thought that would be watered-down by a substantial margin in any award , to the point that most were starting to accept a £50M award as being pretty good.

From what I know, Sam / RKH would prefer as much of the award + interest as possible, but I suspect they may still have to accept some unavoidable deductions. I'm absolutely sure they have no intention of letting Italy off the hook, after all the headaches they've caused everyone. K&S is prepared for robust enforcement action.

As the award is so much bigger than any of us dared hope (and that includes Sam), that does give a bit leeway, such as selling some of the unpaid award at a discount, if serious funds are needed urgently (e.g. if Navitas want to bring FID forward, when RKH would have to show it has the necessary funding to progress).
If Italy haven't paid by then, RKH might have to decide whether to sell-off part of the award, or raise funds another way (e.g. loan, placing, open offer, rights issue, etc.).

I really wouldn't worry about it - RKH is in an enviably stronger position than anyone could have imagined this time last year.

If Professor Pierre-Marie Dupuy couldn't find a single objection to the reasons for the claim, the constitution of the tribunal, the award and its calculation, then the annulment request is bound to fail, because the committee assessing the annulment request is restricted only to reviewing the legitimacy of the process (as pointed out by pauldrayton).

So, it's a no-hoper for the Italian State.

Thanks CSN - you've clearly done a lot of reading to reduce it to just this stuff. Are you one of those mega-fast readers?

Anyway, looks as though the tribunal members have applied a lot of wisdom to the award and this report, which neither side will find easy to dispute.
I like how they arrived at the valuation of OM (especially considering the disparity of valuations various) - neither party can really complain about / challenge that.

As for the annulment, thanks PD - very useful. On that basis, looks as though RoI haven't got a leg to stand on.
Also like the explanation for the stay of interest for 4 months: "to incentivise the swift payment", so Italy had better get on with it, as I don't see any mercy available after 23/12/22.
That will prove a useful quote to use if / when enforcement is found to be necessary.

My pleasure Ralphy - hope I got right up your long meddling nose.

I think the "too many notes" are to hide his acknowledgement that:
Despite it being obvious to everyone that, before RKH got involved, exploration there was going to upset the environmentalists, who would change the rules and OM might not be as big as some seem to believe, but:
- RKH had followed the correct procedures to obtain a licence;
- The Italian State didn't correctly follow the procedures;
- RKH did conduct full due diligence (remember the possible up to 50% reduction in any award?);
- RKH should have received appropriate compensation when the licence was withdrawn, which it didn't;
- That gave RKH a valid claim under the ECT;
- So, while I would have had liked things to have gone differently and I'm mightily fed up at having to admit this, RKH were stitched up by my sponsors, so an award is appropriate, but I hope I've written enough for you not to have noticed that I'm forced to agree.

As for Laxative, I wonder who pays him to spend so much of his life being so obnoxious.

"No need to comment bug none so blind as cannot see"
Anyone can post such comments, which mean absolutely nothing.

You need to explain what you mean.

I suspect you're thinking along completely different lines to what I have in mind, which is that Sam will do his utmost to extract full award payment PLUS interest and RKH haven't the slightest interest in continuing to operate in Italy.
If ever there was a case of 'once bitten, twice shy'.

But RKH does have some potentially valuable interests in Italy, but only if they decided to start drilling, thanks to Uncle Vladimir's war, which now seems possible.
A year ago, who would have thought that Guendalina (20%) and especially Monte Grosso (23%) might have any value at all?

Double standards, yes, but that's a 'given'.
However, it might open up an opportunity for a deal, regarding RKH's residual interests in Italy and payment of the award.

".....to launch a hostile bid....."

At the moment and for the foreseeable future, there really isn't anything for unscrupulous predators like that to bid for.

They'd have to pay a bit of a premium on the current sp, then have to wait. If the nay sayers here are right, those unscrupulous predators would be waiting for ever for nothing.

Of course they did - it was completely obvious that Italy would do this.

I think many have lost the overall plot, ably assisted by the drivel from the likes of Goggers, Latics, Michael2021,etc., who for some strange reason seem unable to see the wood for the trees, or deliberately set out to take enjoyment from throwing hand grenades into the discussion. Only thing is their grenades are duds.

Imagine an unscrupulous landlord with, say, a vast shopping mall, who rents-out areas to businesses, some quite small.
The landlord takes their money and then tells them to bugger off, leaving some on the brink of bankruptcy.
One daring business takes-on the landlord in an international court and wins.
The landlord, undaunted, just throws administrative spanners in the works for at least two reasons. He doesn't want other, now emboldened businesses taking him to court, having seen the successful claim of the first and anyway, the businesses are so near going bust that by keeping up the obstruction for long enough, they're likely to go bust and the problem goes away.

Unfortunately for the landlord, there's an unexpected turn of events and the successful business doesn't go bust.
When the actual award from the court is announced it's absolutely massive, because it took into account the effects of what the landlord did to the actual cost to the business, rather than just a fine.

The landlord is faced with paying-up, thereby opening the flood gates to the other affected businesses, or just carrying on putting spanners in the works, even though by now, it's clear he's lost.
He's allowed to ask for the case to be thrown out - the procedure allows him to do this, but to stick, he has to have justifiable grounds.
He doesn't have any justifiable grounds, but he can still do it, delay the inevitable outcome, put off the others and generally behave the way he has from the start - once a bastard, always a bastard.
An so it is with Italy and RKH - Italy has no justifiable grounds, RKH has been awarded far more than anyone dreamt with a unanimous verdict (which is a big part of the problem for Italy) and the Italians really don't know what to do, except try and put off the inevitable by carrying on the way they always do in such matters.

In the mean time, despite what Godders, Michael2021, Latics and all the others of that bunch post, Navitas is quietly getting on with progressing SL with a properly configured FEED, organising funding and then on to FID, probably next year, as they have no time to waste on anything else, particularly making idiotic statements as PMO used to do, which then didn't happen.

Thanks Mogger.

"if, if, if , maybe, maybe, maybe, jam next year"

For you, Godders, that's quite intellectual, except you don't say which type of jam.

Godders is an 'effin nut case:
- Either he holds the shares he claims and then tries to trash RKH reputation, or
- He holds no shares and just comes here to waste his and everyone else's time.

At no time does he offer any reasoned argument about anything.
Either way, that's the behaviour of a nutter.

Godders, you post: "We know full well that the current equity will be wiped out by a huge funding round".
Please explain your statement for sane people to understand. For example:
- What will this 'huge funding round' be for?
- How much 'huge funding' do you believe is required?
- When is it due to happen?

What you're really saying is that I can see through your fake postings and misinformation.
When I ask you a question, to explain how you can justify your misinformation, you just go silent, or become abusive.

So Latic, if you're so right and so clever, produce that list of:
- any recent example of anyone 'slavishly defending Sam'
- unforeseen costs requiring RKH to raise more funds in the next year or so

LTT, no doubt I'll be proven wrong, but I suspect the procedure is that the new panel are required to give the annulment request at least some serious consideration, no matter what they may actually think about it.

One thing above all else is that they have to appear scrupulously fair, to maintain credibility, so this is very likely to go one for a while before being finally thrown out, which is where the unanimous finding of the tribunal members is so important.

It's a bore, but exactly what most sensible people expected. Despite what the likes of Godders and Latics have to say, RKH doesn't have any unaffordable costs looming and they can raise alternative funding should that be necessary. So the scare mongers are no more than that.

From 24/12/22 there'll be substantial interest added to the award, so for the next year or so, RKH can sit back and watch the cash meter going up, while Navitas get on with their progress to FID.

Of course there could be banana skins - we haven't come all this way not to have learnt that, but what the hell, things are looking very good at the moment, as long as we don't get distracted by Godders, Latics, Ralph, Michael2021, etc.

Barrel-of-Larfs Ralph is back to cheer us all up with another of his jokes.

Godders, please don't call me a fraud, unless you can substantiate it.
To call me a fraud doesn't help make your specious postings any more credible.

Be a good chap, run along and leave the grown-ups to discuss this sensibly.