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I'm not exactly overjoyed either!

Cheers LR! There really isn't anyone else around to do the job, other than Sam.
As long as he's prepared to learn from his mistakes, acknowledge where he could have improved and then apply the lessons, I think he's doing OK.

However, if he obstinately believes he's been right in everything he's done, then we could be in trouble.

Don't disagree - I did post that Sam would probably admit to having got quite a few things wrong and RKH's negotiating skills have previously resulted in some damaging contracts, but just saying that to single Sam out is to miss many other targets, who have brought us to where we are now.

I think it's unfair to blame Sam, as there are plenty of other pantomime villains in this long-running story, like Keith Padgett for example, who did nothing to create the right environment to encourage the development of SL.
If you disagree, or don't know, have a read of his 2016 farewell speech to the Legislative Assembly, where he actually boasted about the FI not needing the revenue from SL and how he saw-off those oil company representatives, who duly obliged and left. There was nothing Sam could have done about that, except look on and despair that the FIG were successfully undermining the SL project.

Then there was Tony Durrant, who had a habit of promising things (e.g. SL FID within the next 6 months, which he said about 5 years ago) that never happened.
FIG have probably been some of the biggest pantomime villains, or perhaps more accurately, incompetents, which makes me wonder why they ever issued any licences, and renewed them, if they then kept throwing banana skins under the project.

While Sam would probably admit to having made some poor/wrong decisions, at the moment he's working flat out to get this over the line. if you're going to snipe at anyone, I recommend trying to identify the correct targets.

Should have no relevance at all, other than give Navitas additional confidence.
The placing, the OO and, when taken-up, the warrants are designed to address RKH's shortage of cash, so Navitas, RKH and FIG should now be getting on with it.

Any award is just a bonus, for now, but will go on to fund RKH as it progresses from FID, to sanction to first oil, without having to raise additional funds, assuming the award is significant.

If, as a result of stringing things out, the award is considerably bigger, because of the high PoO, then bad luck Italy!
Just imagine if their arbiter was one of those who advised them to string things out, in the belief that RKH was bound to go bust (i.e. empty coffers, no income and facing significant Italian decommissioning costs).
As their arbiter, he, along with Italian lawyers, would have been the ones to have provided the Italian State with a number of clever wheezes to stall the process, which, if you remember were clearly beginning to exasperate the other members of the Tribunal.

Then COVID struck, RKH is now solvent, looking quite positive about getting SL sanctioned with Navitas and PoO above $100.
If I were one of the lawyers who helped string things out pre-pandemic, I'd be feeling a bit nervous and watching my back now.

Very good post DEM.

I'd add, that if 'Quantum' is to form the greatest part of any award, then even these chaps are going to find it very difficult to agree a sum that is acceptable and seen to be fair.

If you look at the PoO just pre-pandemic and then during and after, the swings have been so completely off-the-scale that to be able to come up with a truly credible figure would test even the greatest brains.
Don't forget, these guys will also have been going through the pandemic too, so are likely to have been affected by that as well.
But, going back to Quantum, I'd say that just as they might have been reaching a consensus, the PoO will have moved dramatically, putting all that effort to nothing. Remember it briefly went notionally negative - OK an anomaly, but not helpful if you're trying to reach a sensible figure.
As for the Italians, I believe their stalling antics were in the belief that RKH would go bust, never foreseeing that PoO would suddenly go above $100 and stay there.

Hello Mikey - still alive and peddling your drivel.

As asked several times, provide some evidence for your inane claims, then bugger off to ADVFN, where they'll enjoy your company

"Surely something has to give before too long?"

Yes - my patience

If they don't, then what the f00k are they playing at, by issuing licences and then renewing them?

Yes, thornyone, and in any case, the likes of Gideon Tadmor will be looking beyond any recession (or hopefully not depression) to when energy demand inevitably picks up.
That's when first oil would benefit most, satisfying a growing demand for energy when others will have taken fright and gone into hiding, which isn't the Israeli style when faced with an obstacle.

If, as some are predicting, there's going to be the mother-and-father of depressions, then we're pretty well all f**ked anyway, so what the hell? Where would you put your dosh then?

I'm putting a lot of faith in GT, as from what I've seen, he looks like someone who gets things done in challenging circumstances.
In the case of PMO, they 'had a bash', but weren't up to the challenge and kept promising false starts, unlike GT, who keeps things properly under his hat.
I believe GT's philosophy is: 'if I've got nothing worthwhile to say, then why say anything?'

Some on this BB could learn a few lessons from GT, who seem to need to post something, anything, all the bloody time, even if it's a load of borrox.

It's that time of day again, when Mikey makes one of his intellectual statements.

Go and play with your ADVFN friends Mikey!

Ah, I get it Mikey - SL oil will only be allowed to be refined into petrol/diesel to be used in brand new cars, owned/used in the UK?
You're so clever. I hadn't realised that oil/gas from a British Overseas Territory won't work in anything other than petrol/diesel cars in the UK.
Good job we've got you aboard to keep us up-to-speed, otherwise I'd have missed that gem.

Have you told Gideon Tadmor yet? I reckon he missed that one too.

"Oil price down to $60? With energy costs about to go through the roof in Europe, UK and US.? How is this possible?"

Mikey will explain - we're still all waiting for his intellectual insight into his brilliant observations

Some history, for Mikey The Prat and any other nut case sympathisers:

Navitas signed Heads of Agreement with RKH at the beginning of January 2020, for a 30% stake of SL, when Brent was around $65.
Would they have done that, if they hadn't thought it a 'good idea', Mikey?

Since then, they've increased their interest in SL to 65% and conducted their own independent CPR, which reported that their increased percentage is of an even larger oil field than was thought when they first joined-in - and they didn't have to lift a finger to obtain that increased potential.
Brent is now at around $97, Russian production needs to be substituted from somewhere and poor dim old Mikey thinks this is a good time to tell everyone to bail out!

What a prat!

God what a prat - go and join your nut case pals on the ADVFN asylum, Mikey.

I'd add that the nut cases have turned ADVFN, which was once the 'sensible' BB, into a mad house.
They now have that to themselves, where they can bark all day.

Please don't turn this into another asylum. If that's the standard of 'discussion' you enjoy, just go and join the nut cases on ADVFN.

We've discussed this one before and, of course, the magnitude will determine how things go.
The comment "knowing our luck the shares will go down!" is very apt, but hopefully not this time.

Even what would be considered a 'small' award would probably be more that the recent placing/OO have raised in total, so this isn't trivial.

My recollection of the last discussion about this is that there would likely be a psychological 'extra' in the sp than just the simple bottom line addition to the company's reserves, because of what the award means to RKH:
- RKH management actually made a good decision in pursuing this claim and won against all the odds, so good for Sam and the BoD, giving them the confidence they need;
- removes the possibility of a 'fire storm' takeover. If anyone wants to 'take out' RKH, they'll have to pay a more realistic price (properly taking into account their other licences);
- removes the need to raise any further funds;
- likely to give Navitas and any other parties, extra confidence that they're not working with a lame duck partner;
- likely to give FIG confidence that their licence holder is a more stable entity;
- depending on the award, could take RKH all the way to first oil without further funding concerns, including
- Italian decommissioning costs;
- etc.

SL not going to happen? - well I suppose it is possible, but in the current climate (pun sort of intended), SL's a near dead-cert.

Could you please reply Mikey, we're all waiting for your answers - very rude not to reply.
- Why did you quote 6p, when it's 7p?
- why say 6 staff (wrong), when so many moan about inflated payroll?
- why would RKH be an exception regarding the OM award?
- "RNS lies" - please list them

OM - we have to wait like everyone else, for every other ECT arbitration - why would you be an exception?

6 individuals - not correct. But when there were more, people like you would complain all day about the inflated payroll and now you snipe because there aren't enough.

Mafia - quite possibly, but there are decent Italians, some dying in their fight against the Mafia and in any case, that's a VERY good reason for not having pursued the claim in the Italian Courts, choosing the ECT route instead, and so we go back to where you started.

I'd take a brisk walk in the sun, if I were you Mikey