Member Info for Ovets

Yes, and in the mean time, they've commissioned their own CPR, which shows SL to be an even bigger prospect than previously claimed.
Wots not to like?

Yeah Marunam2!

And if anyone was quaking at the thought of the God awful Cristina Fernández de Kirchner, I wouldn't tangle with Navitas. If Argentina needs something to shove up its pipe to smoke, I'd say Gideon Tadmor and his colleagues are just the job.
When Navitas was first mentioned in the PMO days, my immediate reaction was: "At last someone who can and will stand up the Argentina".

Marunam2 - precisely and that's what Gideon Tadmor is counting on - he's a cool dude and probably the best management participant this project has had so far. As long as GT stays the course, SL and all the rest will be fine.

buffit, at 5pm, 31/12/2023 the warrants expire, you won't get anything instead (e.g. a 'voucher' as the warrants are in effect vouchers).
You could buy your warrant allocation, or part of your warrant application up to 5pm, then that's it. Nothing, zilch, any other word you may choose to use.

Nastynick says "Then I will be buying the 9p warrants for sure lol" and I would agree, but that would have to happen before 5pm 31/12/2023. If he's very confident that something like that's going to happen, then might as well buy those shares now for under 7p - I see the buy price has risen in the last few minutes to 7p, but no guarantee it'll stay that way.

Anyway, as an out-&-out gambler, I'm not participating in the OO, but hoping the sp will fall a bit further and buy what I want on the open market for less. If that doesn't happen, I've already got enough and to hell with the dilution. Bear in mind, the money you finally get in your pocket will depend entirely on what you sell for and I see plenty of potential volatility here for many to miss the boat. They may still make a good amount, but perhaps miss the crucial moments when the sp goes mad, which usually doesn't last very long - let's see!

Yes - 5pm, 31/12/2023.

"3p this time next year"

That's assuming there'll be no OM award, Navitas say nothing further and RKH cash is running low again.

The question that fecm is asking - a good one, is that isn't slightly strange that the warrants expire on 31/12/23, if Navitas are talking (OK, only in public according to Sam) about FID in 2024.

That means that the really significant event, that would really make the shares fly, isn't scheduled to occur until after the warrants have expired.

One could exercise one's warrants before they expire, in the expectation that FID will be next year (i.e. 2024), but if you're confident that that's going to happen, you might as well buy your extra shares now at a 22% discount (or better, of the sp slides further below 7p).

Yes, I noticed that, but then Sam also said "........Navitas are talking publicly about taking FID at some point in 2024......".

I read that to mean: "but they may have other plans, which they aren't currently prepared to publicise..........." and also, 2024, like any other year, is quite a long time for things like this. It could be January, or it could be December, or anywhere in between.

Nastynick may be right, with his first oil not until 2027, but Gideon may have other ideas, which currently he's not prepared to share for a whole load of reasons, including not repeating Tony Durrants mistakes of promising things tomorrow, for them not to materialise - in TD's case, not materialising ever.
Getting the right FPSO and getting it customised for SL might make it 2027, but I'm told that the FPSO market is very fluid (isn't that useful for oil? !!), so a used FPSO might become available at any time. If the right one did, I reckon Navitas would grab it immediately and start getting it customised.
I very much doubt that Navitas would commission a new one.

I think it depends on your broker - it seems as though brokers have set different deadlines for shares held in a nominee A/C, including ISAs.
The actual deadline is 3pm on Thursday 30/6/22, but different brokers set their own deadlines to give them time to do the admin.
I believe HL, for example, have set their deadline to midday 30/6/22, giving them 3 hours to do the admin.

"The road to potential first oil is still pretty long" and "There still remain so many hurdles and risks on route to eventual first oil" and "This share has been a bit of a nightmare", etc., etc.

I think we know all that and I can't imagine anyone's overjoyed after all this time, but what happens from now on depends on whether ALL those involved want it to happen. Of course PoO and funding are absolutely fundamental, but before those, EVERYONE must be motivated to get this over the line.
Navitas and Gideon Tadmor in particular, seem in a different league to PMO, but I reckon GT expects everyone around him to perform/deliver, so Sam and FIG had better keep up with Gideon's pace and expectations, or else Gideon might well pull out.
A good start was Navitas' CPR. That was like being told by the surveyor that the 4 bedroom house with a car port that you're buying has got 5 bedrooms all en suite and a double garage, plus an extra half acre of garden and still costing the same. Don't forget, that's also good news for RKH too.

The RKH placing and OO are evidence that GT isn't prepared to wait for the OM award, or for Sam to find some coins behind the settee.
As for FIG, they'd better sort out their commitments, with no more stuff like Keith Padgett's words about oil company representatives: ".......some of them initially thought (and perhaps still think) that we are simple yokels that can be quickly dealt with and quietly ignored. I can assure you that the next time those individuals were in my office those views were quickly dispelled!".
If you were an 'oil company representative', would you have found that motivating?

Yes, this whole thing has been dogged by bad luck, bad decisions and plain stupidity, but this time they can make it happen if they try and Putin has been an unlikely source of help.

maybe the Italians'll pay, if Sam asks nicely.

What's changed since 10:26 today foizu?

"Thought you would stick your nose in"

Made you chuckle though, didn't it Ralphy?

Ralphy & Kurgy both went to the same charm school.

When they asked for a refund, the charm school declined, saying that if they didn't bugger off, they (the charm school) would be suing them for ruining their reputation!

BTW, Godders is alleged to be an alumnus of the same illustrious educational establishment, but he couldn't be bothered to ask for a refund.

In my experience with such things, you usually have to complete some sort of application form (some broker systems are more sophisticated/automated than others) and at that point, you must have the necessary funds in your trading account.
The an actual human being processes the application (maybe even verifies the transaction, although pretty unlikely these days) and does the 'BUY' for you, then sends you a secure message to say 'Job Done'!

Can't speak for other brokers, but for HL, you should receive a 'secure message' giving details of your OO allocation and how to go about exercising it, e.g.:
- take your full allocation;
- take a reduced allocation;
- take your full allocation plus apply for extra (which you may get in full, or be scaled-down, depending on overall take up);
- do nothing and allow the offer to lapse (unlike with a rights issue, you'll get nothing, except some dilution and it'll cost you nothing);

Where you take up all, or part of the OO, you must have the funds available in that specific account (e.g. your HL Stocks & Shares ISA) to meet the cost. It's no good having loads-o'-money in another HL A/C if your RKH shares are in your Stocks & Shares ISA.

HL haven't sent that secure message yet, so keep an eye on your account. If you've set it up on your HL account(s), you should receive notification email(s) to your normal email account, telling you that you have been sent a secure message.

"Perhaps the directors want that resolution to fail"
No Godders, they don't. It's because you're a twit who listened to those who either didn't know what they were posting about, or had an axe to grind and you fell for it.

EG77 - absolutely right.
Currently the sp's all over the place, so if it did even a brief plummet and you felt confident enough, one might beat the OO.
Just need to be careful and keep your head at the moment, so don't listen to a word I'm posting (not sure how you can listen to it, before anyone comments on that), otherwise you'll all be beating my door down if it all goes wrong, as RKH has had a habit of doing!

Before everyone gets too carried away and their money as well, keep an eye on the sp, which is now at, or just below 7p.

Apart from the possible benefit of the warrants (to be exercised before 31/12/2023), you might be able to buy all your OO allocation shares, and more, for below 7p if this carries on, although you wouldn't get any warrants.
However, if you're still convinced that this is all going to come good, including the OM award, then you might as well buy all the shares you want as the sp falls below 7p.
Disadvantages of doing this:
- RKH won't benefit by raising additional and probably much needed funds, so there could be another placement instead if the OO isn't taken-up;
- you won't get any warrants, but then if you buy sub-7p, that'll save you at least 2p/share, as long as it all works out;
- don't forget any dealing costs involved - probably trivial for most, but still have to be paid, unlike with the OO.

As I posted earlier, by all means get your funds lined-up, in case you want to subscribe, but I'd hang on until the very last moment before committing.
Unless someone else has a better suggestion!

Agreed - Sometimes the purpose of the rights issue/open offer is self evident:
- to fund a takeover
- develop a new product
- crisis funding before the company goes bust
- etc.

I imagine those participating in the placement were given some additional info that we have not.
I have to say that I prefer offers where the funds to be raised are accounted for (i.e. some sort of mini prospectus accompanying the issue/offer) - in this case could be:
- TDF decommissioning costs (although that now seems to have been sorted, as the TDF looks as though it'll be needed for some time)
- Italian decommissioning costs
- even just an explanation that, while the OM outcome looks positive and potentially large, RKH needs to raise £XX million to ensure we can continue our SL development activities with Navitas without any delays;
- etc.

I'm less keen on such offers, when the company just asks for some more of my money for unspecified activities.

Another point to consider is that as this isn't a rights issue, I'd wait to participate in the OO until the last possible moment, just in case the sp falls below 7p, in which case you could buy the same shares for less, although you wouldn't get the warrants that way.