Come and hear Shaun Day from Greatland Gold #GGP, Cathal Friel and Jeremy Skillington from Poolbeg Pharma #POLB, George Bennett from Rainbow Rare Earths #RBW and Helium One CEO David Minchin #HE1 present tomorrow evening. Register here.
A bit of additional info on the well here for anybody who is interested. The well design has an extra section compared with Rodhette as it’s deeper so I’d expect it to take a bit longer, and there could of course be delays, but if all goes to plan then we should hear this month.
Looked to me like they were indicating a potential tie-in with Tornerose to the Goliat infrastructure.
Nice to see a discovery but a little disappointing that it’s smaller than anticipated. Clearly not a company maker but the new proposed tax changes are helpful for development projects - with oil at over $80/bbl, 10mmboe might be doable with infrastructure nearby and large tax rebates.
We will see - after the first few well results we might hear a bit more from Helge in terms of the possibilities and plans.
Strangely I think operationally and financially, Rockhopper were excellent up until the point of the farm out to Premier. That was their biggest mistake, followed by the MOG acquisition and not making the most of the money they did get from the farm out. There is no excuse for being close to insolvency now.
All shareholders are now reliant on a significant Ombrina Mare award & payout, followed by the ability of Navitas to raise funds.
It should never have come to this but I think now is probably the wrong time to rock the boat. Let’s see how the next 3 months go first.
June 18, 2019 The Respondent files a request for the Tribunal to suspend the proceeding.
June 24, 2019 The Claimants file observations on the Respondent’s request of June 18, 2019.
June 26, 2019 The Tribunal issues a decision on jurisdiction and on the Respondent’s request of June 18, 2019.
2 days to issue a judgement on jurisdiction after Rockhopper’s response.
As the rest of the work was supposed to be complete in July, and the tribunal were probably anticipating/waiting for this admission from Italy, they should be well prepared to respond and issue the award.
Who knows which way it will go but now both parties have submitted their responses it could be days or weeks now rather than months.
Rockhopper will very soon either be dead & buried or have a lifeline.
Yes I would agree. If there is a settlement offer then RKH would need to insist on the money being in the bank, not to be paid at a future date.
The tribunal should have completed all their other work by the end of July so this could now be the one remaining issue they were waiting on. If so it will be interesting to see how long they take to assess it and provide their view. In 2019 it was only a few days between Italy requesting that the proceedings be suspended and the decision on jurisdiction, although they may have been considering the question of jurisdiction in the months beforehand. Do the ECJ’s recent comments change anything? If not then it could be a very swift response again from the tribunal.
An appraisal well was drilled & tested with flow rates around 900bbls/day & 1200bbls/day with gas injection. That well was completed as a producer and a field development plan was then submitted for 40million 2P oil & 6.5BCF 2P gas.
I’m taking nothing for granted - who knows how the tribunal will view it, but they were quite advanced with the project.
I still don’t understand why due diligence from Rockhopper has anything to do with the claim at all.
Even if they bought MOG and Ombrina Mare AFTER the Italians had changed the law, they would surely still inherit MOG’s right to claim.
I can’t see how this has anything to do with Rockhopper’s due diligence, it’s about MOG’s history with the license. Surely Rockhopper have the right to claim on the same basis as if MOG were still in existence. I can’t see how it can be argued in any other way personally, but again I’m not a lawyer or an arbitrator!
Whilst I’m sure Italy would defend every part of the claim, it does appear that they have engaged on the question of quantum and there was some argument over the Ombrina Mare reserves which would relate to lost profits. The Italians requested access to the data room and Rockhopper used an expert witness:
“the Claimants submitted Mr. David Wilson's Rebuttal Expert Report to the Respondent's report on the Ombrina Mare reserves together with supporting documents”.
Not sure who David Wilson is but MOG commissioned a CPR which would have presumably formed part of the supporting documents.