Member Info for pauldrayton

“Did they explain why PM507 is taking so long to be awarded?”

Yes they did. With the recent activity in Malaysia PETRONAS have been very busy and there are only so many people but work is continuing and it sounded more like a ‘when’ rather than an ‘if’. They were hoping to discuss it today but the timeline slipped - Nick’s final words were “watch this space”. I’d guess that news is now weeks rather than months away.

Sounds like PETRONAS have been busy but news on the additional acreage (and a partner for Temaris) is due in the coming months. Not something to be concerned about.

They seem very focused and positive to me. Huge potential and the DEWA delay is only a few months - FID still expected this year along with Temaris.

Yes both Temaris and DEWA going slightly slower than they had anticipated but definitely heading in tbe right direction. A big 2-3 years ahead - very exciting.

Global inventories do not agree that there was instant demand destruction of any great scale. Those inventories (and more) will need to be replenished.

Thanks Alma I’ve ordered my copy.

Officially yes but they’re not strict on the doors in general!

I stopped off in Woodstock the other day. His shop is still there but he’s retired to France now.

The Argentina thing is boring now. Milei and subsequent presidents can say what they like to garner public support but they aren’t going to do anything. The Israelis are spending billions of dollars, the UK supports self-determination across the political spectrum and that’s the end of that.

William Perry and Barak Mashraki.

Both in finance.

The RNS was perhaps a bit confusing for those not familiar with the case. Rockhopper took out insurance in case their award was annulled. When it was annulled they claimed on that insurance and received a payout. They are making the point that should they win the resubmitted case and receive payment from Italy then the insurers will be reimbursed.

Has anybody mentioned the return to Q1 2028 for first oil compared to H1 in the previous RNS? It seems the change of location hasn’t delayed things after all.

My guess is we end up with something along the following lines;

Navitas: 40%

New Partner: 32.5%

RKH: 27.5%

Phases 2 & 3 fast-tracked.

For an institution to sell 20 million shares another institution would need to buy them. Not sure that would be possible with some kind of leak.

I think there are only a few institutions holding that many so there should be a Holdings RNS to explain in due course.

In conjunction with the release of its full year results for the year ended 2025, James Menzies (Executive Chairman) and Nick Ingrassia (CEO) will provide a live presentation via Investor Meet Company as part of the Company's forthcoming Annual General Meeting which will be held on 25 June 2026. The presentation is open to all existing and potential shareholders and further details on how to join the meeting will follow.

“Seek to bring a strategic partner into Temaris during the first half of 2026”.

That’s an interesting schedule given we are only a few weeks away from H2 now.

I personally think the additional cost to have the work done in Asia is minimal in the grand scheme of things and well worth it. Imagine this war had started once Aoka Mizu was already in Dubai and it got stranded, or even attacked. This change makes a lot of sense and was something I’d been worried about (can they get a slot in Asia at short notice and would it cost significantly more?). It turns out they can and it’s much less of a cost increase than I thought.

Also the comments regarding a second FPSO are not an attention-diverter. That may be how some CEOs operate but anybody who has followed RKH over the years will know that’s not what Sam Moody does, and neither do Navitas. If they are talking about a second FPSO now and an expedited second phase then you can be pretty certain it’s going to happen.

Thanks both, I must have had February in my head for the ‘award’ rather than Q2 for the ‘signing’.

As you say only a few weeks to find out now if they’ve been successful.

The beauty of Seascape at the moment is that Kertang offers enormous upside but it’s not all about exploration and it’s not priced in at all. If they deliver the FDPs for DEWA & Temaris this year as planned then the current market cap is way too cheap for those alone, so I would expect the share price to be higher without even taking into account Kertang (which will no doubt create a stir when the drillbit starts turning).

Does anybody know the reason why the allocation of blocks PM507 & PM509 didn’t happen in February and it still hasn’t been announced now? I would guess that would hold up any farm out discussions as well.

Https://www.linkedin.com/in/mike-fletcher-b202123?