Member Info for pauldrayton

Another positive snippet on Shenandoah - it’s been mentioned before but oil production from two wells (SA008 & SA009) is expected to exceed the rates stated in the reserves report.

Currently, the completion operations for three production wells (SA007, SA008 & SA009) have been successfully completed. Work has also commenced on the fourth production well, SA010.

Nearly there!

I was chatting to a friend earlier about Covid and lockdowns and how we couldn’t believe that was all 5 years ago now. How time flies etc.

In 5 years’ time Sea Lion will have been in production for a couple of years and they will be moving onto the next phases. Isobel May well have been appraised as well.

Don’t wish time away - it will all be done before you know it. I know everybody wants to get FID over the line but it’s all looking more positive than ever. A couple of months here or there is nothing.

First oil moved from Q4 2027 to Q1 2028. I’m not sure that even counts as a delay.

Now come on ICSID - let’s issue the result of the annulment case and RKH will be fully funded to first oil.

Maybe not “always” Bootledodger, but we knew they needed Shenandoah up & running first and we’ve known for a couple of months now that first oil is mid-late June so FID was always going to come some time after that.

Bootledodger,

Q2 2025 (end of June) has never been mentioned. Their plan was originally end of last year but Shenandoah got delayed due to an accident and it then became mid 2025.

Their November update stated the following:

“Navitas indicates that FID is now scheduled for mid 2025 and first oil for Q4 2027.”

First oil now Q1 2028 so it’s a slight slip but Q4 2027 was always ambitious.

I hate to respond because you’ve just become a troll now Market-Dealer, but you ONLY post lies.

You’ve been saying repeatedly that first oil won’t be until 2029-2030 yet the Operator has told us today that it’s scheduled for Q1 2028.

You’ve been saying repeatedly that RKH don’t have the money for Sea Lion yet the Operator has told us today that they do (or will regardless of the OM outcome).

You sold out at 42p and have become bitter. You’ve spent two decades trying to mislead people on these forums, pretending you know things when you clearly don’t. You’ve never told the truth and you’ve never been right - that’s quite the record.

You won’t stop, of course - you never do. But just be aware that everybody knows and it’s extremely sad to see.

Just to reiterate how the financing works, the cost to first oil is circa $1.4bn (including contingency). Navitas are now looking at taking on $1bn of debt, leaving a requirement of $400m cash. Rockhopper’s share of that (35%) is $140m but two thirds ($93m) of that is covered by a loan from Navitas so Rockhopper need to find just $47m.

They have circa $20m in the bank, leaving $27m to find. Even with a full annulment of Ombrina Mare, they are pretty much fully funded to first oil. Anything better than a full annulment is a bonus.

Market-Dealer is wrong - on this news RKH are looking much better financially and dilution is much less likely. We now have an extra 3 months or so for the OM outcome to arrive, but even if it doesn’t and RKH need to raise money, it’s almost negligible now.

I’m extremely pleased with this because dilution had previously been a slight risk but is much less so now. Very good news.

58p paid. Still relatively low volume for now but excellent update and FID now in sight. Market should like the the financing element - great news for Rockhopper.

FiD for Sea Lion has always been planned for “mid-2025”. We’ve known since last year that they need to get Shenandoah up & running first, and we’ve known for months that first oil is likely to be in June. That was always going to mean Sea Lion FID would come a few months after that. I think it’s excellent news that the timescale hasn’t materially changed and they are still very confident on financing despite the oil price drop and tariff turmoils. Even better that RKH have less to contribute than anticipated. This is a very good and welcome update as far as I’m concerned!

Excellent news on the financing - less for RKH to raise and that’s assuming no additional partner.

Great to hear that Shenandoah is still on track for first oil next month and Sea Lion FID in the next few months.

As good as we could have hoped for imo.

SpaceHoppa is probably right and there is unlikely to be any major news from Navitas tomorrow.

If everything is on track with Shenandoah for first oil in the next few weeks then that would be very good news indeed. Any further reiteration that Sea Lion FID is planned for some point in the next few months would be very welcome.

Fantasy traders often make an imaginary killing.

Last time you were on here you were warning of Trump tariffs and shaky Friday Market-Dealer.

You didn’t have any shares to sell!

Whilst all buys are buys and all sells are sells, in reality it makes no difference because in order to sell, somebody has to buy and in order to buy somebody has to sell. Don’t get hung up on which is which. The share price direction tells you all you need to know about buying and selling pressure.

Thanks Mogger,

Navitas results on Wednesday are likely to provide an update on both Shenandoah and Sea Lion.

The real Romford market dealers would be ashamed of him.

The whole market wet itself because it’s made up of people like you wetting yourself.

Despite a brief blip, RKH bounced back even higher and could well break 60p in the next few weeks. Shenandoah first oil getting ever closer, and who knows when the OM outcome will be announced.

RKH investors realise there is a much bigger picture than a little bit of market volatility on Trump’s posturing. Loads of progress being made in the background and Navitas confirming that FID is on track for this year.

I think the lesson from the last couple of months is that you don’t need to wet yourself every time Trump opens his mouth. If you do, you can end up extremely bitter and deluded whilst trying to talk down a company that’s making incredible progress.

Ingrassia does have a habit of using buzzwords but not delivering anything. I’m hoping Menzies will push things forward quicker and better than Hammer.

What does ground floor mean?!