Member Info for pauldrayton

Also:

“In case of non-completion, Rockhopper will compensate the Specialist Fund based on their legal fees incurred”.

This was quite a significant paragraph in the CEO/Chairman report and unusually detailed re: Argentina. Also it’s their typo not mine!

“The refined Sea Lion development is, in our view, highly competitive in a global market. We believe the main impediment to sanction remains the Argentine sovereignty claim of the Falkland Islands. The claim does mean certain service providers and financial institutions choose not to provides services for fear of a potential impact an association may have on their businesses in Argentina.”

Edging closer to 330p. Might take a few attempts to push through it, but if/when it does then next target is £4.

Looks like the share price wants to push higher. Needs to break above 330p I feel before a leg up to £4.

Don’t worry you were about as accurate as Longboat’s exploration team have been!

Final Results are usually released at the end of May. You would think there might be a bit of an update then in advance of the AGM, although I think the second half of the year is likely to be a bit more meaningful in terms of newsflow.

Indeed. What a load of nonsense.

First bit of exciting press coverage for Falklands oil for a while and it turns about to this rubbish!

Huge. Fantastic news. What must that be worth to HBR?

Is this company ever going to do anything?

Meanwhile the management are coining it in.

Well you can’t test nothing so it’s a discovery of sorts at the very least.

Time will tell whether it’s commercial or not.

Olderandwiser, if they deliver some shareholder value I can assure you that I will be the first to congratulate them.

But I can only judge them on their performance to date, which has been diabolical. That’s not sour grapes, it’s just a fact.

“Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k”.

So Nick Ingrassia and Helge Hammer have taken over a million each in salary alone since setting up the company, for doing precisely nothing.

It beggars belief but that’s AIM for you.

Keep us updated Alma.

Thanks.

Conservatives are just as much to blame. At least Labour are open it whilst the Conservatives pretend to favour energy independence. The EPL has been a disaster for British industry and energy security. They should be ashamed of themselves.

As per my post yesterday, it’s a clever situation that suits both FIG and RKH. There is a good reason why it hasn’t been resolved!

It’s not in RKH’s interest to settle the tax issue with the FIG until they are in production. It’s an unknown to potential predators which may deter takeover bids at lowball prices.

Best to keep it complicated for now as a form of protection.

Thanks SH - in line with what LTT reported.

Judging by other cases the outcome could take anything from a few weeks to 12 months but hopefully by the end of the year.

Still no news on the sale of the award being signed off but I’m sure that’s just a formality.

Thanks Mogger. Good to hear the EIS has now been submitted - a lot still to do on the FIG end by the sound of things but all being well things should be in place for project sanction by the end of the year.

I’m still holding and have also averaged down a bit Whirlaw. I do agree with a fair amount of what you say, but I think management performance has been extremely poor to date. I think it’s undervalued at the moment given the licenses they have in Norway and the prospects in Malaysia, and I’m hopeful that the JAPEX backing will enable them to create some shareholder value.

I just think it’s important to be honest about how the company has performed to date, and an 84% drop in the share price since the IPO tells its own story. That is pure destruction of shareholder value.

I share in the hope they can turn this around Zengas, but we are now waiting for them to pull a rabbit out of the hat.

They have a lot to do to convince this whole setup isn’t purely designed to line the board’s own pockets, but we will see.

It’s not putting words in your mouth, it’s what you’ve said!

Like it or not Zengas, Longboat Energy has been nothing but a failure so far. The share price has dropped from £1 to 16p which should tell you everything you need to know but for the benefit of others I shall provide the history.

Longboat launched with the objective of securing production assets in Norway (predominantly gas). When the pandemic hit and energy prices dropped significantly they tried to negotiate too hard and subsequently lost out on doing a deal when commodity prices were at historic lows (no foresight).

After the pandemic energy prices spiked which meant the Longboat management were definitely now unwilling to pay the market prices for production assets. They ended up instead getting desperate and securing a portfolio of exploration prospects, boasting at the time that Norway had a 50% success rate at exploration and these prospects were carefully chosen by their expert technical team. Well that technical team turned out to be utterly useless - out of 10 prospects (Rodhette, Egyptian Vulture, Mugnetind, Ginny, Hermine, Cambozola, Copernicus, Oswig, Velocette & Kveikje), only one of them found commercial hydrocarbons. Their technical team would have had better success throwing darts at a wall - 10% success compared to an industry average of 50%. The only successful well had an over 50% CoS as well!

Having wasted all their money on a failed exploration programme it’s no wonder several of their institutional investors wanted out and weren’t prepared to back them further.

They were between a rock and a hard place but thankfully managed to do a deal with JAPEX and they have now secured a small production deal but even that has had cost overruns that would have been disastrous had JAPEX not come on board.

Now I’m not saying they can’t go on to be successful, and I’m hopeful that they can. But don’t kid yourself or others, it’s been a total disaster thus far.

You can disagree all you like but the market agrees with me, hence a share price of 16p despite the Kveikje discovery & nearby license area, the JAPEX deal and the Malaysian exploration prospects. Sentiment is in the toilet and for good reason.