Member Info for pauldrayton

Whilst I appreciate that the decision on the stay is unrelated to the merits of Italy’s annulment case, it surely can’t do them any favours ignoring the committee at this stage.

Let’s see what the committee decide to do, but Italy will struggle to oppose Rockhopper’s proposal if they’ve refused to cooperate in the first place. I would anticipate a lifting of the stay in due course, perhaps with some conditions attached depending on what Rockhopper have suggested.

At least it gives a head start on enforcement if that’s the case.

Assuming it’s not just working days, the 30 days to come to an agreement with Italy are now up.

I guess we will get an update next week with the results.

Sea Lion The partnership is currently working across the board to promote the development of the project, including- ? Formulation of the detailed development plan for the project and its other components while in existence Ongoing dialogue with the authorities in Falkland and England. the development plan It is expected to include ingredients that will reduce the scope of carbon dioxide emissions during the establishment and operation of the project. ? Forming the financing plan for the project, which will include, among other things, Bank financing, financing through bond issuance, supplier financing and financing .Oil traders of ? Locating and negotiating in connection with the supply of the production and storage platform (FPSO) for the project and its operation. ? Examining the possibility of introducing another partner to the project before the decision date The final investment (FID.) The partnership intends to act to obtain the final investment decision (FID) for the development of phase A during the year 2024. The gradual realization of a plan The development in phase A is intended to enable the start of production from the oil property (Oil First) During the year 2027, with limited capital investment, while the rest of the development drilling and production will be carried out gradually after the start of production from the oil property. Warning regarding forward-looking information - the aforementioned estimates, including The expected date for receiving a final investment decision (FID), plan structure The development, the scope of the capital investments in the development until the start of production and the deadline The start of production from the oil property is based on general and preliminary estimates only and can have substantial deviations. These estimates constitute observer information Peni Atid, as defined in the Securities Law, based on the partnership's assessments As of this date, there is no certainty that it will be realized and which may be updated As a result of a set of factors related to projects under development. It will be clarified that there is no Certainty that the project will indeed be developed and that the partnership will obtain the necessary funding for it

BrightSpot is borgo22’s username on here.

Oh dear borgo22 is back. Judging by your previous predictions I hope this isn’t a bad omen that you’ve returned.

I suspect Mogger might be referring to Navitas’ Q1 report which is scheduled to be released tomorrow, but I might be wrong.

What I’m saying is you’re stating the obvious.

I wouldn’t have thought anybody would anticipate drilling on Argos’ acreage before 2026. Probably a while after, if at all. It certainly isn’t a priority.

So we’ve gone from “first oil in 2026” to “IMHO, nothing will be happening in the north basin till 2026+” today.

Either Navitas’ plans have been pushed back a couple of years in the past few weeks, or as usual Garbled is talking nonsense.

I wonder exactly what’s being asked of the Treasury.

I have to admit I don’t hold out much hope of the clowns in government being kind to oil & gas development.

Much better in their minds to avoid a bit of screeching from the eco-warriors than make decisions to secure energy security.

It is true that once Sea Lion is on stream, the $/bbl of adding production will get much lower and getting to FID for the satellite fields will be much more straightforward both in terms of FEED and finance.

They knew it was waxy crude when they started drilling in 2010 and they certainly knew after taking plenty of samples from the discovery & appraisal wells.

It’s not a surprise 13 years later. It does pose certain challenges but none that won’t have been considered already.

Italy have not been told to deposit the cash, they have been told to agree to an escrow account.

The stay of enforcement will then be lifted subject to any monies that are paid by Italy (either voluntarily or by enforcement) going into that account.

It’s only a technical difference though because if Italy do not deposit the cash, then Rockhopper can enforce payment by going after their assets.

If Italy refuse to agree to an appropriate escrow account then the committee will likely lift the stay with no conditions (in which case Rockhopper could effectively keep and spend any money received via enforcement even if the case is not over at the point they receive it).

Isn’t the Bleo Holm a bag of rust now? Also Repsol Sinopec are looking to extend its life again with the Tain development so I don’t think it will be available any time soon.

I have to admit it was getting desperate for LBE.

When the Oswig flow test showed a tighter than expected reservoir and Egyptian Vulture was rescinded, it left only Kveikje.

With the best will in the world, barrels in the ground at this stage aren’t going to be bought out for much, so it looked like Longboat were over a barrel. Even the Malaysia entry is going to be subject to raising more funds eventually, and doing so now would have been hugely dilutive for shareholders.

Now they get to keep hold of the stake in Kveikje rather than sell it in desperation, and they get a financially sound partner with growth plans.

It’s like pulling a genie from a bottle. Don’t forget that there are potentially further prospects on the Kveikje license that they couldn’t wireline log at the time, but I think the whole thing will be worth a lot more in time than it would be if they tried to sell it quickly now.

To be quite frank the Longboat journey has been nothing but disappointing thus far, but this deal really is transformational so credit where it’s due.

For me it’s a 3-5 year hold now to see what they can do - a few months ago I feared losing the lot, and had all but written this off as a mistake. But with only 57 million shares in issue and JAPEX on board, this could get quite exciting (at last!).

May 2, 2023 - Italian Republic files a memorial on annulment.

Thanks for that - all very promising. Look forward to the Investor Meet presentation for more details.

I think the best news from this is the size & scale of the partner. Whilst they may currently be looking at a small production deal, JAPEX won’t be looking at small fry in general. They will have serious growth plans and their financial backing is a massive positive.

Now that Euribor is knocking on the door of 4%, interest on Italy’s debt is now close to 8%.

Not that it really matters, but does anybody know how the deal with Harbour works? Does their cut include the interest or just the award? If it does include interest, does their take end at the point their funding did (ie. the date of the award last August)?

If so then all interest from December onwards is owed to Rockhopper alone, and it’s accumulating rather nicely.

https://www.mirror.co.uk/news/uk-news/crooks-posed-genuine-shares-brokers-17267201#ICID

Please ignore Henry, he just declined the bacon sandwich on Romsey platform 1.

Actions have consequences.