Member Info for pauldrayton

Thanks Jocko. The full Navitas Falklands crew.

Gideon Tadmor attending must mean it’s serious.

Let’s hope it’s a successful meeting. I guess news of some sorts will follow within the next week or two, and we might finally have something more concrete to discuss on here!

Who’s going Jocko?

Thanks PortStanley.

I wonder what sort of topics might be covered in a Memorandum of Understanding at this stage.

I’m guessing Navitas will be wanting commitment and reassurance around tax & royalties given the madness that’s happened with the WFT in the UK.

I suspect the MOU will be required to satisfy potential funders and/or other partners.

It is interesting that every ICSID update seems to come every 7 or 14 days. Hopefully the committee have set these deadlines and although it’s impossible to know how they will rule on the stay of enforcement, it would be good to get that decision made either way swiftly so that they can move onto the facts of the annulment proceeding itself. I think Rockhopper are expecting a ruling towards the end of Q1 or beginning of Q2 which should also coincide with the window for a Navitas update on Sea Lion.

Yes these two were appointed a few months ago and discussed on here at the time - I think they were all previously based in Houston.

Paul Culpin presented last week on “Maximising Marginal Oil Fields Through Redeployments”

1. Exploring the challenges of redeployment and identifying the ways to overcome the challenges

2. Uncovering the significant opportunities that would be cost beneficial

3. Discussing the importance of the maintenance, design and specifications documentation to remove potential pitfalls

Isn’t ADVFN the place for these conversations? Anybody who wants to post abuse, childish remarks, fantasy predictions or even complete gibberish will find a welcome home there.

Thanks Mogger, that makes sense and shows how seriously they are taking Sea Lion in case anybody had any doubts. He’s one of their top brass.

Thanks Mogger but Chanan Wolf has been Sea Lion Project Manager since the beginning of last year if I recall correctly. I presume this is just an extension of that?

Yes although judging by other cases it can take longer than the specified 30 days for the committee to rule on the stay of enforcement, especially when both parties are making additional submissions. Maybe the 30 day clock starts again on 14th Feb, so we may still hear something around the middle of March unless Rockhopper want to respond again.

oj17 is correct:

“This concludes the current share buyback programme.”

There is the entry to Malaysia but it’s a bit woolly at this stage. Perhaps more to come alongside monetisation of Kveikje? They did mention they were looking at a number of opportunities across all stages of the lifecycle in the previous update. If this license is all there is to it then it’s not very exciting for now.

I note that Helge has been liking Sharifah Shahira Wafa’s posts on LinkedIn. She’s Head of Block Promotion & Marketing, Resource Exploration at Petronas.

The results of the 2022 exploration licensing round are due out soon and I suspect Longboat will be involved. But have they got other deals lined up ready to announce all at once? It sounded like it from their latest RNS.

Well spotted SpaceHoppa. Guessing the 30 day countdown to a decision from the ad hoc committee starts today then, so we should hear a decision on that by mid March at the latest.

I’m perfectly happy with Malaysia if it’s a good deal.

I just hope this doesn’t come with large dilution at current share price levels or lower.

Interesting although amateurish it has to be said.

Let’s see what comes next.

With regards to this, it does appear that this application must be done in conjunction with a concrete application to operate a license, so it’s intriguing:

“Players seeking an operator role will be subject to more extensive requirements than is the case for other licensees. Operators themselves must have sufficient resources and personnel to manage and implement all activities pursuant to prevailing relevant regulations. In the HSE area, the regulations contain requirements for players seeking to become a licensee, including an operator.

The final evaluation as to whether a pre-qualified player is qualified to be a licensee or operator is made in connection with a concrete application for an ownership interest/operatorship, which will also take into account operational and specific aspects associated with the production licence.”

https://www.npd.no/en/facts/production-licences/pre-qualification/requirements-for-new-players-on-the-norwegian-continental-shelf/

How on earth did you discover that?!

Any chance it could be a template they are using and they’ve left Malaysia in by accident?

If not then it definitely seems like a clue.

Well spotted btw!

I missed this but Longboat have applied to be an operator in Norway with the NPD:

https://www.npd.no/en/facts/production-licences/pre-qualification/

Their previous (approved) application was to be a licensee, so this is a new development although the website was last updated in November so the application must have been put in a few months ago at least.

I wonder if this is related to a new deal of some sorts, or are they just getting their ducks in a row in case they finally manage to find something suitable?

PS. The Euribor rate has increased by a healthy amount since the award was announced.

With regards to inflation, although costs will have gone up over the past couple of years, Rockhopper are hopeful that the reworked project will show a lower cost per barrel. I’m sure Navitas are very shrewd so let’s see what they come up with.

I have.

Hoping for an update from Navitas on how the reworked Sea Lion project will look in Q1.

The January ICSID committee hearing was just procedural, dealing with timescales, rules on submissions etc so the evidence itself hasn’t been discussed at all yet. Ruling on stay of enforcement expected in 2-3 months from now, and 18-24 months for the whole process remains current guidance from when the annulment request was submitted.