Member Info for pauldrayton

More importantly, when is first oil?!

FPSO availability might determine that.

Https://youtu.be/cc7mH4JQCts

“The partnership is honored to publish the attached presentation. The presentation includes data at a different level of detail or segmentation than appears in the partnership reports, including information regarding the expected dates for the completion of the Sea Lion transaction and for final investment in the project (see slide 21)”.

Anybody able to translate slide 21?

Rockhopper RNS incoming…

Another piece of the jigsaw - clearly done to assist financing. They’re not waiting around are they.

Never great to see large sells coming through at the latter stages of a drill. It would be a shame if Cambozola wasn’t successful but it is only 15% CoS I suppose so it was always a big gamble.

I’d like to see one of the last four wells come in as a genuine success - obviously more would be nice but one of these larger prospects would be significant for Longboat.

With regards to Egyptian Vulture, HH said one or two appraisal wells will be needed, along with a flow test.

hTTps://ats-fig.jgp.co.uk/vacancies/195897-director-of-mineral-resources?source=1996-jgp-linkedin&enhancement=

Wednesday 18th May: 8am-9.30am

https://www.linkedin.com/events/navitaspetroleuminvestorconfere6930141632902086656/

Yes it appears they are well ahead of schedule. Nice to have two more large prospects drilling this summer as well. Success at any of those 3 would be great news.

Yes I thought the comment on Cambozola was strange given how long the well was expected to take. I suppose “weeks” could take us well into June - we will have to wait and see.

More exploration added - at least they haven’t had to issue equity to fund it. I guess they need a forward programme after Copernicus. Hopefully we will hear more about Egyptian Vulture appraisal soon, and I fully expect them to trade Kveikje but that might take some time.

RNS out explaining why.

Ok so we all know it and Rockhopper mentioned it in the RNS - they need funding. Many of us suggested over the weekend that any share price reaction to this news would be muted because a fundraise is becoming inevitable.

The tribunal should close the proceedings shortly (although weeks turn into months with them), but it could still be 4-6 months for an outcome (probably much longer for payment if successful).

So it seems increasingly likely that an equity raise is coming in the not too distant future. The dilution for existing shareholders at these prices would be painful just as things are getting going with Navitas so is there any way to soften the blow?

Rights issue rather than institutional placing?

Competent Person's Report.

This is the bit I'm referring to although it is Google Translate:

"The discovery contains about 513 million barrels of oil (MMbo) in category 2C, according to a resource report. The Partnership is working to update the Conditional Resources Report published by the partnership on July 7, 2020 and predict it will be published up to 60 days from the date of signing the business".

I think if the translation is correct they are commissioning a new CPR with the results due in less than 60 days. Perhaps they feel Gaffney Cline were a bit conservative.

It’s unbelievable really that after the hundreds of millions of dollars PMO have spent on the Falkland Islands, they are actually paying to offload their share.

What a total disaster they were. I get the feeling the Israelis will be much more shrewd and dynamic, and to pick up 65% of the NFB at this stage could prove to be one of the best O&G “investments” of all time.

Happier for RKH to hang onto their coattails than Premier’s, that’s for sure.

But they still need cash soon and as a result I agree that any share price rise on the back of this will be limited.

Unfortunately Kwasi Kwarteng is clueless.

Keep writing to your local MPs because UKEF should support Sea Lion but don’t underestimate the lack of understanding in UK government. They will get it at some point, but probably much too late.

There are no rumours and it’s not a case or if this will be confirmed tomorrow, it’s a fact! It’s been announced to the Tel Aviv stock exchange and now appears on the Navitas website.

I can’t imagine Rockhopper’s share of the costs will be $900m - their plan is to shrink the project rather than make it bigger.

Let’s see what Rockhopper have to say tomorrow.

Although this is obviously good news, it doesn’t end the requirement for more cash. They will need to raise more funds fairly soon somehow. I like the idea of a settlement with Italy but Sam Moody said last year the Italians were not interested in that. The tribunal just keep taking as much time as they like, so is an equity raise the only option?

It hasn’t appeared on Navitas’ website yet - it was released as an RNS to the Tel Aviv stock exchange.

“on April 15, 2022, the binding transaction agreements were signed whose main terms are detailed below”…..