Member Info for pauldrayton

The other positive for i3 is retention of operatorship and control of the asset.

I would have preferred a smaller dividend and the retention of 100% though. Not sure this deal was really worth it. But if it gets it drilled soon then it's better than letting it sit there.

EOG are paying £7m for 25% of I3E’s Serenity discovery. An appraisal well could prove up to 200m barrels of oil in place & 100m recoverable.

Close to infrastructure too.

Puts these exploration deals into perspective.

Longboat need to pull their finger out. Thank goodness for Egyptian Vulture and thankfully there are 3 more exploration wells to go but there are still opportunities out there even at these commodity prices.

I think it’s a pretty good deal for Europa actually. £7million for 25% of what could be 200m barrels & 100m recoverable. Yes it’s a risk for them if this one well is not successful but the upside is huge.

For I3E I’m surprised they think it’s worth giving away 25% for that sort of money to a minnow, but at least it gets the ball rolling with Serenity at last.

Glad they’ve retained 100% of the Minos High and it sounds like they potential plan to farm down further. Clearly it would be helpful if RSRUK were involved but perhaps they’ve just been waiting too long for them and wanted to get a deal done.

Overall I’m pleased a well on Serenity is going ahead but it seems like a better deal for Europa than I3 to me (although I understand their shareholders’ frustration at the dilution).

7 weeks since costs were submitted to ICSID. Outcome was meant to be last July. Surely there is no more work left for the tribunal at this stage.

Does IC have this much influence?

500k shares traded already today.

No chance of HBR changing their strategy now having reiterated it in December.

Rockhopper always said Q1 and Sam Moody confirmed that recently so we still have a month to go.

I think the Navitas deal will happen, but they also need a positive OM outcome asap and it’s just radio silence on that.

Something’s happening at least!

Large spread today, I was wondering if something was up when I saw the price but no!

Possibly but not sure we’d have the numbers to see it looked at.

I have written to my local MP suggesting they reinstate UKEF support for Sea Lion to help get the project off the ground. Now is an opportune time to do it and call it exceptional circumstances due to the current geopolitical situation.

Suggest others do the same and perhaps we can gain some traction in the coming weeks.

Might fall on deaf ears but it’s worth a try and better than sitting on our hands. Imagine Navitas signing and UKEF underwriting the finance.

Now is the time to do it.

If I were Sam I’d be on the blower right now telling them again that there is a FID ready oil field of which the Israelis are about to take 65% for nothing. HMG could and should be stepping in to finance it, however awkward it looks to the green agenda. There is a bigger picture here and energy security/independence is paramount.

Well Boris has been pushing Carrie’s green agenda and removed UKEF support for oil & gas so he only has himself to blame (as well as his predecessors).

It’s surely time to wake up and change track now.

This crisis in Ukraine in only possible because Europe is reliant on Russian gas. Putin holds all the cards and the West will not want sky high energy prices for long.

Surely eyes need to open now and the U.K. needs a National Oil Company to ensure energy security. The green narrative and agenda has to change.

The government needs to wake up and Sea Lion would be a good place to start (as well as the North Sea of course).

Only a handful of trades today and nothing really significant?

The trouble with share purchases like this is that firstly it’s for a measly amount and secondly it confirms they aren’t in a closed period so no news due soon. Director purchases need to be really significant to drive the share price and to be honest this is pretty pathetic.

What’s the threshold for when the company have to announce a “we know of no reason etc” RNS?

News afoot? An interesting intraday rise with seemingly no apparent prompt…

“is there precedent for anything accociated with RKH sticking to a timeline?”

Well a lot of these cases do take years regardless of what the end outcome is. What I can’t understand is how there still hasn’t been a decision made given the tribunal stated this last May:

"The Tribunal anticipates that it should be in a position to render its award* in the course of July. The Tribunal will revert to the Parties towards the end of June to confirm this timeframe.”.

They subsequently confirmed in early July that their work would be complete. There was the late submission from Italy but that’s been dismissed and updated costs were submitted over a month ago now.

So what are we waiting for? It’s unnerving to be honest.

“January 10, 2022 - Each party files an updated submission on costs.”

Yes this was noted at the time. Over a month ago now - what is there left to discuss at this stage? It would seem that a decision must come soon, but after this length of time who can predict?

All we (and Rockhopper) can do is sit and wait. Unless SecretBluePrint got a response to his email to the tribunal?!

It gets more & more frustrating that they didn’t do a production deal to begin with. But here we are, and they can still pull something off.

With regards to the exploration the big 3 were Egyptian Vulture, Cambozola & Copernicus. 1 success and 2 still to drill so plenty to play for still. Egyptian Vulture should underpin the company at a higher share price than it sits today, but sentiment is everything in the stock market and investors have been let down by management so far. It’s a shame that none of the secondary wells have been successful but Kveikje is high CoS and that’s next up.

I think we all know they need a production deal to get the company going in the right direction. At the moment they’re paying a load of salaries to do very little so they need to pull their fingers out. The Suncor assets look ideal, and hopefully they are looking at other opportunities as well.

Their patience might pay off but I really feel it’s time to get busy now.