The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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When the Oswig flow test showed a tighter than expected reservoir and Egyptian Vulture was rescinded, it left only Kveikje.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.
Lighten up Oil_Up, a conman can never fool a fellow conman.
I’m in Romsey so let’s fight it out in the rose garden at Mottisfont.
If you win I will transfer all these shares into your name.
Put up or shut up.
Many thanks to all of you who’ve signed up today - the response has been overwhelming. I think I’ve processed all your monikers DEM - the more the merrier.
For those of you asking for receipts or formal confirmation that the shares are still yours, this group is based on trust so please take my word for it. I cannot meet any of you in Hampshire because I’m based in Nigeria but you can always get a flight to Lagos.
Given the influx of shares today, and with more anticipated over the weekend, I suspect I will be sending a TR1 to the company next week and will appear on the Major Shareholders list.
Boboil you can indeed send cash - there will of course will be running costs and as I’m now acting as a fund manager there will be a commission element but it’s worth it to bring our collective ownership into one account and ensure we vote as I want.
Don’t be fooled by the other pretenders, they are not to be trusted.
Together we stand.
Insert fist emoji.
Right I’ve set one up. Please email me on my username at hot mail to secure membership.
Payment for entry will be 10k Rockhopper shares (to prove you are a legitimate shareholder), and your remaining shares will be held in my account to ensure we are united and vote together.
All members will have a vote on group actions equal to their shareholding in my account, but I will have the final decision. This is to ensure we are united.
Rest assured this is legitimate but no discussion can take place here anymore - an email group will be organised and all usernames/accounts on here must be deleted.
Together we stand.
There really is no point in secret offline shareholder groups. There is an open messageboard that we are all using here, and where all opinions can be shared out in the open.
No need for cloak & daggers behind the scenes stuff where some people might be vulnerable to manipulation.
If you’ve got something to say, say it here and we can all debate it.
I’m sure there are plenty of lurkers and if a bid or takeover attempt did ever arise then others could join in the discussion here too.
In the meantime it’s pie in the sky anyway. A risk, of course, and one we might face at some point, but there is no offline discussion that can’t be had online here.
I disagree regarding funding and don’t think Rockhopper can fund the whole process (including fighting the annulment proceedings and enforcing payment) from their current financial reserves.
I asked the company about it this afternoon and the response I got was “there are no current arrangements in place but we are considering a number of options”.
I suspect they will now wait to see how the next 30-40 days go before making any decisions on how to proceed. As I have said a few times though, I think they will settle at a discount if Italy are willing.
I suspect the enforcement proceedings and court fees as well as the legal costs for the rest of the annulment case will be more than Rockhopper can afford.
So I would agree a settlement now to get it over & done with, but let’s see what the next update is, probably mid June now.
Yes but Rochopper do not have the money to pay the legal costs, so that means yet another placing, or a funding arrangement. I don’t think anybody wants more dilution, and a funding arrangement will mean giving away a % of the award I suspect.
I certainly think Rockhopper will/should offer to settle.
Whilst they shouldn’t have to give up a % of what they’re owed, and I suspect Harbour will want paying in full, it might still be better for Rockhopper to come to an agreement and take less for a quicker payment. The legal proceedings will start to cost them money now, and a funding agreement will be required which I guess would see them take less of the award anyway. And enforcement will take time to go through the courts etc, plus the costs of that too.
If Italy agree to pay 80-85% now I’d take it, but given how they’ve played this so far I’m not convinced they will.
It will be very interesting to see what happens over the next 30-40 days. I think the committee has made a very sensible and practical decision which is encouraging. It would be nice to think that Italy might settle, but I won’t hold my breath. I suspect they will kick and scream at every turn, so Rockhopper had better start preparing for enforcement. I’m not sure the committee would have the authority to dismiss Italy’s annulment case completely if the two parties can’t come to an agreement - I guess they would just lift the stay? Does anybody know on that front?
I think we will see the share price constrained by warrants for now. Warrant holders can currently sell placing shares at 11.5p and have until the end of the year to exercise more at 9p. 28% profit which the institutions involved in the placing will be more than happy with.
Still, nice to see some progress and at least Rockhopper can get the enforcement ball rolling soon rather than having to wait until the end of these proceedings.
Well I think that’s probably as good as we could have hoped for.
And don’t forget Isobel. You can double those numbers.