Member Info for pauldrayton

No Latics, the solicitors have chased the tribunal twice and haven’t heard back. They won’t chase again until September which is fair enough - in fact it’s probably not worth chasing because it’s not going to speed them up. It would have just been nice of the tribunal to provide an update rather than just say nothing.

Rockhopper haven’t heard from the tribunal despite chasing twice so they can’t provide any further update. It’s frustrating but they don’t know what’s happening either, so all we can do is wait. Hassling them isn’t going to speed things up.

I don’t have the previous coordinates to check if it’s moved or not! We will find out soon enough I guess.

AIS reactivated now.

Skandi Mongstad on its way back to pick up supplies (nearly there now).

It looks to me like the tugs have arrived but the rig has not moved yet. Should be on the way soon though I guess.

It’s total incompetence from ICSID. 3 weeks late already when they said 7 weeks ago it would be less than 4. I don’t know how they could get it so wrong.

It’s still drilling the Black Vulture appraisal well isn’t it?

Partners plural, so could be both RSRUK & Viaro.

Serenity:

Discussions continue with potential farm-in partners for the Serenity field appraisal drilling programme. Indicative terms have been agreed in principle but we await confirmation of funding commitments from counterparties before finalising and executing documentation. The market will be updated if and when agreements are reached.

They have chased but still no news. There is much to criticise the company for but I don't think this is Rockhopper's fault.

https://issuu.com/energyinst/docs/petroleum_review_august_2021_open_access_articles/s/12933679

They bought 50p worth. Must have been an exciting whisper.

There may be a bit of to-ing & fro-ing when the award is presented to both parties. Firstly both have to agree to it being published, otherwise it isn’t as far as I’m aware. It’s possible that Italy might offer to pay a sum to settle and avoid a ruling but you’d think that they might have done that by now.

I suspect it’s just ICSID running late though. Having stated twice that they would complete their award in July, I think they would have notified the parties if there was going to be a long delay so I’m still expecting news in the next week or two. Any longer than that and I think they would have had to say.

2016 First Oil wasn’t it?!

Only 10 years late ‘IF’ Harbour decide to go ahead!

Not the word “imminent” again!

Well that’s because Longboat need to pay the full costs up front and then wait for the large rebates. They’ve also ensured that they’ve got enough cash to cover additional costs if the wells are successful (sidetracking/testing etc), plus contingencies if things go wrong and possibly some left over for appraisal wells too in a success case.

If they want to secure a producing asset they will need to raise more funds via debt/equity or swap assets if any of the exploration wells are successful.

No the finance facility is just to assist with working capital until they get the exploration refund costs from the Norwegian government.

You are wrong I’m afraid. They will need most of the cash raised for this drilling campaign, especially if some of the wells are successful. If they want to secure a producing asset they will need to raise more funds.

It’s good to see a bit of volume and the price rising - I wonder whether that’s in anticipation of drilling in a few weeks or if there might be another deal bubbling away in the background.

That’s my fear Godders - the market usually gets it right. But I live in hope rather than expectation!

Just wish they’d hurry up & put us out of our misery!

I hope you’re right Much!

All the best.