Member Info for pauldrayton

I don’t think the communications from ICSID have been great, so Rockhopper have been in the dark too.

Their correspondence in March did say that they were hoping to be in a position to issue the award during the course of July. The award includes liability and quantum (they have already ruled on jurisdiction). The correspondence at the beginning of July stated that they should complete their work - the work wouldn’t be complete if it was only liability with quantum to follow later.

So we ‘should’ get a final outcome over the next couple of weeks but you never know for sure with lawyers!

No,

The finance facility is purely to bridge the gap between when the exploration money is spent, and when it is subsequently refunded by the Norwegian government.

Longboat will almost definitely need to raise more funds (either via debt, equity or a combination) should they wish to acquire further assets.

From what I can gather (and I may be wrong), Rockhopper are expecting Habour to make a decision on Navitas at the same time as deciding whether or not to reactivate the project. FID is not expected this year even if they proceed with the farm out and reactivate, but it should give a very strong indication because they're unlikely to do either if the project is to be shelved. So September could be an interesting month.

Janus Henderson were holding 2million on readmission and are now holding 3million so they’ve added 1million shares on the open market.

Explains some of the chunky trades, although maybe not all.

Interesting to see some of these chunky trades going through. Guess they are being transferred from one institution to another but somebody is wanting to offload and somebody else is happy to accumulate.

I’d like to see yet another interview with Majid & Graham.

In principle it looks like a good deal but agree with others that who said they should have part-funded it with debt. That’s what usually happens when you buy income producing assets and it prevents too much dilution but for some reason they’ve either been unable to or chosen not too.

If commodity prices stay in the current range, there is an exciting future ahead for i3, but this consistent dilution has to stop!

Also what on earth has Nick Ingrassia done to deserve all these awards?

I'm pretty p*ssed off at today's announcements to be honest. It just smacks of snouts in the trough and rewarding themselves for p*ss poor performance.

I've emailed them to let them know my thoughts so I'm probably back on the naughty step but I suggest others do likewise.

It's a disgrace to be perfectly honest and I hope shareholders let the board know what they think of it.

I notice there was a late 500k trade printed at 70p.

Well my point was simply that hopefully the fact that the tribunal has taken so long, means that they have followed all the correct procedures and ensured the award is final and not able to be challenged.

They can apply for annulment but only on the following grounds:

grounds on which it is based. These grounds are limited to the following:

+ that the Tribunal was not properly constituted;
+ that the Tribunal has manifestly exceeded its powers;
+ that there was corruption on the part of a member of the Tribunal;
+ that there has been a serious departure from a fundamental rule of procedure;
+ that the award has failed to state the reasons on which it is based;

Let’s hope this is why it’s taken the ICSID so long - because they want a watertight decision to avoid any appeals. Oh and let’s hope it’s in Rockhopper’s favour too.

Also FWIW, I asked Rockhopper about the ECT & EU law that Mogger flagged a few months ago and their lawyers said the Italians had already argued this and lost. They stated that the ECJ has no jurisdiction outside the EU so if they are fortunate enough to win but then put into a position where they need to enforce, it shouldn’t make any difference to the likelihood of success enforcing in the US, Australia, UK etc….

Well at least there hasn’t been another delay from ICSID, and they must be close now although I suspect July will probably end up meaning August knowing them.

They say the tribunal will be “in a position to complete its work in the course of July”. ‘Complete it’s work’ suggests that is the end of it, with liability and quantum (if successful) both included in the award.

It’s been a long wait, let’s just hope it’s worth it. I really can’t tell whether this is going to be a pleasant surprise or a massive disappointment - unfortunately this company has only delivered the latter in recent years!

No update from ICSID. Only 2.5 years now since the initial hearing!

Well spotted Tony:

José Luis Muñoz, Repsol Sinopec CEO said:

“I am very pleased that this lease has been extended. In alignment with the Oil & Gas Authority’s MER UK Strategy this is a clear demonstration of our commitment to the North Sea and is a timely development to encourage further investment, increase production and facilitate life extension for the area, all while remaining focussed on emissions reduction opportunities.”

Pretty much the same comments as at the GM. They don't intend to stand still and are keen to move onto the next acquisition targets as soon as possible - still targeting production but any deal has to be on the right terms. The deals so far this year have been auction processes which have resulted in prices that they wouldn't be willing to pay.

Nice one, thanks. I will listen in to the AGM at 11am.

Has the admission date for the new share been pushed back then? I could have sworn it was supposed to be today.

Over 500k traded today so a changing of the guard. The placing shares should be listed tomorrow and the AGM at 11am so an interesting day ahead.

As of this morning the company had not heard from ICSID. That may change over the next couple of days but I wouldn’t put it past them to miss their own deadline.