Member Info for Santos1

Divi- I would like to support PaulDrayton's comments and would add that you have posted actual disinformation in this chatroom too many times- most recently by claiming that RKH does not know what it owes FIG when the full repayment schedule is set out on the company website. This isn't just ignorant misinformation- it is must be deliberate disinformation, as you so easily could have checked the facts. When challenged on these matters you ignore the comments and carry on posting regardless.

Please just give it a rest for 2026.

Divi- your provision of disinformation- give it a rest please for 2026...thanks !

LTT- re the dilution issue, if I can try to explain it in a nutshell, we shareholders now have a smaller ownership stake in a significantly more valuable company.

Think of growth companies e.g. Tesla which made multiple share issues to fund growth, each of which diluted share ownership but the share price increased significantly due to shareholder optimism about the growth prospects. It's the same ' good dilution' mechanism with RKH ( note- I am not comparing Tesla with RKH- just commenting on dilution). As you point out, the funds are going to be used by RKH for profitable growth opportunities, not for keeping the lights on.

The company confirmed on 22 December that the new shares have been issued and that the funds have been received ( ' Completion of Placing' ). It also confirmed that application had been made for admission of the new shares at 8.00am for trading on 29 Dec. When shares are admitted they are usually become available for trading immediately. I assume they have been available for trading for the last one and a half trading days although I can't see an official LSE dealing notice for the new stock. Possibly something will be issued on Monday, but it will be a formality. Or possibly the 22 December RNS met the listing requirements.

Re the comments about institutions 'flipping' shares which they took in the placement, there is no reason to think that any of them will be 'flipping' a good growth stock like RKH. However even if one, two or indeed all them did so, there is no reason to think that their sales could not easily be absorbed by the market. Global institutions from around the world invest in AIM stocks and even UK institutions with low weightings in the UK could stir themselves to take the stock with no difficulty. Furthermore the stock could be crossed with minimal price impact.

To summarise, as mentioned previously there is no reason per se why the issue of new shares in a growth stock like RKH should be perceived as anything other than positive. And it clearly is being viewed positively- I haven't read anything other than very positive comments. Personally I expect the share price to be re-rated for reasons already explained in my posts.

Alma- yes, share ownership has been diluted -BUT enterprise value has NOT been diluted, on the contrary, it has been enhanced by the money coming in from the placement , which opens the door to a major new oil province for Rockhopper. There is therefore no reason why the share price should fall just because the number of shares in issue has increased. In fact, the SP should increase.

Whether the SP increases immediately or not is irrelevant as far as I am concerned. I expect it to increase steadily- or in the occasional leaps and bounds- no doubt with ups and downs along the way, as is usual- as we approach first oil. For reasons explained earlier I expect previous highs from the early days in the long history of RKH will be exceeded eventually ( yes, the Lassonde Curve model).

Divi- you also claimed earlier today that RKH doesn't know what it owes FIG. Why didn't you take 5 minutes and look at the section entitled ' FIG Taxation Agreement' in the Dec 10 RNS, which gives you the complete repayment schedule, before giving us your incorrect opinion ?

P.s sorry, my last post contains a typo- I meant - ' Earlier today you claimed that RKH doesn't know what its debt is to Navitas....'

Divi says ' If you disagree with my views you are welcome to challenge them'

What's the point ? When anyone disgrees with you or corrects you , you ignore them and repeat the same comments. You sign yourself off with ' DYOR' but it's obvious that you don't bother doing any research yourself. I have asked you about three times to comment on my observation that you appear to have no understanding of the difference between value dilution and ownership dilution. But you haven't bothered to reply.

Earlier today you claimed that Navitas doesn't know what its debt is to Navitas. If you are referring to the pre-FID loan it's on the balance sheet , if you can be bothered to look.

Divi - you claim that Rkh has no idea what its debt is to Navitas. What complete and utter nonsense !! And you still haven't bothered to comment on the point made to you that you don't appear to understand the difference between value dilution and ownership dilution.

Isn't the start of a new year a good time for you to move on to some other chatroom?

P.s Divi- I mean you may need good luck if you are still trying to close your short positions

Divi- do you actually bother to read anyone else's posts apart from your own? You have just repeated your earlier post without referring to the points made in my post. Anyway, good luck with your shorting strategy- you may need it sooner or later.

Divi- assuming your message to 'S' is addressed to me, I have two points to make:

1. You haven't bothered to acknowledge my point that there is a difference between ownership and value dilution -you don't appear to understand it in any of your posts.

2. Someone else may have expected £2.50 on FID, but it wasn't me. If you had bothered to read my posts, you would have seen that for the last year I have been saying that I wouldn't be surprised if the SP reached £1 before FID. In fact it touched 92p before FID. I have also consistently said that the Lassonde Curve is a useful guide to what will likely happen to the RKH share price going forward ( why don't you google 'Lassonde Curve' if you have never heard of it ? ). This model was proposed by a CEO of a major mining company about 30 years ago and has a good track record. It describes share price performance of junior mining and oil exploration stocks during 5 phases- 1. concept, 2. discovery, 3. feasibility / engineering/ environmental studies , 4. development/ construction and 5. production. We have now entered the 4th phase when finance is secured. The model forecasts that perceived value can be expected to rise steadily as we approach production. When we reach the fifth phase - production- we can expect further re-rating as more institutional investors arrive who value cash flow/ dividends. The Lassonde Curve model also predicts previous highs will be exceeded at some point.

As I have mentioned once before I saw this model work many times when I worked as a stockbroker in this sector, therefore personally I attach considerable weight to it in my own portfolio. Obviously if you want to continue shorting then do your own thing -no-one's stopping you.

Divi- you appear not to understand the difference between ownership dilution and value dilution. The company has significantly more value now following the placement, divided among more shares. The placement has been made to fund a high growth project increasing overall company value. This kind of dilution is sometimes referred to as ' good dilution' whereas 'bad dilution' would be a share issue just to keep a company afloat.

Divi tells us that the SP is headed to the low 60s and ' will get worse after that because of the new shares flooding the market' . At least he should have the intellectual honesty to acknowledge that there is no NECESSARY reason for the RKH SP to tank due to the issue of new shares. This is because the money coming in from the placement ADDS value to the enterprise value as it enables the company to participate in the Sea Lion project. That perception will cause the share price to rise at some point, whether sooner or later.

Only amateur traders short sell volatile AIM stocks embarking on exciting major projects. If that's Divi's position, all I can say is good luck to you, you are a brave man.

Thanks for that suggestion Alma but I won't be taking it up. Rolf has told us that he spent a short time in equities before he moved to interest rate markets. I spent 25 years as an institutional stockbroker including about 10 years on mining and oil exploration stocks. People can draw their own conclusions when he calls other people 'clueless'.

Rolf- You've told us you worked in equities for a short period and then moved to 'more interesting' markets. Also that while you worked in equities you developed a low opinion of stockbrokers. I think we get the picture without you needing to throw out insults every time you post. It gets boring very quickly, and not just for me.

Rolf- not as boring as you !

Rolf- Since you ask, my job was getting buy and sell orders from institutions based on the output of our research analysts , not processing the orders. You would probably know more about that than me. And yes, I may well apply for 4x my entitlement rather than 3x ( which would take me up close to a nice round number).

I am going to apply for treble my entitlement and cross fingers.

Divi, I think your short positions are curling at the edges, Cheers

And what do we have to look forward to from Happy ? Hopefully fewer assertions based on over-confidence. Here's a random selection of golden nuggets from the last couple of months:

' These jobs ads are meaningless' ( 25/10)

' FID will require UK gov approval and with gov fully stretched on budget issues there's little chance of any traction this year'

(9/11)

' Uncertainty will be removed ( by FID) but a torrent of new stock will hit the market and subsequent milestones before first oil will be important but not market moving' (17/11)

' Navitas are underestimating the challenges and risks' 17/11 '

'Ain't no one signing off the financial package in December' ( 25/11)

' I put the chance of FID this year at 10% ' ( 25/11)

' Any fool even on this bulletin board can work out FID is unlikely in 2025....it's just common sense'

New Year resolution for Happy to consider: Having been shown to be wrong so often in 2025 , a bit more humility for 2026 might be a good idea.