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Targa says.." I used to have shares in desire and med oil and gas, not that you lot would have a clue who they were."

Really? How bizarre? Everyone and Garbled's dog knows who they were. But you don't have a clue how the arbitration works in the "med oil and gas " case.

Best keep quiet while your ass is hanging out of your trousers, IMO

Targa123
This arbitration case is being wholly funded by Harbour Litigation Funding, not Rockhopper, on a no win no fee basis. The directors have repeatedly said that RKH has no financial exposure if the Republic of Italy wins it.

So how come they allowed Noble Energy to be a licence holder and operator? They were a US company.

Can we get back to the ”meat and two veg” option of the menu of options facing RKH? It’ s the ICSID tribunal award, without which, everyone agrees is critical to Going Concern status.

We saw on Monday that the tribunal received updated statements of costs from both parties. I have trawled through most of the concluded cases in recent times, and the statement of costs always precedes a tribunal statement that the proceedings are closed (which might take days of months) followed by the rendering of the award (which also takes days of months). There was one slam dunk case where both were published on the same day.

However, this case is slightly different, because the initial statement of costs was received in 2019 , but the defendant then asked for a suspension to consider the jurisdiction validity, which was thrown out, as was some third party intervention, ECJ?. Then after the third party intervention, a further request by the defendant to consider jurisdiction was considered and thrown out.

I cannot imagine a world where a defendant tries twice to void a case on a technical basis which they know they have won. It follows that they know they have lost, in my view. Even the Duke of York would have to agree with that!

So, over the coming days, or weeks, I fully expect the rendering of award in favour of RKH, and irrespective of how to recover the money from Republic of Italy, the SP will find a new and higher trading range.

And there's another one. Someone in Rome, I hear, LOL

As I read the " no win no fee " situation as described in the Company's public statements, it is not the Company's lawyers who are funding their own legal costs. It is an investment fund called Harbour Litigation Funding who are paying everything including lawyers fees. For Harbour , it is a risk based investment where litigation is an asset class.

It is Harbour that stands to gain from a favourable award, not the lawyers, who have already trousered their fees from Harbour. The lawyers stand to lose nothing.

Litigation funders pay all or part of the costs of a dispute. If the case is won and monies received, they take a pre-agreed share of the proceeds. If the case is lost, the loss is the funder's - not the claimant's.

I think you will find the temporary dock in question is the Noble Frontier, a converted barge which Noble Energy towed from GOM in 2014 to support the Eirik Raude drilling operations in South Basin, and then shared with Premier in the North. It is moored at a jetty to the east of the main dock called FIPASS.

Rockhopper used FIPASS to support the earlier Ocean Guardian drilling operations

"Trifecta."

Wasted is the day you don't learn something new.

Deep inside that job description is a task to make the Falkland Islands the "gateway to Antarctica" a role currently occupied by the city of Ushuia in Argentina, 20 times as large as Stanley. That seems to be a provocation to Argentina which is not useful in my view. FIG's eyes are bigger than their belly here.

It was the UT, uncrossing trade, just an end of session book balancing

March 2013 referendum ..."Do you wish the Falkland Islands to retain their current political status as an Overseas Territory of the United Kingdom?"
Result: Yes 99.8 %

We don't overrule referendums do we?

"They will take the final decision but all the analysis , tendering etc will be handled out of the UK and advised by people like the OGA and the Dept of Business etc etc."

Mirasol, I have to say that is total ******. Have you ever been to the Falkland Islands and talked to people there?

Interesting that a Reporting Accountant has been accepted by FCA rather than an Auditor as previously required. For me that explains the huge delay. It does not matter now. Tomorrow will be interesting, too.

Upstream oil companies are there to raise finance, explore, invest in opportunities and hopefully reward their shareholders.

An upstream oil company only needs to find oil and sell it. How an oilfield gets developed is the job of engineering contractors who thrive from the opportunities, and the job of the oilco HR dept is to hire a few guys who are long enough in the tooth to supervise the contractors effectively.

There are any number of turnkey/EPIC contractors who do this work, and any number of duty holder contractors who will run the show once it is producing. Navitas seem to have managers across the spectrum of disciplines to supervise engineering and operations contractors.

I have never had any dealings with Navitas but I have been part of small teams who supervised development contractors as a way to develop oilfields. Wood plc and Petrofac are just two of a baker's dozen who can do it.

I don't think there is any management challenge here. OGA is a UK regulatory body so I don't think they can get into advising folk in the South Atlantic about choice of engineering contractors. I understand that they just advice FIG on regulatory matters.

Nigel
FIG was happy to allow Noble Energy, a non-British company to operate the Southern basin licences with Eirik Raude and to assume 100% operatorship of the Argos licence for a royalty. Yes I know they walked afterwards having failed.
It's an international industry. Do you think they would tell Exxon to go away, for example?

What is wrong with an Israeli company?

"Good luck with your investment"....is a common phrase of the upper class posters who look down on the lower class posters and means "I know better than you".

You don't!

All investment needs good luck (called risk balance in the real world). Even cash under the mattress needs good luck that the kids don't mention it in earshot of tooled up burglars.

It's a throwaway denigration. And they never come back to say "well done with your investment" do they , Mr Kurgan?

H..."I remember around 2012 when they plunged the price to get all those stop loses, only lasted a few minutes, was investigated after but nothing happened." It was June 2010. How times pass?

I heard that in March 2010, when Desire was drilling the first well “Liz” a reporter from the Sunday Times was trying to get a scoop and called Phipps on a Saturday to no avail, so he rang the Rockhopper office and found Pierre Jungels there, and he was in the know. RKH had a small stake in Liz and Jungels told the reporter the truth that there no oil had been discovered but there was a gas and condensate discovery.

Sunday Times ran the “Falkland Duster” story on the Sunday which cratered the DES share price.
I heard that Phipps was incensed by that and took his revenge on Jungels by putting out a “heavy oil” rumour after the Sea Lion discovery to trash the RKH share price in revenge. It triggered the famous flash crash. Moody had to issue an emergency RNS to give the API number of the crude to restore faith and explain it was waxy not heavy.

I remember seeing it play out, and as soon as the RNS came out I bought a bunch of RKH shares for a very tidy trade.

Glenrothes. I don't see where Whitehall have any say in this.

I have found an old PPT on my phone from 2012 when the RKH operations manager was talking to Grampian Chamber of Commerce. It contains a few interesting numbers.

The second and definitive well test produced a " maximum stabilised rate of 9036 stb/d but a stabilised rate of 5508 stb/d".

The Sea Lion field design at that time was for 18 production wells giving an oil rate of 108,000 bopd. In other words 6,000 bopd per well. For every 2 production wells there was a water injection well. In addition there was a single gas re-injection well.

It is a straightforward projection from that information to see that a production rate of 40,000 bopd, as postulated by some posters, for an initial development will need perhaps 6/7 producers, at least 3 water injectors and one gas re-injector; perhaps 11 wells in all, not the 6 well suggestion.

Dated 5th November. History..