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Something like the Hurricane FPSO would not fit the bill.

The Sea Lion crude has a high paraffin content; so much so that the oil is solid at room temperature and samples have been shown at various industry conferences. It can only be produced though vacuum insulated well tubing, processed with steam heat tracing and stored in steam heated tanks and transported with steam heated tankers. All of this is of course possible, but a steam heated FPSO might not be available to lease at short notice, if at all, and might need capital investment to make it so. Steam heated tankers are more available.

But they knew this ten years ago.

Excuse me for using a few round numbers from my head, but PMO/HBR must have spent the think end of half a billion dollars farming into Sea Lion with cash, taking part in the second drilling round with Eirik Raude, and working up the FEED to date. On the face of it they have written off that investment and Navitas are picking up 65% of the FI licences and all that investment value without apparently spending a Shekel. If that is not a stroke of genius by Navitas, then what is? You wonder if it was a long game plan from the outset.

The Jewish community of New York is the second largest in the world after Tel Aviv. So an Israeli company will have the backing of the USA against any hot heads in Argentina, especially as a field operator. That is the political risk gone in a stroke. Who needs Boris when you have Brooklyn?

Why did RKH end up with 35% rather than the 5% that was touted as the reason for an EGM? They have the data from all the work and Navitas don't. Sounds fair to me.

It's inspiring to see a masterclass like that.

It's investable now, surely?

Taxing (Ohtaxes) that is the most useful post on here for ages.

Just wait until the Somali pirates get a whiff of this. The new business plan will mean mobbing the Mogadishu stock exchange instead of boarding ships.

......Sea lion tomorrow.

It's looking like game over for oil and we know how it feels without power this week. Green but Grim future IMO

Well, I dont believe the economic argument so what is left? Thunberg, Sturgeon and CoP 26

Too much reputation risk.

Minty still has 12 million. Xmas present for him eh?
Champagne all round in Wilmslow then...........

In the 70s I obtained a licence to drive a taxi as an insurance against unemployment, but never used it. Inland Revenue, as it was then, accused me of concealing SE earnings from taxi fares. They know lots about you.

No broker, no prospectus? And it looks like Pello have gone the same way as Solskaer.

If 10 grand of net buying is decent buying, then OK. However, this prospectus is taking longer to publish than Lady Chatterly's Lover, for the same reason, an obstinate regulator.

I still think GS is in a hole, having sold non-tradeable shares through a discredited broker, without a prospectus, and still unable to satisfy FCA about audited accounts, never mind listing rules about that.

Unless he gets this Gordian Knot untangled, I fear some Pello clients might want their money back, which is why there is total silence on Newport Beach.

No update tomorrow would say a lot.

Looks like CoP 26 was a huge success already.

Yes, but at least they named it after market close. Boris will say "alas" another lockdown at Xmas is required, and here we are again. A never ending story

The fifth horseman of the Apocalypse has arrived.

Alas , we are in deep doodoo again. Tea break over , everyone back on your heids.

"fank"....that's new word in the English language. I shall use it as synonym for something more rude.

There is a price cap on domestic energy. No bills have gone up, but lots of energy suppliers have gone belly up.

My recommendation would be to use the remaining cash to sue the ass off HBR for bad faith in all the JV contracts in FI.

"The net is closing here on the many faces from the one iP address"

The investigation will find it's Starbuck's free wi fi service

Which "new operator" are we talking about? If HBR walks away , Rockhopper becomes the operator of the licences as status quo ante 2011. Navitas have never operated anything; it's an investment partnership shovelling money in.

RKH will now own the FEED and all the data, surely?

So if anything happens here, it's around RKH acting as licence operator with a leased FPSO ( as Sam has indicated in emails ) and the FPSO operator acting as duty holder. Could have been done ten years ago but Jungels lost his bottle IMO

The Chairman of Rockhopper Exploration plc is also a Director of Cairn Energy plc, a doughty O&G based in Edinburgh.

Cairn is about to receive a $1 billion cash settlement from a long running tax arbitration case against the Government of India. That plus its existing resource could develop Sea Lion "lite" without further access to capital. No political threat from Buenos Aires, but Cairn are not interested and the cash is going to be distributed by special dividend and share buyback.

So if KL cannot bring Cairn to the party, it's a tough road ahead