Member Info for SecretBlueprint

Cyan2, the deferred tax is in fact a "deemed " capital gains tax deriving from Premier Oil promising to carry Rockhopper's 40 % share of development costs in the farm out deal. There is no hope of Harbour Energy keeping faith with the development carry after they exit the licence, so the deemed capital gain will never become an actual capital gain so cannot be taxed in the future.

"Unfortunately, as my investment represents 3% value of what it was it was in 2012 then one can imagine I’m hacked off with Sam and the BoD."

The chairman was on the board of GKP in 2016 when shareholders were wiped out, so he has form in this area.

"FIG will not take away the licence from anyone trying and pushing forward, what they don’t want is someone sitting on it."

So how come Argos and BOR are sitting on their licences, praying for a miracle?

The chairman is behaving as defendant, judge and jury all under one hat.

If he believes shareholders will not support the resolutions, then let them vote and put the matter away for good. It is not for him to speak for me unless he has my proxy.

David Wilson is probably a director/chair of ERCE who do reserves assessments among other things.....
www.erce.energy

I am considering a phone call to say I am from the bank and their account is compromised and they should move all their cash to a new account xxxxxxx sort code xx-xx-xx.

The way that PMO suckered them, they might do it.

They were turned over and rogered on a barrel. Perhaps they should have followed Met advice about imposters and flagged down a bus?

Glen
I suspect the directors will bluff it out and claim the requisition for a general meeting is vexatious, not constructive, given the sad state of affairs, to avoid allegations of a criminal default. I don't think a visit to Salisbury police station will work here.

You will likely have to go to court to challenge them, just like with HUR. All the shareholders who signed the requisition might have to be prepared to pay for that. You ought to consider setting up a crowd funding pledge to pay for a hour or two in the Commercial Court and find a proper lawyer to represent them.

£300 each might go a long way towards a day in court.

Spacehopper

It took about 10 years for Cairn Energy to get the Indian Gov to pay up an arbitration award, only after a French court agreed to siezure of property in Paris and a US court agreed to seizure of Air India aircraft arriving in USA.

Its a long slog, and time is not on our side.

The only bogeyman is that one of the 3 claimants in the case is the Italian subsidiary of RKH, so it is an EU based claimant even though the other 2 are out of EU.

The appearance of previously undisclosed liabilities such as the temporary floating dock , which Noble Energy procured, plus Italian decommissioning liability tells me that RKH is effectively insolvent, and the directors are now "hoping" for a ICSID award which the Italians might now win, or at best if they lose, won't pay and it goes to baliffs.

It's all over without an equity raise. Without a new FDP, I think there is no hope of raising it, and at what price?

Really, I think it's all over, and it's all Jungels fault for poor strategy back in the day.

It's the worst of all worlds, unless you are on 200k a year.

I don't think Mr Lough understands that the world has moved on since the days of paper. COVID pushed the regulators into digital signatures and Companies House accepts them along with other regulators such as charity regulators. He is on the wrong side of history and does not know it yet.

The haughty arrogance of the man is extraordinary. Contempt for shareholders ought to be a reason for him to resign. I suspect his days are numbered.

Voices in your head lloydie after topping up your glass on hols? Like before?

Bermuda does not tax profits, it taxes consumption. So it is a tax haven which specifically attracts insurance and re-insurance businesses through light regulation .

If there is no corporate tax to pay, there is no need for stringent audits to deter avoidance. That is the conundrum GS faces. He has bought 95% of a company which owns an insurance company which has never had to be audited. If you know you are not going to be audited, your records policy will be different than if you know you are. And in any case the records will be local P&L stuff rather than GAAP compliant. Who has agreed to do the audit?

He is now stuck with a FCA requirement to come up with a prospectus which includes 2 years of consolidated and audited group accounts to UK standards before the placing shares which bought the Bermuda deal can be admitted to trading on LSE. There must be a risk that he cannot pull it off, which is why the SP has fallen from 8 to 2+. He is a master of cut and paste but not good on new authorship IMO.

I think he was pressured into this deal to get the CEO of Northstar off the books to join one one Jason's outfits in NYC

There must be a bunch of placees who are teed off with this situation after six months and are stuck with non-tradeable shares. Perhaps the US Pinks might allow OTC trading of them, but there is little liquidity there.

There has been large selling volumes, and I don't buy the T20 margin call story for all of them.

The outstanding risk is that if he obtains FCA approval for the deal, all those placees will rush for the door because the 4 bagger has vaporised.

The guy has a great idea with LS but terrible on delivery and communication. It need not be so. What possessed him to go off-piste with a Bermuda insurer?

There are people who believe in a flat earth who live all over the globe.
None can explain why you can see the Isle of Man from the top of Blackpool Tower but not from the Promenade. Some say it's a mirage, just like oil from West Newton is beginning to look like, unfortunately.

Lake Pontchartain in Louisiana is where you you can see the curvature of earth from its shores, because of 20 miles of power towers in a dead straight line, which disappear over the horizon in a curve.

Glen
The meeting on Thursday is a retail investor face to face presentation, not a General Meeting as described in CA 2006. There is no legal push to make it electronic IMO. Nothing to stop Execs talking to folk if they want to. A cowshed in Wiltshire would not be my choice, but it seem to be theirs.

* monkeys

This 3 wise moneys performance from the Board is a tour de force. They obviously knew HBR were walking out on the Sea Lion JV because they have been talking to Navitas LP about it, all before today. They probably know the arbitration award and its quantum, even though they say they don't.

I agree they have probably offered to settle the OM issue for less than the quantum decided by the Panel, to give working capital to survive without sending bailiffs after the Italian consulate building in New York, which would take years. cf Cairns position.

The "accidental oilman", Sam, will now attempt to get 100% of the licences back and might well succeed, do a deal with Navitas and it backers, and do a large placing to fund the project as operator and lease all the facilities rather than buy them.

It's only 10 years too late but better that than never, although it is too late for many PIs who funded this scandal.

It's a long read, even if you can find it among the other planning applications.
A few points of interest .
1. Rathlin are planning to have 3 phase separation facilities on site at WNA (oil/gas/water) so they expect it to be an oil producer primarily.
2. The gas will be incinerated in a gas engine to produce electricity, with an emergency flare.
3. Liquids will be tankered out.
4. No pipelines at this stage, although may come back in the future.

So all this talk of Blue Hydrogen from gas and Humber hub seems fantasy for now.

If they are so convinced it's an oil development, can they please share the liquid analysis that supports it?

As I understand things., the Wressle operator declared long ago that any income from the Ashover Grit production is earmarked to fund a production well from the flags formations higher up. So the present production money is committed and will be spent on another risky well. So Big Dave can't pocket the Wressle money and he has to go to the market again to pay for the balls up at WN.