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And you can expect the placing has been sold forward at 30p +, SP pumped up by Heid, the paid siren seducing retail investors onto the rocks.

Jesus, everywhere you look, God Son is involved.

It's a miracle I tell you!

Thanks. Makes sense now.

Good evening Martinigirl.
How did you park £100k into an ISA over a couple of years. Genuinely interested.

Pauldrayton, it might well explain the delay, could be worse than delay on the A590 when they fixed the bollards at Newby Bridge the other week!

If I read that correctly, the argument is that a commercial contract is not an investment per se, so not under ICSID jurisdiction.

So when Rockhopper bought the shares in MOG, was that a commercial contract or an investment.?

Just when you thought it was all over. Good grief!

RNS: " Indications are that the formation is sensitive to fluid/water, specifically in matrix"

Well I'll go to the foot of our stairs ! Limestone being dissolved by water. Ask any caver at Ingleton how that works. Should have used oil based mud as drilling fluid.

12 weeks into a 6 week well test probably means the budget for both B1z and A1 tests have now been spent.

I will not be surprised to see an "oil to water" fiasco where the touted biggest oil find since Wytch Farm turns out to be a low salinity water aquifer which the resistivity logs interpreted as oil.

My instinct tells me that Dave and the Dynamic Duo at RBD have spent the bank holiday trying to draft a form of words that says "gas is good, oil is bad" without any numbers.

Should have stayed clear of this once Desperate Dan took an interest.

The high street is finished. Its only the co-op and Spar, together with BetFred and charity shops. Morrisons is an out of town retailer.

Terry Leahy wont give up IMO. He and CDR will have known all along it will need a knockout bid of £3 to bring home the bacon.

RNS at 17.10

It would not surprise me if the Italian State introduced emergency tax legislation to tax lost profits arbitration awards at 90%, because they are taxable in the state they arise. When in Rome etc....

The really clever deal would be to to swap Harbour's stake in FI with Pemex stake in Zama with Pemex as operator in FI. No politics from Argentina, and FIG cannot object about Mexico.
Harbour crack on with Zama instead. Pemex just print pesos to fund Sealion.
Moody left stunned and begins learning Spanish.

The bit that persuades me the case study is OM is the bit about overcoming an early jurisdiction argument, something that Harbour boasted in a press release in August 2019

https://harbourlitigationfunding.com/wp-content/uploads/2020/11/Harbour-Investment-Commercial-Treaty-Arbitration.pdf

Includes a case study of the Italian Job by the litigation funders.

The lead claimant is surely Rockhopper Italia SpA, which used to be the legitimate local operating subsidiary company for MOG (which held the licence), now called Rockhopper Mediterranean Limited, also a claimant, with RKH as co -claimant. Hard to see how the due diligence argument would wash for the original local operating company, but might wash for the MOG acquisition and RKH.

It's probably a Gordian Knot, which is why it's taking forever to unravel.

https://www.iisd.org/itn/en/2019/06/27/investor-due-diligence-and-the-energy-charter-treaty-yulia-levashova/

If anyone cares to read all about it. They don't call it contributory negligence, they call it fair and equitable treatment (FET)

I think I will be a buyer in the morning, because the mist is clearing at last.

The arbitration process is coming to an end and you don't need to be a fly on the courtroom wall to see what's happening. The court has said it will deliver the outcome in July, so yes only a few trading days left. They haven't published it yet , so no RNS at 07.00. If the award (=decision in their language) had gone in Italy's favour, this would have been over perhaps a year ago, because there would be nothing else to consider, bar the fees!

I am now convinced that all this time has been spent working out the lost profit quantum, because if it was only sunk costs, those are a matter of public record and could have been announced months ago.

Lost profits in a dynamic oil price setting and complicated imaginary supply chain must be devilishly difficult to calculate and forecast with any measure of accuracy. I don't think the lawyers have been hammering the spreadsheets. A firm of consultants must have been engaged, and who knows how many iterations of the calculation have taken place, and they will have been cranking the handle to prolong it .

The sunk costs are a given, but lost profits must be more than nil, and frankly it does not matter how much they are from a share trading perspective, because as soon as a lost profits decision is made public, it's a licence to print money on the day.

Whether Italy agrees to pay the quantum is another matter altogether and might need bailiffs who will continue the saga.

But on the day of the announcement, there must be money to be made, surely?

"what debt are you on about?"

£3 billion debt on latest published accounts?

"Bored of UK quality assets just getting sold at dirt cheap. When was the last time a UK asset was sold at a premium or even fair value?"

Well, those Issa brothers from Blackburn managed to return ASDA to UK ownership ..............