Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Who to believe???
Navitas Operator saying 'Heading Towards FIF 2024' Page 9
https://ir.navitaspet.com/wp-content/uploads/2023/05/Navitas-Investors-01052023.pdf
or some faceless Muppet I've blocked??
Tough call !
Https://penguin-news.com/headlines/2023/hydrocarbons-not-at-expense-of-falkland-islands-future-says-islands-politician/
THE Falklands Assembly is committed to a “highly regulated and environmentally robust hydrocarbons sector, this is unchanged,” MLA Teslyn Barkman assured Penguin News on Thursday.
The paper approached Gilbert House following news that representatives of Navitas Petroleum LP, an oil company with interests in the Falklands in partnership with Rockhopper Exploration PLC, were currently visiting the Islands. MLA Barkman, is Portfolio holder for Natural Resources, including mineral resources and PN asked her whether there had been any change to the Assembly’s stance on hydrocarbons. She assured not.
Asked whether there was any concern about recent statements from UK Labour Party leadership against new oil and gas licences MLA Barkman said “we have an existing sector.
She said: “UK Governmental churn is always a factor and we will be sure that both His Majesty’s Government and opposition are aware of the high standard we expect from our sector. Both parties have fully recognised that the natural resources and management of the economy is for the Falklands to decide.”
Asked how the environmental commitments of the Assembly can be balanced with the economic goals and the commitment to hydrocarbons, MLA Barkman said “in the same way that we do already with our natural resources based economy.”
MLA Barkman continued that “it has to be well regulated, it can’t be at the expense of the future.”
She added that hydrocarbons were a different industry and “it isn’t going to be one that continues to produce or be sustainable forever,” and so it is the duty of government to make “smart decisions, making sure that when that wealth or the industry stops – and at some point it will because there will be no more oil of commercial value left in the Falklands – that we haven’t set the country up to fail as a result of that.”
She explained that setting up a sovereign wealth fund – a state-owned investment fund comprised of money generated by the government, often derived from a country’s surplus reserves – can ensure that this scenario does not play out.
“You need to make sure that the societal expectations around the economic benefit are well thought through. Then you don’t just do boom and bust.”
She added on the environmental side the consideration of environmental footprints, extensive consultation including Environmental Impact Statements (EIS), will make sure that any work in hydrocarbons would not be at the expense of the environment – “making sure that you’re not tolerating impact that is completely beyond what this society and what this country needs.”
Developments in
Falklands oil interests
The most recent developments in oil interests in the Falklands have included a revised plan from Navitas and Rockhopper for operations in the Sea Lion project.
Buffit,
'' do you know what " reply to annulment " means in the status of the proceedings ?''
Ssadly no. You and Ovets probably just as much, if not more, than I do, however it still represents another 'stage' has been reached, which is at least progress.
For those who are with Hargreaves, I received this regarding my enquiry about exercising warrants.
Thanks for getting in touch.
To convert your warrants please make sure the cash you need to buy shares is on your capital (not income) account upon making the request and remains there until we debit the cash.
If there's not enough money on your capital account to carry out your request, we'll exercise as many warrants as your capital balance allows.
If you'd like to exercise your warrants please reply to this message or call us on 0117 900 9000 .
Warrant conversions will approximately take 2 weeks to complete, however this is not guaranteed and we cannot provide a specific timeframe.
If you have any further questions, please reply by secure message from your HL account or send us an email. Please note that attachments we send will only be available to view on our website and not on the HL App.
Kind Regards,
Scott James
Hargreaves Lansdown
Good morning Buffit, typo, meant another ''stage'' has been reached.
The Stay, as we all know, has been lifted, although I suspect Rock may be waiting until after the annulment decision, before instigating any court action against ROI.
Hi Donaldb.
I agree it means little other than another stay has been reached,
however may I enquire what you mean by
' It appears this reply is outside the designated timeframe'??
Why don't you all filter these people so I don't have to read all the repetitive inane responses,
to their boring repetitive posts ???
Meanwhile of vague interest
Latest Development:
October 3, 2023 -
Italian Republic files a Reply on annulment.
Cash and term deposit balance at 30 June 2023 of US$6.7 million
As at 30 June 2023 there were 53.9 million unexercised warrants which if all exercised would raise an additional £4.9million ($5.8million) before expenses.
A million warrants exercised last month, equal to £90k income for Rock.
Up form 600,000 the month before.
I've sold 36,500 shares to part fund my exercising 54,500 warrants, which I'll do this month.
I'm sure the vast majority of investors will take advantage of the 9pence warrants in the next couple of months.
I personally wouldn't recommend waiting until December to exercise your rights, just in case something goes wrong with broker admin!
'Based on advice from our lawyers I would hope that we might get a result in Q3 2024.'
This is still in the timeframe given by Rock in their Oct 22 guidance, which was Q2/Q3 24
''Guidance given by Rockhopper in the Company's 31 October 2022 announcement that the entire annulment process is likely to take 18-24 months from that date remains in place.''
Can't see why Hairydavie?? Not sure I spelt that right, was removed, all he posted was what Sam had said to him. Obviously we can't be sure of anything posted on a forum is true, however he isn't one of our resident Muppets.
"The hearing on the annulment request is set for January 2024. Based on advice from our lawyers I would hope that we might get a result in Q3 2024. It is likely that we commence court actions against Italy, or otherwise monetise the award by a sale etc…, before that date."
Thanks for that information LTT.
Previously I have said the interest 'penalty' for Italy was unimportant as inflation was higher,
however with inflation much lower and coming down,
the punitive financial nature of Italy refusing to pay, now works in Rocks favour.
hsbilkhu, well done for filtering LR, time is too short I feel, to read the same old guff every week.
I put Latics on filter about two years ago, however now I just read days of pointless posts about the poster. and what he's said.
I suspect it is getting really tedious for those who post about Rock, Navitas, OM and Seal Lion, and others who just anonymously just hope to read about Rock, Navitas, OM and Seal Lion etc.
Or is this just a what Latics said forum now???
Thanks for that information Pre2rcd.
It's strange that Rock have to "assume" something as important as a stay of enforcement being lifted, unless the previous contact made clear it will be lifted if x y z is performed, in which case it wouldnt be an assumption??
Unfortunately most of what happens at Icsid, and with Sea Lion, are not in the timescale gift of Rock.
Waiting and whinging is all we can do at the moment.
Fwiw, one can sell 500,000 for 11.2532pence.
Also been a while since last Icsid update, nearly 2 months now.
A bit frustrating as it was moving a bit quicker in the beginning.
'' I have exercised mine on quite a significant holding and sold them at at 40% profit''
I suppose Nick, that many are hoping that FID and or arbitration, will allow warrant holders to sell them at a significantly larger profit than 40%.
Simon Thomson as Non-Executive Chair v Keith Lough
Simon Thomson
Served as Chief Executive Officer of Cairn
Participated in and led multiple international corporate transactions
Delivered substantial cash returns to shareholders
Significant EXPERIENCE in the successful leadership of international arbitrations and legal disputes, including the collection of US$1.2 billion from Indian Gov
Keith Lough
Experience in the natural resources sector in both senior finance and general management roles
Founder and CEO of unconventional gas explorer Composite Energy Limited.
Chairman of Gulf Keystone Petroleum.
The only people who should be disappointed in losing Lough and gaining Thomson, is the Italian Gov't !!
Good find Buzzthomas.
Venezuela are not exactly known for their adherence to law, however even they, like India with Cairn, succumbed to the Icsid ruling and paid out 100's of $millions.
Italy will be no different, they will, and are, squirming, but the power of Icsid's awards has been demonstrated enough times to give me high confidence that eventually, like other sovereign states beforehand, will run out of running room, and pay for their breach of charter rules.
Thanks Citizen.