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''if they go down this route, they are by default agreeing that they have to pay something''
Perhaps LTT, however is it possible they have requested a stay, on more than one aspect, at the same time?
Like all things Rock, it takes a while to get anywhere. Happily I expect Navitas are quietly working towards FID in the background.
Swings and roundabouts. At the moment not paying the award is be financially beneficial to the RoI as inflation is higher than the interest on the award.
However for Rock, they couldn't get 7% interest if they had the money in the bank ! So beneficially in a way for Rock.
Clearly for shareholders the certainty of getting the money in Rocks account, is the most beneficial result we could have.
That is actually a very good observation BushyTail !
I just checked over the last two years and HUM did indicate they would miss guidance before the year was out.
They haven't done that this time, which ''suggests'', they have managed to hit guidance.
So Q4 may be 27,500 oz or more.
Always good to see a fellow Hopper on the forums :-)
Dugbe might be worth a decent packet, if Stalker can sell it.
Kou should on paper be a money spinner,
however so should Yanifolia, and we know how the mining fleet management messed that up.
2023 should be a much better year, but I am not yet convinced.
The huge question is how much better is Q4, over Q3??
Hmmmm. who to believe, Navitas with a proven ability to develop and fund large scale oil fields, who are already spending $millions on Sea Lion, and who will
1. provide loan funding to Rockhopper:
2. Pay Rockhopper's share of Sea Lion phase one related costs up to FID through a loan with interest charged at 8% per annum
3. Subject to FID, provide an interest free loan to Rockhopper to fund two-thirds of Rockhopper's share of Sea Lion
or some green needledick with zero credibility on the Rock forum??? Its a tough one !
As mentioned before, Navitas signed HOT's back in January 2020, and oil was approx $60/bbl.
I think they see the bigger longer term picture wrt oil price and the FI oil province in general.
Hello JHI. Proposed Sale of North Falkland Basin Interests to JHI Associates Inc. Argos look like they will be absorbed by another company, sadly not anyone with any financial muscle, but more than Argos!
As of 31 December 2021, JHI's audited financial statements indicate total gross assets of approximately US$30.7 million, of which approximately US$27 million in cash. Shows there is interest in the FI basin though.
Agree, a few people who don't like the ruling discussing why they don't like the ruling. Zero balance.
Trying to accurately estimate ICSID time frames is difficult, however we can logically make a reasonable assumption that ICSID are not likely to look favourably on the ROI rightful, but frankly timewasting attempt to annul the award.
It is equally unlikely I feel, that the award enforcement proceeding will be postponed by ICSID given the unanimous and quite definitive ruling against the ROI's breach of ECT rules.
I also feel that if allowed, then the lawyers, who are now looking to recover 20%/$50m of the award, will be keen to instigate enforcement proceedings immediately the green light is issued.
It should be noted that given the recovery now includes 20% for the Harbour/lawyers, then they should be paying 20% of the legal costs towards this end.
Perhaps of interest to some, legal costs for Rock/King and Spalding
The Claimants’ total for legal fees and expenses (leaving to one side claims for sums paid to
ICSID) is, therefore, GBP 4,339,328.37 and EUR 39,001.36.
Quite damning for Italy.
'' The Claimants went, in one fell swoop, from a position where they HAD RIGHTS to a valuable
production concession which would actually lead, under Italian law, to such production
concession, to essentially NOTHING at all.
No lengthy elaboration is required to arrive at this
conclusion. There was, factually speaking, an immediate and complete deprivation of the
Claimants’ investment. There were no indirect actions, whether described as creeping or
otherwise, cumulatively leading to such deprivation, but rather a SPECIFIC ACT on the part of
the Respondent which brought about this circumstance on 29 January 2016. ''
Skim reading, and thank you Mogger for posting, it's hard to see anything in there that gives any hope for Italy to be granted an annulment, or a stay of the enforcement proceedings.
Navitas aren't very communicative at the best of times, and I doubt they will announce much as operator, unless they have to. Next news we will hear from Rock is probably either a deal regarding the £3m win fee, funding deal re fighting ROI straw clutching annulment case, or hearing if lawyers can send the bailiffs in.
y11-shx, if you say on a UK forum, 'the Government', then most people will assume you mean the 'UK' Government.
If you meant the unelected 'EU Government', then it's better to say unelected EU Government.
Lots of chatter about the share buy back, however it is a side show of $100m which is almost chump money for HBR !
The bigger picture is that PoO and Gas prices are relatively high, profits are good, FCF is high and HBR have savvy management and a cautious proven strategy. By all metrics HBR are OVER-Performing
Even our socialist government can't totally scupper HBR with their 75% taxation rate.
HBR are Under-Valued, not Under-Performing !!!
'' 1) you have not explained to me or anyone else how the share buybacks are working. ''
Share buy backs Work when the company share price is appreciably below what the company share is worth.
Share buy backs Don't work when the company share price is appreciably higher than what the company share is worth.
I'm not particularly a fan of share buy backs, however there is a place for it, and there can be a benefit for share holders if the company shares are trading (for whatever reason) below what they are intrinsically worth !
HBR is a well run and savvy company, profitable despite our socialist governments semi nationalisation, relatively little debt and FCF to predate on weaker companies. It can be argued the company shares are trading below what they are intrinsically worth.
Problem is, if Liebour get in, they'll want to hit UK O&G companies even more, higher CGT etc etc, A choice between red Tories or even worse socialists.
For Navitas, Rock just doesn't meet their current modus operandi, however as the UK oil and gas tax regulation change, to a pseudo socialist nationalisation, perhaps so will their target list.
Oil,
I'll let other decide if what you wrote below bares any resemblance to you not being ignorant.
' I cannot honestly recall any (buy-back) being successful or at least bringing any value to shareholders.
In fact, the opposite happens. The sp dropped and dropped and dropped. '
When Centrica announced the buybacks (7 days ago), energy prices were at their lowest and its sp was one of the LOWEST in the HISTORY of the company! '
Oil,
Your statement below either shows you were ignorant of Centrica, or you decided to ignore Centrica to try and mislead to make a point??
' I cannot honestly recall any being successful or at least bringing any value to shareholders. In fact, the opposite happens. The sp dropped and dropped and dropped. '
Also, Oil you said
'Spacehoppa.
Are you serious?
When Centrica announced the buybacks, energy prices were at their lowest and its sp was one of the lowest in the history of the company! '
Centrica announced only this 10 Nov - Trading update and share repurchase programme
Their share price was sub 40pence a while ago in early 2020
Their SP was 83p on the day the buy back was announced, and is 92pence today
Energy (oil) prices have been over $60/bbl for 18 months.
Mr Oil, you said
'Of all the companies who resorted to share buyback programmes, I cannot honestly recall any being successful or at least bringing any value to shareholders. In fact, the opposite happens. The sp dropped and dropped and dropped.'
I refer you to Centrica, and their upward share price, and that they have started a share buy back !