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WRT Sea Lion, I dont see Navitas as the sharing kind.
Navitas are not going to 'pull out'.
Anyone who wrote that is probably already on my blocked list.
Best ignore them!
''has issued a total of 1,861,244 Ordinary Shares of 1 pence each (the "Shares") pursuant to the exercise of warrants''
That is another £167,000 in the coffers and a handy if small revenue stream. Given FID will almost certainly have progressed significantly in the next 12 month there is a lot more likely to be coming in via 9pence warrants.
Pauldrayton, I like your enthusiasm that RoI annulment request will be toasted by Christmas.
I suspect it will be a lot longer given how slowly ICSID works and the indicated timeframes given by lawyers,
however I hope you are correct.
Hello SecretBlue, I do not see this the same way as you.
Nations trying annul an award is now the norm, nothing more, nothing less.
It is just part of the game that's played often, at ICSID
It will almost certainly fail, and RoI eventually will pay, or they will be forced to pay.
It's just the timeframe that is annoying, not the eventual outcome.
The only surprise today was that there is a success fee of £3million payable of a win over $25m. This should have been communicated to shareholders in the Rns informing of the case win. This was a mistake by management but either way the fee hasn't changed, and I doubt the lawyers are champing at the bit for £3m, when the award for them after the annulment case could be as high as Eur$90m !
Neither Sam or Rock are to blame for RoI's actions, suggestions that they are is pure dribble.
Rock are not going to go bust or be taken over for a song, again dribble talk.
Rocks best option I feel, is to sell some or all of the debt to the lawyers. Perhaps $10m upfront and cancelling the success fee of £3m, and lawyers keep 50% of the award instead of 35%. This could bag the $135m if Italy drag it out another two years.
Cyan, No win, No fee.
They did win, hence a fee.
There is always the fallback position of selling the debt to the lawyers, who might be happy to buy if for perhaps 65pence to the pound.
It's possibly a ploy by the RoI to use the lengthy process to negotiate a deal whereby they withdraw the proceedings for a reduced payment, that way Italy can save some face
If it goes on for 2 years, and Rock win, then Italy would owe Rock Euro 205million.
As expected Italy are trying it on. There are costs and time implications for Rock even though interest starts to accrue again in Dec. The result will most likely be in Rocks favour, however it's a long wait.
"It is disappointing although perhaps not surprising that the Italian government has chosen to pursue an annulment of the Award. Based on legal advice we believe annulment proceedings are likely to take approximately 18 to 24 months, albeit interest will commence accruing again in December 2022. We remain confident in the strength of our case, as was reflected in the unanimous decision underpinning the Award in August, and very much hope and believe the annulment request will be rejected in due course."
Thank you Mogger and Pauldrayton, excellent finds!!
Does anyone really still clings to the idea Sea Lion is not going to be sanctioned?
95%+ it will for many reasons already given. Risk Reward at 14p---Its a stonking buy.
Said it at 11 months ago. Rockhopper, turnaround play of 2022
''The structure and capacity of the current Minerals team is considered to be inadequate
to ensure the timely commencement of the Sea Lion project.
3.3 The additional costs to secure and appropriately resource a team are to be met by the
revenues received by FIG from Navitas''
Thomas Stensgaard
Development Project Manager - Sea Lion Project
''I’m happy to share that I’m starting a new position as Development Project Manager at Navitas Petroleum!''
BlooBird, it means the latter. Hargreaves hold 45.76m 7.86% of client shares, including mine.
Gavster, it was valued so high because management were expert rampers.
Regrettably all their prediction were so far off the mark, it could easily be classed as lying !
My only surprise TD2, is that they couldn't manage to get anyone to buy more paper,
although that yet might happen.
Sadly this was on the cards. Looking at the last update they were losing too much money and the drop in PoG has not helped. A sale is probably the only way investors might get some money back, but the debt position is large. I lost lots here with managements near lying hype, however I am glad I managed to get something out before this managed mess.
The suspension of operations has resulted in the Company withdrawing its guidance for Q4 2022.
If additional outside financing is not obtained in the short term, PureGold will not be able to meet its obligations as they become due, resulting in a default under its debt obligations.
''but the cost of checking it (which the lawyers will insist on) probably is as much as doing it themselves.''
There is only so much tripe one can read, so Mirasol will never waste my time again. Filters are good people!!
EdnaTurnblad voger Bancos1 carroteater ParanoiaBlue ralph2010 OllieskyKurgan2.0 Trop Michael2021 Godders99 Kurgan3 Bigred7 hydraides LaticsRule Mirasol
That thought had occurred to me too TDT.
As I posted I am out of Pure, however good to see the SP improving. Here is a recent video of interest.
https://www.om-partners.com/?v=FHgZC_eY_rY#video
I have just emailed Rockhopper, which I do not do very often, with the following.
'WRT the FIG tax liabilities I believe incurred during premiers operatorship, can you advise how much FIG say we owe and if that up for discussion, and if so, how much Rockhopper think we owe?'
If I get an answer I shall share.
Mr Moody was very helpful previously in June Mr Moody confirming the maths very clearly regarding Rocks contribution to project funding so I hope he has the time with this question.
Daikihaku, I have to take issue with your disgraceful deramping post ;-)
saying
'EURIBOR + 4% annually for 6 years, is roughly EUR 43'
which combined with the award of €190m is €133m
May I remind you 'Compensation of €190 million Plus interest at EURIBOR + 4%, compounded annually from 29 January 2016 until time of payment'.
This is €240m up to Feb 2022, and despite the 4 month interest pause we can still add another 2% perhaps, so €245m.
Rock hope 'to retain approximately 80% of the award (assuming full recovery of the award)' so currently Rock are owed €196m, and the lawyers €49m
OWED €196Million !!
£10m in the bank,
35% of Sea Lion and yet a Market cap of £75m.
Indeed 'just plain nuts…'
Of interest, more shares and cash.
On 5 July 2022, the Company announced it had received valid acceptances of 39,652,160 Open Offer Units, representing a take-up of over 69 per cent. of the 57,310,264 available Open Offer Units. Accordingly, the Open Offer has raised approximately US$3.4 million (GBP2.8 million).
and Rock have written requesting immediate payment and reminding Italy not only of its obligation to settle the full amount, but of our rights to pursue all available remedies against Italy and its representatives in any forum without any further notice should they fail to fulfil their obligations to us.
and
Rockhopper expects to retain approximately 80% of the award (assuming full recovery of the award).
and also an indication of when first oil is planned with this comment
Management believe the most likely timing of payment is in line with the first royalty payment. As such the tax liability has been classified as a non current liability and has been discounted. At the period end payment is anticipated to be in 5.0 years