Member Info for SpaceHoppa

Mogger, it's true the daily volume has increased as we have risen, perhaps to about 4 or 5million on average, however your idea about this all being down to potential Rockhopper placees buying into the Rockhopper in the hope of being selected for a fantastic future placing is pure speculation without evidence. Perhaps your right, and I'm naive, however you normally deal in facts.

LTT, and others, at work and on phone so can't tap away long. $115m is banked and enough for FID-Says Rock. Also have $20m already.- Says management. Insurance correctly triggered- says management and lead insurance company. Lots if if and buts but I maintain SM has more than enough time to do the OO for $9m and a RI for the contingency. WRT trusting management, I agree, but not unquestioning blind faith.

Mogger, have you any evidence that supports your suggestion that the Placees have bought millions of shares to "get on the list"?

If yes then perhaps they have earned the fantastic deal. If not, then my critism of the placement, especially the contingency still stands.

Tch, start me off again😏

The Placees were given a discounted heads you win very big with an approved FID decision in the bag, tails you get all your money back with interest. It su.cks!!

The Firm placing FID money might be a high price worth paying, the 🌧 day Contingency Placing isn't, which is why we should all vote Against Res 1.

PS iIn Hargreaves if voted yes already you can normally change it to no👍😉

HappyInvestor100, in my none tax expert opinion this is currently a total non issue.

The company have previously and rightly imo, said this isn't payable. It may one day be tested in a court of law, however I feel it will be quietly agreed that it isn't payable once 100 x $millions start rolling in. Rock getting project finance for FID seems to have happened already with the Firm Placing, and this issue doesn't affect Navitas.

BigRed7. From memory, in main accounts page, look down righthand side to 'Shareholder Action'.

Caledonia, thanks. I think it's important people exercise their votes either way.

Just looked into my H-L account and whether for or against, voting is open regarding the $25m Conditional Placing and OO. I have voting against Resolution 1- Allocation of conditional shares and warrants, and I urge others to do likewise although the chances of it being voted down are slim.

Reasons for vote against, all IMO of course and others obv think differently.

1. The placing undervalues Rockhopper shares and Sea Lions value. I suspect SM had his arms unwillingly or willingly, twisted by Navitas/Gideon Tadmor to grease the hands of GT's high net worth associates.

2. The $115m FIRM placing is ENOUGH for FID according to Rockhopper. Voting against does not stop FID as some might believe

3. The Open Offer is thin gruel compared to the offer for the Placees who take no risk to capital but are rewarded with 1 x 80p warrant for every 4 cheap shares they buy. With the OO we’ll be lucky to get 1 cheap share for 50 and no warrants at all.

4. I don’t believe Rock need the extra $25m as they have $20m atm, will get $115m from the Firm placing, and management have said they believe they will get $31m from the insurance agreement that the lead insurer has already said was correctly ‘triggered’. Total $166m. BTW I also suspicious that this GM has been called before we know about the extra cash from the insurance as it’s like they want you to vote before knowing all the financial facts.

5. I believe it is better for all current shareholders to vote AGAINST Resolution 1 as management are unnecessarily diluting existing shareholders and undervaluing our company with the ‘Contingency Placing’.

For the record I think SM and management over the years have done a great job keeping Rock afloat and in the ‘game’ and I have pretty much always backed them in voting and on this forum. However on this occasion I believe they are wrong.

I’m not against management getting ‘contingency’ $25millions in the bank BUT it should be done at an appropriate price and reward shareholders correctly by a Rights issue and not the pathetic OO which is borderline insulting. If you disagree that’s fine, but that’s my view.

Vote Against Res 1.

Hi Markednmbr1, at the appropriate time I shall try and explain logically, why it is in only in the Placees best interests that the conditional placing is voted for, and that for everyone else, and the company, it is better to vote against. Hopefully we can have a civil factual debate, even if a person disagrees.

Rock have typically been a tight ship for news, however this rise might indicate a leak that the insurance money has, or is coming into Rocks bank account.

Very similar thoughts regarding the SP as Pauldrayton. Whilst it is true we are 6+ x what we were last Nov, there is still a lot of upside left once (not if) we FID.

Navitas Shenny FID might not be the exact same example as Rocks. However you can argue for several reasons Rock SL asset is more significant to us, than Shenny was to Navitas.

Navitas SP increase after FID has been significant, mostly in the year prior to first oil, but up perhaps 30% in the initial year. At our current 73p a 30% increase puts us at 95p and the idea that we could be looking at 150p to 200p in 30 - 36 months from now seems quite reasonable. Near term the almost certain insurance payment, the Navitas rubber stamp for fund raising for SL FID, and the closer we get to FID, should see us over 80p I feel, sometime in the next month.

As for my trading friend, having to now pay an extra 3p for the 25k he sold yesterday, probably means he wont. Hopefully he learnt a lesson.

The Placees are on to a (98% imo), sure fire winner if things go to plan, and they get interest money convertible to even more cheap shares and warrants, if FID happens. They are subject to only the theoretical 'opportunity' loss if FID doesn't happen, but could also lose money if invested in the wrong company. I think almost all of us would jump at the chance the deal the Placees have.

The $115m is a done deal and needed for FID, the $25m placing isn't which is why it should be replaced by a Rights Issue, and even if at 60p with 1 warrant for 4 shares at 80p I would absolutely leap at that.

Quick tale of my 'bedwetting' friend deciding to trade 25k yesterday in the hope of making a couple of pence, he now in the uncomfortable position of having to pay 1.25p more to be in the same position. He might get in lower, and the SP mouching around the 70p's is not entirely unexpected given we were at the top of the trend lines before the minor pull back. I personally feel SP is too news based to trust support/resistance/charting stuff so I'm reluctant to trade anything at the mo.

7 working days left 😊

Right, now you've all had a great time discussing child rape gangs and mass uncontrolled legal and illegal immigration, lets get back to the important Rock stuff.

The Firm Placing - US$115 million is a done deal, Johnny come lately ii's are being very VERY well rewarded and this is enough to pay our way to FID, however, assuming the insurance money comes in, we should ALL 100% vote against the 2nd Conditional 'contingency' Placing of US$25 million, and ask the BOD's to replace it with a Rights Issue, which they absolutely have time to organise, even if it costs a bit more !!

My friends and family have approx. 700,000 shares between us, we are all going to vote against. Ok, with that I'm off to work, 9 days left before I retire🐧

Stevo12, indeed correct, as Navitas progress their phased production, and presumably exploration, then much more debt can/will be added. My post was to show that in theory Rock could be debt free and have $100m in cash with just 2 years of production on basic Sea Lion alone.

Debt for exploration/appraisal/future production I feel, will be money well spent in the long run.

I can't imagine anyone taking out Rockhopper right now even though after FID, someone absolutely should given the prospects. I'd also hope FIG have some influence in keeping predators away given the decades long relationship they have with Rocks management. Assuming they can get phases 3 or 4, then £6 might be reachable, especially if as MM speculates, that other fields have been discovered and or appraised.

Navitas estimates the total post-FID funding requirement as US$1.658 billion to first oil. Rocks 35% = $580m.

Rock planning on raising $140m if 2nd cheap placing/warrants approved, and will have assuming insurance pays, another $36m, plus have $21m cash atm, plus $9 for OO crumbs = $206m

Ignoring any cheap warrants being cashed in, Net debt by 1st oil is 580 – 206 = $374m. After 2 years production Rocks post Royalty/tax Net profit is approx. $514m (Maths below). So by end of year 2 Rock have $514profit -$374 debt = $140m cash and no debt.

How high the SP will be with that predicted future rapid debt repayment and long term income stream is beyond my knowledge to guess at. Perhaps others have a standard model they can apply to those figures??

(The Maths)Phase 1 production plan is 50,000b/d

and Opex costs are $17/bbl. The maths with POO at $65bbl and Opex costs at US$17

Assume 50k bbls/d x $47 = $2.35M revenue per day,

Assume 345 days production a year to allow for down time = $810million gross profit a year

Royalty on turnover is 9% so $737m profit before tax

( Corp Tax is 26% only AFTER the $1.7B allowable for tax purposes)

Rocks 35% of $737m is $257m net Rockhopper profit after 12 months production.

Year 2 would be the same and still no corp tax so in theory Rock would make $514m in profit, in 2 years.

Thanks Vampa.

Not sure if posted before and not SL specific, however Gideon does talk about his 'loyal partner', being the the Israeli capital market !

I don't think there ever was any doubt about SL being funded on the Navitas side of things.

https://www.calcalist.co.il/conferences/article/bk2cj110wxe#google_vignette

And then we also reduce the risk, shorten the history of time, make an opportunistic deal and bring in our loyal partner for development, which is the Israeli capital market. The connection and trust that exists between us and the Israeli capital market is a key player in our strategy."

Vampa, true, but it's a topic that keeps cropping up, and it's hard to say nothing about it, when others are talking about it, and naming me. In this instance, I don't think it will be possible to say nothing, so I admit I was wrong to suggest I could.

As for whats the point, well we can say the same about every topic we repeatedly cover day in, day out.

I appreciate my posts on this subject aren't what many want to hear, and perhaps the filter button is best used if one feels strongly enough about my posts.

Vampa, true, but it's a topic that keeps cropping up, and it's hard to say nothing about it, when others are talking about it, and naming me. In this instance, I don't think it will be possible to say nothing, so I admit I was wrong to suggest I could.

As for whsts the point, well we can say the same about every topic we repeatedly cover day in, day out. I appreciate my posts on this subject aren't what many want to hear, and perhaps the filter button is best used if one feels strongly enough about my posts.

Markednmbr1, that's kind of you to say, however as I will say to any and everyone on this forum, and have to SM himself, it's my opinion and I will post my opinion whether you like it or not.

I don't have a problem about people 'moaning' about how good for us the 53p raise is and would never try to tell them to them to shut up. FWIW I think the $115m fund raise needs to go ahead as whilst I don't like it, or the huge number of warrants attached, there is no alternative with that now.

I do feel there is an alternative to the $25m Conditional Placing as I have previously stated.

Two other things. One, by all means put me on filter, as I do for a few chosen ones, and Two, I just stated a fact to Tincan1995, that 'its about 1 share for every 55 shares held'. If you think facts are moaning, then I can't help you with that.

Assuming enough shareholders vote for the second $25m 'contingency' placing, then its about 1 share for every 55 shares held.

Go feed your 🐔 's