Member Info for SpaceHoppa

Reiterates FID next year

Sea Lion is a significant oil discovery located 220km north of the Falkland Islands. Navitas Petroleum is promoting a development plan for the project and a financing package.

Previous owners in the Sea Lion field drilled 20 exploration and appraisal penetrations. Past investments amount to approximately USD 1.3 billion. Navitas Petroleum anticipates that a final investment decision (FID) will occur in 2024.

https://navitaspet.com/project/the-sea-lion-field/

For what it was worth, Charles Moore was on GBNews this evening discussing with JR Mogg about UK Gov's braindead attitude towards UK energy security.

Any press highlighting moronic policy is useful, although I doubt the Red Tories or even worse Opposition will accept how short sighted and stupid they all are.

Regrettably, I think Rock and Navitas already know they can not rely on this p1zzpo0r excuse of a liberal-socialist so called Conservative government. Good coverage though!

I keep seeing people post 30% + dilution. IT ISN'T !!

There may be 30% more share in issue, but existing shareholders have NOT been diluted 30%

With the help now of a calculator.

Company X has 100 shares, you own 50 shares, or 50%

Company X issues 50% more shares, ie 50 shares

You have NOT been diluted by 50% !!

You now own 50 shares out of a total of 150 shares, or 33.3%

You have been diluted by 16.7% (50 - 33.3)

Doing the maths assuming nobody buys into the offer, shares will increase by 30% to 782m

Existing HUM shareholders will have been diluted by just under 24%, NOT 30%.

ThePublican777, if we assume nobody is foolish to buy 11.2p shares in the Offer, and dilute themselves even more, when they can buy cheaper in the market, then although 30% more shares have will have been issued to CIG, taking issued shares to 777millions, the effective dilution to existing pi's, is circa 22.5%.

Bad, but not as bad as some believe.

It's nothing to stress about I feel, just part of the process as below

December 8, 2017 The Tribunal issues Procedural Order No. 1 concerning procedural matters.

July 2, 2018 The Tribunal issues Procedural Order No. 2 concerning procedural matters.

August 6, 2018 The Tribunal issues Procedural Order No. 3 concerning production of documents.

December 7, 2018 The Tribunal issues Procedural Order No. 4 concerning the non-disputing party’s application pursuant to ICSID Arbitration Rule 37(2).

December 18, 2018 The Tribunal issues Procedural Order No. 5 concerning the non-disputing party’s request of December 14, 2018.

(b) Annulment Proceeding

January 31, 2023 The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.

July 10, 2023 The ad hoc Committee issues Procedural Order No. 2 concerning the termination of the stay of enforcement of the award.

December 8, 2023 The ad hoc Committee issues Procedural Order No. 3 concerning procedural matters.

https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/17/14

Simplyme,

there is often a country mile of difference between what gold oz's Betts says Hum will produce,

and what Hum actually produce!!

He can find and build gold mines, two so far, which is no mean feat, but he often comes up a bit short in running mines effectively.

Least we forget, the ICSID ruling said,

''To sum up the conclusion reached by the Tribunal in this case, there can be absolutely no

doubt about the power of the host State to amend its legislation, as it did in the present case

with the adoption of the 2016 Law, nor can there be any doubt as to the public interest nature

of the reasons that led Italy to adopt this new legislation.

5. Even beyond the finding that the operating licence granted to Rockhopper due to the legal

consequences of the administration’s silence, it could of course have been admitted that Italy

proceeded to expropriate this investment as a consequence of the adoption of the 2016 law.

However, this decision would have had to be accompanied, in accordance with the terms of

Article 13 of the ECT, by the "payment of prompt, adequate and effective compensation". As

a matter of fact, this has not been the case. No compensation was ever paid to the Claimant

even though it was in legal possession of a title to exploit the Ombrina Mare oilfield.''

Academic I feel.

Rockhopper had met all the conditions set by Italian law to be granted the licence, so the denial amounted to an unlawful expropriation.

Italy were and are bang to rights, and despite the pressure from Italy and the undemocratic EU and it's political judges, ICSID weren't afraid to come to the only conclusion it could do, from the evidence before it.

October 3, 2023 -

Italian Republic files a Reply on annulment.

Just an observation

If a couple of additional JV partners are interested, or brought in, that's very positive indeed, although I suspect Rock will be pressurised to reduce their holding slightly, perhaps to 28%, although for what I hope would be significant financial compo at this late stage of the project and given previous spend.

FWIW, although in Hebrew, I believe Navitas has now spent USD 23.544m on the Sea Lion project. Up from USD 19.069m reported in Q2. Quite a large increase in one quarter.

Also, perhaps it just me, but have Navitas mentioned partner(S) before?

' development of phase one during the year 2024, while examining the possibility of the entry of additional partners into the project.'

If you don't believe Navitas are as serious as their actions, their senior personnel hires, their positive presentations to their share holders, the trips to the Falklands and the many millions of $'s spent so far suggest, then definitely sell !!

I regard the sp weakness as nothing more than the selling of 11pence shares to buy 9p warrants.

If you don't believe Navitas are as serious as their actions, their senior personnel hires, their positive presentations to their share holders, the trips to the Falklands and the many millions of $'s spent so far suggest, then definitely sell !!

I regard the sp weakness as nothing more than the selling of 11pence shares to buy 9p warrants.

Drop in the share price perhaps as some pi's sell sufficient shares to pay for their warrants and to maintain their current holding.

I decided not to leave it quite so late for that reason, however I guess many were hoping that by now we would have had more news from Navitas to increase the SP. Looking with interest to see how many warrants were issued this month, although the consensus is most will be applied for in Dec by the it's.

I also suggest people don't play the filtered derampers game of replying to their repeated negative Subject lines.

He's certainly a breath of fresh air, as far as Latin American politics is concerned, although the leftie Biased Broadcasting Company, Sly News and Guardian are of course, calling him Far Right.

He said in one of the debates that Thatcher was a great leader, and here is what he said about the Falklands

''Falkland Islanders' rights 'will be respected if Javier Milei wins Argentina elections'

Top adviser to the presidential candidate tells The Telegraph that the Islanders should have a say in their own destiny''

https://www.telegraph.co.uk/world-news/2023/09/10/falklands-islanders-rights-respected-if-javier-milei-wins/

Thanks for the video analysis RT.

I can only speak for myself, however as documented, I waited until just recently to exercise my 54,500, £4,900 worth of warrants, which now sit in my Hargreaves account. I suspect many pi's, and certainty the ii's, will have kept their cash available until the last moments.

Of the 50m outstanding, I would be surprised in less than 40m weren't exercised, meaning another £3.9m for Rock.

Of course if required Rock could easily issue, dilute another 5% equity, which at current 11.5p would bring in £3.5m, so funding is I feel, not a big concern. Other options are available such as delayed payments, debt funding, small % sale of Sea Lion, all or part % sale of arbitration award, Italy pay up, Italy settle award.

There was and is always the option to sell off more of the asset if times get really bad financially. Even Argos managed to find a buyer and they aren't even a shadow of where Rock is/was, and dilution is a card played often at the expense of existing shareholders.

Regardless of our individual views on it, I certainly believed a 250mm bbl field would and will get developed, and it allowed me to pick up a quite substantial amount of shares around the 6.5 to 7pence area.

I don't think Rock were ever close to a financial meltdown, thought it may have left that way at times !

The option of dilution was and is, always there, 300miilion at 3pence and bang, £9m in the coffers.

Thankfully it was just 160m at 7pence and 60m at 9p warrants, to bring in the needed cash.

As for our ICSID case, it feels we are overdue an update of the latest procedural details.

Tommo, I am not sure there will be much selling of the warrants in January. I have already sold about 40k to fund buying 54.5k of warrants and so have increased my share holding slightly.

I intend to sell some, but only when the SP is on the rise, as I firmly believe it will do eventually, and perhaps only about 25k every 4 or 5pence rise, with a plan to buy them back if they retrace 4 or 5 pence back from the sell price.

Bloobird, I logged onto my H-L account and just messaged them to exercise all of my Rock warrants. You need to have the cash available in your cash account, but it was straight forward enough.