Member Info for SpaceHoppa

April 24, 2023

The ad hoc Committee issues a decision on concerning the continuation of the stay of enforcement of the award.

(Saying) that Rockhopper shall, within 30 days of the date of the decision, apprise the Committee of arrangements agreed with Italy for the mitigation of the risk of non-recoupment or that negotiations have failed and, in the latter event, propose concrete arrangements in accordance with the decision for the mitigation of the risk of non-recoupment. Italy may then briefly comment on Rockhopper's proposal within 10 days, constructively highlighting any areas of disagreement between the Parties.

The provisional stay remains in force during this time, pending further order from the Committee.

That is now just over 8 weeks ago, or 41 ''working days''. RNS said 30 +10 days.

Whether just days, or working days, Rock were instructed to have proposed 'concrete arrangements for the mitigation of the risk'.

I was expecting news about the lifting of the stay already. It is now slightly overdue.

Fortunately, or unfortunately, patience is likely to be a virtue most Rock SH's have learnt to have.

It seems unlikely I feel, that any country, with £100's x Billions of expenditure every year, would expend the effort and inconvenience and ultimately futility, to 'hide' it's assets just in case they need to avoid the international bailiffs !

Ultimately it wouldn't work, as anything Italian Government owned, that ventured abroad, could be seized, like the Argentinian Navel vessel with 250 sailor on board :-)

* Elliott Capital’s arguably most audacious scheme came in 2012, when the Argentine navy’s proud three-masted tall ship pulled into the port of Tema in Ghana ~ Elliott Capital persuaded a Ghanaian court to seize the vessel so it could collect on its debt. Argentinian officials would lash out at Elliott as “unscrupulous financiers” and after more than two months the ship was released.

Four years later, though, Elliott Capital and several other hedge funds and creditors are about to get their satisfaction.

The Argentine government agreed to a settlement that would allow Singer’s fund to walk away with $2.4 billion for bonds that the government had failed to pay on, according to court documents.

For the same reason I thought it unlikely we would get any news regarding the stay before the 30+10 days were entirely up, I also think it now very likely we will get an update very soon from ICSID, as they so far, have been quite prompt in moving this procedure along.

I would be gob smacked, if the stay, stays. The reason for ICSID's ruling, to open an escrow account, is to allow recovered funds to be ring fenced.

There is no point at all having that escrow account if you refuse to allow Rock to enforce the ruling !

Unless there are addition reasons to keep the stay, I think it 99% certain the stay will be lifted.

I would hope the SP will have another attempt to pass 15pence on the lifting of the stay.

I would also like to see some enforcement activity news soon after, perhaps within a fortnight.

A cool £3 Trillion bill, just so China in Q1 alone, can emit more than we will save,

just by their 'INCREASE' in CO2 emissions !!

We impoverish ourselves and destroy our industries, just for it all to be undone by China in 3 months.

Liebour, Fibdems, Green loonies I expect this scale of stupidity, I did not expect it from Tories who are more light socialists than Conservative now. Lead by donkeys across the board.

''China’s CO2 emissions hit record for Q1

The new analysis shows that China’s CO2 emissions grew 4% in the first quarter of 2023, compared with a year earlier. This means first-quarter emissions were the highest on record, exceeding the previous peak reached in the first three months of 2021.''

https://www.carbonbrief.org/analysis-chinas-co2-emissions-hit-q1-record-high-after-4-rise-in-early-2023/#:~:text=Data%20sources-,China's%20CO2%20emissions%20hit%20record%20for%20Q1,first%20three%20months%20of%202021.

AlmaCogan, thanks for the correction and information. Hopefully a few diplomatic residences in New York, London and Tokyo might get good publicity and their attention.

A few posters have commentated on how a lifting of the stay, might be actioned by Rock.

I feel it unlikely that Rock will wait to enforce legal action.

I would hope it more likely they have already identified a couple of high ticket, embarrassing for Italy and easy to confiscate items, in law abiding countries, that they will immediately go after. The more itrmsd ythey go for, the more the legal costs will be, however they don't need a scatter gun approach, just a high value, high embarrassment approach. With luck, ROI might become more reasonable, if a warship in Canada or consulate building in Washington, is impounded.

Well it is of no surprise ROI are not co-operating. That is their fall back position, fingers in ears, la la la.

However they can't ignore the law in non ROI countries which is where we are heading .

Italy's Bill up to Aug 2022

'Rockhopper submitted a letter to the Italian Republic in September 2022 formally requesting payment of EUR247 million, representing the Award amount plus accrued interest from 29 January 2016 to 23 August 2022 and costs.'

Hi LTT, there is indeed plenty to be optimistic about with Rock, even with ROI’s stalling tactics.

I fully expect Italy to use their 30 days + 10 grace period.

I thing it is unlikely the ROI will deposit any funds in to any independent account set up.

I expect a short delay before ICSID announce their views and the lifting of the stay, hence the 2 weeks before news post.

But OM is a lucrative side show.

Regarding a ‘third’ party. The fact it has been mentioned by Navitas, this leads me to feel it is a > 50% one will come in,

and it’s also likely one or two have already been short listed. I wouldn’t like to speculate on who that might be as there potentially are a few.

Trading range is quite tight and the 15pence barrier is clearly there, but it wont take much positive news for it to be breached.

With a fair few share in an ISA wrapper, I am very happy to be on this slow train (probably) to quite significant riches !

25 April 2023

'Rockhopper shall, within 30 days of the date of the decision, apprise the Committee of arrangements agreed with Italy for the mitigation of the risk of non-recoupment or that negotiations have failed and, in the latter event, propose concrete arrangements in accordance with the decision for the mitigation of the risk of non-recoupment. Italy may then briefly comment on Rockhopper's proposal within 10 days, constructively highlighting any areas of disagreement between the Parties.'

It will probably be a couple of weeks I feel, unless Italy actually co-operated on this, which would be uncharacteristically mature.

Thanks DEM for the link, and Paul for some translation.

Looks like FID still scheduled for next year, although first oil being pushed out to 2027.

Of course Rocks SP will depend initially more on a positive FID being achieved, and then a gradual re-rate as the project nears first oil. I think Navitas will be quiet again for a few months, so next news shortly, is again about OM.

For what it is worth, I also remember hearing that FIG wanted to contribute towards its military defence. Was about 5 years ago, give or take a couple of years!

management OR Exec tabs

Hi DEM, I saw that in a search, however if one selects the management of Exec tabs, he's not listed.

https://www.navitaspet.com/management-team/

Deputy Navitas CEO Chanan Wolf does not appear under either the London office management team leading SL, or the Exec section.

Last time we had this sort of discussion, it was Glenthroes trying to organise against a possible BoD's selling off of licences without SH approval, stopping BoD's splurging an OM payment on a whim, limiting BoD's pay and options and getting an unpaid nominated non exec pi SH on the board. All of which at the time, weren't totally without merit.

I hold 545,000 including warrants, and this discussion about organising against a hypothetical take over is of no interest to me, at the moment. If there was ever such a move, then I will look at any offer and vote against if it is unacceptable. What is acceptable depends on the offer, and the state of Rock's finances, FID progress etc.

For now though, I am happy to let the BOD's steer us to production, which is where we are highly likely going to be, in 3 or 4 years time.

I'd say that's more likely a very soon to be held conversation between Sam and K&S,
with Giorgia Meloni's finance minister :-)

BB3, the legal process as a whole, from award, through the stay of enforcement proceedings, the annulment case, and any enforcement action, probably will cost quite a bit.

For context and interest, for the 6 year ICSID case, the total for legal fees and expenses (leaving to one side claims for sums paid to
ICSID) was about £4.4million.

''enforcing the payment via the courts by freezing and seizing assets will have to be funded externally, (probably quite costly)''

BB3, it would be good to hear from someone who has more knowledge in this area, however I would have thought getting a court to order the seizure of assets, from a debtor, when the case is Rock solid, wouldn't be too expensive.

Ice-cream pitches are worth a LOT, however I don't think the Republic of Italy own them :)

From the Rns,
''This is to mitigate the perceived risk that,
in the event the Award is annulled,
Italy may not be able to recover ''Italian assets seized or frozen'' by Rockhopper''.

''seized or frozen''

I don't know how this will play out, but as it has been said before, it seems likely that Rock's lawyers will have identified overseas assets, gold bullion, shares in banks or enterprises, embassies, consulates etc.

The embarrassment factor for Italy is of no concern to lawyers, and assuming Italy's annulment is thrown out, Rock will have legally seized assets to log on their books. I do not think it will come to this. After todays RNS, I feel Italy will realise their 'Stay' protection is very time limited, and their options unpalatable.

A face saving settlement for Italy, or the agreement to place funds into escrow, has likely increased, as the prospect of ''seized or frozen'' assets come into prospect. If Italy perceive their annulment case as pretty pointless, which it probably is, then a financial settlement this year is now I feel, much more likely.

This also need to be seen as a side show. As important as $200m is, the main prize is Sea Lion production !!

This is a good outcome.
As others have noted, Italy and Rock will agree a neutral account for the award payment, or failing agreement Rock will put one in place iaw ICSID guidance.

Heavy hints that eitherway the stay will be lifted in 40 days or so.

Italy have the choice to pay up soon, negotiate a settlement soon, or face proceedings. All are acceptable outcomes for Rock.

The pressure to settle putting monies into a neutral account might be more preferable now than being dragged publicly through courts, ultimately with the same outcome. Main takeaway, the stay is unlikely to stay.

Also noted Rock paying all legal fees, so have rejected the offers to underwrite the annulment case.