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(b) should read -
that the Tribunal has manifestly exceeded its powers; ---- It manifestly is within it's powers, it is the reason ICSID exist.

Looking at the possible reasons, I just can not see any of them getting traction.

(a) that the Tribunal was not properly constituted;----- I seriously doubt that experienced ICSID lawyers did not follow the correct process.

(b) that the Tribunal has manifestly exceeded its powers; It manifestly is within it's powers,---- Hardly, it is the reason ICSID exisst.

(c) that there was corruption on the part of a member of the Tribunal; ----- I presume this is solely wrt this case, and whilst not impossible, distinguished lawyers at K&S and ICSID are highly unlikely to kill their lucrative careers over an oil dispute.

(d) that there has been a serious departure from a fundamental rule of procedure;---- Can't see a 'fundamental' departure, unless Italy think it took too long. This is perhaps their best hope, trying to argue any trivial thing is 'fundamental'.
or
(e) that the award has failed to state the reasons on which it is based.----- Obviously not the case

As had been said before, it seems a delaying tactic, and possibly a bargaining tactic. I a full annulment a < 1% chance, a partial annulment a < 5% chance.
WRT a stay of enforcement, that's less clear but perhaps a full stay 15%, a partial stay 25%
Other guesses are available.

Thanks for sharing that Paul Drayton,
ultimately they either have grounds or don't.
I can't even see how they can find any mud to sling, never mind make any stick !

Below are the reasons to request an annulment. Italy have asked for one, however realistically with a unanimous decision against Italy, it is highly unlikely it will get traction I feel.
So logically it is also unlikley their request for a stay of enforcement will succeed.
I expect in the next week or so, that we will hear request denied, and also an agreement with King and Spalding to fund Rock, for another extra % of the award, or perhaps $5 - $10millions once money has been recovered.

Together with the all party high level meeting with the FIG recently, I'll stick my neck out and say I do not think we will be seeing ROCK's SP in single digits again after March is out.

(1) Either party may request annulment on one or more of the following grounds:

(a) that the Tribunal was not properly constituted;

(b) that the Tribunal has manifestly exceeded its powers;

(c) that there was corruption on the part of a member of
the Tribunal;

(d) that there has been a serious departure from a fundamental rule of procedure; or

(e) that the award has failed to state the reasons on which it
is based.

Donalb, I stand corrected on Schrodinger's Cat, shrew or indeed elephant.

LTT, I missed the information regarding a UK official being there as well, and that adds to the sense something important was discussed/agreed.

Your speculation 'tax breaks, reduced royalties' is quite possible. Possible sliding scale tax/royalties to PoG, delayed taxation, corporation tax, FIG guarantees on high/low tax limits. Maybe timescales agreed, FIG logistical or political support guarantees.

Probably many other things I can't think of, or maybe just a press the flesh meeting to look at the whites of their eyes before pulling the next phase trigger. Whatever it was, it's most likely a positive sign things are progressing behind the scenes.

Perhaps not exactly the elephant in the room, but in all the distraction about MD/Garbs post, although it has been mentioned before, what we are partially missing is the question,
''Why would Rocks CEO and Navitas's deputy CEO/Sea Lion CEO go all the very very long way to see Falklands Island Government officials''??

Some one said, it's not to see the penguins. I agree.
Logically either something quite important was discussed, or something quite important was agreed.
Good to see the bid did settle above 10pence, first time since November.

There is no logical desperate need to drill this year!
That's a red herring in the HUM Rns I feel.
A small bit of red meat to puff up the dilution reasoning.
However it does give HUM cover to raise a bit more, to perhaps ensure Kou is more than funded to production?

I can see Rock's bid price closing above 10pence today. The news that MD provided, even if it hasn't benn proven to be true, or untrue, plus the expectation that ICSID may soon hopefully rule against Italy again, should help sustain a glacial increase for the time being until hard news arrives.

Hopefully not too long now before a decision is made. I feel the odds are against Italy winning a stay of enforcement.

https://en.mercopress.com/2023/03/03/falkland-islands-responds-to-argentina-s-decision-to-end-the-foradori-duncan-pact

Discussions on our sovereignty are non-negotiable. 10 years ago, Falkland Islanders voted overwhelmingly (99.8%) to remain as a British Overseas Territory and that feeling has not changed. We are a distinct and democratic society and Falkland Islanders showed the world again in 2022, during our 40th Anniversary how eternally grateful we are to the United Kingdom for coming to our aid during 1982 and how we remain committed to being part of the UK family, living in freedom under the government of our choice.”

Do one basically!!

the Legislative Assembly are disappointed to hear of Argentina’s decision to put an end to the “Foradori-Duncan Pact” of 2016. This pact looked at improving relations on trade and security between the UK and Argentina but it also ensured the agreement to identify the remains of the unknown Argentine soldiers buried near Darwin.

The Falkland Islands have supported two humanitarian projects where at least 115 soldiers have been identified and brought comfort to their families in Argentina.

Chair of the Legislative Assembly, MLA Leona Roberts said: “It is very disappointing that Argentina have made this decision but it is not unusual. Living in the Falkland Islands we are unfortunately very accustomed to Argentina reneging on their agreements. We supported humanitarian work related to Argentine war dead and have continued to behave as the responsible and compassionate party. Despite this, the current Argentine Government would not engage in conversations to support ocean health in the South West Atlantic or in work to remove their illegally imposed economic sanctions that restrict the freedoms of the people of the Falkland Islands as had been agreed. We are saddened that all the hard work we have done since 2016 will be yet another example of Argentina not being adult enough to speak to our country on issues that will also support their development and are of regional and global importance.”

“Discussions on our sovereignty are non-negotiable.

''If whoever it was really did say first oil by 2026'' - Ovets

To be pedantic Ovets it was written 'in 2026', which is nearly four years, although I agree with you, Navitas would need to get their skates on PDQ for that deadline!

Don't take it personally MD, you got 40 tick ups!!! Besides, forums are here to test everyones opinions and veracity.

This may be a repeat but it seems the whole provenance thread about MD's post, was just deleted when I posted my post. Fortunately I had a copy and will repost, apologies if the other thread reappears.

I welcomed the post, or copied post?? from Market Dealer. I don't know the validity of the contents however looking back at MD's posts he does not have the history of a poster that would make this up.

I'm always impressed when posters advertise their positions like shorting, rather than a poster who says I bought at the very bottom and sold 'last week' at the top for a super trade, 'aint I great' !
MD has at times posted open short positions, which indicates a more honest poster I feel.

Also posting a false write up story of a well attended meeting runs the foolish real risk of another attendee calling it out as lies. For now I'm inclined to believe the post is an honest opinion of someone who did attend. It fits in with what we know-
Navitas have for several years shown total commitment to taking on the SL project.
They took a much bigger slice when the opportunity arose.
Were happy to be operator.
Have moved their Deputy CEO to full time manage Seal Lion.
Agree to pretty much fund Rock to first oil.

Rockhopper's market cap at £60million is both a joke, and a massive opportunity. It's logical to believe, given the above that the Falklands oil province is highly likely to happen.

Also Italy one way or another are also highly likely to eventually pay Rock Euro200m. The one annoyance is that Navitas are incredibly poor at releasing progress information. They don't feel that pressure unlike what UK listed companies do.

Despite that, I feel very comfortable holding onto might Rock shares, and baring an event we haven't foreseen, then I expect a significant increase in the share price over the next few years.

I welcomed the post, or copied post?? from Market Dealer. I don't know the validity of the contents however looking back at MD's posts he does not have the history of a poster that would make this up.

I'm always impressed when posters advertise their positions like shorting, rather than a poster who says I bought at the very bottom and sold 'last week' at the top for a super trade, 'aint I great' !
MD has at times posted open short positions, which indicates a more honest poster I feel.

Also posting a false write up story of a well attended meeting runs the foolish real risk of another attendee calling it out as lies. For now I'm inclined to believe the post is an honest opinion of someone who did attend. It fits in with what we know-
Navitas have for several years shown total commitment to taking on the SL project.
They took a much bigger slice when the opportunity arose.
Were happy to be operator.
Have moved their Deputy CEO to full time manage Seal Lion.
Agree to pretty much fund Rock to first oil.

Rockhopper's market cap at £60million is both a joke, and a massive opportunity. It's logical to believe, given the above that the Falklands oil province is highly likely to happen.

Also Italy one way or another are also highly likely to eventually pay Rock Euro200m. The one annoyance is that Navitas are incredibly poor at releasing progress information. They don't feel that pressure unlike what UK listed companies do.

Despite that, I feel very comfortable holding onto might Rock shares, and baring an event we haven't foreseen, then I expect a significant increase in the share price over the next few years.

Very informative, encouraging and useful.
Thank Market Dealer.

Yep, ICSID bang on schedule, currently an update every 7 days !

''why isn't rkh competing for argos resources?''

I feel Rock has enough on it's plate for one,
and it doesn't have the spare cash to get into a bidding war with others until Italy pay it's debts.
Even buying Desire, which does add much 'future' value,
along with the very costly Premier drilling campaign,
ultimately resulted in shareholders getting diluted recently.
Lets get Sea Lion oil flowing, then perhaps look to aquire the laggards.

That's an excellent find Mogger and just underlines what we all know anyway,
that Navitas are extremely serious about getting SL into production.

This is from Navitas's website
Chanan Wolf
Deputy CEO
Chanan Wolf serves as Navitas Petroleum’s deputy CEO and his key responsibilities include business development and new ventures.

Chanan brings his vast experience in international transaction and business development to the partnership’s executive management team.
https://www.navitaspet.com/chanan-wolf-deputy-ceo-2/

The fact Navitas have moved their Deputy CEO into a 100% focused Seal Lion position,
is a great indication that Rock has a great JV partner, and a rosy future.

Trotting along at break neck speed for ICSID !

October 31, 2022
The Acting Secretary-General registers an application for annulment of the award filed by the Italian Republic and notifies the parties of the provisional stay of enforcement of the award.

December 7, 2022
The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: Michael Nolan (U.S.), President; Eva Kalnina (Latvian); and Carita Wallgren-Lindholm (Finnish); all members appointed by the Chairman of the Administrative Council.

January 10, 2023
The ad hoc Committee holds a first session by video conference.

January 24, 2023
Italian Republic files a request to continue the stay of enforcement of the award.

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

February 7, 2023
Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration file observations on the Italian Republic’s request to continue the stay of enforcement of the award.

February 14, 2023
Italian Republic files a response on Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration Plc’s observations of February 7, 2023.