Member Info for SpaceHoppa

10.006 v 10.028

and I can sell 500k in one shot !
Good to see Rock above 10pence again

Cyan,
We don't know for sure how the conversation went with these top class lawyers,
however back then it seems this is what was offered, and outcomes explained.

One, Rock told No win No fee. End of story
Two, $25m plus win you pay £3m, but be aware it will take a while to get the money
Three, We strongly think 100 to 200million Euro net to you is possible, but £3m is still payable and you still might have to wait.

Do you want to go ahead, or go with Cyan's view and say naar, I could well win Euro200million but I'm not going to risk it for £3m.

I am very glad they took the deal as logically it was a very strong reward v risk call. It was the right call.

'I am surprised ( putting it mildly) that award enforcement costs were not part of the 'no win no fee' deal.'

Cyan, that presumes Rock could dictate the terms !
Given their poor financial situation and their hopeless operating partner,
I'd say the deal Rock struck with a top notch team, was quite reasonable.

SB, there are two point there.
One, is the need to resolve the matter asap, which is up to ICSID alone and can't be influenced however much we want it to be speedy.

Two, is the likelihood of an annulment, which looking at past attempts, looks extreme straw clutching and pure delaying tactics by the RoI.

The market dislikes uncertainty, but the fundament case for Rock remains the same, PoO is very strong, huge oil field ready to go and a strong committed capable JV partner.

SecretBlue, the essential word is IF
'(6) IF the award is annulled'

There is a very slim chance the award will be annulled so the issue is very very unlikely to even be a possibility for Italy to have any chance of a new Tribunal.

''We may have around $10m cash now and our company expects basic costs of $4 m pa going forward.
How much will we need?''

I don't know how much we will need, however there are or were I think, around 100m warrants at 9pence issued.
I suspect the majority of those will get exercised, perhaps 80 -90m, which means another $8.5m in The Rock bank before the end of 2023.

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.