Member Info for SpaceHoppa

Nothing new but good coverage

https://en.mercopress.com/2022/07/27/falklands-extends-oil-licenses-two-years-for-farm-in-rockhopper-navitas-accord

Indeed Wraith, OM can only be put off until October, however I am sanguine about that now as it has become a side issue. Nice to have anything, even a few million, but Navitas being made operator far more important I feel.

A reminder of the deasl Moody stuck.

The Transaction remains subject to completion pending, inter alia, regulatory approvals.

-- Rockhopper and Navitas will seek to align working interests across all their North Falkland Basin petroleum licences - Rockhopper 35% / Navitas 65% - subject to all necessary consents

-- Rockhopper and Navitas to jointly develop and agree a technical and financing plan to enable the development of the Sea Lion project to achieve first oil on a lower cost and expedited basis post sanction

-- Navitas to provide loan funding to Rockhopper:
o The majority of Rockhopper's share of Sea Lion phase one related costs from Transaction completion up to Final Investment Decision ("FID") will be funded through a loan from Navitas with interest charged at 8% per annum (the "Pre-FID Loan"). Certain costs, such as licence costs, are excluded

o Subject to a positive FID, Navitas will provide an interest free loan to Rockhopper to fund two-thirds of Rockhopper's share of Sea Lion phase one development costs (for any costs not met by third party debt financing). Certain costs, such as licence costs, are excluded

POO not POG :-)

This is incredibly good news for Rock.
Navitas are on board and can now crack on with delivering Seal Lion.
There is little now stopping Sea Lion going ahead as long as POG stay above $60/bbl.
OM will be the icing on the cake but it's unimportant now Rock did the fund raise.

Sea Lion Update

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that all regulatory consents required for the transaction between the Company, Harbour Energy plc ("Harbour") and Navitas Petroleum LP ("Navitas") as announced on 19 April 2022 (the "Transaction") have been received from both the Falkland Islands Government ("FIG") and the UK Secretary of State. As part of the Transaction, FIG has agreed to grant a two-year licence extension to all the licences held by Rockhopper in the North Falkland Basin. Accordingly, the licences will now run until 1 November 2024.

Or a further 60 days after if they have the extension :'-/

Even better
'That is a loss per ounce of $8'

Bonkers, pointing out stupid is not the same as being unchilled. It is written in the Rns for those who can be bothered read it -
Gold sold: 20,490 oz at US$1,851 per oz
AISC US$1,859 per oz
That is a loss per ounce of $9.
We don't know what the AISC will be for Q3 so claiming HUM are losing between $200 to $300 per oz was pretty dumb !

Thanks SecretBlue, between Rock, FIG and UKGov someone or dep't is holding up a pretty simple decision and if it's not Rock and FIG, then those two should be pressing UKGov, diplomatically but publicly if necessary. I doubt it's Rock but am not sure on the other two.

Sam Moody may have good relationships with FIG, however FIG seems to be useless timewasters and are currently a hindrance to getting Sea Lion progressed.

Navitas are not some contentious company from a dubious semi terrorist exporting state. The fact FIG have yet to give approval to the JV 7 months since the HOT, and 3 months from the legally binding agreement, indicates to me FIG are either, under resourced, amateurs or just not interested in a fossil fuel industry.

Some flack and criticism needs directing their way !

''Gold now $1690oz! Hum losing $200oz to $300oz per day. ''

It is really quite sad that 10 people ticked this nonsense up.
AISC in Q2, not Q3 or today, was $1,859. Even if it reflects current AISC 1,859 - 1690 is $169, not $200/$300

Gold is now $1,720, so even using the Q2 numbers which the company indicate has been improved upon,
it is 1,859 - 1,720 which is $139
So either Fortissimo's, your maths are shoddy, or you are just poor of understanding??

HUM are underperforming at Yanfolila, however they have shown improvement this quarter, and there is no need to lie or exaggerate about their failings.

I recommend FIG pull their finger out and make a decision if they want a fo0king new oil province and £100m's in revenue tax or not. It's not like this has been sprung upon them all of a sudden.
Why are civil servants and politicians everywhere just so utterly useless !!?

I have them both on filter! And a few others. Bliss.

I doubt if even a $1m net award win is priced in.

Looking at the recent presentation 17.30mins, it shows Rocks best indicated estimate is that the above should happen shortly, and well before the OM extension date. It does need the Secretary of State to sign off to before they will announce so there may be a delay given the current shenanigans going on within the Conservative party atm.

https://secure.emincote.com/client/rockhopper/agm2022/index.html

A buy out/sale to a bigger, stronger financed and much better run (that wont be hard) company is probably the best solution for Pure now as the halfwits in charge have yet to show they can fix the issues. Their realisation and exploration of this option is actually a slight positive.

Headquarters are in Washington and I don't think 'on holiday' was one of the special factors allowing for an extension :)

SP value depends on confidence, and that will initially require FIG/UK Gov to give approvals which it has annoyingly not done already. Once that happens we know the JV is complete and the chance of FID is much improved.
A big OM cash award would certainly help boost the SP, but confidence in Sea Lion chances is key for me.

The churn in shares is so low at the moment, the last two days are still less than my holdings.

Hi LTT, yes I have been keeping an eye on HBR and think it might be one to trade on weakness with the added benefit of it's a solid profit making company if ones timing is out.

Only 4 trades so far today, totalling 209k, and I think 200k was a bed and breakfast isa transfer, so it seems old and new investors, ii's/pi's are just waiting for events to happen before altering positions.