Member Info for SpaceHoppa

Hi JEBR, that's ok, we all read things incorrectly at times. My thinking is similar to LTT and others, in that a new case will be much quicker given it is a repeat of the previous case and 99% of everything will be the same, unless ROI can think of some other stalling tactic, however I suspect ROI used all they could think of and the new hearing will be much faster. Also worth keeping in mind that as most of the work has already been done, the legal costs should be significantly reduced. It would be in ROI's interest not to fight a case they have already lost, but I suspect they will contest it.

Pleased to see the SP holding up well. Next news is Shenny oil flowing any day now and an attempt on 60p would be nice😊

Hello again JEBR, re the ICSID timeframe I asked SM about that and he hadn't heard of a set restricted fimeframe for the whole proceeding to be complete, and looking at the website it seems to suggest a timeframe from the 'last submission'.

https://icsid.worldbank.org/procedures/arbitration/convention/award/2022#:~:text=The%20Tribunal%20must%20render%20the%20Award%20as%20soon,in%20all%20other%20cases%20%28Arbitration%20Rule%2058%20%281%29%29.

The Tribunal must render the Award as soon as possible after the last submission in a case (e.g., a post-hearing brief) and in any event within certain timeframes depending on the type of Award being issued:

60 days on objections that claims are manifestly without legal merit (Arbitration Rule 41(2)(e))

180 days if the Tribunal declines jurisdiction in a bifurcated proceeding addressing jurisdiction (Arbitration Rule 44(3))

240 days in all other cases (Arbitration Rule 58(1)).

These time limits are counted from the last submission on the matter

Have you a link to an overall expediated time restriction for cases?

Hi JEBR, yes SM specifically mentioned they would have approx$57m in cash with about $40m available as free cash for FID.

Indeed Paul. The likelihood of the following happening, full insurance payment, FIG sign off, debt finance, Navitas green lighting FID, and Rock needing just a 12.5% ish dilution is high, but markets like certainty. As that certainty solidifies we will then get a SP that reflects Rockhoppers potential. My end of year 51p prediction could possibly be out by a long way, and Mrs Space's 72.5p looks modest too, although back in January I laughed at her suggestion.

Excellent to know Rock should get the Eur31m/$36m pay out and it means we can put a more accurate figure on dilution for FID. Given SM’s estimated this gives a figure of having $40m usable cash in bank, and approx. $97m requirement for FID, we arrive at a having a $57m cash deficit for FID. Obviously the news leaked probably from the Insurance side of things causing the strong performance on Friday.

Re dilution, as things stand Rock could probably get it away for say 55p (possibly more at at a premium), and given it will be done for the sole reason of paying for FID, a massive moment for Rock. If SM wante a bit of spare cash, say $10m, maths are

$67m required / exchange rate 1.35 = £50m

50m / 0.55p = 90m new shares

645m shares in issue, plus 90m new shares = 735m which is a relatively tiny 12.5% dilution for FID…..Bargain.

In theory with SM saying he thinks FID will be around Nov, and Rock needing possibly £45/£50m to pay for FID, that's assuming the insurance payment comes in, we should by rights have stayed in the 40's, not risen to high 50's. The only reason I can think of, and there were lots of AT trades today, is a HNWI or ii wanting a stake and that they may possibly know something the unwashed masses do not??

Offering over 58pence for 100k atm.

60p looming again.

Hope Sam says we need to raise $100m and FID delayed til 2026 😂

Back in Dec Navitas delays FID 6months - Rock goes on a blistering rise

Sam says we might need to raise approx £45m via equity - Rock rises

Rockhopper is the only share I have that loves 'bad' news 🤪🐧

My list of filtered is has crept back up after unfiltering a few at the start of the year.

Olliesky Kurgan2.0 Trop Michael2021 Godders99 Kurgan3 Bigred7 hydraides Mirasol Smartie06 Decidedleaverage LaticsRule Finley1 Aimvestors TheChessMaster Grimuphere Ripley94 Rolf1001 ralph2010

On a more interesting note, there is less than 0.1p of a difference between selling 40,000 or 400,000 shares, so the tightest spread I've seen.

No guarantee there will be an OO for investors, or any warrants for anyone P777, but SM I believe would certainly like to include investors in any raise. Last time it was 1 for 8 shares held, and I would like to see warrants if possible. I've already made plans to participate for all OO shares should they be offered.

Markednmb1, I don't think those wanting shares are concerned about buying lower than 50p, however I think they may be concerned about the strength of Rocks SP, even though management have indicated the need for a placing.

Talking of which I estimated Sam might want £50m meaning approx 106m shares at 48p. With Rock now above 52p, a placing at 50p means only 100m shares, estimated dilution decreasing 3m shares every penny increase!

Hi Hsbilkhu, apologies, have only just seen your post as I was travelling to Bratislava all day...don't ask. Haven't looked at the charts, however for what it is worth, I don't think Rock will stick with the chart theories now, as the insurance payment, FID and equity raise will all impact the SP way beyond the usual chart support, resistance or trend lines, sorry, not much help.

BB3,

timeline 12:46 may answer your question??

https://secure.emincote.com/client/rockhopper/agm2025/index.html

Interesting news Alma, thanks.

From Sky 'Some of the company's assets, including the petrol stations and oilfields, are not themselves in administration but will be the subject of insolvency practitioners' decisions about their future ownership.

It was unclear on Monday morning whether bidders would step in to salvage some of the company's assets, although industry executives believe there are likely to be buyers for many of its fuel retailing and oilfield assets.'

Perhaps its business as usual until the administrators do their job??

I feel there is a good chance the SP might be less stable in the coming days as the insurance claim decision comes closer. It is more likely it will be paid than not and that might add a penny or 2. If it is denied then it could drop several pennies. I would like to see the equity raise details sorted sooner than later, but sadly that cant happen until other events happen or are known. Might be an annoying traders period we are entering for a few more months but the medium to long term remain positive.

And you too Supra. Alas my 20 stone friend has a habit of getting me sloshed😏

PaulD, have pondered that too. Any discounted raise is likely to be heavily bought into I feel, given the reason for the raise is specifically for the most important company event since the SL discovery!

Any OO is also likely to be heavily subscribed. I'm not convinced the SP would drop to a discounted raise figure at all, and think it's not a given the raise would be at a discount anyway.

That was what I have been mulling over Pauldrayton. If the raise is for a 99% certain FID, then I don't think we can discount the prospects that the placing may be at a premium. I agree with you Daikihaku1 that the majority of raises are at a discount, however Rocks particular situation may be the exception given the very likely chance of a 3 or 4 bagger in the subsequent 2 or 3years.

As for how long a raise offer takes, well the last one took just 20 days, and the OO was 1 for every 8 shares held. SM didn't mention warrants in his presentation, but did offer that they would try to attach warrants to any OO, if warrants were given to ii's.

LTT, I much appreciated my pint of lager, but cant remember giving you the second pint, probably a result of having 3/4 of a bottle of red, baccardi and cokes and that awful pink jug of something my mate insisted on buying. Good night though.

Well that was my first AGM and I would recommend people make the effort if possible, not just to listen to the BOD and get the news first hand, but also to meet fellow investors, some of who seem to have been going for many years and know each other quite well. Met LTT, Morforus, DEM, BuildersBum, Supra, Yeast is rising and forum sleuth Mogger amongst others. Many thanks to those who have already given accounts which I generally agree with.

Not too much to add other than BOD were very approachable. Sam was obviously centre of investors attention after the presentation, but made the effort to come over to chat to those like myself who he’d not yet spoken to which was appreciated.

I remember he said FID in Nov about 3 times, not sure if this is expectation management or a steer from Navitas. Thinks FIG will have given all consents etc by Oct, which ties in with his FID prediction. I asked about possible cyber attacks with their IT guy, and he advised it was Navitas’s responsibility but believed they’d have very good practices in place. Insurance decision in next 10 days if I remember right. Of interest he offered ‘why Eur31m figure’ and basically that was the maximum they could get. No reason to believe it wont be paid but I will be a lot happier when it’s in the bank.

Funding! Well the downside is whilst $1.4b is the officially figure, SM believes banks will want to see about $1.8b, meaning a possible extra $400m required ($46m net to Rock) above what we planned for, or around $97m. Hypothetically assuming insurance pays out, plus money in bank Rock have $57m, but only about $40m is ‘free cash’. So need to find an additional $57m. Rock will want some contingency as well so I think they will aim for about $70m/£51m. At 48p that might be an additional 106m shares, or about a 14% dilution. What they can get the equity raise at is interesting? On the one hand ii’s will want a cheap price, on the other hand the money is being raised to pay for FID, and so the SP is very likely to rise on FID, therefore I think Sam might be able to get it away at a reasonable price and not discounted much. As has been said already, an OO is likely and SM said if warrants attached for ii’s, then the same shld be for the OO.

Isobel. No plans to drill Isobel as they are rightly imo, ‘lazer focused’ on getting to SL first oil. That said he ventured if they wanted a break to evaluate the SL production wells, then it might be possible, but no plans as such.

No claw back of $45m first tranche, new ICSID case likely, no plans to do anything in southern acreage. Have only one ii on the books is both a bonus and a drawback. Makes life easier for the company as they don’t have them taking up company time etc, but also they don’t have them to go to for more money if required. Generally not an issue tho.

Looking forward to next years AGM, though they may need a bigger venue! 🐧

Seems a good turnout, approx 35 people plus management

Oh, headache..... but enjoyed meeting LTT, Morforus, Yeast is Rising and Supra. Will endeavour to ask questions that have been posted but not sure I'll remember the answers.