Member Info for SpaceHoppa

Who's in the K8ngs Head any where are you

About 14 people on this forum have indicated they are going which is a good turn out? It is my first AGM so will look forward to chatting to fellow investors first hand. I've a small list of questions of my own and from posted on this forum. If others have something sensible to ask that might get an answer, then post by noon tomorrow and I'll try and get them asked. So far I have

Have you any indication from the insurance syndicate that they will honour the insurance? Any idea when they will pay out?

Does all of Rockhoppers share of FID funding, needs to be in place and ring fenced upon FID?

Can and will Rockhopper be taking Italy back to the ICSID again and if you win, would you have to pay back the insurance claim?

Does the company see having only 1 institutional investor of over 3% (Addios @ circa 8%) as a benefit or a hindrance to the company and or it's share price, moving forwards into the development period and first oil?

If a new company acquired Rockhopper, would the Navitas loans to Rockhopper still stand? Poison Pill?

Has robust cyber security measures been considered and implemented against for example, an Islamist threat?

Mate and I should hopefully be at the Kings Head by 7pm.

There is no question all involved, FIG, Rock, Navitas want SL to happen, the question is when not if and what could delay FID. For us, the big question is how much money we will need to pay for our contribution to 1st oil, and how we get that cash. The insurance pay out will probably cover most if not all, although they will need perhaps an additional $10m of G and A. The question for the AGM I'd like clarity on most is have the insurance company accepted the claim as legitimate and when will they pay.

Navitas has given up all of its recent 2 weeks gains and the surely must be very close to turning on the cash taps.

Hi NN, re 'I would like a few drills in Isobel early on with MODU'. I personally would prefer the rig, and all revenue was concentrated holey😊 on all the SL drills. Isobel can wait, priority is to get SL into production/revenue, in as short a time as possible.

Did a dummy sell 10mins ago, and they would take, 50k at 50.9p, and 500k at 48.8p. Share appetite is there for those who wish to miss the boat.

Agree Ovets, other than the FPS shipyard accident, which was out of Beacon/Nav's control, the Shenny operation looks to have been a text book operation from FID to (very soon) production. Once oil production has been stabilised it also means Navitas can more keenly focus time on Sea Lion, which can only be a good thing. Plus the increase in POO to $76/bbl wont do any harm to Nav's bottom line either.

Getting those 🦆🦆🦆🦆🦆 🦆🦆🦆🦆 in a row

Hi Ovets, whilst Navitas have a substantial 49% of Shenny, it is Beacon Offshore who are officially operator. That said, I suspect there is a very close operator relationship that Navitas will undoubtedly put into good use when they FID Sea Lion. I also would not be surprised if Beacon came in for a small % of Sea Lion, perhaps 10%.

Good to see us back into the 50's again. I personally think that Rocks shares are quite tightly pi held, as many of us have been her a decade plus, and that most resistance and support levels are basically irrelevant now, as news will drive the SP right through them. Shenny oil flowing first good news to arrive in next few days, hopefully to be followed a few weeks later with the $35m insurance payment, and then a few months after with FID. It's starting to get spicy again 🐧🤞

Wetherspoons, good cheap beer, anyone would think you owed someone a couple of pints🍺 LTT😉

Mate and I will be there, probably early evening.

Good to see Rock skirting 50p again. Volume has been low most days and I suspect any serious buyer will have to work hard to get a few million.

A reminder AGM is Friday 27th June 2025 at 10am. The venue is The Clubhouse, Skew Bridge, Wilton Road, Salisbury, Wiltshire SP2 9NY

Also from Jan Davies at Rockhopper re AGM ' if you hold your shares through a nominee you will need to get a letter of rep from them to attend, speak and vote at the meeting.' I just ordered mine online through Hargreaves.

So far the people below have indicated they will be going, and a few are planning to meet for a few drinks the night before, venue TBC. Obviously there will be some questions we will have to put to management, and perhaps we could agree amongst us for the most succinct and knowledgeable amongst us to ask the questions, and maybe some others to take note of the answers if there isn't a recording or the Q&A session?

Me

SpacesMate

LongTermThinker

LTT's Friend

CanYouDigIt

Morforus

BuildersBum3

Connor31

McCloughry

BuilderBum

DeusExMachina

Hi Buzzthomas, as you are aware Navitas have already raise over $3billion in previous project finance, have sunk 10's of $millions getting 'The Nect Big Thing' Sea Lion to a FID ready situation and SL has $billions of profit sitting in the oil field.

As the corrupt EU/ICSID decision shows, nothing is 100% certain, however, out of interest, who have you spoken to that would know more than the very successful and highly rated operator Navitas?

Violindog, I presume Lufc is saying the claim has been submitted. My understanding is it will take a minimum of a few weeks to receive the money, and quite possibly after the AGM.

Hi Covgaz, three reasons. 1 Rock don't know exactly how much they will need for FID. 2. They don't know until insurance money is paid how much cash they will have. 3. I think Rocks SP will be higher as we move closer to FID. Waiting a few months seems more likely to be advantages to Rock imo.

Unlikely. I don't see a placing before Sept as Rock have $20m in the bank, and can expect $35m from the insurance claim in the next 2 or 3 months, probably $55m in cash by Sept?? They will need approx $48m for FID and some A&G funds, maybe $10m.

A farm in that takes a a few % from Rock should mean no need for a placing, however in the absence of that, then a small 2.5% to 10% dilution is possible in Sept/ Oct.

Thanks LTT, I haven't seen that. Look at Page 3 and the Discovered Resources Millions of barrels. Sea Lion (never mind Isobel etc) dwarfs Shenandoah and all Navitas's other resources. And that is why Sea Lion FID is an all but a racing certainty.

Daikihaku1/BlooBird, use the Navitas share chart.

https://www.navitaspet.com/stock-chart/

CH, 'you don't give away multi-billion assets for nothing'.

The Falklands asset is only worth what someone is willing to pay for it, and what someone could make of it. Rock had 40% and their MCap had recently risen to £40m.

Sea Lion was neither a 'multi-billion assets' or of any use to Harbour given Sea Lions geographical location. It was also as ralph2010 says, beyond their ability to exploit given their as now known, global strategy.

'Harbour couldn't get anyone to farm in'.

As a Harbour and Rock shareholder, this statement isn't true.

Harbour decided to prioritise it's South American and world assets ambitions, over exploiting Sea Lion would have complicated this strategy. Facts matter!

From Navita's website 'final investment decision (FID) in August 2021'. SP was about 1500 then, and about 9750 now. About a 650% increase.

Some argue the share increase for Rock should be more than Navitas's rise as Navitas has other smaller oil income already, and Rockhopper might be sitting at a bigger discount given Sea Lion is more remote, in a province without any significant oil services close, and Rock do not have any other income.

If still at 45p on FID, then a 650% rise on current prices to first oil, would put us at £2.92. I'll be happy with anything north of £1.50 as I'm not greedy😁🐧

Assumption for approx. Sept/Oct FID. Capex $1.4b, $1b debt finance, $400 JV equity = $47m needed by Rock for FID.

Cash funds Oct $17m? Expect $35m OM insurance pay out by Oct minus $$$’s for Italian assets disposal $4m(?) = $31m

17 + 31 = $48m. The corrupt OM decision means realistic best case Rock will need perhaps $10m money as working capital to first oil, worse case OM insurance hasn’t arrived and Rock need $45m.

I’m not sure if Rock can get a loan with already owing Navitas money to progress Sea Lion so options are

1. A new farm in partner taking perhaps 2% to 5% or 2. Issue new paper

Dilution. If $10m required, issued at 45p $10m = 16.5m new shares, if $45m = 75m new shares.

75m shares = 10.05% dilution, which if it means we are fully funded to first oil, and no debt other than to Navitas, and still own 35% of the new oil province then great. And bear in mind this is IF the insurance payment is delayed. If it comes in, in time, then dilution is 2.5% !!

If you mean the Q1 report its here

https://www.navitaspet.com/wp-content/uploads/2025/05/%E2%80%8F%E2%80%8FNavitas-FS-Q1-2025_eng_.pdf

From what I understand Overts, from the company, the insurance risk was spread out amongst several insurance companies, for example perhaps 4 companies took $1m fees each, but were liable to $7.25m of risk. The company are in the process of making claims, however I understand it may take a little while to hear back from all these companies, and that it might be after the AGM.

Insurance companies will not be in a hurry to pay out millions so I believe we may have to be patience for a month or two, which ironically means the FID delay works as a benefit to us.