Member Info for Surfit

From the poster "Lemarc" on the PMO site
https://www.thetimes.co.uk/article/short-sellers-make-35m-in-shares-slide-q079x7ckq

"Hedge funds shorting Thomas Cook shares have made estimated paper profits of almost £35 million betting against the ailing tour operator in the past six weeks.

The holiday company is the third most shorted stock in the UK, with the equivalent of 18 per cent of its shares outstanding out on loan, according to data compiled by IHS Markit. Only Premier Oil, a North Sea-focused producer, and Kier, the troubled contractor, have bigger bets against them, IHS Markit said."
RKH Short Tracker
FUND % short Change Date Changed
GSA Capital Partners LLP 0.59% ? -0.01% 13 Mar 2019

PMO Short tracker
AHL Partners LLP 2.06% ? -0.05% 10 Jul 2019
Connor, Clark & 1.01% ? 0.11% 25 Jun 2019
Lunn Investment
Management Ltd
Whitebox Advisors LLC 0.87% ? -0.03% 27 Jun 2019
Total 3.94%
Short tracker: We no longer track disclosures after they drop BELOW 0.5%. It is possible that the manager still holds a short position even if we are showing it as zero
How many have short holding below 0.5% I wonder

Rgds SFT

Morning Carrot, could you expand on the comment: "The expected glut of offered shrs would mute any price improvement"
We had new poster a couple of days back commenting on further share issue and dilution also, I raised the question, but got no reply?
Did RKH BoD's make comments at the AGM on further share issue or has this been planned all along and I have missed it totally.
It would seem a bit foolish to do so in the present situation i.e. potential pay out from OM, still money in the bank and with "some" income coming in from Egypt.
Rgds SFT

Hey Carrot, signed up and downloaded the PDF. Thank you for the links.
There is no mention of Sea Lion in there but I do not that all of those detailed are "awarded" status, obviously we are not. So I am guessing we do not make the press. Interestingly one, the Atapu (ex-Entorno de Iara) was awarded in 2010 and only now is going ahead. BUT the majority were awarded in 2017 and first oil expected 2022. Even more interestingly (for me) is that Penguins get a mention and as the Brents are getting pulled Shell are replacing it with an FPSO: Award 2018 - first oil 2021....need to get on the phone!
But remember wording is important and your extraction (accepted it IS the South America section) and you added the word "only" Brazil, Guyana and Mexico will drive FPSO demand for South America in 2019.
With an increase in project (see my previous comms) general confidence and past history of FPSO project development it does not do PMO any harm, in my opinion.
Again greatly appreciate the link
Rgrds Sft

Hello Fell, welcome to the board. Forgive my ignorance but is this 10% dilution be detailed in any RKH RNS? or was it detailed in the recent AGM. Missed it myself.
Could you post a link to the info location, it would be greatly appreciated.
Rgds Sft

Hi Carrot, it is a significant project for sure but I would be tempted to look outside of the Saudi sphere, why ( IMO) as a country they are a one trick pony (for now) and their economics and budgets are driven by individual (Crown Princes') aspirations, a desperate need to pay for their spending habits, keeping their populace bought off and as ever "defence". They do remain (as the principle force in Opec+) the bench mark group affecting oil price (despite the steroid injected USA shale) so your comments on one project is valid but I can not see it as the "only".
I believe (rightly or wrongly) in general market sentiment as a crucial factor along with of course the mid term oil price and this 2018 link is still relevant (IMO):
https://www.fircroft.com/blogs/the-fpso-market-is-growing-these-are-the-projects-to-watch-in-83481410575

As I have posted before, Shell starting a North Sea Subsea project , Penguins - No FPSO but a tie-back to Brents back in start of 2000/2001 when oil was around $30, but that was pre the EV future, are the Saudis desperate to develop as their cash cow withers under renewables and climate change?
Thoughts?
Regards Sft

There is some potential to what you say and I would think if it was RKH and its BoD's I could agree. They (PMO) need to secure finance and have done since they nearly went belly up.
But PMO are more professional and such a company could be enacting a "charade" but what a hugh waste of money and time. Men who have got their hands dirty in this business are not like City boys.
But time will tick past and all will be revealed in the fullness of...lets hope for normal investors your consistant posts are wrong hey :-) but you could have Kassandra gift and if so I apolagise but not sure why your on this board...none of us are selling???,
Rgrds Sft

Hi Carrot, does that mean you disagree with potential positivity of FI moving forward with wanting to submit the identified changes pertinent to development. Surely as a long term holder this is encouraging for you?
Or are you still still:
A. Shorting and running it down
B. Looking to continue to promote negativity for more cheap shares
C. All of the above :-)
Regards Sft

Thank you Mogger for the information, as usual, greatly appreciated.
It seems that the FI's have not given up on the "chance" that this all might happen?
Is it a coincidence that this is getting put forward following the UK visit? If it was a absolute NO from the UK then why submit?
I like the inclusion of "Extended to include Falkland Island controlled waters"
Regards Sft

Its already been discussed BUT at least its a bit of positive exposure for RKH - Offshore Energy Today:
Sam says: “This decision represents an important step in the wider arbitration process. While much is still to be done, we remain positive on the prospects of the claim and look forward to an outcome in early 2020.”

https://www.offshoreenergytoday.com/rockhopper-gets-favorable-ruling-in-ombrina-mare-arbitration/?utm_source=emark&utm_medium=email&utm_campaign=daily-update-offshore-energy-today-2019-07-01&uid=241976
Rgds SFT

A percentage sale of PMO share of Lion would be good for all parties. I am suprised that PMO have not been approached before..but the continued problem is Argintina's reported stance on any company that trys to develope the oil fields. But as others have recentley posted companies did offer RKH a buy out...some some are not put off. Although I can not find any validity to PMOs putting out such a proposal onbthe internet...has the poster backed their post up with a link?
Rgds SFT

........China has instead been stepping up purchases from other Middle East suppliers such as Saudi Arabia, Iraq and the United Arab Emirates, as well as from Brazil.
Still China's crude imports in the first five months of 2019 hit a total of 205 million tonnes, up 7.6% from the same period last year.

Re-Reuters
https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSKCN1TB0C5

Rgrd sft

“Frackers’ persistent inability to produce positive cash flows should be of grave concern to investors,” the report’s authors wrote. “Until fracking companies can demonstrate that they can produce cash as well as hydrocarbons, cautious investors would be wise to view the fracking sector as a speculative enterprise with a weak outlook and an unproven business model.”
https://oilprice.com/Energy/Energy-General/US-Shale-Spending-Is-Under-Fire-Again.html

The $200 Billion Push In Offshore Oil & Gas
As the oil and gas industry comes out of the recent downturn, E&P companies are tempted to chase the rewards of higher oil prices by accelerating the sanctioning of new projects. However......

https://oilprice.com/Energy/Crude-Oil/The-200-Billion-Push-In-Offshore-Oil-Gas.amp.html

Just a thought but when planning such a trip; I would Imagine that you would want to vist key ministers, business principles and civil servants..all of whom at a guess would have dates/times scheduled in for other events. To that end planning would be made to coinside with not only say a important document submission but key players availability. This could have possibley been considered many months ago.i.e before even a brexit "extention"..and not to coinside with conservative party infighting? That is one possible alternative..???
Rgds Sft

Hello GreySquirrel, thank you for the explanation. I was concerned that it was enabling them to issue shares, free or at a reduced rate, to themselves or other potential incoming parties. This would be concerning, but if not the case demontrates my lack of knowledge regarding company share dealing and use.
Again thank you.
Rgds Sft

Answered Q2: Owning electronic shares mean you have to call up the company holding them and request the proxy /register card and you can also get them to register your approval or rejection RKH proposals.
Q1: Still do not understand why the BoD require or need to implement resolution 9?

Rgds Sft

Apolagise if I appear to green but, could anybody give some feedback regarding:
Question 1 on BoD Resolution 9: Could any one explain why this would be required and who would they be "allocated" too?
Resolution 9: Authority to allot shares
Resolution 9 will, if passed, provide your Directors with flexibility
to issue shares within the limits prescribed by the Investment
Association. It will authorise your Directors to allot ordinary
shares up to a maximum nominal amount of £1,525,792
representing approximately one third of Rockhopper’s issued
ordinary share capital as at 15 April 2019. It will also authorise
your Directors to allot (including ordinary shares referred to
in paragraph (a) of Resolution 9) ordinary shares in connection
with a pre-emptive offer by way of a rights issue to ordinary
shareholders up to a maximum nominal amount of £3,051,585
representing approximately two thirds of Rockhopper’s issued
ordinary share capital as at 15 April 2019. The authority will
expire on 30 June 2020 or at the conclusion of the next Annual
General Meeting whichever is earlier.

Question 2: When is it usual that a share holder receive the voting forms through the post? When I held share cert it would come through the post. As I now purchase on line is an request required for a form?
If attending the AGM what proof of share ownership is required to attend?

Kind regards Sft

Hey Mogger, as usual I salute your investigative powers (and reading patience): It is a brief mention, indicating no change from their perspective.
Kind rgds Sft

The last bit of information that I can find regarding the UKEF funding is from august 2017.
https://www.google.co.uk/amp/s/amp.ft.com/content/8e3cd760-89a3-11e7-bf50-e1c239b45787

"Premier has supplied UK Export Finance (UKEF), the UK government agency, with a “detailed financing memorandum”, Mr Durrant said. While UKEF is yet to make a final decision, he said “we’ve had pretty good support all the way through from all parties involved in this”.

So am I right in saying the PMO have recently (19) confirmed that they have now completed suffcient project understanding development to formaly submit an application ( the August 17 memo was not the final requirment) for funding and that the application has to date (May 19) not actually been sumbmitted.
I think RKH BOD really need to provide some clarity and antisipated time scales around what does appear as crucial for project FID.
As spoken about the; BOD have not kept RKH share holders adequately advised on PMO progress. BUT..something that should be considered is the actual current relationship that PMO and RKH find themselves in...I could envision the possibility that communications could be "tense" or even very poor? If you can imagine RKH being frustrated by PMO lack of progress AND their RKH BoD's lack of protection from this. This lack of protection would be RKH'S lack of contractual experience. This does lend some credit to Carrots line of action.
Rgds Sft

Zama: PMO must increase their production levels but balance that with debt reduction. It could be considered selling the more prudent thing to do. Dependent on bid prices. The sale could be used to reduce debt, finance help for Tolmount and maybe fund exploration drilling.
Not sure if there is any time line for the tax credits (what happens to them if Labour get in?). Just bouncing senarios.
Rgds sft