Member Info for Surfit

Thank you FECM,
Missed it.
Appreciated.
Rgds Sft

Hey LacticR, Looking through RKH website
I can not see any issue of firm dates for the AGM
ONLY
" Group results for the year to 31 December are announced in April/May"
Sft comments: for which an RNS was issued

"The Annual General Meeting is held in May/June"
Sft Comments: no Rns issued confirming as yet, so I would assume there is no date set yet?
Let's hope it's due to the having to submit a few more resolutions.

LacticRules, is there any where else on the RKH (that I can not find), that has stated an actual date?

Rgds Sft

It will o ly change when some of us small PIS step up. I reallllly think the has been a good attempt on this bullet board to galvanise us.
I will say we possibley have not made it, with the posts seen. Several large 500k+ investors have inputted so have many many smaller investors, my hope is that others that only read and do not either want to disclose their holding or just want to remain anonymous have also done so: quite simply by allowing it to be put forward sends a message. Those that do not I quite simply can not understand. THOSE that can not be bothered deserve all they get.
I have worked OnG since before 92, and I can say the RKH BoD are stealing by way of wages, bonuses and share allocations. Fight or fail gents, fight or fail.
Kindest rgds Sft

Thank you for posting Cyan. Given the unstoppable move and sentiment away from hydrocarbons and Italy exposure to further potential claims (how many I do not know), coupled with consideration of RKH financial strength (or lack of) It must be in Italy's interest to drag it out.
It makes Nel's question on HBR next AGM more interesting, but from their previous comments of FEED review completion not being before 22, am not expecting much from that AGM.
More focus on fiscal prudence will be essential, but our illustrious BoD may be spending their time on raising more cash to cover the intervening period, using the (if won) the award as security? but with no income it will not be favourably bond issue for share holders, that's for sure.
They have enough cash to keep paying their wages, but not as you have regularly raised the decom liabilities.
I still feel our best hope, albiet unrealistic: BOD will not want to loose their salarys, is HBR taking out RKH.
But that would show HBR have assessed Sea Lion as financially viable.
SOME MANY variable options, with unfirm time lines and multiple "if's" still prevail.

It just, IMO, makes getting Glen's resolutions forced into the next agm as essential. Curbing the salaries and share allocation until First Oil, the ONLY way to get these guys to look after share holders and the company rather than their own bank balances (IMO).
THERE is absolutely no incentives for them to stop doing what they have been doing.
Rgds Sft

Hey Bloobird, yes they exited and it did not initially produce as expected and overall by 18 months
Related info from 2017
https://www.heraldscotland.com/business_hq/15287690.problems-giant-shetland-field-hit-premier/

Yes HBR have it and latest info has it producing 28,000 bbls, which if you look at the artical above, is around what had been originally hoped for.
Obviously they are now picking up the tab for that now but, the PoO is up and it could hold potential for further field expansion. Not confirmed.
I hold HBR from PMO, bit sick about the purchase price but averaged down (and something better than nothing) some so not too bad.
I just think these guys will (as many think) squeeze further RKH and FiG, as they are tough oil business minded, experienced and really hold the upper hand....the others are...well, enough has been said on that matter (-;

Kind Rgds Sft

Hey Bloobird,
I look at firstly Chryasor climbing from a new entrant in to the North Sea to now the largest operator as HBR: with the initial purchase of Shell assets, including (10%) WoS and Sullen Voe, expanding through the further purchase of ConocoPhillips assets (although bit pricey, but expanding further into gas), their strategy of expanding existing infrastructure by hub drilling, exiting from Solan, that ironically led to the debt problems of PMO and Chryasor picking up PMO's assets, (work on SL feed) tax benefits for imo, a song.
I think they have conducted themselves really well where others have been struggling or failed, kept operating costs to a reasonable level, apparently good debt structure, potential for increasing their reservoir.
Paying a dividend being discussed.
They indicate to me that they are good, very experience and therefore as I described. Especially if you compare against RKH BoD.

Another company /personnel I like is Andrew Austin.

Hope that helps? Or do you disagree?
If so please advise.
Rgds Sft

Nice to see the Brazilians moving on another project and keeping SS7 gamefully employed.

subsea-7-secures-contract-with-petrobras-offshore-brazil/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2021-05-25

Rgds Sft

There are a few people that are worthy of filtering but DBNO hits the top (and another that was abusive). Not once since I invested in PMO has the DBNO poster made a valid input, there are a few close second but they could be considered as slightly "amusing".
Rgds Sft

Add as a note: the reason I have no cash is ALL other 15 odd good investments profits have been utilised in averaging down on HBR and RKH!
All the best Sft

Agree O,
Zama is turning into a real problem. Latinos are getting worse than Africa! Well apart from Mozambique. Was talking to a guy lives Peru, Venezuela's exedos of people, desperate people is causing a significant influence on bordering countries, Mexico: cartels and goverment corruption, Brazil covid and corruption, Honduras/ Guatemala crime.....the list goes on. Put that into regional context HMG, (imo) will need to assure that they will FULLY back Fkld Island development.
As you say, nowhere out side of the North Sea ( UK, NL and Norske) and US GoM is trouble free.
All very interesting, when you then put China and Russia in the mix then add environmental, the EIA recent statement AND GS prediction for $80 pricing?
To be quite frank I have no firm ground feeling on anything.
Apart from if you have cash its a traders heaven. I do not.
GLA
Rgds Sft

Hey Wackford,
And we could add if HBR attempted to take over RKH there is the (was it 50mil) as a fee to FiG?
How much would it cost HBR to go that route, especially before an OM potential pay out?
I do not have enough knowledge on that potential senario, but as with PMO, HBR know how to deliver on an opertunity. It looks the better option.
I with out knowing the economics of doing that see it as a better move.
But then include PMOs stated intent on paying a dividend, the Zama % payment (timeline/Mexican uncertainty) do they have the cash?
I think they have 900mil available? Just going on memory.
Do not shoot me if wrong. Just looking at options/ clutching at straws.

Rgds Sft

Good post LTT,
Wackford on HBR also put in a good post on the economics of the two:
"Peter, thanks for informative link to Zama economics paper.
If I read it correctly, the capex is a mere $1.5/barrel (1.2 billion $ divided by .8 billion barrels). Therefore a post-unification award to Harbour of say 110 million barrels would require about $165m capex from Harbour to first oil. No problem, I would have thought. And breakeven price of oil around $20/barrel.
Compare this with Sea Lion where capex about $7.2/barrel and breakeven said to be around $45/barrel. So I would expect Zama to take precedence but both could be goers.
If Sea Lion goes ahead I would be surprised if Navitas is now ($60 oil) let in for a zero farm-in payment."
End Wickford post.

I keep swinginging in confidence with HBR intent for SL, but can find no reason for them not to sanction on the face value.
I do think that HBR have demonstrated in the past patience and astute/tough business policy: Solan was a master stroke. So there (imo) will be more squeeze to come toward RKH and FiG after a very detailed trawl through FEED and serious discussion on HMG geopolitical support (Argies as per).
The need for fiscal prudence from RKH BoD and a reasonable pay out will be essential.
I do wonder at the viability of HE taking over RKH?
If we (no. of PI's) are unable to push through Glen's resolutions it could indicate larger share holders more corporate interest. Which after all this time may be interested in handing it over?????
Rgds Sft

Back to hibernation folks:
OM "award" #verdict
Payment+1yr, or 2yrs
HE 1+Yr
The only thing to protect is the remaining cash.
Which the BoD will not.
No one loses (apart from the 1.3mil a year BoD's) by putting forward Glen's resolutions.
It may even encourage them to start selling it again if HE do not want to go for it. RKH if HE pull out inherit the FEED if they do...which is worth 1.1 billion.
Incentive the RKH directors to anticipate rather than react behind the curve.
Rgds Sft

I too had wondered that Bensi, can not remember if the 1p came from the company or bb speculation.
Saved them selves a lot of cash if it's 1p after the share reallocation.
Rgds Sft

Hey Cyan, yes I saw that comment, not too surprising to us all really. That FEED will be thoroughly scrutinised, and possibley adjusted.
HE just do not need to rush it at all.
But to commit to more exploration in different parts of a increasing hostile world i.e. to try and find another Sea Lion seems unlikely??.????
Does the Zama issues play into the 2022 time line.
If they do not sell Zama, they will have to pay up for their % of development.
We of course would assume that is the feedback from HE after being asked by RKH.

Rgds Sft

Hey Cyan, good to see you back and here. ADFN has descended into chaos. It was essential yours and sch Corner. But thankfully LSE has rided itself of those elements at ADFN cost.

My opinion is HE could push/negotiate for that tax holiday up to project break even and then acccept an extra % there after.
That way is a potential appeasement for both side's. The grit will be in the post %.
FiG must know its now or never.
Rgds Sft

Gents no disrespect but talking about an FPSO Vessel is important but its just a product of FEED: Deigned / suitability for the environmental, subsea assets and offloading environmental constraints.
It's important but just experienced engineering.
Remote but nothing bigger than WOS.
Focus on HE'S cash for development (imo): dividend, debt reduction, geo political, PoO, HE remaining reservoir, port / contract servicing and fig infrastructure ( bunkersing and supplies), crew changing (hotels and what about heliport infrastructure), island project and port eqipment resupply and storage.
We have no idea or indication what PMO reported (ridiculous) 1billion FEED has considered?
He will not reassess this quickly, to suit RKH or FiG.
Rgds Sft

I advise investors to watch the following RKH presentation, check the money raised and see the cash subsequent cash burn:

RKH is it a AIM company that is cash foolish:  

hxxps://youtu.be/J685wm4Ewjc 
Rockhopper company presentation "keeerrrrching" is RKH attitude to your money.

RKH raised $600mil for the drilling (oh and they forgot to take the test equip, ran out of diesel..need resupply...demonstrating no decent oversite onboard to check your contractor/driller) campaign see around +36mins 

Drilling campaign cost 450mil see 42:30 

REMEMBER raised 600mil 

PMO in (43:20) as they were one of the few that would (i.e. Argentina?) 

Goes on 

60% to PMO with them giving 

231mil BACK CARRY 

48mil exploration back carry 

So as of 2012 according to above seminar RKH had 429mil cash, 40% of the licence(S) 

1. How much went back to PMO for feed (poor contract) 

2. How much went on farm in costs for Desire/FOGL (was that prudent), forced to sell Egypt, OM, down to lawyers. Where has anything been good financial prudence?

3. Just how must cash after signing PMO is left. These are FACTS.

See Glen's posts obtain your share holding conformation and vote for Glen's resolutions to be included into the AGM.

It is imperative that the BoD salarys and share grabs are curbed, reward given on first oil not when they want to reward themselves.

Facts not speculation.
I will continue to post as "Hold".
The chances of the project now HE are onboard have improved but its still not certain.
The Sea Lion project has great potential.
Use your vote to curb the RKH BoD.
GLA
Rgds Sft

Hi Glen, hopefully all who have pledged can get get all their documentation sent in.
Been interesting to see how some of their brokers have supported or not so private investors request for the share documents.
Looking at the numbers posted we will still be short my hope is there are people reading that may not want to disclose their holding size but have lent support? and if placed in the AGM would then gain even greater exposure to other smaller investors.

That support is not as severe as removing board members but as you say gives investors a more appropriate opertunity to curb the blatant excesses, stop rewarding success by not "allowing our own BoD automatically granting themselves such high salaries for what a best should be quantified as incompetency (still taking into consideration the two crashes during that period).
Thank YOU for your continued efforts, that has "potentially" enabled many of us to have a voice.
GLA
All votes big and small really count: "For want of a nail, the shoe was lost, for want of a shoe, the horse was lost, for want of a horse......etc etc"
Rgds Sft

Reading oil price news their journos reporting swings from glut to higher demand.
No stability yet due to covid and the all the geo-political games at play.
My only concern is if the US try and implement / enforce a law designating OPEC as a cartel. That seems to have gone quiet but I can imagine the shale producers pushing for that if they feel Biden is not supporting US shale.
Although the economic support bubble forshale Imo has burst (investments safer back toward big oil) and the new cash cow renewables.
HE financial structure looks secure now (above $55) which is very reasonable, combined with lack of new reservoir development.
Once HE rid themselves of the share overhang we should be back to normal PoO / company / Oil reserves/ operational / decom management problems: business as normal, would be welcome by many I would think.
GLA.
Rgds Sft