Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Oh yes, I can see the Headline now...." LSE Poster & Part Time Sleuth, Alma Coglan, saves Navitas Petroleum from losing their 500mb Sea Lion Production license by her timely intervention in reminding the company that they 'must' file their accounts before the Deadline.
Navitas Chief Executive Officer, Gideon Tadmor, personally thanked Alma for her timely intervention.
Tadmor said " that Navitas were so busy with Shenandoah and raising Β£1Billion for Sea Lion that they'd totally forgot to file the accounts and that they also forgot about all the reminders they received from Companies House & their legal team that repeatly told us in no uncertain terms they would be struck off and lose the production license on Sea Lion if we did not submit their accounts by the given date".
Gideon said" It was a really close run thing and without Alma's timely intervention, I'm ashamed to admit we would've lost those licences & thus 500mb of oil.Tadmor said, it's easy done, anyone can forget such minute detail as losing a production license on 500mbs of oil".
"Yes, we had endless reminders but we've all got memories like seives here at Navitas but we aim to put this right and make sure it cannot happen again so Alma has kindly agreed to send us a timely reminder each time we need to file the accounts in future.
And to show their appreciation, Navitas have invited Alma to the Victory Bar Pub in Stanley this Saturday tea time for happy hour and her first 2 drinks will be free, however, Gideon apologised once again, for forgetting to include travel and he also forgot to procure a hotel for Alma oh and he forgot to order fresh barrels for the pub so the trips been suspended temporarily.
Asked about Alma's travel & accommodation mishap, Tadmor replied, ..."Alma? Who's Alma", ....Damn, He's only gone & forgot again.
One has to wonder how GT & his Elite Team can run a Multi-Billion dollar company like Navitas - when everyone at the company has got seives for memory and they cant even remember to file accounts inspite of all the reminders π€£ π π ...
π€£ π€£ Alma, stop please, with all due respect, your embarrassing yourself !
Rest assured, Gideon Tadmor knows exactly what he is doing, the man is borderline genuis and heads a Successful Multi-Billion dollar company with a competent team of specialists, who also know exactly what they're doing...so I say again, Gideon Tadmor does not need telling from Alma Coglan or any other LSE poster that his accounts are overdue in England and that if he doesn't file them he will be struck off a totally meaningless register . It's Preposterous to think this genuis of a man needs reminding by LSE posters of one of the most basic principles in business !!!
The SPs holding up, something regulars will know was never possible before, any buying volume was almost always sold into, so there is clearly demand for the shares,which should increase in line with the anticipated newsflow over the next 6months.
Will Sam update the market on his trip to FIs π€
Did he get FIGs signature on OM or the Tax ammendment π€
Are we near to hearing Nav have entered into an FPSO LOI π€
Could OM decision come sooner than anticipated (October) π€
How far away are Nav from securing SL Funding and will FID be Q4 24 as expected π€
Plenty for the discerning investor to muse over and all are expected before year end !
I don't think Mr Tadmor will need reminding from LSE posters that his Multi-Billion pound companies accounts are over due in England π.
He's almost certainly not interested in England or its system and more than happy to just let it lapse- having received no help whatsoever from the British Government in opening a Billion barrel basin in the Fls.
That statement was 2 years ago and it appears the reality is somewhat different as that team that "should be capable of delivering the oil readiness project plan for the 500mb Sea Lion project" can not even deliver a very simple signature for the Tax Rockhopper 'no longer owe' and that's been over 3 years now, nor are they exactly falling over themselves to sign OM off, which will, in the coming months, begin to hinder progress on the project & one of the players (rkh), if it remains unsigned, and the video I watched here recently seemed like they were holding back till after FID and in no rush at all, which they actually emphasised in the video, so It's time Navatis had another word with them and tell them to get their butts in gear because its for real this time & happening.
Or do any posters here think FIG are moving all the regulatories along in a timely & efficient manner and have built a sufficient team as Navitas requested in 2022 to fulfil all obligations & regulations required on time ? As It's certainly not the impression I'm getting from FIG.
Stubborn Hillbillies is the overiding impression I get from FIG!
Its good to see an uptick with improved volume.
This will be investors taking positions early ahead of any news and whilst the company making news is not anticipated until later in the year, OM sign off and Tax sign off from FIG would be positive as would an LOI for an FPSO but the first Big news. I'm expecting is Funding, which I expect before FID and that's when the action really starts !
FIG are reluctant to scale up sufficently until FID, that was the impression they gave in one of the recent videos posted here.
They've had numerous false dawns with Premier and are arguably,understandably playing it cautiously until the green light's given.
The downside of this is that they will be well behind on many issues,which is already the case, it's taken them over 3 years just to sign rkh's simple tax ammendment and they still haven't done it,not to mention the OM sign off and with Navitas powering forward on the project, there will be a great many other issues to sort so they are only going to get more & more backlog with such a skeleton workforce but I expect Navitas will have word with them and push them to increase the workforce so they can keep up with the pace.
Whether FiG take heed is another matter as they seem like a small group of stubborn Hillbillies who have oil on their land but little clue as to how to assist with all the regulatories in bringing it to production in a timely & efficient manner to coincide with the operators timeframe.
Premier had over 50 people working on Sea Lion around 2017,I don't know how many FIG have on it but I suspect its a rudementary & wholly insufficient number for all the regulatories to open a 500mb basin.
I understand their caution to an extent as they don't want to over commit if there's no FID but at the same time, they can't take an eternity to get all the necessaries in place and with Navitas appearimg to be very serious about delivering
production by 26- there's everychance of FID in Q4 24, so the South Atlantic Hillbillies need to start getting serious about the project and assemble a team capable of implementing all the necessary regulations in line with Navitas's & Rockhopper's timeframes.
Its a good sign,although their not exactly piling in.
That would also explain the penny or so increase to 13p as there hasn't been enough P.I buying to push this up a penny.
Were approaching the 5 month of the year now, only another 5 before (hopefully) the action starts.
MD, It's reassuring to know your privy to Navitas's finance package for SL π
Rkh no longer owe FIG any tax as the tax was owed on the free carry that they never received.
So it's zero tax owed on a free carry of zero !
The free carry went in 2021 when the new deal was struck with Navitas but FIG have not yet accepted the ammendment.
Its difficult to understand why FIG still haven't accepted this seemingly simple amnendment after 3 years as it seems relatively clear cut,being,No Free Carry = No Free Carry Tax.Simples !
That's Great Rpoodle, thanks for posting π
As I said, FIG will look after FIG and they are unsurprisingly playing hardball with rkh as, for them, its Navitas,not Rkh developing & funding Sea Lion, rkh are pretty much just being carried, So whilst FIG be eagerly licking Nav ass, they certainly ain't gonna do the Rock any favours.
Sam & the team will have to use all the guile,diplomacy & negotiation skills they can to resolve these issues and hopefully get FIG to authorise the OM transaction & agree the tax ammendment.
We don't want another arbitration and I expect they will iron things out between them. Rkhs case on the β¬674mln carry they never received is stonewall but I suspect FIG may be seeking tax on the $231mln carry that rkh did receive but that's speculation on my part and may or may not be the case.
Navitas may even lean on FIG if they continue being uncooperative & stubborn as they will want things to keep moving and the OM cash will be needed to go towards rkh's share of the funding, so FIG, whilst seemingly holding all power over rkh, do not hold all the cards. Navitas do and Rkh being their partner, Nav will not want to see FIG holding back Rkh and thus, potentially holding back SL development, so thankfully we have a powerful allie in Navitas on the matter !
Hopefully Sam will return from his trip to the FIs with FIGs approval π€
Informative posts chaps π..So after 4 years, FIG have still yet to agree the tax ammendment made by Rockhopper and they have security over all rkh's assets from the tax settlement deed.
That sounds pretty much exactly like what I was suggesting yesterday in my 23.03 post !
What is indisputable is that Rockhopper require the Falklands Islands Government to approve the OM transaction and the Falklands Island Government have also stipulated that no shareholders are allowed to receive any of the proceeds from OM so this strongly suggests to me that the tax liability is indeed related to OM or any other cash Rkh may come by until the liability is fulfilled, otherwise why on earth would Rkh require FIG to approve the OM transaction and dictate who how the proceeds can or cannot dispensed ?
Rkh are seeking an adjustment on the Β£59mln tax as they never received the Premier Free carry as agreed.
We have to expect that FIG will do whatever is best for FIG- regardless of any considerations for Rkh.
I have corresponded numerous times with Stephen Luxton (ex FIG Director Mineral Resources) and fair play in that he always replied to all my mails in detail,addressing my queries & commenting in on my statements but the overiding impression was 'Its got to be right for FIG' , 'Better No deal than a bad deal for FIG', so I wouldn't expect them to give Rkh any unnecessary quarter.
I have corresponded with Sam on the FIG tax issue a number of times too over the years and as far as I know nothing had been resolved, the outstanding figure is not known and I'm not sure the two parties see eye to eye or get along.
I imagine Navitas will be FIGs favourite now as they are pretty much going it alone anyway.
I'm sure Rkh will be pushing them on the matter and they certainly need that as they don't seem ready for what's about to happen once FID gets the green light as they're struggling just to sign OM off.
Perhaps FIG are negotiating a possible cut of the OM award from the outstanding tax due π€
We don't know the detailed agreement rkh have with FIG, we just know FIG have a legal say in any proceeds rkh may come by, to what extent, we can only speculate but rkh owe them tax, how much, we don't know as they've been negotiating the matter for some years now but I have never seen any resolution. Has anyone here ?
Rkh argued that the Premier free carry didn't materialise as agreed but the did nevertheless receive $231mln cash & I believe a $48million exploration carry !
My understanding is that FIG do have a say in any cash rkh receives as we know they are not allowed to do what they want with the OM award,for example, we know FIG have stipulated no dividend or payment to shareholders is allowed and whilst we don't know what else is allowed or not allowed by FIG, they clearly have some prior agreement on any cash Rkh get from OM or anywhere else.
The detailed terms, we don't know but we do know FIG stated that non of the OM award can be paid out to shareholders until the tax issue on the Pmo farm out is resolved and If none of this was applicable then Rkh would not need FIG to sign off OM.
It may not be as odd as it seems SH, Am I right in saying Rkh owe FIG tax money the agreement with FIG posiibly states that if & when Rkh receive any cash (OM) then the tax bill becomes due, so I imagine rkh will be negotiating with FIG - stating that most of this cash will be used to help fund rkh's share of SL and can FIG wait until production for their tax...but on production rkh must pay back Nav loan first, so FIG will be protecting their own interests on this and that's why negotiations are ongoing.