Member Info for Thenorseman

Xodus 25: “The purge rates for the Aoka Mizu have been confirmed to be significantly

lower than originally informed in the EIS – additionally, refer to the

clarifications provided to the comment on Page 827 above (Comment

#18).

Navitas shall update the Post Consultation EIS accordingly to this effect.”

Lovely80085

The EIS had a drawing of the Aoka Mizu FPSO with the new modules added so I’m pretty sure this is our FPSO. Currently working on the Lancaster field.

Your find : “ The selected FPSO is currently operating in the UK” only strengthen this :)

Kind regards

N

Blue

Like music to my ears. Nice find.

N

Like this bit:

SAMS noted that “Overall, Navitas should be commended for the comprehensive nature

of their EIS…. The document is well structured and it is clear that Navitas have made a

strong and clear effort to submit an EIS that attempts to adhere to Best Practice for such

assessments. Any assumptions made during assessments are clearly indicated, and where

gaps in data are acknowledged, appropriate uncertainty surrounding impacts was

assigned and the precautionary principal followed.”

This bit still to be discussed and if cannot be agreed now will be subject to conditional consent for development:

“For a small number of comments, Navitas’ response was not deemed satisfactory. Section

64C(3) of the Ordinance allows the Governor to impose conditions on a subsequent

development consent to reduce, eliminate, remedy, and offset significant effects. Further

dialogue will take place with Navitas on outstanding issues, but if Navitas’ position is

still deemed unsatisfactory, DMR will recommend imposing conditions at the point at

which consent for development is considered.”

Hopefully no showstoppers?

N

Nice one Donnie’s

“ Agree that, subject to the proposed amendments being made and the potential application

of conditions, the EIS process satisfies 64C(1) of the Ordinance.”

Good to go … for now ?

N

Paul I’m struggling to understand this knock-on effect. Please elaborate!

Sam confirmed via email to someone here recently that the projects were indeed independent to each other (not sure he used those exact words though).

Kind regards

N

***Also, if FID is announced too soon, RKH will have to find some extra cash, while still awaiting the Ad Hoc committee's annulment decision which will release the bulk of the OM award payment from the new owner"***

**There is no correlation between the *FID & OM*, never has and never will be. if there is/was then Navitas would never have said, FID in 2024....IMHO

As discussed some time ago RKH arranged an insurance policy a month ago to cover the event that the Italian Republic succeeds in its attempt to have the Rockhopper Ombrina Mare Arbitration Award annulled, guaranteeing €31 million. This was probably arranged so RKH would know the maximum cash they need to finance and which has hopefully already been (or is being) arranged in the bond markets similar to Navitas.

Who knows.

N

Sea Lion Phase 1 Plateau production will be 55000 bopd for 8 years (before decaying).

RKH WI 35% ie 19250 bopd which is >7million barrels PER YEAR so around $500 million per year before expenses (at $75/b).

A lot of money! Then Phase 2, 3 , ?

N

TCM

The Headline is whatever the journalist thinks not what Rochopper actually said!

N

TCM

From Upstreamonline 26 September 2024, 09:07:

«In a brief update today, Rockhopper said it continues to engage with the operator Navitas “as they look to secure a financing package for Sea Lion phase one and work towards FID (final investment decision)”.»

I did interpret this as they already in September had to a large extent negotiated a financing package and were just discussing the last bits in order to SECURING this package.

This is still my view but could obviously be wrong.

GLA

N

Irony is if it was t for the increased concentration of CO2 i the atmosphere we would probably have to use a lot more fertiliser (although jury still out on this one).

https://climatechangedispatch.com/rising-co2-improves-crop-yields-3-per-year-critical-to-feed-the-world/

“ The company believes the basin could eventually yield as much as 1.2 billion barrels after another field was discovered nearby.”

TCM

“ So either they know everything is sorted and on track ”

My money (now single stock portfolio) is on this one !

GLA

N

Ovets

Why do you even respond to Aiminvestors?

Ignore or filter out like I’m sure most of us do:)

N

Nice one MD

“ More recently, Holyhead Towing provided a vessel in support of the 2015/2016 hydrocarbons exploration campaign.”

Interesting:)

N

Nice one Alma!

Looks like plenty going on in the background. Subsea stuff is looong lead items on the critical path so makes sense. Navitas would have put in place a break clause I guess but will definitely now have committed to a substantial minimum payment to the supplier even on contract cancellation . Maybe the Letter of Comfort had to do with this partially?

N

Forgot to add that back in February this year Upstreamonline wrote the following:

“Bluewater has also signed a memorandum of understanding with a client for the possible charter of the Aoka Mizu FPSO, which it has been marketing for redeployment even though the floater is currently working on the Lancaster field in the UK.

Bluewater said the MoU includes a FEED study, and sets out the conditions under which a contract can be concluded”.

https://www.upstreamonline.com/rigs-and-vessels/idle-fpsos-draw-strong-market-interest/2-1-1601785

Nice one Paul. Below is my post from June regarding Oaka Mizu. Later Upstreamonline had this article:

https://www.upstreamonline.com/field-development/fpso-identified-for-1-2-billion-falkland-islands-project-but-finance-an-issue/2-1-1672588

Stating.. «Market sources told Upstream that the leading contender is the Bluewater-owned Aoka Mizu FPSO».

So Oaka Mizu it is! I’ll eat my hat (helmet) if it isn’t!!!

Wouldn’t be surprised if the Bluewater Bleo Holm FPSO is being lined up as the next phase FPSO with a capacity of 100,000 barrels a day. As for the Bleo Holm FPSO, which works on Repsol's Blake and Ross fields, the contract for the floater has been amended and extended until 30 September 2026 with an option for an extension into 2027. It would obviously make sense to work with Bluewater also for the next FPSOs if possible, and I’m sure Bluewater would love to find a long term assignment now also for Bleo Holm. RKH stated the possibility of deploying 3FPSOs to produce 200,000 barrels per day. Bluewater have more FPSOs available now (GlasDowr and Munin) and later Hæwene Brim. Just sayin. If Bluewater can successfully redesign the Oaka Mizu for Sea Lion why not some of their other FPSOs?

Good times and sunny days just around the corner now :)

N.

————————————-

AOKA MIZU— Our FPSO23 Jun 2024 14:38

I was previously convinced our FPSO would be the Bluewater Munin FPSO based mainly on its oil processing capacity fitting very nicely with what Rockhopper have told us regarding capacity and disconnectable moring etc.

However looking at the recent EIS pages 56 and 180 and comparing to the Aoka Mizu….

https://www.bluewater.com/wp-content/uploads/2019/06/Final-aokamizu_folder.pdf

…it seems to me Navitas rather wants to upsize the Aoka Mizu oil processing capacity by installing new process separation module and new gas compression module.

Maybe it makes sense to use an FPSO that has recently been producing rather than one that has been cold stacked for many years.

The Aoka Mizu FPSO contract was amended in 2022 to have an undefined end date with a 180-day cancellation period that could be invoked by both Bluewater and its customer Prax.

News soon?

N

Sea Lion Phase 1: 228/312/406 mmbls (1C/2C/3C) soon to become proven reserves on FID.

Sea Lion Phase 2: 281/479/757 mmbls (1C/2C/3C). Upon Phase 1 FID one would assume the market would start pricing in a higher chance that Phase 2 also to get sanctioned !

https://rockhopperexploration.co.uk/wp-content/uploads/2024/06/AGM-Presentation-June-2024.pdf

Will be interesting to see what The Hague Court of Appeal make of the below :)

https://co2coalition.org/publications/expert-opinion-filed-hague-court-of-appeals-in-shell-v-milieudefensie/