Member Info for Thenorseman

Hi LTT

Serica for one have had enough soon and might come knocking on our door:)

“Unfortunately, recent and potential future increases in UK oil and gas taxes make [growth] increasingly difficult. Consequently, while we remain watchful for opportunities in the UK that might be attractive despite this increasingly challenging context, we are also looking very actively overseas.”

https://www.upstreamonline.com/politics/serica-boss-damns-uk-north-sea-investment-regime-as-worst-since-he-worked-in-war-zone/2-1-1668652

Spacehoppa

Thank you for clarifying. I think the phasing thing is now very confusing. From the annual report of June this year, page 4:

«SEA LION DEVELOPMENT

Over the course of the year, Navitas continued to refine and improve the Sea Lion development and we believe the project is now at its most advanced stage to date. In January 2024, a new independent Netherland Sewell & Associates (“NSAI”) report was produced and is available on the Navitas website (“2024 NSAI Report”)*. This report confirms an increase in both the overall 2C resource base and recovery during the first phase of the development. The refined development plan continues to be based on a phased approach utilising a drill to fill approach, with the first phase now targeting 312 mmbbls from a total of 23 wells with a peak rate of up to 55k bopd, an increase of some 16% in recovery.»

https://rockhopperexploration.co.uk/wp-content/uploads/2024/06/Rockhopper-AR-2023-FINAL_SCREEN.pdf

I think the presentation is wrong still:

-the $4billion NPV for the JV is for phase 1 300is million barrels only I think. Not the near 800million

- our market cap is £88 million not 68

N

Nice of him to do an update so quickly:)

Maybe he was supporting the Italy football team and realised time was better spent working on the update than actually watching the game:)

N

Chariot?

:)

Https://www.falklands.gov.fk/mineralresources/regulatory/fiscal-regime#:~:text=A%20royalty%20of%20nine%20per%20cent%20%289%25%29%20is,smaller%20fields%20which%20would%20not%20otherwise%20be%20economic

CPR only allocates 14 million barrels (range 8 million to 24 million). Now that we have 100% that still means $70million on a conservative $5/barrel in ground. That’s £55million ie more than our market cap!

“According to Berenberg Bank, one of the world’s largest multinational investment banks, it projected that Exxon’s Hammerhead discovery holds 800M net recoverable resources, with the Orinduik Block ”

Ours on top!

https://www.kaieteurnewsonline.com/2020/03/11/project-details-reveal-exxonmobils-hammerhead-project-to-produce-150000-to-190000-barrels-of-heavy-oil-per-day/

Lenbeary I sort of agree. However as time goes by and with this crasy transitioning from fossil fuels the SFB could become stranded assets if we wait too long. In the NFB we are playing second fiddle as everything is decided by the operator Navitas, including what RKH can state officially or not.

A bit of action in the SFB would benefit us RKH shareholders I think and teaming up with BOR to make SFB mate attractive for any farmin would be great imho

N

Can somebody please ask:

1. About the south Falklands basin: If we are trying to progress anything there? Farmout, more studium work, possibility of getting toghether with BOR to seertreff the offer to potential farminees ?

N

2.

That would do Kever :)

Mogger

Agree. 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

It all makes sense now.

N

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

No one would part with €19 million unless they were nearly certain they would win this arbitration case.

Just saying:)

N

2 billion OIP would be 600 million barrels recoverable using a conservative 30% factor.

Nice:)

N

From Prelim results June 3rd. Note last sentence: They got the feedback already by then and just needed to incorporate. Maybe they will share the leads they have identified in Namibia with volumetrics already tomorrow? Should be soon anyway:)

“By October we had completed the integration of this work with an oil seep analysis we had commissioned over the license area, which matched up very closely with the generation locations and migration paths we had identified, giving us further confidence in the basin model. We presented this work in Cape Town, where it attracted considerable interest, and a similar presentation with voiceover is available on our website.

Between then and now we have been working to prioritise the leads we have already identified in the license area, and to identify new leads, and to reassess their likelihood and expected volume of charge. This will allow us to choose the best area over which to acquire new 3D seismic data in due course. We are now close to completing that work, and look forward to sharing it with investors as soon as we have incorporated feedback from our partners and the Ministry.”

https://otp.tools.investis.com/clients/uk/towerresources/rns/regulatory-story.aspx?newsid=1827114&cid=2450

Great to hear from you Ed.

XFingers for a positive well test RNS soon

N

Anyone seen Ed recently?

Kever I certainly agree with you on this.

N

Fuddstone some more for you.

https://co2coalition.org/facts/naturally-driven-warming-began-more-than-300-years-ago/