Member Info for Thenorseman

Godders

On Dec 19 you complained about the 10p….now still complaining at 13p…. :)

I personally think we will see 20p soon now as the warrants are gone and we are getting more news /closer to OM, EIA, FID which again with first oil will make more exploration possible further down the line without shareholder dillution (we investors hate dillution as you well know). The potential rewards are mind-boggling. It all depends on Navitas of course but as we have seen until now they are getting things done slowly but surely. As investors realise this the share price will re-rate IF IT HASNT STARTED ALREADY.

Kind regards

N

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10 pence19 Dec 2023 19:10

Not too fussed. I woul dlove for this company to go bankrupt frankly . the entire proposition stinks. We havent had an update in i dont know how long . We are 6 pence off our NADIR when oild was trading at 30 dollars a barrel. Oli has more than doubled and yet we are still ploggind the depths. Ive seen the share price move more than itsd current MCap in a day.

Disko and Topdrive

Indeed. Also smaller oil pools within tie in distance to our FPSO(s) become very economic once the FPSO(a) are already in place.

Also we have prospective resources of more than 2 billion barrels of condensate adjacent to BOR’s Darwin discovery. This acreage is now 100% RKH so really hope BOR are able to attract a farminee to develop Darwin (they have struggled until now).

N

On Page 8 you can see the Susan and Helen prospects. I think these are older sands than Sealion (F2) so for that reason not drilled yet. Nevertheless they are significantly prospects with estimated resource of 340 mmbor and 220 mmbor respectively. Hopefully we will also drill these prospects sometime in the future when we are producing oil and can affordable it :)

https://rockhopperexploration.co.uk/wp-content/uploads/2016/05/FOGL-Investor-Presentation.pdf

N

Silver

I like both but as RKH also has licences in the south near the BORs Darwin discovery they will also benefit (indirectly) from any good farming news from BOR. Adding RKH now have a fat chance of first oil in the North basin in late 2026 I believe they are likely to do better.

Kind regards

N

Latics and MD

I think we are all thinking the same.

Also the fact Navitas does not have to get approval from lots of other partners before spending some money (normally a large oil field development has many partners) they could probably just issue Purchase Orders for some of the equipment with very long lead times (for example compressors etc) before FID if needed. The big costs like FPSO lease contract and drilling/subsea would need full project finance/FID in place first I guess so time is ticking. FID this summer was discussed here earlier.

N

N

Paul

Agree. Was just looking at the historisk share price and can only really see huge resistente at the 41p level (back in June 2018). Im sure other people will have different opinions though :)

N

Rockhopper 2P reserves 277 million barrels of oil (market cap £86 million). Future production 35% of 55000 barrels/day (ie 19000 b/d) then 35% of 200000 barrels/day (ie 70000 b/d). Looking at Serica below our market cap (share price) has a hell of a lot of upside going forward.

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Serica Energy (market cap £705 million):

Net Proved plus Probable ("2P") reserves at 31 December 2023 of 140 million boe, up 10 million boe from 130 million boe at 31 December 2022 despite producing 14 million boe in 2023 on a proforma combined Serica and Tailwind basis

· Overall 2P reserves additions of 24 million boe during 2023 representing a reserves replacement ratio of 179%[2]

· Over 90% of 2P reserves in fields that are already in production

· Even split of oil and gas reserves

· Average net production in January and February 2024 about 45,500 boe per day

· Production guidance for 2024 remains at 41,000 to 48,000 boe per day

I see Eco finally farmed down their super hot Block 3B/4B offshore South Africa carried for two wells but leaving them with only 6.25% (from 20%).

Rockhopper has 35% of 791 million barrels 2C. Eco and their partners will have to find 4.4 billion barrels of oil in Block 3B/4B for eco to get the same volume of oil Rockhopper already has on their hands (not even including further dilution from appraisal well costs).

Just thinking.

N

Hi Markas

Thats the SeaRose FPSO I guess for Canada.

https://www.harland-wolff.com/news/harland-wolff-awarded-61-million-searose-fpso-contract/

N

Evening Ohtaxes :)

Xmtman

I believe Munin will be our FPSO.

However, in a recent Upstreamonline piece the following was said: « 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

N

Seems like bluewater energy services are busy recruiting on their LinkedIn profile. No mention of any specific project though.

N

Xmtman my thinking also !

N

12.5p on the ask now…catching up time!

Https://oilprice.com/Latest-Energy-News/World-News/OPEC-Agrees-to-Extend-Output-Cuts-Till-Mid-Year.amp.html

A little help. Oil price obviously important if you are trying to finance a $1.2 billion project in the South Atlantic!

N

Mogger thank you (again)

“As part of the FID, an initial budget was approved for the development of the project, the production of which will be carried out through the production facility (FPS) of the Shenandoah project, in the amount of about 259 million dollars (the partnership's share is about 73.99 million dollars) (above and below: "the initial budget") .

The total estimated budget for the development of the project amounts to about 855 million dollars (the part of the partnership is about 244.27 million dollars).

The partnership is working with several entities to formulate a plan to finance the development of the project.”

Looks to me they are declaring FID on the initial approved budget before finalising the full financing package.

Wonder if something similar could be done for Sea lion (and maybe finally with backing of some of these financiers for full FID)?

N

Alma

It is really quite simple: The FPSO has a "disconnectable turret" or not. Much like being pregnant (or not).

N

Alma

The key words here are “disconnectable turret” as per RNS 22nd January.

N

I still think the selected FPSO is the Munin from Bluewater. If so I believe we do have to install a compressor (module) for gas reinjection and for lift gas lift. Also we have to install water injection pumps (sea water initially then as time goes by more and more produced water). The Munin does not have this equipment onboard currently.

The compressor is a very looong lead item so we better get moving with the FID so this PO can be placed. Otherwise the Munin should be a great fit and not very expensive to lease (?).

I believe Bluewater will (continue to?) do the engineering so we should see a LOI very soon I think.

AIMHO

N

We don’t know what exactly is delayed but from the context it is FDP (already issued?) EIS or FID. I think / hope it is the EIS (Environmental Impact Statement / Assessment)