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OIL
«Ref your comment "Sam must carry the can". He always does. He always has. He comes up for election every year. He has done well for Rockhopper this year. «
Agree that we could have done a lot worse than Sam. A safe papir of hands so to speak. However I would personally expect quite a bit more when it comes to promoting our assets in the Falklands to investors. We are paying him nearly £400k/year (?) after all and I don’t see much effort on this.
That’s my view anyway.
Kind regards
N
navitas based in israel / tel aviv was started in 2015, 11 years after lazysam started rkh. their market cap is 10 times ours. maybe being based in the financial centre of the world (uk / london) doesn’t really help much unless you do not sit on your **** all day long? sam could very well have attendes capital market day, held interviews etc to improve our profile. many other aim companies do and chances are they get invester in instead of stealth mode rockhopper.
even good old serica seem to do better.
https://www.serica-energy.com/presentations
imho
n
LTT
The Eirik Raude was a 5th generation rig.
The Ocean Guardian (my ❤️ ) a 3rd generation one.
Good point in the longevity on a Falklands campaign with all the development (and exploration?) wells that needs to be drilled that hopefully is a bargaining card for Navitas.
Kind regards
N
Https://www.bluewater.com/wp-content/uploads/2021/03/BLW_FPSO_munin_folder.pdf
As I have said before this is very likely our FPSO !
It is available and fits everything Navitas/Rockhopper have said so far plus it is good for waxy oil.
Time will tell
N
TCM
Up to 3 years may be for a FPSO CONVERSION where you basically take an oil tanker and convert it to an FPSO. The last such project I was on did the whole job in 2 years and 1 month from oil tanker arrived at yard in Singapore to first oil in South America.
A REDEPLOYED FPSO would be a lot less so you are scaring people with this 36 months although that is hopefully not your intention.
Kind regards
N
TCH
Refurbishing for 36 month ?? No way would take that long
N
AB
From recent RNS: “ Navitas has identified suitable and available existing floating production storage and offloading ("FPSO") vessels and is actively working with leading industry vendors to secure all long lead equipment, continuing to target Sea Lion phase 1 Final Investment Decision ("FID") in 2024 and first oil at the end of 2026.”
I think they would try to get the FID done this autumn or earlier if they can as the risk is there will be a general election with Labour/ Starmer winning and throwing spanners in the works (at the oil industry ….:) Election will have to be held by Jan 28 2025 at the latest anyway. Who knows this is just my personal view. Hopefully I’m worrying for nothing.
N
Lol 😂
Great find (as usual) Mogger
Why do they hire an investment banker with experience from Wall Street? Do the FIG want to invest directly in SL and are looking for finance? Navitas is looking for a partner for SL we know. Not impossible but probably not likely. Nevertheless Norway did the same
https://en.m.wikipedia.org/wiki/State%27s_Direct_Financial_Interest
N
This is the oil field the bluewater Munin FPSO used to service.
Note the waxy oil !!
https://onepetro.org/OTCONF/proceedings-abstract/97OTC/All-97OTC/OTC-8466-MS/45117
BD & LR yes thats what I think that very few investors are aware of the progress made so far. Lazy Sams mistake. Navitas doing all the work for him project wise so at least he could spend some time pitching it to possible investors?
N
14 trades today some 32 thousand shares at a value of £2700ish. Just sayin
Hi LTT
Your question «do you have any insight into how long a refit to spec an FPSO might take?»
I have worked on several FPSO conversions (ie tanker to FPSO) engineering projects but no Redeployment projects as what we want. Nevertheless I can say that from FID/start of detailed design to First Oil for a big FPSO conversion it may only take 2.5 years so the two years estimated by Navitas should be fine imho. The subsea equipment will probably be the main long lead stuff they will have to order asap after FID so expect to hear rumours on possible vendors for this soon (as -also for the FPSO).
Kind regards
N
Hi LTT
I know. I was more thinking in general as the website does look like from 2005 and is not very inviting anc does not make you want to explore much.
Below is a link to Upland R where they are presenting the potential better than RKH I think as on our website you will have to go and look for presentations made years ago to get a feel.
Also for the SFB we don’t really say much at (licences expire late this year so maybe FIG are better off giving them to someone else?)
Kind regards
N
https://upland.energy/north-sea-inner-moray-firth/
Well this “not rocking the boat” stealth mode is definitely one of the reasons we are languishing at 70million market cap with 109 million barrels 2C very likely be developed/FID’d in the near future.
We are operator of SFB licenses near Borders Darwin discovery and and yet nothing from Sam to say about this.
If nothing else Sam could have updated our website…or maybe even that is to much to ask? 😏
N
…oh dear …🫣
SH
Im sure Sam will continue doing very little to promote all this so we will be very cheap still😊
…. «Likewise, Slater said Rockhopper had found the right partner in Navitas, which is listed on the Tel Aviv Stock Exchange and is growing with a focus on the US Gulf of Mexico.
Slater pointed to Navitas' track record finding the external money for the Shenandoah project in the Gulf.
He also highlighted Navitas’ own internal funding.
“The company has a relatively limited amount of production just now, but Shenandoah is due on stream around the end of 2024 and should add 39,000 (bpd) net for them — a huge uptick in production and cash flows which they can then redeploy into Sea Lion.”
Navitas Petroleum was not available for comment, while a spokesperson for Rockhopper said the UK company is not looking to farm down any of its 35% working interest before a final investment decision.»
…… «It is understood Navitas has identified suitable and available redeployable existing FPSOs with a disconnectable turret mooring system, and is working to secure all long-lead equipment.
FPSO market sources said there are not many redeployable FPSOs built for the marine conditions in the South Atlantic Ocean, and Upstream has not yet identified the FPSOs being targeted by Navitas.
The Falklands feelgood factor
The Sea Lion project has been a stop-start affair for years, but market analysts following Rockhopper are happy about recent progress and believe steps are being taken to mitigate project risks.
In addition, the Falkland Islands administration is understood to be very satisfied with the work done by Navitas in the past six or seven months.
Rockhopper — headed by chief executive Sam Moody — and Navitas are about to begin a crucial phase of the regulatory approvals process with an updated environmental impact statement due to be submitted to the government in the first quarter this year, and an updated field development plan just recently submitted, according to Rockhopper.
"I’m quite bullish on Sea Lion as it looks like it will (finally) happen. The recent upgrade to resources recoverable from initial development was clearly a positive, and while revised development with a smaller FPSO and thus lower plateau production may have disappointed, it makes commercial sense with rising costs," Panmure Gordon director Ashley Kelty told Upstream.
“It’s a remote development that will clearly have its logistical challenges, but with the most recent development plan they are starting relatively small, and there is huge upside if they are able to add subsequent phases on the back of initial production. This upside helps account for the initial risk,” Zeus Capital analyst Daniel Slater told Upstream.
Is there any political risk ?
In terms of assessing the political risks to the project; specifically the Falkland Islands' history with neighbouring Argentina, one well-placed market source said project finance could be a big challenge.
In response, Kelty told Upstream: “Financing is a risk — but is the same for any project — but I don’t see country risk as being as great as some think.”