Member Info for Yeast-is-Rising

By the looks of it, he's already using another alias. One tick up, from 99 to 100 😂

Yeast-is-Rising

Buckskin Reserves and Contingent Resources and Discounted Cash Flows Report prepared by NSAI:

https://navitaspet.com/wp-content/uploads/2024/02/NSAI-Buckskin-2023.pdf

YiR

It was a very, very good decission of Sam and the board to exit Egypt. We received US$16 million for our Egypt licenses!!!

On 23 July 2019, Rockhopper announce that it had signed a share purchase agreement ("SPA") with United Oil and Gas plc ("United") for the sale of Rockhopper Egypt Pty Limited for consideration of US$16 million.

This is what UOG now have to deal with:

The decision to divest from Abu Sennan was influenced by the challenging macro-economic conditions in Egypt and the persistent difficulty the Company faced in repatriating funds from the country, as previously reported.

Also, the 2024 proposed budget, indicating a net deficit of USD $3 million, reflects United's belief that the main value has been extracted from the Abu Sennan concession, prompting a refocus by the Company on other assets to enhance shareholder value.

Before September 2023, the Company received payments from the Egyptian National Oil Company ("EGPC") in both USD and EGP, with the latter primarily used to settle operational liabilities. Since September 2023, approximately 13% of payments have been in USD, with the rest in EGP, resulting in considerable foreign exchange losses when converting EGP to USD. The Company has a receivables balance of USD $0.80 million outstanding from EGPC and cash in the bank of approximately USD $1.3 million.

Glad they sold in time. Well done to RKH!

Yeast-is-Rising

Well said, Ovets and DEM.

Navitas just finished the consultation phase on the new FDP. All feedback and the way it is directed will be described within the formal EIS, to be submitted to the Islands government for consideration. There will also be one more opportunity to comment on the final wording of the EIS, through a public consultation process, which is estimated to take place during the first quarter of 2024.

Then all will be clear for dotting the i's and crossing the t's for the FID.

Yeast-is-Rising

40 mln warrants in total were exercised and 21 mln were not taken up. Around £ 13 mln raised in total in the capital raising of June 2022. That should cover our G&A costs until the end of 2024.

And £ 15 mln coming soon after signing the deal to monetise the ICSID Award for Ombrina Mare!

Yeast-is-Rising

40 mln warrants in total were exercised and 21 mln were not taken up. Around £ 13 mln raised in total in the capital raising of June 2022. That should cover our G&A costs until the end of 2024.

And £ 15 mln coming soon after signing the deal to monetise the ICSID Award for Ombrina Mare!

Yeast-is-Rising

In that bustling and profit-driven City, there resided a man named Latics. With Godders as his guide, he sought to amass greater wealth by sowing seeds of discord and fear among small retail investors. His chosen instrument was a bulletin board, where he and his accomplices incessantly penned negative messages about the esteemed company Rockhopper and its CEO, Savvy Sam.

His devious goal was to drive away those humble investors, leaving the market ripe for his financial machinations. Therefore Latics reacted to the visitors of the bulletin board with bitterness and venom, spitting out an angry "Bah! Humbug!" in response to their "Buy Rockhopper!"

As the Christmas season enveloped the City in a shroud of festive lights and joyous carols, Latics remained steadfast in his pursuit of ill-gotten gains. Little did he know that the spirits of Christmas had marked him for intervention. One fateful night, the ghostly figure of Mogger, the spirit of Christmas past, materialized before Latics. Mogger, a specter draped in ethereal memories, whisked Latics away on a haunting journey through the corridors of his own bulletin board history. Scenes unfolded before him like faded pages of a long-forgotten ledger, revealing instances of missed opportunities for kindness and generosity. Latics witnessed the damage wrought by his relentless pursuit of wealth at the expense of compassion, and Mogger's presence weighed heavy on his conscience.

Yet, Latics, resisted the lessons of the ghostly apparition. Undeterred, the second spirit emerged – Yeast, the ghost of Christmas future, a shadowy figure shrouded in mystery. With an outstretched skeletal hand, Yeast beckoned Latics forward, leading him through a desolate landscape of the morrow. Bleak visions of a lonely existence and a perpetual thirst for unattainable riches unfolded, revealing the hollow pursuit that awaited him. The spirit emphasized the inexorable truth that there would always be those more affluent, rendering Latics trapped in an eternal cycle of discontent.

Haunted and shaken to his very core, Latics awoke on Christmas morning, bathed in a cold sweat. The visions of the spirits lingered in his mind, and a profound change had begun to take root within his hardened heart. With a newfound sense of purpose, Latics vowed to amend his ways. He rushed out onto the bulletin board hoping to share his newfound believe in Rockhopper. Moved by the spirit of Christmas, he sought redemption through acts of kindness, and a genuine concern for his fellow investors. He wished everybody on the bulletin board a merry Christmas and even told them not to sell their shares in Rockhopper!

The tale of Latics serves as a timeless reminder that even the most callous hearts can be thawed by the spirit of Christmas, guiding lost souls back to the warmth of the Rockhopper community.

Merry Christmas to ALL of you!

Yeast-is-Rising

Good to see that the shareprice of Navitas has more than doubled since March this year! 70% up the last 6 months.

https://www.google.com/finance/quote/NVPT:TLV

Yeast

Thanks for the link, Nacho99.

Just in case people don't know Carlos Slim, he is THE most prominent Mexican business man, with a net worth of 93 billion USD (https://www.forbes.com/billionaires/). The fact that he has invested 12% in Talos and 5% in HBR is highly encouraging and can be of great value in dealing with the Mexican government.

Slim’s Growing Influence in Mexico’s Oil Exploration

Carlos Slim, a prominent Mexican businessman, has recently increased his investments in Mexico’s largest oil exploration project. After his corporate empire acquired a stake in a related company, Slim’s investment firm, Control Empresarial de Capitales, poured about $327 million into Talos Energy and Harbour Energy. This investment, spread over several transactions since October, shows Slim’s deepening involvement in the sector.

In a significant move, Slim’s Grupo Carso SAB acquired a minority stake in a Talos Energy unit. This purchase allowed Slim to participate in the Zama oil field, a key energy project in Mexico. The Zama oil field, discovered in 2017, is a significant offshore oil discovery in the Gulf of Mexico. Talos Energy and Harbour Energy hold stakes in Zama, underlining the importance of the project.

Arturo Elias Ayub, Slim’s spokesperson, and son-in-law, confirmed their partnership with Talos in the Zama field. Ayub’s statement reflects Slim’s 15-year history in the oil industry, showcasing his long-term commitment to this sector. The recent investments in Talos and Harbour were made for financial reasons. This strategy aligns with Slim’s broader investment approach, focusing on lucrative and strategic opportunities.

With a fortune primarily built through América Móvil, Slim is expanding his energy investments during industry changes in Mexico. América Móvil operates as a leading telecommunications company in Latin America and other regions. President Andrés Manuel López Obrador’s policies emphasize government control of key energy assets, creating a dynamic investment environment.

Slim’s family investment firm first revealed a stake in Talos in August, later doubling it to 12.2%. They also became a shareholder in Harbour Energy, holding a 5.1% stake. These moves signify Slim’s expanding influence in the energy sector. Slim and his family also maintain a majority stake in PBF Energy, showing their continued interest in the oil refinery industry.

Slim’s conglomerate shares about a 17% stake in the Zama field, while Harbour Energy and Germany’s Wintershall Dea also have significant shares. Petróleos Mexicanos, the state energy company, holds the majority in the Zama project, which is set to contribute significantly to Mexico’s oil production.

Slim’s increasing investments in this sector reflect his strategic positioning in the evolving energy landscape of Mexico.

My broker DeGiro exercised the warrants through thier Custodian Morgan Stanley. They told me the following:

"We have received a message from our Custodian indicating that the warrants can be exercised. However, you will then receive the new shares at a later stage, expected around 15 January 2024."

I then lodged a formal complaint and then received the following reply:

"We are in contact with the Custodian, as we are currently exercising the warrants. In all likelihood, the new shares will still be tendered within 14 days of exercise date, this is (fortunately) considerably earlier than the expected date of 15 January 2024."

Within a couple of weeks the warrants were exercised and then it took another couple of weeks before I could trade the shares.

So there are custodians who gather all the requests and then exercise the warrants in one go after the 31st of December. It saves them a lot of handling that way. Only after the 1st of January RKH can put this in an RNS.

Yeast_is_Rising

Well said, Nigel. I sold some shares and bought them back at 9p with the warrants. Money in the bank for me and RKH. What's not too like?

Guaranteed profit now. I definitely wouldn't want to wait until december. Unless you want to add them to your portfolio. But my bottom drawer is already chock a block ;-)

Yeast

The award is getting very interesting at an 8% interest rate. Very saleable indeed.

Yeast

Really, Latics. Are you playing innocent here?

Would you care to explain the extreme coincedence of all these multiple aliases that Mogger has dug up?

Yeast

*********

RE: Latics 11 Sep 2023 17:04

Latics,

I have done a bit more "digging" after your suggestion. Some more usernames that signed up within 48h of you. Again probably just some coincidence that you and Glen seem very close.

Glen278 (17/11/20)

Glenxd(17/11/20)

Glendon1986(16/11/20)

Glenny86 (17/11/20)

Glenstephenson(16/11/20)

Glenjones (17/11/20)

GlenK(17/11/20)

But my favourite is

Samglen (17/11/20)

I still can't see the connection with Wigan though. Your spelling is often more American than English or even Scottish. Perhaps you have worked in both countries, or have a close family member who is American. Or both?!

I'm sure something will appear soon if I continue my "digging"

Mogger

Latics10 Sep 2023 16:45

Latics,

So you are not a Wigan Athletic supporter?

Very strange that someone that seems more committed to the Latics created multiple usernames within 48 hrs of you.

Probably just a coincidence, but I'll keep "digging"

Laticslad(16/11/20)

The WolfofWigan(17/11/20)

Mcwigan(17/11/20

JohnWigan (18/11/20)

Mogger

I think you have your aliases mixed up Godders99.

LTT was asking the questions to Decidedleaverage. Why did you answer it?

*****************

Morning Decidedleaverage,

I’m am just wondering what you recommendation is with this share as you are so vocal to the negative? Could you please advise what one should do in the following scenarios.......

LTT - Today 09:11

******

LTT, No clue. All i know is the market doesnt think much of RKH , nor do the baord and they are unlikely to be wrong. The board bought the 9 pence share issuance. they havew made ther 1/3 proffit. they dont look to be buying more...

Godders 99 - Today 11:30

With all the news about Latics aliases, certainly not a good week for the boiler room girls :-)

Yeast

This is very good news indeed. The third and fourth drill are the higher risk, high pressure ones. Keeping my fingers crossed for the next one.

Yeast

This is a very positive and welcome judgement. Very good to see that after all these years it is made clear that Argentina can't get away with everything. I wonder if there's also a Euribor + 4% interest on the 16 billion, auch ;-)

Yeast

ABN AMRO exercised the warrants in a couple of weeks. DeGiro uses Morgan Stanley and they are collecting all the applications and will exercise them after 31st of december. I lodged a complaint.

Yeast

Then some concerns were outted about a cheap takeover. Ofcourse as long term suffering shareholders we would like to reap our well deserved rewards to the fullest. Keith said the board would definitely advice against such an offer. It is up to the shareholders themselves. Some who bought at 6 pence might think 18p is nice, but when you have a 200p average you would think differently. Although this could be seen as a concern, it does tell you the development will take place and there is nothing worse than being ignored. We are in a better place and closer to FID than ever and US companies are coming back from shale to offshore drilling and the offshore industry is on the move again.

Another question was about the amount of shareholders. Rockhopper now has just under 15.000 shareholders, largely because of the 12.000 shareholders that Desire had when we took them over.

Both John Summers and Keith Lough regretted they had to step down after their maximum of 9 years on the BoD. Both told us they would be at next years AGM as shareholders. I can't wait to hear their questions :-)

Looks like 2024 is finally going to be the year of the Rock!

@pauldrayton, I can inform you that next to the plain and chocolate biscuits, there was a large box of delicious Stroopwafles that were freshly brought in from the mainland.

The next question was about Chanan Wolf and in what effect he was involved in maintaining relations with the UK government, since this was mentioned by Navitas. Sam said this was a matter for Navitas, said there was some lobbying going on but this was quite difficult. Wolf oversees the project, is involved, came to the Falkland Islands and loves the project. FIG can make their own decisions but at some point the jigsaw puzzle has to be put together and Whitehall has to sign off. FIG is good at that and it would be very, very difficult for the UK government not to do so, because it would be direct rule and would go against the right of self determination of the FI, which is the main argument in the UN against the Argentinian claim on the islands.

On the subject of the FPSO it was said that they are currently talking to more than one vessel owner. The next step would be an LOI or a period of exclusivity or first right of refusal. Than depending on what vessel you are looking at, you would have to refine your calculations. There's ofcourse a difference if you have a FPSO that can hold 1 million barrels and produce 100k barrel a day, compared to one thats of a smaller size and production capability. The following order is get the vessel, do the calculations, get the finance, the FID and a short time to get the formalities sorted.

On the lifting of the stay of the enforcement it was said that the first thing you have to do is to register that the award exists and is in favor of RKH and against Italy, f.i. in London and New York. This takes about 2 months and is pretty standard. Than you have to serve the award, which takes many months, is quite complicated and something Italy would almost certainly contest. So if you would try to serve the award before the annulment result, even if the stay is lifted by ICSID, Italy could go to the UK court to ask for a stay pending the annulment result. So after you win that argument, you can serve the award and attach the assets. The advice RKH got was that the time between registering the award and seizing the assets would be between 12-18 months. They already ha a list of assets ready. Keith then told that at Cairns, where he's also on the BoD, they went after some assets that caused much embarrassment to India and that shortened the process. Countries often have assets their people don't know about and you will try to make it difficult for them and expose them.

After we win the annulment case, we can then decide if we want to sell off (a part of) the award. Rockhopper already had 3 offers on the table after winning the award, but after winning the annulment we will get better offers, because there is less risk.

End of part 2

Here's a summary of the questions at the AGM and some snippets from the pleasant conversations with the BoD and CEO. I hope this will answer some of your questions and adds to the discussion.

First of all we were a bit dissapointed not to be greeted at the gate again by the group of anti-oil protestors from extinction rebellion. Later we found out that last year they were basically told to F*** off by the lady owner of the venue, and apparently that was enough for them to postpone saving the planet for another year.

Following tradition the question round was kicked off by a very articulate gentleman who carefully formulated his well informed questions at length and in great detail. The BoD was prepared this time and enjoyed a light lunch while taking in all the intricacies off the well formulated questions ;-)

In his answers Sam explained the department of mineral resources was renamed department of natural resources (including fishery) and the former director had handed over the responsibilities to a very knowledgeable lady who was a geologists and they were in a position to hire outside consultants if needed. Navitas has set up 5-6 teams around the main topics of the project and engagement with FIG is very good. It was not something RKH was worried about.

From multiple sources it was made very clear that huge progress is being made. A very, very big difference with the time we were partnered up with PMO. The Navitas team around Ian Ramsay has an office in London and Chanan Wolf oversees the project from Houston and London. The team around Ian Ramsay worked with each other for years at Murphy oil, who already were partcipating in drilling in the Falklands when Shell was over there and had twice seriously considered farming into Sea Lion. Ian Ramsay was the one who did the due diligence for Murphy and was already intimately aquainted with Sea Lion.

Needless to say they had a flying start.

Before the AGM I asked Keith how it was possible that the whole team of Ian Ramsay could come over to Navitas at such short notice. Implying Murphy oil had some advantage because they might be considering farming in later. Keith told us in the US it was much easier for senior personnel to change jobs. By the looks of it Navitas wants to get to FID on their own balance sheet and after FID, farm out to a third party because it would be much easier then. This could also be to Murphy oil, but nobody knows at this time. 3 times lucky?

The next question was about the warrants and if the company couldn't somehow advise shareholders to change them into shares. It was clear the board would like to see all of them converted into shares and getting some more money in the bank to get to FID, but advising as such would not be allowed by their Nomad as it would be seen as financial advice and this is highly prohibited. I have already converted all of my warrants, it helps RKH and at this SP it should be a no-brainer.

End of part 1