Desire Petroleum Share Discussion Threads

[agnabeya] 23/8/2013 13:59

For immediate release: Friday, 23 August 2013



Rockhopper Exploration plc

("Rockhopper" or the "Company")



Rockhopper notes statement regarding CGT from Falkland Islands Government



Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to note the following statement released today by the Falkland Islands Government:



In response to reports in the UK press regarding Rockhopper Exploration's Financial Information release yesterday the Falkland Islands Government Treasury have released the following statement:



In accordance with usual practice the Falkland Islands Government Tax Office is reviewing the tax return submitted by Rockhopper on 17th May. However, given the extraordinary circumstances surrounding Rockhopper's application to the High Court to cancel its share premium account, an initial tax assessment was raised by the Falkland Islands Government Tax Office on 11th June prior to agreement of the tax liability. The Falkland Islands Government is working with an international specialist valuation advisor and is confident that a mutually acceptable outcome can be reached with Rockhopper.



Nicola Granger, Commissioner of Taxation, FIG

[agnabeya] 23/8/2013 13:39

Efagie - what kind of tax is this then? Have the HMRC counted the farm in as CGT?
TIA.

[robpuguk] 23/8/2013 13:09

Efagie, what parts did you think were positive for DES in yesterdays audio's & presentations?

[walter ego] 23/8/2013 10:36

Many of the islanders who will have, no doubt, fairly substantial investments in RKH, DES Etc. will now, most probably, have become pretty p!##3d off by the action of the FIG with this monstrous tax assessment which has already seriously impaired the value of their holding in RKH. Talk about killing the golden goose.....!

[efagie] 23/8/2013 09:02

bit surprised there's not been a bit of a rise here, given some of the bits said in the pmo/rkh presentations.

[efagie] 23/8/2013 08:43

your talking to a different tax agna. that timeline will depend on production rates. imo...

[agnabeya] 22/8/2013 22:42

Chaps - regarding a tax bill for RKH - way back sometime after the oil was first found in 2010 - wasn't something said from FIG about not taking any tax until they had 5 years of production under their belt?

Have I mis-remembered that?

[efagie] 22/8/2013 15:12

sorry to the tax deal, but had thoughts from the off, with regards the deal.
the numbers seem a little off. but consider some if not, a large part of the issues are to rkh.

[robpuguk] 22/8/2013 15:01

Yes but the FIG are working on taxing one figure - while RKH are working on a different.

The problem is the difference is over a $100 million lol!!!

It will be resolved i'm sure.

[agnabeya] 22/8/2013 14:37

Rob/Efagie - I can't understand the tax bit - don't ALL companies have tax bills?

[robpuguk] 22/8/2013 13:37

True efagie, but PMO & RKH wont know if those farmouts will come to fruition right now hence the hint at 3 different options.

The tax thing on rkh has to be a storm in a teacup - something like that cant be overlooked otherwise theres probably no point in drilling in the NFB.

I grabbed some on the drop - no doubt too soon.. lol

[efagie] 22/8/2013 13:14

"it cant involve ARG or DES as they dont have the monies"

are they not both in discussions regarding farmouts. giving some time allowing for the FIG to pass, does it not explain the delays somewhat?
and the reasoning for a possible standalone drilling.

[agnabeya] 22/8/2013 13:01

I hope it's nothing to do with DES Rob - I'd much prefer someone else.

However - what works in the SFB won't work in the NFB - at least - that's always what the experts have said. The SFB needs a much deeper and MUCH more expensive rig. I will be surprised if they do join up with the SFB.
Still - I don't hold RKH so I haven't been following.

I do agree the SFB will be drilling first.

The share price has taken a dip today for RKH - but nothing goes up or down in a straight line. I think it will come back up fairly soon.

[robpuguk] 22/8/2013 11:48

True Agna but they are in the falklands - it cant involve ARG or DES as they dont have the monies, so it must be FOGL & NOBLE who are drilling next year.

The cost for using their rig would be high tho - but would help mobilisation costs to be spread etc..

Plus its another benefit of the multiple stack drills, saves the need for a 8 or more drill programme.

[agnabeya] 22/8/2013 11:02

Rob -45886-

But those operators aren't involved in the NFB Rob.
I can't imagine why it would mean them. I'm not saying you're wrong - I just can't see that when I read it that way.
Perhaps I'm being too parochial about the bigger picture.

I am looking forward to hearing about the two meetings tonight - ARG in London and the FI one in Stanley.
ARG puzzles me - why release an RNS stating a presentation will be held - and then stress there will be no sensitive news in the presentation.
I thought RNS's were only for market sensitive news - not PR?

[robpuguk] 22/8/2013 09:55

I think they mean FOGL & Noble Agna, as they will be drilling earlier than us i think.

[agnabeya] 22/8/2013 08:25

From PMO RNS
Note they say 'other operators in the area'. ARG and DES are the only other operators I can think of.

"As a result of this work, an exploration programme of at least three wells with multiple stacked targets is planned. The exact timings for this programme are still being firmed up in conjunction with other operators in the area."

[agnabeya] 22/8/2013 08:17

From RKH RNS.

Work continues apace to optimise the concept before front-end engineering and design can start, which we anticipate will be in early 2014. The final investment decision is now expected to be around the end of 2014. The strength of our balance sheet and the fact we lead the exploration for the joint venture means we will continue to play a key role in the ongoing exploration of the North Falklands Basin and to that end we are pursuing any opportunities for a standalone exploration campaign that may arise ahead of the development drilling. "

Ahead of the development? Stand alone? DO they mean an early exploration campaign outwith the SL area?

[buywell2] 22/8/2013 07:55

14p resistance held

10p now could follow if OIL drops in line with QE tapering ...






























even though DES ain't got any

[agnabeya] 20/8/2013 14:58

While the other NFB chaps are all doing a presentation or posting half term results on the 22nd. - DES haven't said a word. Maybe they'll surprise us? Seems to be a lot happening on the 22nd and we're left out so far.

[agnabeya] 20/8/2013 12:39

efagie - I think we need to change them to green tea - it apparently increases blood flow to the brain.

Is anyone still thinking we'll hear anything by end of August?
I haven't heard anything - just wondering. TIA