Rockhopper Exploration Share Discussion Threads

[tizo100] 19/4/2022 06:16

funding was always going to be needed gaffer with or without and Arbitration award

[the patriotic irishman] 19/4/2022 06:13

well

I did say C U Next Tuesday 😎



RNS Number : 5028I
Rockhopper Exploration plc

19 April 2022

Rockhopper Exploration plc


Sea Lion Update: Signature of Definitive Documentation & Other Corporate Updates



Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that, further to the heads of terms notified on 8 December 2021, Rockhopper, Harbour Energy plc ("Harbour") and Navitas Petroleum LP ("Navitas") have signed legally binding definitive documentation in relation to Harbour exiting and Navitas entering the North Falkland Basin (the "Transaction").



The Transaction remains subject to completion pending, inter alia, regulatory approvals.

Highlights

· Navitas will acquire Premier Oil Exploration and Production Limited ("POEPL"), the Company in which Harbour holds all of its Falkland Islands licences



· Rockhopper and Navitas will seek to align working interests across all their North Falkland Basin petroleum licences - Rockhopper 35% / Navitas 65% - subject to all necessary consents



· Rockhopper and Navitas to jointly develop and agree a technical and financing plan to enable the development of the Sea Lion project to achieve first oil on a lower cost and expedited basis post sanction



· Navitas to provide loan funding to Rockhopper:



o The majority of Rockhopper's share of Sea Lion phase one related costs from Transaction completion up to Final Investment Decision ("FID") will be funded through a loan from Navitas with interest charged at 8% per annum (the "Pre-FID Loan"). Certain costs, such as licence costs, are excluded



o Subject to a positive FID, Navitas will provide an interest free loan to Rockhopper to fund two-thirds of Rockhopper's share of Sea Lion phase one development costs (for any costs not met by third party debt financing). Certain costs, such as licence costs, are excluded



o Funds drawn under the loans will be repaid from 85% of Rockhopper's working interest share of free cash flow



· In the event that material progress towards FID has not occurred within five years of completion of the Transaction, Rockhopper can elect to remove Navitas from the Falkland Islands petroleum licences (should the licences still be in effect at that time) by repaying the Pre-FID Loan. Should material progress have been made, but FID not achieved, then the five year period can be extended by 12 months and then a further six months if certain project milestones have been achieved

Benefits of the Transaction

· Greater alignment and simplified commercial arrangements across the joint venture



· Rockhopper retains a higher working interest in the Sea Lion project than under the previous Premier-Navitas transaction announced in January 2020



· The Transaction continues to materially satisfy Rockhopper's proportion of both pre-FID and post-FID costs for Sea Lion



· Introduction of a new and committed Operator for Sea Lion - Sea Lion becomes Navitas' largest operated development asset



· Access to Navitas' expertise in executing and financing large scale oil field developments



· Clean exit for Harbour



· Optionality for Temporary Dock Facility - scope to upgrade for Sea Lion development or future decommissioning



Forward plan for Sea Lion

· Transaction completion is subject to receipt of various agreements, consents and approvals by the Falkland Islands Government ("FIG")



· Technical work to commence by Rockhopper and Navitas jointly in relation to a lower-cost, alternative development for Sea Lion utilising the existing extensive design and engineering work undertaken for the project in recent years



· Navitas to become Operator at completion



· Potential for an additional project partner dependent upon funding requirements - to be defined through ongoing development and financing processes - should an additional partner be required, Rockhopper does not intend to reduce its working interest



· Navitas committed to strengthen its offshore operating capability with a focus on safe and efficient developments




Other corporate updates

On 28 March 2022, the Company received the following update from the Chairman of the Panel considering the Ombrina Mare arbitration:

"The Tribunal anticipates that the proceedings will be closed in the next few weeks."

The Company will update the market once it is informed that proceedings are closed. Under the International Centre for Settlement of Investment Disputes rules, the final decision should then be rendered within a four month period, although there is the potential for this to be extended to six months at the arbitrators' request.

Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty.

The Company also provides an update on the current cash balance which, as at 31 March 2022, was US$3.9 million (unaudited). The Company will require further funding for working capital and to achieve Sea Lion FID.





IF you know you know 😉



'further funding' eh 🤭




NAV and OUT - SIMPLES 🥳

[nigoil] 19/4/2022 06:13

On 28 March 2022, the Company received the following update from the Chairman of the Panel considering the Ombrina Mare arbitration:

"The Tribunal anticipates that the proceedings will be closed in the next few weeks."

The Company will update the market once it is informed that proceedings are closed. Under the International Centre for Settlement of Investment Disputes rules, the final decision should then be rendered within a four month period, although there is the potential for this to be extended to six months at the arbitrators' request.

Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty.

The Company also provides an update on the current cash balance which, as at 31 March 2022, was US$3.9 million (unaudited). The Company will require further funding for working capital and to achieve Sea Lion FID.

Samuel Moody, CEO, commented:

"We are delighted to have signed definitive documentation to bring Navitas into the North Falkland Basin. Subject to regulatory consents, we believe this marks the start of a new exciting chapter for the Falklands, and for the Sea Lion project in particular. Navitas' US$1 billion Shenandoah financing in 2021 proved their ability to fund challenging offshore oil and gas developments. Given this, coupled with a more positive oil price environment, we are very excited to have them as new partners and look forward to pushing ahead with Sea Lion, a world class resource."

Simples!..... :-)

Thank G0D for the filter!... LOL

[bigred10] 19/4/2022 06:12

Gozzie2. Well done. Proven right.

[induna123] 19/4/2022 06:12

The Company also provides an update on the current cash balance which, as at 31 March 2022, was US$3.9 million (unaudited). The Company will require further funding for working capital and to achieve Sea Lion FID.

[gaffer73] 19/4/2022 06:10

Good news but funding required as OM looks like another 6 months

[nigoil] 19/4/2022 06:07

documentation'Today 07:06
Corporate Updates

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that, further to the heads of terms notified on 8 December 2021, Rockhopper, Harbour Energy plc ("Harbour") and Navitas Petroleum LP ("Navitas") have signed legally binding definitive documentation in relation to Harbour exiting and Navitas entering the North Falkland Basin (the "Transaction").

The Transaction remains subject to completion pending, inter alia, regulatory approvals.

Highlights

-- Navitas will acquire Premier Oil Exploration and Production Limited ("POEPL"), the Company in which Harbour holds all of its Falkland Islands licences

-- Rockhopper and Navitas will seek to align working interests across all their North Falkland Basin petroleum licences - Rockhopper 35% / Navitas 65% - subject to all necessary consents

-- Rockhopper and Navitas to jointly develop and agree a technical and financing plan to enable the development of the Sea Lion project to achieve first oil on a lower cost and expedited basis post sanction

-- Navitas to provide loan funding to Rockhopper:
o The majority of Rockhopper's share of Sea Lion phase one related costs from Transaction completion up to Final Investment Decision ("FID") will be funded through a loan from Navitas with interest charged at 8% per annum (the "Pre-FID Loan"). Certain costs, such as licence costs, are excluded

o Subject to a positive FID, Navitas will provide an interest free loan to Rockhopper to fund two-thirds of Rockhopper's share of Sea Lion phase one development costs (for any costs not met by third party debt financing). Certain costs, such as licence costs, are excluded

o Funds drawn under the loans will be repaid from 85% of Rockhopper's working interest share of free cash flow.

Simples!.... :-)

P.S. Thank G0D for the filter!... LOL

[duckdown] 18/4/2022 23:04

The issue is not whether Rockhopper can raise finance, it’s what cost/dilution that comes at for existing shareholders.

[buy2sell1] 18/4/2022 20:49

The only money GAFFER73 has left is Monopoly money and his worthless fantasies



For once in your life, tell the truth GAFFER73 - YOU LOST EVERYTHING ON POLYMETAL !!!

(and Petropavlovsk Gold and Evraz Steel and Angus Energy and Canadian Overseas Petroleum)

[gaffer73] 18/4/2022 20:46

If there's no RNS in the morning I'm doubling my holding as the agreement is definitely in place. Let's hope for the double with the OM award included!

[gozzie2] 18/4/2022 20:12

I think il go for a lie down .This praise is too much lolMakes sense to me there business model.The ESG spirit that sweeps the world does not worry Tadmor. On the contrary, he intends to connect with the field with new investments. "In 2020, we saw a 26% decrease in the volume of investments in the development of oil projects, which means there will be less oil for the market while the market needs more oil

[bigred10] 18/4/2022 20:08

Gozzie2. Well researched. You’ve got more right in 1 week than Noboil has done in 5 years. She’s got nothing right at all. Just wild guesses and lies. Noboil is the biggest failure and fraud of them all. Well done Gozzie2 keep up the good work.

[another mushroom] 18/4/2022 20:05

Alarm set for 7 a.m. Fully prepared to be disappointed as usual but quietly hope this is it!!

[buy2sell1] 18/4/2022 19:30

NIGOIL finally ADMITS he's a clueless, guessing fantasist (14 Apr '22) - 86674

"I post B0ll0X, to try to wind you 'GIRLS' up, and guess what? It works!... BIG LOL"

[nigoil] 18/4/2022 19:19

Do you really think that Navitas would have signed if Rkh are struggling for finance?.... NO

If Rkh were struggling for finance or not being able to raise finance , Navitas would have taken the lot and for a song!... Simples!... :-)

Rkh finance is not and will not be a problem!... :-)

The GREAT Nigoil is never wrong!

Now where is the 1p the li@r known as bigred10 and the 'GIRLS' promised?..... LOL

2022 the year of the ROCK!

2022 the year of the Falkland oilie's!

In Sam WE trust!

TICK TOCK

20P / 30P /40P/ 50p / £1 + Coming Sooooooooooooon!

Simples!........ :-)

P. S. Thank G0D for the filter!.. LOL

[gozzie2] 18/4/2022 18:49

We have gone over a year past this point .Yes it's ridiculous hTTps://www.investigate-europe.eu/en/2021/italian-state-attorney-giacomo-aiello/

[falklandi] 18/4/2022 18:42

tizo, I hold the 3, but Bor & Arg will go higher % wise...also, the 3 are as cheap as chips,
safe as houses If the deal is confirmed Tomorrow....Navitas will unlock
The door for other Oilies and investment to join the Falkland.
Tomorrow will the happiest day in my Life in the stock market.

[gozzie2] 18/4/2022 18:40

True its not closed .Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin, provides the following update on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field.Under the rules of the arbitration process, a decision (referred to as an "award") is due within 120 days (extendable, at the discretion of the Tribunal, by a further 60 days if required) of the closure of the proceedings.

[duckdown] 18/4/2022 18:20

The tribunal have not declared the proceedings closed though, so it could go on forever.

Hopefully they will have to disclose the outcome sooner rather than later - after all they said July 2021 this time last year, but I won't hold my breath. It's unbelievable really.

Nigoil keeps saying that finance is not an issue but it is - by Sam's own admission. Nigoil also keeps saying the OM award is imminent, but he's been saying that for over 2 years now. Time for "imminent" is running out fast - they need cash soon.

[tizo100] 18/4/2022 17:50

Think I have read it correctly apologies if I have interpreted it wrong but honestly think it's fill ya boots time I already hold over 370,000

[tizo100] 18/4/2022 17:49

Once the presentation of the case is completed, the proceeding is declared closed and the award must be signed in the next 120 days, with the possibility of an extension of 60 days (Arbitration Rule 38 and 46).  Usually, the closure of the proceeding occurs after the Tribunal has deliberated and concluded that it has no further questions for the parties.

[nigelpm] 18/4/2022 17:48

Yeah but where has it come from? I can't see any reference in an RNS/other document.

[tizo100] 18/4/2022 17:43

ask Gozzie he posted it