Rockhopper Exploration ehemals FALKLAND OIL & GAS +++ 270% mit Öl (Seite 3)

[Andrija]

COP promises are killing the Falklands oil bonanza

In the Falklands lies a substantial amount of oil, probably enough, eventually, to more than halve Britain’s net daily imports

CHARLES MOORE12 December 2023 • 6:00am

There is a good deal of oil in the Falkland Islands. The British Government has been very supportive of the exploration needed to discover this. The next step is to get the oil on line. Can that step be taken?

In the great Sea Lion Field, there are roughly 2.7 billion extractable barrels. The main firm involved is Navitas Petroleum, an Israeli company. Rockhopper Exploration, a British company based in Salisbury, has a 35 per cent stake.

There is, however, a political problem with a financial consequence. Argentina, which claims the Falklands as its territory, always objects to any economic development there. As a result, banks will not lend the $900 million (£715 million) required on normal banking terms. The Falkland Islands government therefore wants to issue bonds to finance the project. For that, it needs a partial British government guarantee.

In October, HM Treasury refused this. In doing so, it did not use the normal Foreign Office-style argument about the danger of inflaming Argentine opinion (though one imagines this thought will be lurking somewhere in the British official mind). The problem, it said, is climate-change commitments.

As part of the Cop26 Agreement reached in Glasgow in 2021, Britain agreed not to give direct support to the development of hydro-carbons “for the international unabated fossil fuel energy sector”. That decision, if applied to our overseas territories, amounts to an act of unilateral energy disarmament by the UK, at a time when, partly because of the war in Ukraine, we need energy re-armament.

In the Falklands lies a substantial amount of oil, probably enough, eventually, to more than halve Britain’s net daily imports from foreign countries. It is oil from a friendly source on which Britain could, if need be, rely. If the Treasury sticks by its decision, we will continue to be over-reliant on oil from bad places.

Britain suffers from the fact that, unlike many countries, it does not have its own strategic oil reserves. The Sea Lion field could help remedy that. Navitas also argues that the carbon effect of its work will prove neutral because it will undertake a regeneration programme for the islands’ famed peatlands.

In July, Rishi Sunak said that issuing new oil and gas licences for the North Sea was “entirely consistent” with the Government’s net zero plan. It is not obvious why the same argument should not apply to the Falkland Islands, which are surely, as the Government says in other contexts, “family” rather than “international”. Besides, Britain always insists that it will defend the right of the Falklanders to develop the islands for their own economic benefit.

On Sunday, Javier Milei was inaugurated as the new President of Argentina, writing “Viva la Libertad” (“Long live Liberty”) in the registration book. “The only way out of poverty is with more freedom,” he declared. He is aligning his country away from China and Russia and towards Western attitudes. His arrival could be propitious. He wants to “bury decades of failure”. Argentina’s most spectacular failure of modern times was its military invasion of the Falkland Islands in 1982. He has shown no sign of wanting to re-enter that territory.

It cannot be beyond the wit of Britain to back Falklands oil, for our own good and that of our loyal overseas territory.

https://www.telegraph.co.uk/news/2023/12/12/cop-promises-are…

[JeremyWendell]

Antwort auf Beitrag Nr.: 74.843.775 von Andrija am 21.11.23 18:42:26

Wenn das Geld nicht ausreichen sollte, gibt es halt eine KE. Entscheidend ist ausschließlich, ob Italien zur Zahlung verpflichtet wird oder eben nicht.

[Andrija]

Eine recht gute Zusammenfassung wo wir aktuell stehen.

Über die Frage ob die Liquidität ausreicht bis die Italienentscheidung endlich gefallen ist, habe ich offenbar nicht ausreichend nachgedacht. Sind schon eine Menge Risiken für das kommende Jahr.

Kurs schwächelt ja gerade auch.

Ich werde aber wohl halten.

[Andrija]

https://ir.navitaspet.com/wp-content/uploads/2023/05/Navitas…

Folien 9 und 10

[Andrija]

Antwort auf Beitrag Nr.: 74.181.569 von JeremyWendell am 20.07.23 10:04:59

Danke, das hatte ich so explizit nicht rausgelesen. Da bin ich ja mal gespannt, ob Italien das Geld wirklich hinterlegt.

[JeremyWendell]

Antwort auf Beitrag Nr.: 74.181.497 von Andrija am 20.07.23 09:55:55

Kurz zusammengefasst: Italien wird verpflichtet, den Entschädigungsbetrag auf ein Treuhandkonto, das von Rockhopper zur Verfügung zu stellen ist, einzuzahlen. Somit kann Rockhopper sofort nach Ablehnung des Nichtigkeitsantrags (aber eben erst dann) auf das Geld zugreifen. Andererseits hat Italien die Sicherheit, dass Rockhopper das Geld nicht schon verwenden kann, bevor über den Nichtigkeitsantrag entschieden ist. Genau das ist mit dem letzten Absatz gemeint: auch Italien ist für den Fall, dass dem Antrag stattgegeben wird, abgesichert. Das Geld liegt also auf dem Treuhandkonto und je nachdem, wer gewinnt, hat dieser sofort nach dem Urteil Zugriff auf das Geld.

[Andrija]

Antwort auf Beitrag Nr.: 74.180.147 von JeremyWendell am 19.07.23 23:20:30

RNS Number : 8586F
Rockhopper Exploration plc
13 July 2023
The information contained within this Announcement is deemed by Rockhopper Exploration plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

13 July 2023
Rockhopper Exploration plc
("Rockhopper" or the "Company")

Update on Arbitration

Stay of enforcement to be lifted once Rockhopper puts in place relevant escrow arrangements

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 Centre for Settlement of Investment Disputes ("ICSID") arbitration with the Republic of Italy.

As announced on 24 August 2022, the arbitration panel unanimously held that Italy had breached its obligations under the Energy Charter Treaty (the "Award") entitling Rockhopper to compensation of €190 million plus interest at EURIBOR + 4%, compounded annually from 29 January 2016 until time of payment (except the four-month period immediately following the date of the Award).

On 28 October 2022, Italy submitted an application to the ICSID seeking to annul the Award under Article 52 of the ICSID Convention. Italy also requested a provisional stay of the enforcement of the Award pursuant to Article 52(5) of the ICSID Convention. The provisional stay prevented Rockhopper from taking legal action to enforce the Award in any jurisdiction.

Following a hearing on 6 March 2023, the ad hoc committee (the "Committee") convened by ICSID to rule on the annulment issued the following orders with regard to the provisional stay of enforcement:

1: that Italy and Rockhopper (together the "Parties") shall confer - in good faith and using their best efforts to cooperate and find an effective arrangement - for the mitigation of the risk of non-recoupment using a first-class international bank outside the European Union (or as Italy and Rockhopper otherwise agree) to be put into place in anticipation of the termination of the provisional stay of enforcement of the Award. This is to mitigate the perceived risk that, in the event the Award is annulled, Italy may not be able to recover Italian assets seized or frozen by Rockhopper (before the ad hoc Committee issues its decision on annulment) in court enforcement proceedings.

2: that Rockhopper shall, within 30 days of the date of the decision, apprise the Committee of arrangements agreed with Italy for the mitigation of the risk of non-recoupment or that negotiations have failed and, in the latter event, propose concrete arrangements in accordance with the decision for the mitigation of the risk of non-recoupment. Italy may then briefly comment on Rockhopper's proposal within 10 days, constructively highlighting any areas of disagreement between the Parties.

In line with the preceding orders and following failure to agree arrangements with Italy, Rockhopper submitted its proposed arrangements (the "Escrow Arrangements") to mitigate the risk of non-recoupment on the 24 May 2023. On the 5 June 2023 Italy submitted its comments on the Escrow Arrangements.

On the 12 June 2023, the Committee informed the Parties that, subject to allowing an additional opportunity for the Parties to comment, it intended, subject to Rockhopper implementing the Escrow Arrangements, to lift the Stay of Enforcement.

On the 11 July 2023, and having received additional comments from the Parties the Committee issued the following orders with regard to the provisional stay of enforcement:

1: That the provisional stay of enforcement shall terminate 5 business days following the provision by Rockhopper to Italy of documentation that escrow arrangements in the form proposed have been established, provided that Italy does not within those 5 business days submit a reasoned written objection in these annulment proceedings that the escrow arrangements established are not in accordance with the proposed arrangements.

2: Reserves its right to revisit its decision at any time; and

3: Reserves its decision on costs

The decision to lift the provisional stay of enforcement is unrelated to the merits of Italy's annulment request. A final hearing in relation to Italy's request to annul the Award is scheduled to take place in Q1 2024. Guidance given by Rockhopper in the Company's 31 October 2022 announcement that the entire annulment process is likely to take 18-24 months from that date remains in place. Rockhopper is currently paying all legal costs associated with the annulment.

Sam Moody, Chief Executive of Rockhopper Exploration, commented: "We welcome the approach adopted by the ad hoc Committee and believe this outcome will allow us to commence enforcement with no risk to Italy of non-recoupment pending the outcome of the annulment."

Was bedeutet eigentlich der letzte Satz?

[JeremyWendell]

https://www.iareporter.com/articles/icsid-ad-hoc-committee-r…

[honigbaer]

Antwort auf Beitrag Nr.: 73.974.053 von Andrija am 08.06.23 12:47:27

Keine Rückzahlung. Es geht um die Steuerverbindlichkeit in Höhe von 59,6 Mio, die man bisher abdiskontiert mit etwa 42 Mio als künftig fällige Steuerzahlung verbucht hatte. Wenn ich es richtig verstehe, entstand die Verbindlichkeit aus dem länger zurück liegenden Farm-out Agreement mit Premier, wäre aber nur bedingt und dann auch erst mit ersten Ölerträgen aus dem Sea-Lion Projekt fällig. Die Verbindlichkeit wurde aber jetzt ausgebucht (derecognised), siehe unter "Taxation" und unter Punkt 20 der Erläuterungen zur Bilanz in dem von mir im Beitrag zuvor angegebenen LInk.

"Should it be proven that there is no entitlement to adjustment under the Tax Settlement Deed then the outstanding tax liability would be £59.6 million and still payable on the earlier of: (i) the first royalty payment date on Sea Lion; (ii) the date of which Rockhopper disposes of all or a substantial part of the Group's remaining licence interests in the North Falkland Basin; or (iii) a change of control of Rockhopper Exploration plc.

In this unlikely instance Management believes the most likely timing of payment is in line with the first royalty payment. Based on previous correspondence with FIG, Management does not believe that the Transactions completion constitutes a substantial disposal and therefore would not have accelerated the liability should it be shown to be still payable.

The derecognition of the tax liability has led to a tax income of US$38.8 million."

[Andrija]

Antwort auf Beitrag Nr.: 73.925.879 von honigbaer am 30.05.23 13:38:36

Da gibt das zumindest darüber Auskunft, dass man wegen einer Steuerrückzahlung?! in die Gewinnzone zurück gekehrt ist:

https://www.business-live.co.uk/enterprise/oil-exploration-f…