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Hi Mitchdon, What would you think the SP would be If RR was able...

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17/08/24

14:53

Post #: 75251579
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Originally posted by Mitchdon: ↑

@aero39 I totally agreewith you re HHR. There is nothing they can do that RR can't do better but it waslike that from the day one. RR is a major producer and HHR is a micro explorer.There is a total power imbalance between the parties and the only thing keepingthe JV progressing is the quality of the Joint Venture agreement. RR would always be watching for HHR to default on the agreement andallow RR to take 100%. That is just standard practice.

Which makes the "backstop funding agreement" negotiated in Decemberso puzzling to me. Why wouldn't RR have done to HHR what Shell did to Deltic?When Deltic were unable "to secure a farm-out or an alternative fundingsolution for its commitments related to the Pensacola appraisal well" theywere forced to withdraw from the JV.

https://www.oedigital.com/news/514394-deltic-energy-withdraws-from-shell-operated-pensacola-discovery-in-north-sea

Instead of being defaulted HHR ended up with 20% of the project, 100% free carry and virtually zero responsibilities. (which makes it really hard to default them) Was the "backstop funding deal" part of the original JV agreement? Was RR's assessment of the UK O&G in December so poor that they didn't want the additional 40%? Did RR just miss a chance to default HHR?

Whatever the reason IMO RR have moved the JV from the "nothing will happen to 2029" pile into the "damn we just bought Bacton and need gas throughput" pile. It doesn't mean the project is going anywhere yet but at least it is back on RR radar.

I appreciate you playing devils advocate, way to much hopium on HC in general!! What do you think of the 20% backstop deal? Apart from HHR as a company going into administration I don't see many other ways for RR to get their hands on the last 20%.

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Hi Mitchdon, What would you think the SP would be If RR was able to do a deal with HHR for that 20%,

HHR Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
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Hi Mitchdon, What would you think the SP would be If RR was able...

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Hi Mitchdon, What would you think the SP would be If RR was able...

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