1. Debt and Operating Expenses 2. 0 1P reserves. 3. £13M + Costs San Leon Energy plc ("the Company" or "San Leon"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, provides an update on the proceedings in the International Court of Arbitration of the International Chamber of Commerce, regarding the assets of Energia Zachód Sp. z o.o.("EZ").
As announced on 11 April 2013, the Company received notice from the Secretariat of the International Court of Arbitration of the International Chamber of Commerce ('ICC') confirming the submission of a Request for Arbitration ("Request") by Avobone N.V. and Avobone Poland B.V. (together, "Avobone") in relation to the purchase by Aurelian Oil & Gas, San Leon's subsidiary, of Avobone's 10% shares and loans in Energia Zachód Sp. z o.o. - the titleholder of the Siekierki asset.
At the time San Leon reviewed the Request with counsel and believed the claims to be substantially without merit. San Leon contested these claims robustly at the hearing of the Court of Arbitration and believed it had a material advantage in the case.
The findings of the Court of Arbitration were received by the Company on Saturday 23rd May 2015, and provide for a total payment by Aurelian Oil & Gas (a subsidiary of San Leon plc) of approximately £13 million including costs. Two-thirds of the main award relates to the repayment of a loan provided by Avobone to Aurelian. In Aurelian's view, this loan was a standard industry-practice mechanism that was used to fund Avobone's share of the drilling and other field-related costs in a tax-efficient manner, and should only have been repayable had Avobone exited after the field had generated sufficient cashflow to repay the loan. As of the timing of Avobone's exit in early 2013, the field had yet to generate cashflow.
Following consultation with counsel, the Company remains convinced that Avobone's case is substantially without merit, and that the findings of the Court of Arbitration constitute a "serious procedural irregularity", as set forth by the UK Arbitration Act 1996 for challenging an arbitral award, and therefore provides grounds for appeal. The Company is thus filing an immediate appeal with the UK Commercial Court and will defend its position vigorously. The Company understands that such an appeal would likely take at least nine months. ---------- It won't be long now - 5/6 months, will determine the value of this company.
By Mallorca on III.posting board Don't understand mallorca1 Why Tosca, after losing millions over the last couple of years decided to put another pile of money in. Of the thousands of companies out there and with the financial information that Tosca's analysts have at their finger tips, why put one penny more into SLE. There has to be more to this than meets the eye. Guessing . . . Rawicz is about to commence and they are a party to the plans. Guessing. . . There is some definite interest in some other part of the portfolio which is being kept under wraps to be revealed shortly. I know that the majors want to increase their involvement in the gas side of their businesses now that oil income is plummeting. Perhaps a second assault on Poland's shale potential is on the cards. US shale is devising all sorts of ways to reduce extraction costs with cutting edge technology. . Oil is not going to make any money for the majors for many years to come. Gas on the other hand could. And on shore is far cheaper than offshore. Even with charter rates dropping, platforms still cost upwards of $500k a day. Gas is expensive to transport when the fields are 4k miles away. LNG is a big money investment. Poland on the other hand is crying out for a domestic gas source. . . . . Perhaps Lewino isn't on the back burner as we all seen to think!
----------- Guessing this is Malls update for August. Following his more convincing remark made in May on Rawicz - this latest update is somewhat dissappointing - glad I didn't get carried away my the crowd after Rawicz-12. Looks like Rawicz-14 maybe another Apollo 18.
Seems he's ignoring an important perspective which may reduce his future vision - Of the thousands of companies out there and with the financial information that analysts have at their finger tips, why HAVEN'T THEY put one penny more on SLE. In fact its 20 pennies cheaper since - valuing the company at £40M, still a tad too expensive to put on the Tosca's special offers shelve.
Nop sorry to disappoint you but I am still here.... 100% .... just can't be bothered wasting my time reading all the crap that is posted these days... and am not going to waste my time and life on here 24/7 7 days a week as some others do... obviously they have an agenda,... for the moment they are winning as they put fear into investors.. there will come a time when that will change and with the amount of shares now in issue the SP will change very quickly .....
Thanks for taking such an interest in my investment though........ have a good week end ..
Is very touchy I see - not into comparisons I guess - just happy to bash and bash 24\7 on and on day after day week after week Month after Month - no one in their right mind would be so focused or driven without there being a good reason - my guess is it's a vocation - Spanish Fly ?
SLE 64 (-16) vs LMI 54 (-26). In this case and currently it still would be better to hold SLE than follow my tip and back LMI. IT maybe true that I am wrong, I certainly wouldn't try to convince people that I am right.
My goal is to build Palomar Natural Resources (PNR) into a successful international oil & gas exploration and production company. PNR is currently focused on near term production projects in the DJ Basin in Colorado and the San Juan Basin in New Mexico. The Company has an ongoing US and International new ventures effort looking for high quality projects focused on production. PNR is focused on using the latest in exploration technology to find new reserves through redevelopment and smart exploration projects.
My ultimate goal in life is to own a Grand Canyon River Company and guide people through the most amazing place on Earth. ------------ Focus, drifted somewhat on Poland "The Company has an ongoing US and International new ventures effort looking for high quality projects focused on production", maybe waiting some time, and OF 'the great dealmaker' never binded PNR to a time frame - isn't it always the case when your dealing with old mates - never got my tools back either.
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