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Mr poors. you say that last feburery 23. an last august 23. we still waitin.
yer a propur comediun with yer one linurs. lol
The NCTL and related OMLs were known to be a basket case as far back as 2013. Shell and it's partners sold out pipeline and 4 OMLs for over 5 billion USD., including OML18.
https://www.shell.com.ng/media/production-updates/spdc-raises-alarm-over-increased-crude-oil-theft.html
And then along came San Leon.
If. you want to experience irony, read what SLE Chairman, Sunmonu had to say when he headed up She'll Nigeria
By end of feburary we will have news hold on
President Tinubu's reallocation of Nigerian oil assets to the new political "in crowd" of the "Titans of Nigeria's oil Economy" doesn't even give a mention to Eroton/Jite , the President has also forced the retirement of the upper echelons of the old NNPC in his attempt to increase oil production his actions has led me to consider what is the realisable monetary value of our assets that are actually recoverable from the OML18 "party', including our investments in Decklar, this in turn raises the question as to how long can SLE continue as a viable concern - the last SLE statement of accounts mentioned Dec 2023!
Nigeria could be described as a failed state when one considers they are only able to secure international loans by pledging future oil production as collateral (confirmed oil); this indebtedness, which is increasing by the day, is putting great pressure on the new government to stop oil theft and to increase oil production throughout the oil producing states.
The future for SLE seems to be race between Nigeria regaining control of oil production in the delta and one of our bankruptcy.
As Alaric and Blurill have brought to our attention AIM regulation doesn't count for much, anything goes and this is why companies choose to list on AIM. Regulations state a company may be delisted if suspended for 6 months but many an excuse is accepted to delay. San Leon's excuse is "its not our fault".
"The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months.” London Stock Exchange.
Hi Hx.
Whilst SLE is listed on AIM and subject to it's own Rules, it's an Irish registered company and therefore, primarily, subject to Irish company law which in many respects is similar to the UK.
There is an obligation to file an Annual Return with audited accounts addended. SLE was due to file by 30 Sept 2023 but hasn't.
There are a number of fines and penalties, most drastic of which is to be struck off as a corporate.
There are also circumstances where a late filer may appeal to a court for an extension.
Well, what's happening behind the scenes is anyone's guess.
U
SLE were suspended on July 3rd 2023 for not producing accounts for 2022.
https://www.lse.co.uk/rns/SLE/suspension-san-leon-energy-plc-5ec7aw1bonjviqj.html
Can this go on indefinitely or does some regulatory body intervene ?
The nomad stated as fact that the share transaction had been carried out and reported the date it was completed. Neither was true. That is the “big deal” Alaric.
It is noteworthy that you think this a perfectly acceptable practice whilst most others think it despicable and are left in wonder about the inadequacy of the AIM Regulator. It does however go some way to explain your years of highly bigoted posts faithfully supporting Oisin Fanning and San Leon over many investment bulletin boards.
That's easy 36800. Oisin had a deal with Martin to acquire a pile of his shares as reported accurately by the nomad. he couldn’t raise the funds to close so was technically in breach but Martin was never going to sue so that was that. i don't see what the big deal is that you trolls are trying to make of it? period.
Alaric, can you explain how a statement from Oisin Fanning, released in an RNS, that he had purchased 98,000,000 shares when in fact he didn’t even have the finance in place, let alone make the purchase, was approved by a Nomad?
It would appear from this fact that indeed the wool can be pulled over a Nomads eyes as It seems they signed off an RNS which, without doubt, misrepresented the situation. I am not aware of any penalty either party suffered for this. A sham indeed.
To remind you, again, the Nomad wrote that "Oisin Fanning, Chief Executive, HAS purchased a total of 98,000,000 ordinary shares at a price of 21.0 pence per share ON 07 May 2020".
The AIM Nomad regulatory system seems far from robust as we all know this was not true. We all know this went unpunished. We can all see that the AIM regulations are flimsy at best.
But of course, your argument is pointless as the FACT is no money has been received and Mr. Fanning is worried enough to inform us all he is seeking another source of finance.
We can disagree about plausibility 36800 but you fail to address the principal point which is the nomad signing off on an rns which misrepresented the situation to do with the funds. quite clearly they have been sent and you display your ignorance concerning US regulations on transfer of funds to foreign jurisdictions. i don't claim any expertise here but have spoken with people who have experience. apparently it's virtually impossible to get any information out of the authorities once an investigation is underway. moreover these investigations can take months. i think Bluerill's guess isn't too far wide of the mark but i can see how it doesn't suit the trolls' agendas.
Alaric, How tiresome, your monotonous argument is. Yet again you are wrong, stating people are ignoring facts. Bluerill has admitted that his theory is pure speculation and not based on any fact. Therefore his explanation is not in the slightest plausible.
It is obvious to every poster here that honest opinion and fair discussion do not suit YOUR agenda.
They don't lie they just go along with any story told to them like on the 11/05/20 when Oisin "purchased" the shares...it took another RNS on 23/12/20 (7 months later!!) to say the shares had not been bought in the end. And obviously no the money has not been sent or it would have arrived by now. And if it was stuck in the clearance system then TRI and San Leon would know and would openly say do. Again the problem is that both parties are saying nothing at all. There s a reason for it and it s obviously not good and not good enough for shareholders to be told. That doesn't make sense and is suspicious. If there is a problem say it, if the deal is off, say it but saying nothing is not very serious or professional.
11 May 2020 07:00
RNS Number : 3676M
San Leon Energy PLC
11 May 2020
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
11 May 2020
San Leon Energy plc
("San Leon" or the "Company")
Director Dealings
San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, announces that it has been notified that Oisin Fanning, Chief Executive, has purchased a total of 98,000,000 ordinary shares at a price of 21.0 pence per share on 07 May 2020. Following the purchase, Oisin Fanning has an interest of 107,495,864 ordinary shares (23.89 %) in the Company.
More garbage from G1lo. do you really think the nomad would let san leon lie in an rns about Tram having transferred the funds? more fool you if you do. some while ago bluerill gave a perfectly plausible explanation for the funds not arriving. but trolls just aren't interested in facts as they don’t suit their agenda :-)
Sam - it would appear you grasp of arithmetic is as shoddy as your attempts to string coherent sentences together. A cursory glance back through the postings of the last couple of weeks or so will see many contributors, both admitted holders like myself and those who have not declared their position (as is their prerogative) taking a pessimistic line on the current shambolic events regarding the promised funding injection and, more pertinently, the lack of any credible updates from the board. This is not 'propaganda' as you put it, just opinion based on what is currently known. Coupled with articles pertaining to the Nigerian O&G industry and events in there High Court....all very relevant in my view.
I've said it before but it's worth repeating; one does not have to possess stock in a company to take an interest in its travails....that's what a public listing is all about.
Pathetic that 2 known non holders are the only cry babies who both continually post their propaganda, rhetoric against this company....can only say years ago that loss must have been a big one which you just can't get over ...
Https://finance.yahoo.com/news/shell-sell-nigeria-onshore-oil-092155709.html
That's what happens when his daddy allowed him to stay up beyond his bedtime.
Did anywun else hear the boy child cryin his eyes out yesturday evinin or did I jus imagin it. lol
So TRI hasn't confirmed, denied or said anything about the money supposedly still in transit. Why would TRI goes into months of negotiation and hassle and decided out of the blue not to send the money, for no reason at all. If San Leon can't even get an explanation from TRI then what kind of partner was it in the first place. Oisin knows the reason but is not saying as usual then just move to the next project without a word and not a shame. What is so secretive about the money not being transferred? That what is suspicious.
Agreed someone stole the glass while we were busy doing other things one does to have a certain sympathy for our own Walter Mity 😎
https://punchng.com/157-crude-oil-theft-cases-recorded-in-one-week-nnpcl/
Thanks, Afemafuna. Again, great investigation. Interesting that McMaster was a co-director of Contango with Stanfield who was CEO of Brandon Hill, joint brokers to San Leon. Terse RNS in 2022 stating that BH were no longer joint brokers. Interesting
This is the company what you all lookin for. they did getting munny for fannings fantasie stock tradin game. botum of page 4.
https://contango-holdings-plc.co.uk/wp-content/uploads/2018/09/Annual-Report-and-Financial-Statements-31.05.18.pdf
Great research, Billgreen.
McMaster is listed as a non exec director of Arc Minerals Plc
http://www.arcminerals.com/about-us/board-and-management/default.aspx
'Brian McMaster has over 20 years’ experience in the area of corporate reconstruction and turnaround and performance improvement and 20 years in the mining and exploration industry. Brian’s recent experience includes founding Harvest Minerals and Jangada Mines, AIM listed companies with Potash and PGM projects in Brazil respectively, as well as numerous reorganisations and the recapitalisation and listing of 12 Australian companies.
Brian’s career to date includes significant working periods in the United States, South America, Asia, India and UK. Brian was a founding director in venture capital and advisory firm, Garrison Capital Pty Ltd, and is also currently a director of a number of ASX and AIM listed companies.'