The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The DSRA requirement under the GT Bank RBL is reduced to two future quarterly repayments which combined with the lower quarterly repayment amounts means that only approximately $50 million is required in the DSRA compared with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus 10% previously).
Oisin Fanning, CEO of San Leon, commented:
“I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have, both unlocking substantial additional funds for operational activity, as well as lowering the DSRA hurdle to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified operational and financing issues at OML 18 and follows the recent announcements of new well drilling, and of NNPC (the Nigerian National Petroleum Corporation) paying most of their cash call arrears.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0232)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
Share
Share
Email
Print
Twitter
linkedIn
.
Eroton Successfull Refinancing
08 January 2019
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility (“RBL”)
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the OML 18 reserves-based lending (“RBL”) facility held by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (“DSRA”) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully refinanced. With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reservesbased lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount, with the following notable advantages:
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
Eroton Successfull Refinancing
08 January 2019
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility (“RBL”)
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the OML 18 reserves-based lending (“RBL”) facility held by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (“DSRA”) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully refinanced. With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reservesbased lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount, with the following notable advantages:
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
Come on break that psychological 30p barrier you can do it :)
21-Jan-1915:33:4829.87590,000Sell* 29.9029.7026.89k
The bid has risen slowly, while the ask has stayed put.
Nice to see a few buys being bought under the radar and the spread tightening.
slowly catchy higher share price
think admin has gotten pretty wise on most of the non-holding trolls. some as you have seen have been banned. btw you mustn't ever give your personal details to them
PC - I see the Gunfight at the O.K. Corral was called off when the 7's post got deleted lol
Disruptive? Argumentative certainly, but who isnt! You seem to have given up a little easily on our side bet...lots of twists I'm sure before 31st march...
PC01 - I am a little rusty on this but recall that subject to what is contained within resolution the restrictions in UK are based on weighted average price in 5 days prior to purchase with a cap on price paid of 5% above that average. Like you I do think it could take some time but I also think that with the growing cash pile the SBB may not be limited to $10m as that is described as a minimum level. Also, it would not surprise me to see a special dividend paid at some stage depending on other plans which we may not be aware of to deploy the surplus cash now being accumulated. Whatever happens this company will receive greater interest from new investors/traders incoming weeks and months that I have no doubt at all so a lot to look forward to now.
In the US there are v specific rules regarding the actual practice of a SBB ... for eg the company buying back shares can only buy 5% of the days volume, it can’t pay the highest price, it can’t buy shares in the last 30 mins of trading. I am fairly sure similar strictures exist in UK but can’t find them ...any one help? Reason I ask is that when (note change in language from if to when!) SLE starts its SBB - if it can only buy 5% of the daily volume its going to take a very long time for it to buy $10mm shares back...
Say 500k shares / day is average volume
Say 30p starting price
5% is 25k shares which at 30p is only £7500 or say $10k.
To invest or better spend $10mm will take a 1000 days !!!
The point I’m making - in a rather long winded way - is that the company is going to be on the bid for the shares for a v long time...nice thought really!
you will be relieved to see, PC01, that our SP is rising by virtue of that most conservative of drivers - solid buying. with the SBB now on the immediate horizon along with the newsflow i refer to below, it is difficult to see what will stop this trend now.
he certainly has bluerill and well done again. and am sure he will be joined by many more and soon now given the prospective newsflow from here. to remind, we have about £50m in the bank and by mid Feb, we should have started the share buyback and be getting operational news updates at very least on the lateral well drill and on much else besides. for the first time in years we do not appear to have any black clouds on the horizon. the fact that's where we are now, just as our partner jite okoloko gets almost all arrears paid by NNPC and refinances himself, is incredibly potent. for the first time since before Shell left, we can properly start delivering field workovers and elimination of pipeline losses. remember production on OML18 is projected to more than double to over 100,000 bopd and that's without new discoveries.
To coin a well known phrase - I do love the smell of Pinot noir in the morning...now where’s my good friend B7?
29.90p
Slow and steady wins the race :)
....and I reckon he has company.....
you flatter yerself all you like bs. the thought of scurrying squirrel activity as some kind of reliable indicator of San Leon newsflow improving is just hilarious after all this time of their garbage trolling on this stock! (but they do also serve the purpose of providing something easy to chew on in the gaps between news). well done to bluerill on finding buyers: we should all make that a new year's resolution.
Why do you post hysterical mumbo jumbo then bs? Trying to scare off potential PIs having a sniff about SLE?
The share price ground a bit higher today because I've managed to create a couple of buyers of late. That's it. Nothing more to see here......
bandit1 - surely we flatter ourselves if we think anything observed/posted or commented on through this board acts as a driving force in raising the SLE share price - second-hand information, biased opinions, and trolls are here at best - RNS is the nearest we have to reality. Following the all be it limited news via RNS however it does seem that OF is making some attempt to recompense shareholders for their patience in remaining invested with the company over these last years the results of which will albeit be rather will be meager compared to the losses some of us have experienced is better than what we have received in the past and hopefully bodes well for the immediate future.
It would irritate the hell out of me if what got this SP finally moving (and someone is having a poke at it today) was Bandit1's post...I mean we can talk fundamentals and cashflows til we're blue in the face, but what moves the market is troll-blocking! Sigh...back to my day job, methinks....
Actually sod it. I don't care what drives the price higher!
Pinot noir anyone? :-)
awesome post bandit1. hilarious but certainly strong correlation of late between improving fundamentals and newsflow and the level of desperate squirrel activity. agree definite buy signal.
Bandit---i was going to post something similar myself.
-
-A SBB is heading our way -----$10 mill worth of stock is needed, and the gloom merchants are coming out of the wood work.
-Doesn't take much working out, ----there's a big buyer there (been there since 23p)---just follow the money
Just follow the money