Timbamere, I was answering this the best I can by genuine research "How long has Novasis been in Africa now???? What have they been up to??? Look deep and hard and ponder!"
I think perhaps you may need to allow others an opinion without your childish insults.
The Answer was from one of the industry leaders, do you think is he on medication or drugs you mention or would you like to accept as FACT his assessment as an expert witness, above your own laymans guess? An adult answer would be appreciated although it is obvious to all that you feel that you can not win this argument and that is why you need to resort to insults.
A Recap that states all is not well in the Nigerian oil dream.
"The Managing Director/Chief Executive of Total Exploration and Production Nigeria Limited, Nicholas Terraz, says the current challenging economic environment is making operators in the industry to defer investments and minimise development drillings."
But please feel free to continue the insults if you wish, you cant change the FACTS by your behaviour and I do find your desperation amusing.
Well sid at a guess I think we will all be enlightened in the new year!! Then the new question will be what will your new name be when the embarrassment of sle financial stability is rising like the phoenix!! Have you thought of a new name to dispute your hatred of sle???
Satisfaction of the conditions to approve distributions by Eroton
In April 2015, Afrexim confirmed to Eroton in writing that the lenders under the RBL had approved Eroton’s request to distribute 60 per cent. of audited net profits as dividends, subject to satisfying certain conditions, which included: (i) the issue of a competent person’s report; (ii) compliance with all financial covenants and ratios stipulated in the RBL facility agreement; (iii) reservation of nine months’ worth of upcoming debt repayments due in the debt service reserve account; (iv) submission of audited financial statements whereby 60 per cent. of audited net profits can be paid to dividends account;
" reservation of nine months’ worth of upcoming debt repayments due in the debt service reserve account;"
as long as these 9 months or 3 quarterly payments are made 60% of audited net profits will be approved!, we are in month 11 or 4th quarter.
Eroton benefits from an experienced management team, which has successfully increased production from approximately 10,000 bopd of oil in March 2015 to approximately 50,000 bopd of oil and 50 MMscfpd of gas in April 2016,
eroton..2015 Revenue US $184.4 million*, 2015 Profit after tax US $65.7 million*
*Revenue and profit generated includes income from $95 per barrel hedge *Eroton Audited Financial Statements 31 December 2015
Eroton will be 50% owned by Martwestern (100% owned by BidCo)
Martwestern is entitled to a 90% share of distributions
SLE receives preferential payment on US$173 million BidCo issued notes and interest
Payments from BidCo commencing at end of 2016 and paying quarterly.
with the above increase in production from 10,000bpd to now 60,000bpd. I cant see what the problem is for dishonest as dsra is paid every 9 months and dsra would have been set at the production rate of the 10,000 not the 60,000bpd.
yes we don't know how much eroton have to pay but with the production figures 500% higher we know they should be easily paid. meaning sle shareholders will too.
sid you're on some strong medication or banned substances to come up with that type of logic/illogic re total general industry statement and novaseis; though to be real one guesses that novaseis have been busy re-interpreting existing seismic data for OML18 - or just enjoying the Nigerian highlife as it goes - doesn't really matter as it is not really a game changer here - most investors with a brain seem to feel that the OML18 asset itself is the game changing investment ......
So mediator, you are right to ponder upon the future revenue to be generated by Novasis as The Managing Director/Chief Executive of Total Exploration and Production Nigeria Limited words are probably based on fact. He is a bit of an expert, unlike us BB posters.
I think Novasis may have a use in the jam butty mines though. LOL
" How long has Novasis been in Africa now???? What have they been up to??? Look deep and hard and ponder!"
Mediator, Good idea, I have looked deeper, these FACTS lead me to believe that they may have been doing very little, as is the case for the last 5 years. Do you have any real facts or are you relying on the Rodney Factor... This time next year Rodders? Fingers crossed.
"The Managing Director/Chief Executive of Total Exploration and Production Nigeria Limited, Nicholas Terraz, says the current challenging economic environment is making operators in the industry to defer investments and minimise development drillings.
He said the situation was being aggravated by funding challenges for the joint ventures as well as low oil prices. Terraz, who spoke at the 2016 Nigerian Association of Petroleum Explorationists Conference management session held in Lagos, said the situation had also resulted in the loss of activity and jobs for contractors providing services to the industry."
The country's oil and gas infrastructure needs updating. Its four refineries have never reached full production due to poor maintenance, causing the OPEC member to rely on expensive imported fuel for 80 percent of its energy needs.
Could you help with my question, what is the figure is that represents "sufficient funds" that need to be accrued before private investors get a return via dividends or other reward.
Or perhaps more importantly why this figure is not in the public domain. Why would it bee kept a secret, as it seems to be?
It seems very strange that no-one knows this extremely important figure that will undoubtedly affect our investment and surly the uncertainty of it will put off any potential private investor until they know what it is.
It may be millions upon millions and take years to pay back before we get any reward for being shareholders.
Thanks, I think your answer will be interesting, I feel I know what it will be, you helped me last time and I turn to you for help this time.
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