Now, remember the UK is a signatory to the ICC, the jurisdiction is not weaker, but by taking it to the UK route, the legal team will be able to mount a case on familiar territory. You need to read the RNS, they are not , per se, refuting the conditions of the loan to make the appeal, but are using a technical point of trying to invalidate the claim by a 'serious procedural irregularity', whether or not further ammunition can be found in the UK arbitration act 1996, remains to be seen, but if the ICC came down in favour of Avobone, it would be very difficult to prove the case is without merit, a small compensation may be applied if the ICC was in breach of the standards of arbitration. Still going to be a hefty amount to pay out in 9-12 months, and SLE will still be without production (or if Mr Majicka shows up, in very early stages of it with substantial cash depleted to fund the move to production), highly undesirable position to have, whether or not SLE lawyers get a discount. It begs the question is it prudent to continue with Rawicz, given the liabilty? I never read in this update (re:avobone, unlike the last one) that it would NOT affect operations.
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.
happening before then!! but wot stuff..youve been stuffed by your own admission!!..by your own self too..sle will be movin forward..and hopefully stuffin their bank account...your posts stuffed where the sun...you know the rest..
Don't see how you consider Rawicz is stalling. 4 wells need to be drilled. That's 6-8 months tops. ------ So should have some activity in of well results within 3 months?. Thanks Mallorca, i have pencilled you in for August 2015 - to provide an update of the progress at Rawicz. lets see how accurate your estimate turn out.
Don't see how you consider Rawicz is stalling. 4 wells need to be drilled. That's 6-8 months tops. Infra structure pipe work and production facilities will be done concurrently. It was always understood that the planning, permitting and finance raising would take quite some time.. That is why early 2016 was the target for first production. . . . . The current oil price has stalled a Barryroe disposal but on the up side drilling costs etc have come down which is to our advantage. And whilst oil prices will stagnate for some time to come, the gas market remains robust and prices will rise this winter and probably keep rising. Pressure from the environmental lobby and legislated government emission targets make gas the number one fuel if targets are to be met. Several LNG projects are on hold due to capex considerations, so there are not going to be LNG ships on the high seas looking for buyers for the gas they're carrying. Asia will be snapping it all up. Putin's south pipeline is a good few years away and will require EU cooperation, and that is not going to happen unless he leaves the Ukraine alone, which he won't. . . No I do not see any downward pressure on natural gas prices. But there are lots of upward pressures.
sorry kwid in case you missed it...sle appealing in the UK where the legal system is more in line with whats what rather than what what!!..like you Im afraid..what what are you still doing here after advertising your loss..show you up as a very bad guy who has mis judged his finances
Put whatever spin you want on SLE but we had the first negative piece of news all year today and the market barely flinched...
The fact is this stick is in DEMAND! There aren't enough sellers to satisfy it! The institutions know what we have and they aren't about to allow sideshows (known) sway their salacious desire to build positions here...
Worst news all year fact. More buys than sells today fact. SP takes a temporary dip because cheap stock is being held back to allow II's to accumulate BIG positions... once those positions are fully realised this stick is going to rocket!!!
Sorry, I have to break Rule#1, as SLE is definitely a bad stock. Here's why (and you can provide evidence to the contrary). 1. Today's Announcement - Owing £13M, okay it's appealing but very unlikely it will be able to neutralise this cost, if it manages to reduce the amount to under £10M (25%) it will be a good victory in the court, but still a hard pill to swallow on its already stressed account sheet. 2. Stressed Account Sheet, Nearest point of revenue needs to come from Rawicz, still no spud date and the project is stalling - needs significant capital to bring into production, and 2016 is just plainly a pipe-dream; even if finds the funds, the risk is great and the rewards are slim, may take many years to get ROI, but it will be a step in the right direction. 3. Next rescue point is barryroe, similarly with Rawicz its out of its control, and again the stalling pressures are evident. All these are dependent on a decent... 4. Crude Oil Price, OPEC countries for the most are holding a strong resolve and unlikely to back off supply any time soon, however, it's not just OPEC - its also a strong dollar thats forcing downward pressure, so it's as much a problem as with the American Fed as it is with those pesky Arabs. Additionally, we must remember demand side was only just adequate when we had a runaway economy, inflation at 2-3%. And all that irrational exuberance added in. Even if we had standard economic growth it would not be nearly significant to assist oil price movement back to $100. There is evidence that QE will have some effect and there will be some elasticity upwards but I remain convinced that it will be some time to push out of $65 mark. All of this puts in Jeopardy. . 5. Acreage and Fancy Projects - such as polish and Morrocco shale, this is going into abeyance for at least 3 years meanwhile... 6. SLE will continue to haemorrhage money to pay it's overheads and given all the above needs a.. 7. Cash. Who would cover a business like this, highly stressed, huge risk, little opportunities for potential? That's going to have to come from the shareholders whivh only means. 8.Share Price Dilution - 0.5p is well within reach and I would ascribe a 90% probability within 3 months.
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