I noticed your post on iii, while your figures are correct IE; Pre the changes a holding of 100,000 at 0.7p = £700 and after the change the holding would be 1000 and at a sp of 70p the account would still be worth £700. Unfortunately this gives the impression that our accounts retain there value...Not so, according to my workings this consolidation was never designed to do that. Remember it was based on the sp of 1.1p and therefor would have needed a sp of £1.10.. Do the figures and you will see that the result show's a sp of 90.7p....This equates to 17.5% being taken off every sh account. I'd be very happy if someone could show that I've made a mistake but I don't think so.....If i'm right how can it be legal..Example a person with a £1000 investment loses £175. A person with a £20000 account loses £3500...At what point does it become illegal 20%...40%.....50% ??????
SLE 76 (-4) vs LMI 77 (-3) --------------------------------- At parity, will the chance of huge rewards offset a huge base stable operator but both with big problems up ahead in terms of financing? Will the update on Rawicz/Siekierki in August provided by Mallorca - show that this company is serious about production, or will it just be part of the mythos this company has inherited all along.
After this consolidation you would think it reasonable to expect SLE At least for the moment to be looked at as being stronger, if only for the cash injection......Of course its practically wiped out all current sh but that's a different story... As I say SLE itself you would expect to be stronger...The basis of the re-organisation was the sp of 1.1p when we had a MC of £27.885m if you add the net proceeds of the placing ie; £28m and you have MC £56.885m....With shares now at 62m that should produce a sp of 92p. Add to this the notional belief that now having the funds to proceed in developing our best assets that should add more still to the sp. BUT instead what do we have. We have a sp of 75p which in effect will give us a MC of £46.5m. Thats a loss of £10m which is equal to losing £10m of the £28m placing. How can this be, its perfectly clear Mr Oisin Fanning only one thing will move this in the right direction and that's good news, very good news. If we don't get it and soon. Then we'l slip out of existance.
Sorry to drone on about this subject but there is one aspect of it that still bugs me, the RNS say's....It is proposed that the share capital re-organisation will consist of the following steps. A,B,C etc; Where as I do understand every aspect of how our shares have been changed. What I don't understand is C/ Where it say's as follows...... Each existing authorised but un-issued ordinary share will be sub-divided into five (5) new ordinary shares. What I don't understand is if they have not been issued but they do exist....Where are they, how many are they and why is each one worth 5 new shares..Whereas the issued shares need 100 to get just one new share...By my reckoning that means in effect each existing un-issued share is worth 500 times that of each issued share. Is there anyone out there who can explain this particular aspect of the re-organisation.
Human rights group's, the green's etc; etc; are just professional political protesters. They rarely have anyone who comes from the area where they are protesting. The majority of the protesters are weirdo's and for their leaders I imagine every minor success is seen as furthering their own political strength rather than achieving anything for the people in the area of their latest protest........Considering that the supposed dispute in the western sahara has been going on for about 40 years, you might think it won't be solved anytime soon...For anyone to attempt to stop SLE in their current project would be like saying I have to walk 9 miles every day for fresh water but were not letting the plumber in until this dispute is solved.
Human rights groups are threatening moves to block Irish oil exploration company San Leon Energy's plan to drill in the disputed Western Sahara region, which has been under Moroccan control since 1979.
Dublin headquartered San Leon Energy is facing a potential legal challenge over its proposed drilling activity in the disputed North African territory, which Morocco describes as its Southern Provinces.
Human rights group opposed to the drilling say oil exploration should be suspended while the future of Western Sahara is in dispute.
The Irish Government has previously called for a referendum to decide the future of Western Sahara.
Minister for Foreign Affairs Charlie Flanagan said: "Under international law, the economic resources of a non-self governing territory may only be exploited for the benefit of the people of the territory, on their behalf or in consultation with their representatives.
"Any exploration and exploitation activities that proceed in disregard of the interests of the people of Western Sahara would be in violation of the principles of international law."
, in a statement to the Irish Independent, San Leon's executive chairman Oisin Fanning said its activities are legally sound.
"San Leon's operations are in keeping with our obligations under international law and work for the betterment of all persons in the Southern Provinces of Morocco.
"Our operations in the Southern Provinces are in line with fundamental ethical norms, and actions to inhibit them are not merely incorrect but work counter to the interests of the local population and against the final resolution of conflict," he said.
"The well we are now seeking to drill will ultimately determine if there are commercial quantities of hydrocarbon resources in the area.
"To object to our operations here, as some do, on the basis that they may further the interests of the government of Morocco is tantamount to objecting to the building of roads because tanks may drive on them - so may school buses, and goods vehicles, and ambulances," he said.
This month San Leon signed a rig contract with French company Entrepose Drilling for drilling at the 'El Aaiun-4 well' in Western Sahara. Work is due to begin in August.
Global Legal Action Network (GLAN), a human rights non-governmental organisation run by Irish lawyers say they will take a legal action against the London AIM-listed company over the plan.
Ruairí McDermott of GLAN told the Irish Independent: "We intend to bring a complaint against San Leon Energy before the Irish National Contact Point of the OECD as soon as possible.
"The right of a people to choose how or even whether to use their natural resources is one of the cornerstones of international human rights law."
A distinction [is] made between economic activities that are detrimental to the peoples of those territories, and those directed to benefit them. It [is] recognized that there [is] a value in foreign economic investment undertaken in collaboration with the peoples of the Non-Self-Governing Territories and in accordance with their wishes, in order to make a valid contribution to the socio-economic development of the territories. H Corell, The Legality of Exploring and Exploiting Natural Resources in Western Sahara, Western Sahara Conference Proceeding s(2008)
Our activities to date have consisted of engaging in seismic campaigns and processing the raw data – a series of activities that are merely the accumulation of scientific and geological information that causes no irreversible harm. The well we are now seeking to drill will ultimately determine if there are commercial quantities of hydrocarbon resources in the area, which could have great potential value to the local community. To object to our operations here, as some do, on the basis that they may further the interests of the government of Morocco is tantamount to objecting to the building of roads because tanks may drive on them – so may school buses, and goods vehicles, and ambulances.
Over the past ten years in the Southern Provinces, there has been a significant change in the circumstances of the local people, and progress towards a political solution. In the Kerr McGee Recommendation in 2005, the Council on Ethics stated that there were over 165,000 Suhrawi people living in refugee camps in Algeria. By comparison, The UNHR’s estimates for refugees in these camps in 2011 are almost half that amount, Joint Needs Assessment of Sahrawi Refugees in Algeria, 4 to 14 October 2011, UNHCR. Since the Moroccan government proposal in 2007 for autonomy in this region, the overwhelming evidence is that many people living in the camps are returning to the Southern Provinces. As previously noted, the Moroccan government has engaged in expenditure to benefit the people of the area. In order to attract international oil and gas companies, the Moroccan government acknowledges that it must create a secure environment and must acknowledge the wishes and interests of the local people. Thus, the local population has already benefited from the exploration activities of San Leon Energy.
For all of the reasons above, San Leon Energy asserts that the Company’s activities in this region are not merely ethical, but work to the benefit of the local people; whereas, impairing San Leon Energy’s activities would simply work to perpetuate conflict.
a.Representatives of the Local Population – Some observers draw a distinction between those elements of the local population that are Suhrawis and those that are of other origin. The legal opinion of Hans Correll does not draw any such distinction. The concern is to determine who are the representatives of the entire local population – including both Suhrawi and non-Suhrawis. The region votes as a part of the Moroccan Southern provinces and has one of the highest voting turnouts in Morocco. Elections are held for seats contested by both Suharawis and non-Suharawis, and both Suharawis and non Suharawis vote in these polls. These elections are monitored by international observers and are considered free and fair. It is these elected officials that San Leon consults when determining the wishes and interests of the local people.
Many activist organizations agitating on the issue are supporters of the Polisario - a paramilitary organization with links to known terrorist groups. In the past two years over 45 countries have frozen, suspended or withdrawn their recognition of the Polisario-backed Sahrawi Arab Democratic Republic (SADR). The Polisario cannot be considered the legitimate representative of the local people and for that reason San Leon Energy does not engage in dialogue with this organization.
b.The Wishes and Interests of the Local People – San Leon’s dialogues with local representatives reveals that the wishes of the local people are for improved public infrastructure, improved security, and economic opportunity. The Moroccan government has made significant efforts over the past years to improve the lives of these local communities. Over one billion dollars a year is spent in this region by the government of Morocco – significantly more than the government of Morocco derives in income from the region.
All of this expenditure has been committed before there has been any revenue derived from oil and gas activities at all. It is the desire and the intention of the local people, the government of Morocco and San Leon Energy that any income derived from natural resources extraction in the future benefit the local community and be in accord with their wishes. The government of Morocco has engaged over a period of years in substantial infrastructure improvement – building schools, roads and hospitals. The continuing activities of San Leon Energy to discover hydrocarbon resources in the area will create greater wealth for the local community in the furtherance of their wishes and interests.
Benefit to the Local Population
Not all resource-related activities in such territories constitutes “exploitation and plundering”. Hans Correll has stated that:
A distinction [is] made between economic activities that are detrimental to the peoples of those territories, and those directed to benefit them. It [is] recognized that there [is] a value in foreign economic investm
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