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San Leon Share Chat (SLE)



Share Price: 24.625Bid: 24.00Ask: 25.00Change: 0.00 (0.00%)No Movement on San Leon
Spread: 1.00Spread as %: 4.17%Open: 24.25High: 0.00Low: 0.00Yesterday’s Close: 24.625


Share Discussion for San Leon


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BlackSwan
Posts: 595
Observation
Opinion:Hold
Price:24.625
Irish jurisdiction established 2016
22 Nov '17
I couldn't find records for San Leon court appearance of 21/11/2017 - but then I'am not a lawyer - anybody else heard anything?

Below is the Irish court conclusion for Avobone/San leon 11/11/2016 if anybody is interested.

http://www.courts.ie/Judgments.nsf/0/CF27F6A6FAD4FAF48025806D004EEA73
Conclusion
22. For the reasons I have set out above, I am satisfied that there is no basis on which the unconditional appearance should be set aside or deemed to be a conditional appearance and I am satisfied that the court has jurisdiction to deal with the enforcement application. I am also satisfied that no valid challenge has been raised to the enforcement of the award and the applicants are therefore entitled to an order in the terms of the notice of motion enforcing the arbitral award.
 
BlackSwan
Posts: 595
Observation
Opinion:Hold
Price:24.625
RE: Our oil is worth $270m more tod..
22 Nov '17
Bony light today $62.69

WTI CRUDE £ 57.71 +0.88 +1.55%
BRENT CRUDE £ 62.75 +0.43 +0.69%
MARS US £ 59.13 +0.41 +0.70%
OPEC BASKET £ 60.33 +0.43 +0.72%
URALS £ 60.26 +0.74 +1.24%
LOUISIANA LIGHT £ 62.14 -0.36 -0.58%
BONNY LIGHT £ 62.69 +0.47 +0.76%
MEXICAN BASKET £ 52.87 -0.32 -0.60%
NATURAL GAS £ 3.117 +0.01 +0.23%
RichinMinerals
Posts: 598
Off Topic
Opinion:No Opinion
Price:24.625
Our oil is worth $270m more today
22 Nov '17
than it was on Monday!!

Every $1 rise in oil = $90m increase in SLEs NAV, when the "conditional" bid was formulated the price of oil was around the $40 mark today it is flirting with $58 which gives us an increase of a wopping $1.6B to our "current" reserves since China "not so" Great put their low ball bid of up to a max of $459m in. Baring in mind our NAV has increased by $270m since Monday alone so I somehow think if they are seriously interested in our low OPEX OML 18 stake thy will have to scrape together a few more Yen than what they preciously thought ))

As for Avinalaugh, I believe those that laugh last will come out on top, I think soon it will be SLE holders laughing loudly and lastly :-)

76p just got that little bit more laughable and even 93p does no longer sound interesting when put into future perspective, organic growth, increased reserves, higher production, higher oil prices, DIVIDENDS!!!!! ))

Good luck defenders, you seriously need it now girls lol

Bestest as ever

Yours

Dickie
Callasjunkie
Posts: 317
Off Topic
Opinion:No Opinion
Price:24.625
View Thread (2)
Proceedings
21 Nov '17
San Leon motion listed to be heard in High Court, Chancery Division later today. Chancery....how appropriate.
BlackSwan
Posts: 595
Observation
Opinion:Hold
Price:24.625
RE: Oil - Bony Light best price
21 Nov '17
Rich minerals recent comment - I took him to mean today tuesday:- for any who missed his comment here it is:

The barrister for San Leon said the specific performance order would stop Avobone seeking to liquidate San Leon before the agreed payment deadline. He said the £14.7m would be paid by January 15, as agreed. The order would also £restrain£ Avobone from advertising a proposed liquidation of San Leon.

O£Hanlon said she was satisfied to give short notice, allowing the court papers to be served immediately on Avobone, and the case is due to return to court on Tuesday.
BlackSwan
Posts: 595
Observation
Opinion:Hold
Price:24.625
RE: Oil - Bony Light best price
21 Nov '17
BS - Cheer up you sound really down with your comments - look on the bright side - wind up will not happen - it'll be knife edge business as usual money will be paid.- not that you'll be able to read this as you told me I am on your block list pity - now where is Richminerals with the Irish court case results please Hey Ho.
Brotherseven
Posts: 839
Off Topic
Opinion:No Opinion
Price:24.625
RE: Oil - Bony Light best price
21 Nov '17
seems like a wind up is on the cards now,what will the ‘holders’do now ?
BlackSwan
Posts: 595
Observation
Opinion:Hold
Price:24.625
RE: Oil - Bony Light best price
21 Nov '17
BS - The price of oil is always relevant go tell it to the Saudis.

If you haven't read it already Eadwig post on II site should make your day complete I repost it here for you:

LD, "avamoan are after our oml18!"

They can't get it, not through the courts. A liquidator will, who will then pay Avobone what is owing to them and not a penny more.

Avobone can then bid for OML18 if they like, but they wont get it again, unless they are one of the 'interested parties' that are so far unnamed.

What is left after the liquidation should all go back to the shareholders - but it wont. Not all of it. There will be other people claiming debts, especially those who will argue they were paid with shares that were known to be worthless, but others that are generally owed moneyone way or another, including those who will be prepared to argue SLE had made promises about on-site work and let them down.

It will come in dribs and drabs over a period of about 5 or 10 years (yes, I have been there before). It could be that shareholders best chance of getting anything back at all will be with SLE's assets in the hands of the liquidator, despite a 15 or 25% fee.

OF has been charging well in excess of that for managing the assets so far, let's face it.
honestsid
Posts: 1,902
Answer
Opinion:No Opinion
Price:24.625
RE: Oil - Bony Light best price
21 Nov '17
So you think Avobone are trying to wind up SLE for a £15 million debt that was caused by an £178 million deal that has so far gone wrong and not paid SLE enough to pay the £15 million debt.

Upon wind up they are going to put the £15 million towards the £178 million "asset" that has not yet paid out properly and caused them all this legal hassle and may not pay anything out in future without a lot of legal hassle ( for hassle read $$$$$$millions in legal costs and years chasing a third party that they have no control over and has a history of not paying up).

I dont think so, do you, really?

They wouldn't want to touch OML 18 or anything to do with Nigeria would they. They have more sense than get involved with such a complex deal in a country famed for Fraud.

They just want their £15 million and don't trust Fannings ability to pay up on time as things aren't going too well for him. They want to be first in the queue, if there is a que of course. And get it quick before any shifting of assets to midwestern or elsewhere is done so they cant get whats owed.

Of course, this is all in my personal opinion.
Brotherseven
Posts: 839
Off Topic
Opinion:No Opinion
Price:24.625
RE: Oil - Bony Light best price
21 Nov '17
It’s all down to NNPC thus today’s ruling will have only temporary short term relief ,AVO and SLE share one common problem ,cash flow and TF may well join them at some stage .Bonny crude price is totally irrelevant since SLE controls nothing and should Nigeria default on payment then there is nothing OF ,the Irish courts ,lawyers can do irrespective on any Cosy arrangement they might think they have .One has to admire OF where he can walk unscathed and leave the majority shareholder TF on the hook ,would nt want to be a TF client now with so much dependent on a remote third party in west Africa,you couldn’t make one it up.




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