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Redeyemines - Ref your last post "Why hasn't it all been paid, how much was paid," - worst case is if Brightwaters contract allows them to cancel the contract say for example due to Eil failure to pay progress payments on time or non-payments etc and they sue Eli in court for the total payments - best case is Brightwaters are seeking to review contract prices (upwards) say for consequential damages caused by the delayed payments etc before they are prepared to continue and all this is currently under consideration by the joint parties with Brightwaters maintaining pressure on Eli with following through with their court actions should negotiations fail.
Wrong again Junkie. until the ELI deal closes we own just 15% of ELI and have a single rep on their board. as such there is no obligation on us to report anything about the company good bad or indifferent. rather than invent lies about us, i suggest you focus (for the sake of variety) on some facts eg the recent news about TRAM's funding package, which on its face is fantastic for us. i guess the problem for you is it's a fact and you're patently allergic to them :-)
Redeyemines, this tw8t junkyard is a past loser a liar and right Muppet who proved to everyone who reads this that he lost his shirt hence his constant vendetta against sle and management, in fact to prove how stupid the idiot is whatever he posts against sle, sle down the line takes him to the cleaners by issuing news that burns his propaganda accusations.......the guy is a dumb poster fact ....
Really Callas, you do bring the worst out in people, you are enough to try the patience of a saint.-
---I am invested here, and yes I do try to see the positive side to SLE. ----You are clearly not invested here, (or you have a strange way of looking after your investment), and yet over the last six years or more, you have posted around 600 stories, almost 2 a week, constantly looking to prove how cleaver you are, and always trying to find a negative in everything SLE does, ---not even one positive comment----why ??.
-The last RNS , where we brought a huge new investor on board, provided us with the funds to increase our stake in ELI approx 55%.
----Do you really think we would do this if there was a chance that ELI would be wound up with this action from Dec 22 ??
-Yes ELI owe sums to Brightwaters, and Brightwaters brought the action to try and force payment--- ELI clearly needed funds-----SLE have stepped in with loans to ELI, and in the process gain more %..
-So, have ELI paid any of that debt to Brightwaters---my guess is yes, as the funds were clearly earmarked to bail out ELI--- and that is why certain papers were withdrawn . Why hasn't it all been paid, how much was paid, and what is left to be paid, I don't know, but clearly SLE ( with 2 reps on the ELI board), can see the complete picture and are happy to increase their holding.
--I'm happy to admit that the BOD know more about things at this stage than I do, why can't you accept the same.?
-With the ACOS being our major corner stone and given our current financial position, I will expect that more funding is heading to ELI one way or another, and I do not accept that there is even the remotest chance of ELI being wound up, and I expect the whole matter to be settled long before the next court date in Feb.
-Why cant you see that from the last RNS ?
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-Now lets look at something positive that seems to have flown over everyone's head.
-Depending on which of Oisin Fanning's interviews you listened to, OML18 was producing anything between 15,000---20,000 BOD----where did that come ?---and what are they producing now,---as it looks like things are being ramped up quickly.
---Over 40 days since those interviews so the oil must be on barges (20/- barrels ish) probably on to the Mother Ship (200/- barrels ish), then maybe loaded on to the FSO (2 mill barrels ), and then on to Shell.
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-Can't wait for the next RNS and full update----got a feeling it's going to be a cracker
The ACOES pipeline contractor filed its suit on 7/12/22 as a winding up petition.
Obviously an extremely serious matter. The ACOES by SLE's own admission defines the ACOES as it's fundamental corporate strategy.
However shareholders have never been informed of this litigation by RNS despite SLE having two reps on Eli's Board.
I can't believe that this is not a serious breach of stock exchange rules.
Well done Naibob. My system wouldn't let me access the Sessions page of their website.
What document was withdrawn, goodness knows. This is I think the 4th deferral.
What can we surmise from what you tracked down?
First, as the case has been relisted, it indicates that the Tri Ri money hasn't been applied to settling with the pipeline contractor.
Second, it casts doubts on whether Eli will complete and file their Accounts by 31 Dec, in which case SLE can't complete their own Accounts and risk delisting from AIM.
Third, it probably puts substantially forward the schedule to complete ACOES.
Enjoy your break.
I should note this is Google translated from the Maltese original, not that I’m sure it makes anymore sense to me in English!
By chance I arrived in Malta yesterday for a cheeky long weekend….in between exploring and eating I found this on your link. It looks like a note from yesterday’s attempted hearing -
When the case was called, Av. Keith Borg for the respondent company.
The claimant noe the Av. Jonathan Abela Fiorentino sent to inform the Court that he cannot attend today's hearing.
The Court notes that just yesterday a note of the claimant noe was presented, a copy of which the defender of the respondent company still does not have.
The Court adjourned the case for the same purpose as the previous minutes until 23 February 2024 at 11.15am.
Later appeared the Av. Jonathan Abela Fiorentino, who while confirming what Av. Keith Borg had informed the Court about it, requested that on instructions sent to him by the clients yesterday evening, withdraw from the note the second document, DOK JAF7 (fol 467 - 469 of the process). He declares that this does not mean that what was declared to the Court is not true.
The Court accepts the request and authorizes the claimant noe to do so.
The claimant is now withdrawing the same document.
Thank you for that post, demonstrating your shallow mindedness.
I'll refrain for the time being from refering to your investment record.
Funny, I thought you were the fountain of all knowledge regarding SLE-----Seems you're not
No info yet on the Sittings page of the relevant website.
Here's the link. It's case ref 124/2022
https://ecourts.gov.mt/onlineservices/CivilCases/Detail/431603#
Any news on this court case then Callas????
... to have Eli wound up,
Big day tomorrow. Unless there has been any very recent settlement, the case brought by the ACOES pipeline contractor to Eli Infrastructure wound up is due for hearing in the Maltese Commercial court.
Thanks Naibob. I've never made any secret of my scepticism to this company and have explained why in previous posts. The combination of Fanning with his disastrous track record of failure with putting yours eggs in one basket in one of the most corrupt countries in the world should be a red flag to anybody.
How a $125m investment by an American real estate trust, with apparently no experience in the oil business or Nigeria, will pan out is anyone's guess.
For the sake of BlackSwan, yourself and others who are trying to recoup their investment here, I wish you the best. But I will continue to call out what I see as ramping, lies and barefaced innuendo.
I agree with that in principle. I can see the optimism and since I too have held shares for a fair while can discount it equally as fools gold if needs be, but there appears an element of malice in the intonation of the naysayers that makes me wonder as to a purpose over and above information provision.
Naibob - I'll vote for that!
You could argue it provides some much needed balance amongst the sometimes giddy positivity banded around this board.
As a LTH I want to see all news and comment, good bad and ugly, so that i can try and form my own opinions. I thank those that take their time to trawl through foreign media for pertinent stories, no matter what angle they lean on.
Personally I find the so-called 'negative squad' to be less disingenuous than some of the clearly rose tinted rampers. It's all a matter of taste of course but iv'e been around this share long enough to maintain a level of scepticism that will not have me pulling out the champagne every time OF proclaims a new company changing deal.....the proof, as ever, will be in the re-listing and the resultant market movements.
I just wonder why you would regularly want to spend time searching and posting negative press reports unless you wanted to influence and perturb others?
Alaric, Redmineeyes,
Is the Contingent Liabilities note in the 2021 Accounts incorrect?
Yes or no?
So you have no opinion at all about our last RNS??
readysteady, thank for being polite question asker.
i prefur to con****rate on historicul fact. the past show that lots n lots of the suposud good news dont happun or only half happun and it only bin good news for directurs wages and shorturs who now that in few weeks the good news aint so good and sp price fall again. so lets wait an see for re-entry time. nuthin much to discus til then.
so far them rabbits he keep pullin from the hat all got mixamitosis and soon die.
histury is proof.
If San Leon has sold on all its liabilities re Seven Heads in 2019, why is it listed in San Leon's 2021 Accounts as a Contingent Liability?
Alaric, Redeyemines, are the published Accounts incorrect?
Clearly the judge believes there's a case to answer or he wouldn't have admitted it for hearing in February.
Morning Afameuna, it's been a while since we have heard from you.-----I was surprised that you have not commented on our recent RNS,
---$186 mill of new finance which will see the completion of the ELI pipeline and the start of the FSO operations---all debts cleared and a huge new investor on board-----a real cash machine about to be switched on.
----Just wondered what your views on it all were.
-
-Not too sure what the ins and out's of this decommissioning business are, ,---wonder if Ardilaun have actually paid any of those costs, and thereby admitted liability,---maybe you will know the answer.-----but that really doesn't matter too much at this stage.
-
--What I really want to hear is your view on all our good news, ---look forward to your reply.
The decommissioning agreement provided that the minister was conferred with the authority to enforce the lessees’ PSE and Island respective obligations to share in decommissioning costs. Commercial production at the Seven Heads field ceased in July 2020,.
-
-The field ceased production in 2020 , but SLE had sold ALL of its interest's (and liabilities) to Ardilaun in 2019---- In 2020 when commercial production ceased SLE were no longer one of the lessees, that responsibility had passed to Ardilaun in 2019.
----Do you really think, that if the field had continued production for another 100 years, that SLE would still be liable for the decommissioning costs ??
-As Alaric said yesterday---this is just an attempt by Ardilaun to pass the buck, now they have seen us win the lottery.
-All a lot of nonsense over some small beer.