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CJ - Great post - you got it all in one - with reference to "Jite" as being ex Shell I had put him in the "respectable" category but as we read in the local press, he is not all that he would appear to be.
My own researches into vessel tracking/vessel info sites would suggest that a lot of the information is out of date.
Eli Akaso was actually converted in 2019 in Malaysia overseen by World Carrier Corporation (WCC). It did earn $5.7m for 6 months charter in 2020. Its just one of the myriad of mysteries related to SLE et al as to why it wasn't put out on further charters. Apart from incompetence, it may have something to do with the relationship between Eli Malta and WCC which appears to be in deep trouble. For instance the FSO management contract was abruptly transferred to Century from a WCC subisidiary this year.
My memory is that an unmodified VLCC of Akaso's vintage are selling somewhere between $20 and $30m.
Regarding how much Eli Akaso is worth, an astonishing figure from the Admission document is that as of end 2021, Eli Malta had capitalised the ACOES at $190m!! That figure would have assumedly included the pipeline pipes lying idle in OML18, the linking modifications in OML18 and probably a heap of capitalised interest.
Its intriguing that on the Board of ELI Malta are two representatives of WCC. I haven't seen any notice of their resignation on the Maltese Companies Registry. That may not mean anything as SLE mention in the Admission document that Eli Malta's administration is appalling.
What's more, Jite's ex-wife is also a Director of Eli Malta. (Same comments apply as to whether she's still there) She's currently suing him for divorce in Florida where he's resident and he's seeking to have that litigation moved to Nigeria...where he might have more 'influence'.
Furthermore the ex-wife runs a company in Nigeria that did substantial engineering works for Eroton and hasn't been paid. I think the amount in dispute is well in excess of $30m.
The litigation to have Eli Malta wound up isn't scheduled until November of this year. That alone could delay their accounts for months.
Who needs Eastenders, Coronation Street or Emmerdale when you've the best soap opera in the world right here! Though of mentioning Casualty but that's a bit close to the bone.
Eli Akaso - built 1999 - Length 313m width 58m draught 10.3/2.4 m - Fleetmon website is showing Eli as at anchor off Port Harcourt but is listed as "scrapped " FleetMon insist on listing it as "scrapped" - maybe their files haven't been updated or maybe she is still uncertified by the Nigerian authorities as an FSO - is so why not it has it taken so long to obtain certification?
Eli should be in reasonable condition and has been "unused" since her refurbishment in Malaysia a couple of years ago, she has a double hull which would increase her resale value on the tanker market.
Nigeria has a long history of utilising FSO, FSPO etc some meeting ignominious end whilst anchored off the Nigerian coast - the ref below gives a list and some history of these units - it is an article from 2022 but comprehensively covers the existing market.
The case of the Trinity Spirit — an unflagged, unclassed, 46-year-old FPSO owned by a defunct company in receivership which exploded last week — has exposed the fragility of Nigeria’s offshore sector where ageing units are the norm.
https://lloydslist.maritimeintelligence.informa.com/LL1139817/Why-the-Trinity-Spirit-FPSO-explosion-was-not-a-safety-anomaly
The long read: President Tinubu gets to work -
Tinubu’s appointment of the former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the CBN, NNPCL, and other Government Business Entities. Tinubu has directed the special investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.
https://punchng.com/uncover-cbn-nnpcl-mess-economists-groups-tell-tinubus-special-investigator/?utm_source=auto-read-also&utm_medium=web
https://punchng.com/burning-recovered-stolen-crude-is-surreal/
Given the current political situation in Nigeria and particularly in the Delta states it could be a long suspension.
When it comes to AIM, should the securities of any company be suspended for six months, the securities will be be cancelled from trading unless an extension has been granted.
What happens when shares are suspended in the UK? If you bought stock before the company suspends trading, the idea's the same. The contract still holds and you'll still get your shares. Your money has been paid, you'll receive the stock (but won't be able to sell it) and you'll get any value that comes to shareholders out of the administration process.
One thing's for certain...OML18 is definitely in a state!
Samalarik you such a bigot you obvious not even read the artikle. it clearluy state well head on OML18. you mus try hardur.
histury dont lie. july 2022. sp 41.2. steady continuos fall to july 2023 16.4p . even with full time cumpuny rampers doin there red face best.
i dont envy you samalarik it a hard job you got. a mountin to clime cause the fact of 10 year history of the red lion failin after fail after fail and 8 year inefektual rampin from you showin you be ronger and ronger by each week passin. fun to wach you struggul though.
shorturs delite. that if you could even trade it bin suspenshon for 2 years out of last 3.
'histury dont lie.' no but seems Afantasy , as you say Junkie, does and has been lying over quite a long period now. also the article he posted about oil theft concerned Rivers state. he is either ignorant of or more likely disingenuous about the fact that OML18 is in Delta state. no surprise, since he clearly has difficulty distinguishing fact from fiction after a lifetime of dissimulation.
Afamefuna,
looking at the reportage of the tampering of the OML18 wells, it could be third party theft,
but the articles have more than a whiff of stage-management. Possibly another round in the
dispute between NNPCL/Sahara and Eroton?
So funny. only thing red faced angur managmunt falure bluepill confurmed is the red lion is totaly usless investmunt any way you look at it.
he shot you all meggur rampurs in the foots. Lol
the red lion. always bin goin red aways will be red. jus look at last ten years histury. the shorturs delite.
histury dont lie.
BW Offshore an Oslo-listed company recently sold their FSO in Nigeria for $15mio to concentrate on more promising markets in Latin America. It was acquired by businessman, Ken Etete’s company, Century Group.
The vessel named Sendje Berge would appear to be the same size as Eli Akaso and was built in 1974, it has a carrying capacity of 274,333 DWT and a reported draught of 13.7 metres. The vessel has an overall length of 348.77 meters and a width of 51.87 meters.
The vessel, named Sendje Berge, according to Upstream, was purchased as part of Century’s strategy to focus on long-lived, higher-return projects by offloading non-core vessels.
Sendje Berge (IMO: 7360057) is a floating storage/production vessel sailing under the flag of Singapore.
Reference - https://punchng.com/century-group-acquires-15m-oil-production-vessel/
More nonsense from Afake i see and still claiming he's doing well out of shorting san leon, despite being exposed as a liar by his buddies here. maybe he needs another schooling from bluerill in how shorting works in the real world not the fantasy one?
More bad news to keep the red lion in the red.
investmunt in Nigerian oil is one big gamble.
shorturs delite. lol
https://www.premiumtimesng.com/news/top-news/609395-oil-theft-navy-uncovers-sabotaged-nnpc-wellhead-in-rivers.html
Ha ha very funny. you can bet on anythink in Nigeria. lol
Leaving accuracy aside to a later date so we have something meaningful to judge, the point you forget, BS, is credibility. why should we believe anything you guys say, when Afake has been exposed as telling porkies about how much money he's made shorting san leon and the rest of you appear to hero-worship him? i fully intend to return to this aspect of trolls' posting in the future, when required.
Alaric - your far too keen to drive a wedge in reality - the operative phrase in my last copied and posted comment was - -"at the moment anyway" - that is not to say in Af's long history of postings on shorting 'has not been impossible in the recent past and I object to your comment that I had any intention of "throwing under the bus his posting history has beeen regretable far more accurrate than yours and thats an understatement!
Good to see you agree with bluerill BS. most sensible readers here also do and can see that he's a seasoned professional in equity markets. of course that rather confirms your buddy, Afake, was telling porkies all along. i love the way you guys are prepared to sacrifice one of your own to make another point. the question is though what point are you trying to make, other than the usual snarky ad hominem stuff?
Bluepill - Agreed - "SLE is too volatile and too event-driven and, at the moment anyway, too illiquid, for the risk models of any of the spread betting firms to even consider accepting." Tut, Tut - "Angry"- your persona is slipping through again hardly the attitude of a professional "business" man as others on this board have suggested.
Spot on blueril, not only Afake and Afailure but Afraud too.ha haa ...
I often could not contain my anger at how utterly appalling his entire schtick is so I no longer post here anymore.
Good to see Afake put in his place by a city pro. it seems h'es been posting 'meaningless blah blah' all along lol. just goes to that getting posts taken down because they expose you as a fake doesn't work and just makes you look an even bigger numpty :-)
So that no one here is in any doubt, what this rounding error of a poster is babbling with that word salad might at times have some tangential connection to spread bet trading in Vodaphone or some other megacap, but absolutely sweet fa to do with trading in San Leon. Anyone, anywhere who tried to log onto to any spread bet platform to try and put a short 'bet' on in a name like sle recently in any size above molecular scale, would have been immediately refused and then required to call a real human being at the spread bet broker who would explain that either such a trade is likely just outright rejected, or - a tiny possibility if the client is important enough - a stock borrow would be required to initiate the trade. And since Tosca + management have a massive super-majority of the shares locked up and very much un-borrowable, good luck to afake's mystery short seller(s) finding enough shares to borrow in order to put on a position of more than a couple thousand quid short (I don't know, perhaps that impresses some down the pub). Sure, the odd IG or PLUS 500 may have a client or 2 who are already long San Leon that they might considering 'netting' against a new short position, but even then they would probably require sourcing an adequate borrow as SLE is too volatile and too event-driven and, at the moment anyway, too illiquid, for the risk models of any of the spread betting firms to even consider accepting. In other words, what all that serves to demonstrate, is that the idea of some kind of huge bet against SLE shares, somehow hidden on the books of spread betting firms put on by punters who are simply allowed to 'bet' against the share price, is the fantasy concoction of the type of person who thinks its funny to troll a Nigerian-based company by creating an avatar that 'speaks' in pidjun English. Bottom line, trying to short San Leon at a spread bettor versus a traditional broker is effectively, a distinction without a difference.
Funny how some posts get removed, and yet other ongoing share bashing are allowed to stay.
. Same old.
And sum much needud educashun fur alaric. an boy o boy do he need it badly. read it a few times alaric it very complex an i dout your brain will undurstan it on furst readin.
the supplier of the CFD/spread bet need not actually place the trade in the market. When you spread bet you are basically betting against a bookie.
so don't think that as soon as you place an up bet for 888 at £20 per point, the spread betting provider is going to rush out and buy a two and half grand CFD to hedge the position. What's the point of this if 30 seconds later someone having the opposite view as you will go short on 888. So is there any point for a company to hedge?
Spread Betting: In essence, it just a matching process. Match all longs against shorts and capture the middle. The house will run a % of overall volume uncovered in normal markets for additional profit. All spread betting bookmakers take on exposure. If they didn't, and went away to hedge every single trade, they would make very little in the way of profits. This is for the simple reason that hedging costs money, both in terms of market spread and broker commission.
Everyone talks about 'hedging' but hedging costs the firms money in terms of execution costs plus spreads plus slippage and therefore they generally try to keep this to a minimum.
no needs to thank me alaric. lol
Readystedy here a quote for you to help yous undurstan
Traders cannot lose more than what they have deposited with brokers.
you see readysteady it not a trade it a bet. it cuvered by gamblin act that why ther is no tax on gain. lol
Origins of Spread Betting
If spread betting sounds like something you might do in a sports bar, you're not far off. Charles K. McNeil, a mathematics teacher who became a securities analyst—and later a bookmaker—in Chicago during the 1940s has been widely credited with inventing the spread-betting concept. But its origins as an activity for professional financial-industry traders happened roughly 30 years later, on the other side of the Atlantic. A City of London investment banker, Stuart Wheeler, founded a firm named IG Index in 1974, offering spread betting on gold. At the time, the gold market was prohibitively difficult to participate in for many, and spread betting provided an easier way to speculate on it.