OML 18 contains nine fields, including one which straddles the licence boundary, and associated infrastructure that includes seven oil flow stations, three associated gas gathering processing plants and one non-associated gas processing plant, and associated gathering facilities. Approximately 140 wells have been drilled on OML 18. Three fields are currently on production. Production in recent years has ranged between 20,000 to 30,000 barrels of oil per day from approximately 30 producing wells.
so the licence has 9 fields which at present only 3 fields are producing between 20k/30k of oil a day..so looks like some upside on the other 6!..
martwestern holds 50% of the Consortium which holds 45% of OML 18
( Martwestern Energy Limited that in turn owns 50% of the shares of Eroton. )
20k/30k bpd is around 4500/6750bpd to martwestern for their 50% in Eroton..
San Leon will receive a minimum 65% enhanced cash sweep of Martwestern’s production proceeds from OML 18 to cover the timely repayment of debt incurred to finance the total acquisition cost.
so does this mean from when this deal is finalised! sle get mart resourses 10% plus martwesterns ( minimum...yes minimum 65%....)............and there is no time limit stated when the 65% ends !!
or is this from March last year!! the 65%.....nice if it is!!
AND..Significant portion of production covered by hedge at $95 per barrel until December 2017.
just my opinion!!...but
also what is encouraging is that is sle can fund this with no dilution...ie $180 mill........ . why are the non holders so worried about avobone appeal ( as it is only they who keep stating this will finish sle off but wishing it would in real terms by their postings ).not so eh!!....if sle can fund $180 mill then they will be able to fund what ever that outcome!
which could easily be paid out the cash sweep if they did unfortunately lose...but hopefully in the UK courts a amicable solution can be found..and that total amount will be reduced or fingers crossed thrown out!!
Sorry if I don't buy your BS, you deserve everything that's coming.
As for the other posters who are a little more openly dishonest, posters that have done everything humanly possible to misappropropriately devalue my investment, then I've got a whole DJ set for them I'm afraid.
If this deal goes through (yes if, but I'm very hopeful unlike you strangely who has been moaning for production with your constant un-buyable sob story) and rawicz -15 is declared commercial... YES COMMERCIAL FRUS! It doesn't have to be producing to be commercial! You don't get to reinvent the O&G terminology!! ITS COMMERCIAL YOU BELL RINGER!
If all that happens then by open day... "Ding Dong The Witch Is Dead"
I will shed only one tear... of joy for myself and my fellow posters on here that have retained PERSPECTIVE during a very difficult few years not just for SLE but the industry at large.
You see for me Frus this is not the end game it's about turning a corner and becoming more autonomous about how we manage our excellent assets moving forward. The shorters have played on that market fear of cash strangulation for the last 12 months.
Seems some posters are getting desperate posting all hours I said this would happen when the deal was anounced what a wonderful surprise from our so called shareholders obviously you don't want the sp to rise by your posting style But what do you expect a lepored doesn't change its spots a few multiple I'd thrown in for good measure stinks of desperation
Last post for a while the bb is being cluttered again by posters who would sell their own mother down the road very very snide you know who you are
As John Cleese once said, "it's not the despair that eats you up, it's the hope".
Those that fall into the despair category are the so called de-rampers, who have given up SLE as a lost cause and have nothing good to say about the company. They will look back and point out how the SP has performed so badly on the back of so many false dawns.
Then there are those in the hope category, the so called rampers. Some of these have all their eggs in one basket so will fiercely defend their own investment to the point of being mocking and/or abusive to those that challenge the good news spin that they constantly post here. For them SLE is the be all and end all.
Then you have the silent majority who read and rarely post. These are probably the more balanced investors with a diverse portfolio. For them the woes of SLE is more of an irritant than a catastrophe.
Hopefully the SP will re-open at £20 and everyone (rampers and de-rampers alike) will slap eachother on the back and say so-and-so wasn't such a bad sort after all. Then again.......
Do try to stop being unpleasant to people.......burn baby burn, really. You know how that kind of thing upsets SJ Can't understand why some posters deliberately try to upset others......How much cash have we received from Rawicz......Nothing a big fat nothing and until we do it's NOT commercial.
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