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BR,
The company said in September that it expected the buy back to commence in October - it's now almost February. How long have you been invested? If prior to the second (...) suspension you should know what I am referring to about broken promises. If after, listen to your elders (....).
There are reasons why the SLE BB is monopolised by a small number of die hard SLE flag wavers. One is that most holders have given up on the share. The other is that anything vaguely negative is met with verbal assault. As you have again shown.
A,
I have the letters ACA after my name to show (one of) my qualifications so yes, I do read the FT.. What is your qualification?
Pc - spot on.
keep your friends close and your enemies twisted with bitterness, huh squirrel? thankyou alaric, that's v kind
yeah, thought you might...
Spewed up
Blues 10 - Blacks 0
mmmh I don't recall anyone ever getting into double digits on the vote up button here but looks like your team may need to brush up a bit BS. well done to bluerill though, our very own 'Special One' ha?
It seems remarkable the amount of buys we've had in the last few days and yet the price hasn't moved. It may be the algorithmic trading of several smaller trades that clips it down, to be then hit with a decent buy......purely conjecture on my part though.
I guess that can't / won't go on forever and hopefully we start to move north soon.
The great concern I have is that it seems so blindingly obvious what is going on here...markets are typically (in my limited experience!!) quite efficient...so as per so many posts of mine it seems we have to not only smell the coffee but also see the milk n sugar before we - the mkt - really believes we are getting a cup of hot steaming coffee and that the corner has finally been turned. And that is completely understandable I think given this company’s previous history of not looking after its shareholders.
It is - if you think about it - extraordinary that SLE has been given a second chance...it’s no help for the early shareholders but for those long down at these levels it it does seem we have a very decent opportunity...
indeed so mclean91, just as simple as that. and yep, bluerill, I know exactly what you mean: the 'but' word has more threat in it than people might think. as I know you know, i was being sarcastic about FT readership demographics and I do know i have to watch that; there is just something about certain posters on this board that acts as a trigger on my childish addiction to sarcasm. heh ho.
Yes mclean, at the risk of sounding definitive and jinxing the situation (I am a bit superstitious for my sins), I believe that is EXACTLY what the fact pattern implies.
Thanks, Alaric. For the record, I was assuming they didn't, which is why I was pretty sure that BS's patronising-sounding response (yeah i know, maybe I'm reading too much into it, but when I read '....but thanks for your contribution...', particularly from someone with such a poor record of relevance, its that 'but' in particular that gets my spidey-sense tingling, know what I mean?) was - as is too often the case - wildly wide of the mark and in fact he had absolutely no idea what I was writing about.
absolutely correct bluerill and looks as if the Dublin court appearance went off entirely as expected without any hitches. and all as advertised in the FT last week, as you say. i imagine they will want to see the SP back at say 50p, before introducing a progressive dividend policy and that is an entirely reasonable set of assumptions, given our circumstances and prospects now. ps.somewhat aspirational of you to imagine that squirrel types might actually read the FT!
No BS, I don't think 'you' did. While I never know what it is you personally are aware of, my reference was to an item in Friday's Financial Times. I had previously highlighted the ad in the IRISH Times placed by the company prior to their early Jan court date which strongly suggested its confidence in the eventual court decision. However, I did not - nor did anyone else - point out the 'tombstone' that was placed in last week's FT - a far more consequential publication - AFTER the mooted court date and thus tantamount to signalling to the market that the 2-week clock is now formally ticking towards a date in early Feb when the company will be cleared to begin its buyback.
As I said, I have nary a clue what you're on about half the time, but I will wager that this is useful news on the margin for many others.
br - we knew that - but thanks for your contribution.
Smile. Honestly, the nonsense people feel compelled to share, just so someone acknowledges their existence perhaps?
Check out the company's last 3 RNSs which Redeye has graciously reprinted below if you really need a lesson in promises made/promises kept, squirrel junior. And, if you're really feeling frisky, go back and find a copy of Friday's FT for an example of the company in fact ACCELERATING their compliant behaviour towards shareholder commitments (oooh, a bit of an easter egg there for the adventurous)....
Sharebuyback, followed by production-led progressive dividends, anyone?
Good to see SLE doing what it does best - not delivering on its promises.
Dividends, anyone?
RM - Good idea reposting the RNS - the facts instead of the usual postings desperately trying to ramp/deramp or trash other peoples opinions - read and draw your own conclusions on the prospects for the company.
News of Newcross over on III seems interesting - Eroton receives something for nothing as it were :
"straddling OML 18 and OML 24 - governed by an interim unitisation arrangement dividing production from this field between the OML owners on an equal basis)"
Note the Chinese are doing the drilling for Newcross - never did get a satisfactory answer whether SLE or others I.E. the Chinese were drilling our new well/lateral - hope SLE are in the Eroton loop for this work as they should be,SLE could also be subcontracting the new drill to the Chinese via their rights to provide field services to Eroton for development work on OML18.
My SP forecast remains - minimum 35p over the next couple of weeks - looking good.
Update on Share Buyback and Expected Completion of SunTrust Exit
18 December 2018
San Leon Energy plc , the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update on its plans for a share buyback of at least US$10,000,000 and also on the expected completion of the Midwestern Oil & Gas Ltd (“Midwestern”) purchase of the remaining San Leon shares held by SunTrust Oil Company Nigeria Limited (“SunTrust”).
Share Buyback
On 25 September 2018, the Company announced its intention initially to return not less than $10 million to shareholders through a share buy-back programme (the "Programme"), once it had completed its capital reorganisation. Whilst the reorganisation was expected to complete during October/November 2018, it has been delayed whilst awaiting confirmation from SunTrust that it has no objection to the Company undertaking the required capital reorganisation nor will it in any way seek to impede the process. The Company is pleased to confirm that it has now received such written confirmation from SunTrust.
Following this confirmation of no objection from SunTrust, San Leon will apply to the High Court in Ireland to approve the reduction in the Company’s share capital so as to create distributable reserves and thereby permit the Company to make distributions to its shareholders, by way of the Programme. The Company is applying to the Irish High Court as soon as practicable and has been advised that this is a procedural process, having already completed all requisite requirements. Upon court approval, the Company must then advertise to provide an opportunity for any creditors to object to the capital reorganisation.
The Company will keep shareholders informed of the progress of these final steps and also the likely timing for commencing the Programme.
Midwestern Purchase of San Leon Shares From SunTrust
On 1 October 2018, the Company announced that Midwestern had entered into a binding agreement with SunTrust to acquire SunTrust’s entire remaining holding in San Leon, being 71,487,179 ordinary shares (representing 14.29 % of the issued ordinary shares of the Company). As of that date 47,243,590 ordinary shares in San Leon (representing 9.44% of issued ordinary shares) had already been transferred to Midwestern. The Company has been informed by Midwestern that the subsequent balance is expected to be transferred in the near term, with a target date of completing the transfer by mid January 2019.
Oisin Fanning, CEO of San Leon, commented: “I am pleased to advise shareholders of the recent developments, which should enable the Company to commence the previously announced share buyback once legal formalities have been concluded, and subject to meeting regulatory requirements. Whilst this is later than originally envisaged, the Company was keen to ensure any potential obstacles had been removed prior to commencing the legal process of the capital reorganisation
Receipt by Eroton of further NNPC Cash Call Arrears
21 December 2018
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the receipt by Eroton of cash call arrears from the Nigerian National Petroleum Corporation (“NNPC”).
The Company announced on 7 September 2017 that NNPC had begun paying its 2015-2016 cash call arrears to Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18, onshore Nigeria, but that $93 million remained outstanding. The Company is pleased to announce that it has been informed by Eroton that all of the 2015 NNPC cash call arrears have now been paid to Eroton and only approximately $20 million of arrears remain for 2016. All cash calls have been received for 2017 and are up-to-date for 2018.
Oisin Fanning, CEO of San Leon, commented:
“I consider the payment of the substantial majority of NNPC cash call arrears to be a very positive step in supporting the OML 18 new well drilling activity which began last week and is targeting increased gross oil production.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Simon Woods (+44 207 830 9705)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
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The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
The DSRA requirement under the GT Bank RBL is reduced to two future quarterly repayments which combined with the lower quarterly repayment amounts means that only approximately $50 million is required in the DSRA compared with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus 10% previously).
Oisin Fanning, CEO of San Leon, commented:
“I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have, both unlocking substantial additional funds for operational activity, as well as lowering the DSRA hurdle to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified operational and financing issues at OML 18 and follows the recent announcements of new well drilling, and of NNPC (the Nigerian National Petroleum Corporation) paying most of their cash call arrears.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0232)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
Share
Share
Email
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The DSRA requirement under the GT Bank RBL is reduced to two future quarterly repayments which combined with the lower quarterly repayment amounts means that only approximately $50 million is required in the DSRA compared with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus 10% previously).
Oisin Fanning, CEO of San Leon, commented:
“I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have, both unlocking substantial additional funds for operational activity, as well as lowering the DSRA hurdle to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified operational and financing issues at OML 18 and follows the recent announcements of new well drilling, and of NNPC (the Nigerian National Petroleum Corporation) paying most of their cash call arrears.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0232)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
Share
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Email
Print
Twitter
linkedIn
.
Eroton Successfull Refinancing
08 January 2019
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility (“RBL”)
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the OML 18 reserves-based lending (“RBL”) facility held by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (“DSRA”) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully refinanced. With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reservesbased lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount, with the following notable advantages:
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
Eroton Successfull Refinancing
08 January 2019
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility (“RBL”)
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the OML 18 reserves-based lending (“RBL”) facility held by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (“DSRA”) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully refinanced. With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reservesbased lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount, with the following notable advantages:
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
Come on break that psychological 30p barrier you can do it :)
21-Jan-1915:33:4829.87590,000Sell* 29.9029.7026.89k