Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Shame other rabits from hat in this circus have died. shood be investugated by the rspca.
From Malcy's Blog...
"...This is a very smart deal indeed for SLE and CEO Oisin Fanning, above he states that SLE will become the largest shareholder in ELI which will lead into OML 18 after the stage payment to the ACOES. I have always thought that although sometimes the delays have felt interminable, and it’s not over yet, that shareholders would be richly rewarded. That time looks like it just got a little closer. "
Source:
https://www.malcysblog.com/2023/08/oil-price-san-leon-petrotal/
"----and, if made, would entitle San Leon to up to a further 30.8 per cent. of ELI, thereby becoming the largest shareholder of ELI with approximately 46 per cent. (excluding the impact of further proposed investments in ELI as previously announced by the Company). "
----46%--(excluding the impact of further proposed investments in ELI as previously announced by the Company.
-So sounds like SLE will be well on the way to 50% and above ----(perhaps somebody can go back and find the extra)
BlackSwan, here's the link to the UAE Business Registry.
Just enter MM Capital Holding Limited into the second (English) dialog box and fill in the Captcha. You'll see that Mm Capital canceled it's licence (or had it canceled) last January.
https://ner.economy.ae/Search_By_BN.aspx
----"Specifically, discussions with prospective alternative lenders have included larger facilities, convertible loan note facilities and the possibility of direct equity investments in San Leon. "
-----"In addition to this investment, San Leon has agreed a period of exclusivity with ELI through to the end of August 2023 to make further investments, of up to US$37.0 million, in ELI."-----
-----So SLE are looking to conclude their alternative funding before the end of Augst---GREAT.
----"These further investments, which may be made via a combination of cash and issuing new shares in San Leon, which would be on the same terms as described above, and, if made, would entitle San Leon to up to a further 30.8 per cent. of ELI, thereby becoming the largest shareholder of ELI with approximately 46 per cent. (excluding the impact of further proposed investments in ELI as previously announced by the Company). If completed in full, these further investments, which are conditional, inter alia, on San Leon completing its alternative US$50.0 million loan financing, would also give San Leon an aggregate shareholder loan to ELI of US$59.0 million, of which US$42.0 million would carry a 17 per cent. coupon and US$17 million would carry a 14 per cent. coupon. As outlined by the Company on 15 February 2022, loan repayments from ELI to the Company have, to date, been waived but interest has continued to accrue on the outstanding balance"
-----ELI was always going to be a Cash Cow that just keeps on giving, and SLE could end up with 46% of it -------couple that with the interest due to SLE----- -GREAT.
-
-This is a fantastic rabbit out of O. Fanning's hat-----don't let the shorters blind you with side tracking nonsense.
-
---Right, lets try and see what is really there today.
-
-ELi needed cash to settle its outstanding bills, and conclude the pipe line----SLE are now providing that cash, ---both short term and then long term.
-
------SLE are charging ELI 17% on the short term loan and are borrowing this money from TOSCA @10% -----great bit of business.
----In addition SLE will provide a total of up to $59 mill ---$42 mill with a coupon of 17% and $17 mill with a coupon of 14%------again great business for SLE.
-
-SLE will finish up with 46% of ELI-------GREAT.
-
----SLE are in the end game of sorting alternative funding of at least $50 mill (maybe more ???)-----This should be done by the end of Augst----and TOSCA should be re-paid no later than 7th Sept------GREAT.
-
-So all of the hold ups with the ELI pipe line are now sorted and the work can be completed.
-Huge new finance almost completed, which will allow SLE to pay all its creditors and get the ACOS operational.
-
-I don't know what the ABC have been reading, and to be honest i don't really care---but they dont seem to be reading this RNS---or they are looking for bad things, that just aren't there.
-
-This is a great RNS-----read it again.
17% coupon!
Seems to me that Tosca will be in total control when we default on repayment
Correction: ,meant to say all but one have an 's' on Holding.
BlackSwan, like everything else SLE nothing is straightforward. Whether the Tosca $5m is an astute investment or an act of desperation, time will tell.
There are at least four companies I have found with the name MM Capital Holding...all have an 's' on Holdings.
The MM Capital described in the Admission Document is Holdings Limited and registered in the UAE.
A search of UAE Companies Registry shows the company registered in Jan 2022 but canceled in Jan 2023! I'm not saying you have the wrong link but there are obviously doubts.
By the way the MM facility described in the Admission doc is also at 10% with generous repayment terms. However terms of default are stringent.
Only Fanning would find people like this to deal with. You couldn’t design a more obtuse website if you tried. Next there will be a new potential lender with ESG credentials to balance the core business of oil production, Bill and Ben the flower pot men! You could not make this stuff up. Tosca has belt and braces just in case this all goes Pete Tong. And meanwhile the share is still suspended with no prospect of a return from suspension any time soon. Tick tock……..
Tosca - leopards never change their spots - great exchange for Tosca for a lousy US 5 Mio.
"San Leon has entered into security arrangements with funds managed by Tosca fund that comprise both a debenture issued by the Company as well as assignments and pledges over all of its group companies' loan and equity interests in ELI. The security will be released on full repayment of the Loan. It is an express term of the Loan that funds advanced to the Company pursuant to it must be fully utilised to only make the Company's further investment in ELI."
MM Capital Holdings - Cyprus - Mike and Matt to the rescue - where does OF find these people?
http://mmcapitalholdings.com/team/
Tosca to the rescue with interim financing for Energy Link Malta - OML18/Eli pipeline ;
"ELI has incurred a number of outstanding obligations to contractors, including a payment of US$5.0 million that is required to be made immediately to its main pipeline contractor as part of a series of stage payments".
Followers of this Board might be intrigued to know that Eroton Exploration and Production Albania Limited was registered in Malta in 2017.
In case it could be thought that this is an extraordinary coincidence, there are common Directorships with Eroton Nigeria.
Love to know the angle here.....and its unlikely to be oil.
Just a correction...Salma is described as Jite's estranged wife...seems they are technically still married?
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?