from the horses mouth, No income from production has bee received, as on 30th Dec 2016.
Fact "NNPC, must be asked to settle a total sum of $4.977 billion owed as liabilities."
PR, please keep to the facts not suppositions. Its not a Fact that SLE will get paid, until they ARE paid, silly.
Yes I am sure Eroton will get paid one day, but not one day soon, This is Nigeria, the worst place in the world for fraud and money manipulation. It may even take a very expensive court case, but then Mr. Fanning, or should I say SLE, is no stranger to having to spend loads on legal fees, and loosing sometimes.
You lied about being a shareholder for months before admitting being a shorter - I'm just wondering if you think it gives your views credibility. It certainly has the opposite effect when the false story starts to unravel.
Bro7 and Sid have found this out and have been made to look daft - They've subsequently lost all credibility as a result.
I'm just wondering why you didn't say you we're short from the start.
Whilst investors will disappointed that the lack of NNPC payments is holding up distributions from Eroton, the fact that this is the only main issue is mildly encouraging and the Nigerian government has been relatively vocal about their intentions to clear debts with partners in general, potentially using production barrels to settle debts. Should this apply to Eroton the strength of the oil price and higher production levels from the field could speed up the repayment process. I remain confident a 1Q17 distribution from Eroton is still likely
"San Leon has been informed by Eroton that the timing for the satisfaction of these conditions is influenced by the receipt by Eroton of the outstanding balance of historic cash calls from the Nigerian National Petroleum Corporation."
Seems like the NNPC ARE dragging their heels, NIGERIA is not a good place to do business. No payments to Eroton = no payments SLE = no payment to shareholders = no movement upwards in SP.
"ABUJA— THE Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, told the Senate that the Nigeria Petroleum Development Company, NPDC and its parent body, the Nigerian National Petroleum Corporation, NNPC, must be asked to settle a total sum of $4.977 billion owed as liabilities."
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