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Caps Lock on… DAVID LENIGAS on this week’s Share Views!! Watch here

Share Views Episode 10 - DAVID LENIGAS talks Gatwick Gusher and AAAP


San Leon Share Chat (SLE)



Share Price: 46.875Bid: 46.25Ask: 47.50Change: 0.00 (0.00%)No Movement on San Leon
Spread: 1.25Spread as %: 2.70%Open: 45.75High: 47.50Low: 45.50Yesterday’s Close: 46.875


Share Discussion for San Leon


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Callasjunkie
Posts: 194
Off Topic
Opinion:No Opinion
Price:46.875
RE: Who gets what - sour grapes may..
Today 10:57
Hi Blackswan. The brightlight has to be the production stats that would overcome many of the negatives. The absence of this info makes me suspicious. Either the full stats are not flattering, or, as I suspect, OF cant get them out of Eroton. If OF goes on Eroton's Board from 1 Oct, then he has to have this info. Lets see if it is passed on to shareholders.
 
BlackSwan
Posts: 361
Observation
Opinion:Strong Buy
Price:46.875
Who gets what - sour grapes maybe?
Today 10:07
Tosca get his future 100% min gains on his 7 year 25p warrants, interest on loans 17% with clear sweep and a percentage of OML 18 for the rest of his life which will be far longer than mine - OF gets his "lifestyle salary", share entitlements and flat rents - private investors, after a myriad of deductions which let's face it now and in the future will be difficult to quantify, will be left with maybe 2p/share dividend only starting in Q1 2017 providing certain targets are met - couldn't even make a decent jam sandwich with that!

Yes, I am a long term holder from AUL/Consolidation era - heck I even bought more first time around at 75p at the 80p issue point and at 52p on the 45p issue point so as you can imagine I am really looking forward to the latest broker target of 100p by Xmas!
Brotherseven
Posts: 298
Off Topic
Opinion:No Opinion
Price:46.875
Frus
Fri 18:44
I'm sure you've been around this one long enough to know the form,jam tomorrow ,always jam tomorrow ,that's how they make their money,though I do find it intriguing with the size of some the trades,and more significantly not recorded,or at least not reported.
zebbo
Posts: 22
Off Topic
Opinion:No Opinion
Price:46.875
Dont look to deep
Fri 18:24
Why is it that some people look for things that are not there. Looking for explanations to slight vagaries of wording.
If you dont like what you read go short, if you like what you read go long
frus
Posts: 1,779
Off Topic
Opinion:No Opinion
Price:46.875
.
Fri 17:50
All in all then the games go on its still jam tomorrow.
Callasjunkie
Posts: 194
Off Topic
Opinion:No Opinion
Price:46.875
RE: Cheers Callas
Fri 17:10
Another comment on the Interims. SLE somehow justified adding E4m+ to the carrying value of the 4.5% Net Profit Interest in PVR's Barryroe field bringing it to E47m+. That's a mulitiple of PVR's market capitalisation (PVR owning by implication 75.5% in Barryroe) before PVR's recent capital raise. Pretty bewildering....I'd like to hear KPMG's justification for this!!
Callasjunkie
Posts: 194
Off Topic
Opinion:No Opinion
Price:46.875
RE: Cheers Callas
Fri 16:58
My guess is that the capital reorganisation would be required under the Companies Acts in order to pay a dividend, as due to the size of the accumulated losses, it would be deemed to be a distribution from issued share capital (see Balance Sheet in the Interims) and I'm fairly sure that that is not legally possible.
frus
Posts: 1,779
Off Topic
Opinion:No Opinion
Price:47.00
Cheers Callas
Fri 16:34
Guess you covered all that pretty well. Just one thing any thoughts on what is meant by capital reorganisation required to allow any such distributions.
Callasjunkie
Posts: 194
Off Topic
Opinion:No Opinion
Price:47.50
RE: Surprised
Fri 15:59
Hi Frus. I share your concerns.

The only two worthwhile pieces of information in the Interim Statement was the current level of OML18 production and the paragraph you quote on the Eroton RBL facility.

At c 63,000 bbls oil equivalent/d, that's very encouraging. But it's stated to be "current" production. What does that mean? On one day, month average, what? Also, its stated to be "gross". Net figures can be much lower, as the occasional production statements in the past issued to and published by Mart Resources indicated. The absence of proper production statements since SLE became legally interested back in March is shocking.

As regards the RBL facility, the Admission document contained the following:
"The total consideration for the acquisition of the 45 per cent. interest in the OML 18 was financed through
a RBL facility of US$663 million and through the issuance of equity in Eroton. The RBL and associated
hedging structure used by Eroton was awarded “Deal of the Year” by Trade & Forfaiting Review. The
outstanding balance of the RBL is currently approximately US$630 million."
and......
" At a meeting of the lenders of the RBL, it was agreed that 60 per cent. of
available funds after payment of interest and repayments can, subject to certain conditions, be distributed as
dividends to Eroton’s shareholders. Such conditions are expected to be satisfied by the end of Q1 2017."

So Bidco wont see a penny until Q1,2017. That's optimistic, as oil prices have not panned out as high as the Competent Persons Report estimated (completely ignoring the much lower prices in the traded futures market, as I've pointed out before).
Without any summary of the movements on the RBL account, SLE shareholders will remain completely in the dark regarding cashflow to SLE via Bidco.

Some of the deluded on this site were trumpeting immediate and backdated cashflow to SLE.....they obviously never bothered to read the Admission document.

Again, SLE investors wont find a shred of operational information on either the Eroton or Midwestern Oil websites....and probably never will. OF is in very good company!
frus
Posts: 1,779
Off Topic
Opinion:No Opinion
Price:47.50
View Thread (2)
Surprised
Fri 15:15
No one else on here seems to share my concern over todays RNS..Haifwit is this the RNS you said we would get this week containing positive figures?.....Wheres all the guy's gone who said that once we get confirmation that the deal has completed this will fly. Not to mention all the guy's who said once were out of suspension this will zoom wow.,,,All people who still have their feet on the ground or maybe stuck in the mud up to your neck. Just a suggestion just read the last RNS that mentioned capital reorganisation. (1st June 2015) This finally led to all pi's shares being shredded down by 100/1 meaning that 100,000 shares at the stroke of a pen became 1000 shares. It's worth reading the whole of that RNS again...Depending on your character you will either laugh or cry. Or you might just be sick.




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