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ASCENT RESOURCES: Gas flows mean cash flows to develop up to 15 wells


San Leon Share Chat (SLE)



Share Price: 24.625Bid: 24.00Ask: 25.00Change: 0.00 (0.00%)No Movement on San Leon
Spread: 1.00Spread as %: 4.17%Open: 24.25High: 0.00Low: 0.00Yesterday’s Close: 24.625


Share Discussion for San Leon


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BlackSwan
Posts: 573
Observation
Opinion:Hold
Price:24.625
RE: RE: SLE - Receipts - Payments
Today 12:22
The Company has various guarantees and a share pledge in place which provides security for all payments due to the Company under the MLPL Loan Notes. As of 06 September 2017 the Company had US$77.7 million in outstanding repayments.
Solution complicated - In case this didn't catch everybody's eye - ref Links extracted comments from ADVN BB worth repeating - OF could have solved this earlier just have a bloody minded attitude he doesn't want tp pay as I guess OF thinks it is unjustified given his interpretation the Avobone tale over story - this will be resolved and SLE payments will be made - now only if Eroton mr O would comply with our joint agreement = unfortunately given the profile of Eroton possible they haven't got the NNPC cash either. Hey Ho another day at the oil well Bony light end of the week $62.88 and rising.

The corporate guarantee with Midwestern envisages and
provides protection for this and ensures repayment of the loan note within
four years. San Leon management are highly confident that sufficient
safeguards are in place, including cash flows from the 25mbopd Umusadege
field and pipeline tariff, and if necessary payment in equity.
Midwestern was awarded a 70 per cent. interest in the Umusadege Marginal Field,
Through additional drilling, the flow rates have
increased to approximately 20,000 bopd, with 2P reserves increasing from 5 MMbbl to 36 MMbbl

" the security package held by San Leon over Loan Note repayments have resulted in $20.6 million being received by the Company to date, and approximately $19 million expected on a quarterly basis as a minimum from Q4 2017 onwards, until the Loan Notes are repaid in full."
 
honestsid
Posts: 1,872
Observation
Opinion:No Opinion
Price:24.625
Gravy train near derailment
Today 10:59
Oisin desperately trying to keep SLE alive. The mans lost three times already against Avobone. Why didnt he pay up after the first or second time? Avobone already have the legal right to wind up the company without further legal paperwork, it was decided by the last court I believe. They got that probably because they don't trust him after all the court action and missed payments.

Entirely Fanning's fault that this has happened in my opinion. I said it could be the end of SLE two years ago, astroturfing team spent a lot of time and effort shouting me down. Where are they now? (Rhetorical question as many know exactly what they were doing, and so do the FCA, probably). all imho.

"The quoted oil exploration group San Leon Energy has taken legal action in a bid to block a winding-up petition by a creditor that is owed almost £15m by the group.

The AIM-listed oil company, headed by the Irish businessman Ois£n Fanning, launched the counteroffensive in the High Court last Thursday, a week after Dutch investment group Avobone sought the winding-up petition. Avobone is owed £14.7m by San Leon and has said it is not satisfied with loan security terms agreed as part of a deal for the oil explorer to pay the debt in full by January 15 at the latest." The Times.
DojiStar
Posts: 188
Off Topic
Opinion:No Opinion
Price:24.625
RE: SLE - Receipts - Payments
Fri 10:35
Don't understand why they didn't get a bridging loan in the first place, instead of renegotiating the Avobone payments again. You can only assume they couldn't get one. Not even YA?
Brotherseven
Posts: 797
Off Topic
Opinion:No Opinion
Price:24.625
RE: SLE - Receipts - Payments
Fri 09:44
You might get some facility from Deutsch bank though I’m not sure if 15m OD is still in place and there have a bee a lot of changes @DB in the last couple of years so perhaps a Chinese bank might oblige alas nothing really to worry about for all the ‘holders’IMHO
BlackSwan
Posts: 573
Observation
Opinion:Hold
Price:24.625
SLE - Receipts - Payments
Fri 07:17
Simplification - Bottom line?

SLE - receipts - loan note payments minimum $19 mio (EU16.3 mio) from Q4 2017 paid on a quarterly basis.

SLE - payments - Avobone EU 8 mio Oct 2017 + EU 6694000 Nov 2017 - Total EU 14694840 paid by Jan 2018.

Sle - "theoretically" SLE should be able to settle their account with Avobone - worst case we need a bridging loan but who from - answers on a post card etc etc?.
BlackSwan
Posts: 573
Observation
Opinion:Hold
Price:24.625
Eroton oil production Hedging
Fri 06:46
Eroton has to have an optimal hedging strategy from 1 January 2018 to final maturity date of the RBL facility agreement and has to be in place by September 2017 - does anyone know whether this hedge was ever put in place?
honestsid
Posts: 1,872
Off Topic
Opinion:No Opinion
Price:24.625
RE: Avobone, its not a wind up.
Wed 15:06
Thank you for the link again BlackSwan.

Indeed what a tangled web it all seems to me to be.

You can see why Avobone are doing what they have to do. They are not going to have the michel taken out of them anymore.

I wonder how many more people are in the que after Avobone. Must be loads more well miffed after years of forward looking statements that delivered nothing, I am guessing of course.

Perhaps a class action of some sort is around the corner, loads of facts now laid down by history, but then what would I know?

All in my humble opinion.
BlackSwan
Posts: 573
Observation
Opinion:Hold
Price:24.625
RE: Avobone, its not a wind up.
Wed 14:37
HS - in case you didn't read a previous post of mine concerning Mr Onajite Paul Okoloko here's the ref:

https://www.thisdaylive.com/index.php/2017/04/09/midwestern-oil-sued-over-20m-investment/
BlackSwan
Posts: 573
Observation
Opinion:Hold
Price:24.625
RE: Avobone, its not a wind up.
Wed 14:28
HS - Yes,Nice team we have in charge Fanning/Okoloko and the pitbull couldn't make it up - and there I was innocently sitting invested in Aurelian waiting for the fracking bonanza in Poland could make it up!

One of Nigeria£s serial entrepreneurs and boardroom czar, Onajite Paul Okoloko, has been sued by a group of investors for allegedly converting their investments worth $20 million in Midwestern Oil & Gas Company Limited into a non-related transaction to fund his other investment deals with Eroton Exploration and Production Company Limited.
honestsid
Posts: 1,872
Answer
Opinion:No Opinion
Price:24.625
View Thread (2)
RE: Avobone, its not a wind up.
Wed 12:30
BlackSwan, I agree there are ways out for SLE, if someone is willing to stump up the cash. Would you lend Fanning/SLE money.? Its not going to be a cheap loan, more like a deal from Wonga.

Perhaps Fanning will re-mortgage his mansion, although he would have to find someone in the banking industry who would trust him and be prepared to do that, again not cheap after his dealings with an Irish Bank that had to take him to court to agree settlement. (Familiar storey eh).

https://www.independent.ie/irish-news/courts/ibrc-settles-16-million-case-against-ex-telecoms-boss-oisin-fanning-29263204.html

I sincerely hope you and others in your situation come out the other side of this avoidable mess ok. Should have been sorted 2 years ago. But there was no money in the pot then either I suppose.

Perhaps he will sell his mansion and live in a caravan to save his little shareholders from financial ruin, but I doubt it.




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