Although Turkey never happen because by reading and listening, even before the deal was in stone Alpay became too greedy and sucked that much gas out of the producing wells from the cng plants ( that was a very big player regarding income ) that water flooded the wells and hence SLE walked.
This deal is to do with SLE raising the remainder ie $80 mill.
Yes you are right anything can happen, but for SLE already funded for the $100 mill and in advanced talks for the remainder, to get this far there must be a good chance they may get it!!.
but again it comes back to the speculation angle, and I agree nothing is in stone regarding this side of it.
yes thats how every one reads it as thats what was put in the RNS. thats how i read it too. lets hope they pay the money and we get production.... other wise the figures are of no use if we don't seal the deal.... i hope they do.... and I'm well aware its not the same as turkey.... i was alluding to the fact turkey didn't happen in the end. as well nigera could not happen. thats all. and don't get me wrong... I'm praying it does and a big rise in SP ... only time will tell..... as no one on this BB knows what will happen until it happens . its all speculation until we get an update
this is not Turkey where SLE raised the funds, this is completely different as for 1 there is no dilution, also this deal SLE are brokering is not just for themselves but for Midwestern Ltd.
SLE are working on this deal so Midwestern Ltd take over all Mart resources and Sun Trusts 20% of the 45% of OML 18, in return sle has their debt paid through 65% of Martwestern and SLE get 9.72% income from the 45%
its comical ! how long can you guys argue about the exact same thing and repeat your selfs? its getting boring and silly. the fact is , if we do get this production from Nigeria then its good. but is not happened yet. a few things need to happen before its all done and dusted and a number of things could happen for this not to work out ( like turkey) so it can go either way. it could work out or it could go tits up. no one on here knows whats going to happen with it. so why wast your time arguing about it? it won't change a dam thing. until money has been payed and legal binding documentation has been signed, then san leon have nothing at the moment from nigeria, only a statement informing us of there intensions. so i will wait and see what happens. hope fully it will be a done deal and go smoothly .... but like every one els on this BB what do i know? all any of us can do is wait for further news ...and all will be revealed ... its that simple ..... so ******** to each other about who's right and who's wrong is a wast of time... just chill and ride the waves ... who cares who's right and who's wrong??? you guys will never know each other or ever meet so why wast your time arguing with some one you don't know... just be the bigger man and ignore them... its like watching children in the play ground at times ... to rap it up, we wait on news from nigeria and also rawzic... so all we have is potential at the moment and until we have solid news saying ' we are now producing and are selling gas ' thats when things will take off ..... income will increase the SP , money in the bank , profit. so lets see if this happens this year.... hope it does so i can get back into the blue... and every one els here .... however i can't see me breaking even at £4 per share.... but i hope it does..... good luck to every one invested .... and who cares if people short the stock ? we all have to make money any way we can.... all i want is to get my money back at this point and if i make a little profit then bonus. lets hope we get good news ... peace out people
US$180 million transaction to finance the acquisition of Mart Resources, Inc. and an additional interest in MartWestern Energy Limited, and to restructure the assets and liabilities of these acquisitions with Midwestern Oil and Gas Company Limited. The acquisition and restructuring will result in San Leon securing a 9.72% indirect economic interest in the world-class OML 18 block, onshore Nigeria.
San Leon will receive a minimum 65% enhanced cash sweep of Martwesternâ€™s production proceeds from OML 18 to cover the timely repayment of debt incurred to finance the total acquisition cost.
Following the restructuring of Martwestern, the Company will hold a total indirect interest in OML 18 of 9.72%.
Together, these factors significantly de-risk project performance for San Leon and creditors, and incentivise the development of OML 18.
Additional income is expected to be generated by the right of San Leon to provide oilfield services, such as workover and drilling rigs, to the OML 18 Operator.
San Leon will additionally have the right to provide oilfield services, such as workover and drilling rigs, to the OML 18 operator (EROTON Exploration and Production Limited).
No dilution to existing San Leon shareholders.
Subject to applicable approvals, the transaction is expected to close in March 2016.
The OML 18 licence area covers 1,035km2 (larger than the country of Bahrain), Gross block production was 31,600 bopd in September 2015, with production ramp-up plan proceeding.
Oisin Fanning, San Leon Executive Chairman, commented: â€œAs part of San Leonâ€™s long-term strategy to move towards production and secure near-term operational cash flow, the Company has been able to achieve a deal that capitalises on the current low oil price environment and buy into production with significant yet low risk upside and attractive hedges already in place.
The proposed transaction will provide San Leon with substantial production and cash flow not only from both production but also from service provision in a world-class asset, and is also expected to provide a platform for further transactions.
We firmly believe this will be transformational for the Company, and a large step towards San Leon becoming a dividend-paying company
65% cash sweep per month to pay dept and 9.72% income per month from the 45% share of the field..
looks like if the deal goes ahead sle will be in production early 2016..
"Subject to necessary approvals, the transaction is expected to close in March 2016."..
We're never going to resolve the who's right and who's weing debate until the market opens. Let's save it until then.
I'm clearly very positive, sid is clearly very negative. That's fine. People have different opinions. I accept that.
I guess, what I find more than a little strange, is that someone who purports to hold stock is seemingly praying for some sort of negative outcome that's all. People can and I think have, made up their own minds.
As for the SP, no one really knows until the market opens.
As for yesterday, I can't speak for anyone other than myself, but I apologise for my part of getting drawn into the childish debate.
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