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... indeed as i was just saying, BS, your baggage not mine. ( as for your 'other piece of clutter', you're quite right: it is clutter. )
Alprick - your comment - "just to be clear with you, BS, that's your baggage, not mine" - what a ridiculous statement, if you and Mrs Alprick are current shareholders - sometimes I do wonder if you really are - you must surely realise the baggage is being carried by all of us shareholders year in year out whilst we continue to maintain our investment in SLE in order that the company can continue it's struggling to resurrect OML18 into a producing entity for all our benefits.
huh?
Alprick - Oh! and another piece of clutter - "elephant in the room" - which I omitted to mention in my recent post but was today reminded of with Links on II posting of yesterday - just a small matter of US$ 60 Bio claimed to be owed by the oil majors to the Nigerian Government and in particular to the Delta State Kingdom - I would suggest that even Links now rightly focuses his comments on the world oil markets and Nigerian state politics aka where the real problems lie that is currently affecting our Nigerian adventure. He doesn't seem to engage in the mindless who is who or apply the old-style schoolyard bullying techniques to ramp the share price that is used by certain commentators on this bb.
https://www.reuters.com/article/nigeria-oil/update-1-nigeria-govt-cant-recover-62-bln-sought-from-oil-majors-minister-idUSL5N27156M?rpc=401&
just to be clear with you, BS, that's your baggage not mine. the last 10 years is only remotely interesting to me as a contextual rationale for how we come to be so undervalued today. opportunities like this don't occur very often. sorry bout that but it's just how it is: anyway you will see soon enough now.
Alprick - Yes, you put your finger right on it - baggage - that's the story of SLE - what other reason could there be for the almost total devastation of the share price over the last 10 years and for it's current abysmal value when we have the bright prospects of actual gas and oil in situ with OML18 - the more things change the more they stay the same - let's hope not!
boy you've got some baggage in there, BS. think you may need to declutter...
bluepill - Yes it certainly does - I've always maintained SLE has a bright future ín OML18 provided the Nigerian government would pass the bill, pay the monies and that somehow Niger Delta locals could be placated in some way for the abuse they and the Niger Delta must have suffered over the last 50 years by the oil majors. Hopefully, the new road network, planned development of Port Harcourt together with new regional gas pipelines network /Bony LNG trains bode well for Eroton and SLE hopefully in the near future?
neat maths, bluerill. the quicker and dirtier the better. just serves to remind what a gaping chasm of value opportunity san leon today reflects.
And, perhaps even more importantly, the bid for Eland, no matter how one feels about sle, Oisin and/or the company's history, puts paid to this often hysterical notion of big, bad, black hole Nigeria. Seplat's cash on the barrel head must come as a welcome relief to the blackswan's of the world.....
Not sure I get your point red. There are 'corporate actions' and then there are cash bids for neighbouring businesses. Eland, which is only producing net around 10k bbls/day, is as close to a pure comp for SanLeon as you're going to get, so the premium paid is far less important than the imputed valuation for its core business and how that reflects on ours, which I am working on now. However, a back of the fag-packet estimate shows that at 166p, Ela is going out at right around a market cap of £350m and an enterprise value of over £400m fully diluted, which includes over £30m in net debt. Meantime, sle have $40m in net cash, with roughly 140m more due and a market cap of just £116m (effectively a negative enterprise value and therefore no imputed value for the operating business), so a bid which values the operating business at even a tiny fraction of (less than 20% say) of Eland's would already get you to above 60p. But again, that's very quick and dirty.....
Corporate action is always a good sign, but I don't think a 30% premium is going to help many here Blue----but at least it shows that maybe the sector has reached a level.