Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Black swan----please stop being a drama queen--just look at the bigger picture for once eh.
SLE/Decklar - Oza Loan notes - a detail maybe but!
No payments (whether on account of interest or principal) are required under the Loan Notes unless there are available funds from operations of the Oza Oil Field (after taking into account any required debt servicing payments, general and administrative expenses, approved joint venture capital and operating costs required to be funded by Decklar Petroleum under the terms of agreements with Millenium, taxes and other statutory payments) (the “Available Funds”)
Perhaps your correct redeye, I may be getting a little over excited by the immense potential here. I just cant wait! Thanks.
Think we should stick with this from 24th Dec for the time being.
-
-"Further to the Company's announcement on 29 November 2021, the Company currently expects to publish an AIM admission document (the "Admission Document") in respect of the Potential Transaction by the end of February 2022, following which point the Company will seek the restoration of trading of the Company's ordinary shares on AIM."
Just going from a statment in the RNS of 04/01/22.
"a further extension of the Conditional Payment Waiver to 31 January 2022 or, if sooner, the termination of discussions or the signing of an agreement to effect the Potential Transaction, "
It seems rather a long time in the making so surley tommorow is San Leon's big day. I hope so, I am to be up before the market opens, ready and waiting to invest. Good luck all.
36800----Tomorrow ???------------i thought we were looking around the end of Feb(ish)
The much talked about and long waited for good news is promised for Monday Afa, yes tomorrow! That will wipe the smile from your face. Expect a great rise for San Leon as it has now re-positioned itself with Decklar to concentrate on the RTO deal forthcoming.
You adimbo as well as afailure, the deal hasn't gone wrong sle are still involved you mislead assume!. Bigger slice of aceo means a much larger revenue daily base you nutter read the rns.
you sowd embarused samalarik after all your big up the deal talk. it went rong like most of thum does.
Well apart from repeating the entire announcement, what was the point of your posts.
.. Do you think that be filling the bb with umpteen posts it somehow makes you look like you have a valid point.
....
.. It seems obvious that SLE can't be bothered with Decklar at this junction. They are doing the bare minimum as agreed, and maybe even then they will not complete the last 2 mill dlls and reduce their interest pro rata....
.
. Maybe BS, San Leon have far bigger plans now than when they first got involved with Deck, and the Oza field just doesn't fit into those plans.
.
. I see nothing to get excited about, and certainly don't see the point of all your posts
Decklar - hope the below is readable - but just in case there is another source:
https://www.globenewswire.com/news-release/2022/01/27/2374116/0/en/Decklar-Resources-Inc-Announces-Closing-of-Funding-Transaction-With-San-Leon-Energy.html
Decklar RNS continued:
having the right to nominate up to four (4) nominees to the Decklar Petroleum Board. The shareholders’ agreement provides that certain fundamental decisions in respect of Decklar Petroleum require the approval of 75% of the votes eligible to be cast at a directors’ meeting, including approval of the annual business plan and budget and the incurrence of any expenditure outside of the ordinary course in excess of US$200,000.
Loan Notes
The terms of the Loan Notes provide for an interest rate of ten (10)% per annum, which accrues on a quarterly basis and will have a maturity date that is five (5) years from the date of issuance. No payments (whether on account of interest or principal) are required under the Loan Notes unless there are available funds from operations of the Oza Oil Field (after taking into account any required debt servicing payments, general and administrative expenses, approved joint venture capital and operating costs required to be funded by Decklar Petroleum under the terms of agreements with Millenium, taxes and other statutory payments) (the “Available Funds”). 75% of available Funds shall be applied to the payment of interest and principal in respect of the Loan Notes until they are repaid in full. Decklar Petroleum also has the right to voluntarily prepay the loan prior to maturity without penalty. The Loan Notes are unsecured, subordinated and contain customary events of default. The Loan Notes do not contain any financial or other maintenance covenants.
The transactions contemplated by the Subscription Agreement and Binding LOI are subject to final approval by the TSX Venture Exchange.
Decklar RNS contiued:
Of the US$6,750,000 of funds currently held in escrow, US$4,750,000 will be advanced to Decklar and the remaining US$2,000,000 will be returned to San Leon. San Leon is obligated to either advance a further US$2,000,000 in Decklar by April 30, 2022 or, alternatively, accept a pro rata reduction in its shareholding in Decklar Petroleum.
San Leon has agreed to waive its option to invest in an additional 15% equity interest of Decklar Petroleum and will also no longer provide the second planned loan of US$7,500,000 in Decklar.
Decklar Petroleum has agreed that San Leon will be fully involved in the planning and determining the location of the first new well to be drilled on the Oza Oil Field.
Subscription Agreement
As previously announced, in 2020 Decklar entered into a subscription agreement (the “Subscription Agreement”) with San Leon, an AIM listed public company focused on Nigerian production and development assets, which is arm’s length to the Company (within the meaning of the policies of the TSX Venture Exchange). The Subscription Agreement entitles San Leon to purchase US$7,500,000 of 10% unsecured subordinated loan notes of Decklar Petroleum (the “Loan Notes”) and 1,764,706 ordinary shares (“Decklar Petroleum Shares”) of Decklar Petroleum (representing 15% of the share capital of Decklar Petroleum) for a cash consideration of US$7,500,000 and N1,764,706, respectively. In addition, Decklar Petroleum and San Leon had the right to enter into an option agreement (the “Option Agreement”) that would have entitled San Leon to purchase an additional US$7,500,000 of Loan Notes (the “Option Loan Notes”) and 2,521,008 Decklar Petroleum Shares (resulting in an additional 15% of the share capital of Decklar to San Leon) for cash consideration of US$7,500,000 and N2,521,008, respectively. San Leon has now agreed to terminate the right to enter into the Option Agreement.
The Subscription Agreement provided for certain conditions precedent to be confirmed prior to finalizing and issuing of the Loan Notes and Decklar Shares, including entering into an agreed form of shareholders’ agreement in respect of Decklar and the restructuring of certain historical indebtedness by the owner/operator of the Oza field, Millenium Oil and Gas Company Limited (“Millenium”), to the satisfaction of San Leon at its sole discretion. Concurrently with entering into the Subscription Agreement, San Leon advanced US$750,000 as an initial deposit (the “Deposit”) with the release of the balance of the US$7,500,000 being subject to the satisfaction (or waiver) of the conditions precedent contained in the Subscription Agreement. All of the conditions precedent have now been satisfied or have been waived by San Leon. The terms of the shareholders’ agreement provide San Leon with the right to nominate up to two (2) nominees to the board of directors of Decklar Petroleum (“Decklar Petroleum Board”), with Decklar having the right to nominate up to four (4)
Decklar RNS attached
Decklar Resources Inc. Announces Closing of Funding Transaction With San Leon Energy
Decklar Petroleum and San Leon have agreed to new terms on financing arrangements whereby San Leon will advance US$4,750,000 immediately and an additional US$2,000,000 by April 30, 2022 (or San Leon will accept a pro rata reduction in its shareholding in Decklar Petroleum).
Terms of previously announced agreements between Decklar Petroleum and San Leon have been modified in order to complete the transaction.
The Option Agreement that would have entitled San Leon to additional participation in the Oza Oil Field and additional ownership in Decklar Petroleum has been terminated.
San Leon will be involved in planning and location of the first new well to be drilled on the Oza Oil Field.
Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DLKRF) (FSE: A1U1) (the “Company” or “Decklar”) is pleased to announce the closing of a funding agreement with San Leon Energy Plc (“San Leon”) whereby the previously announced Subscription Agreement will be completed for gross proceeds of US$7,500,000 (of which US$750,000 was previously paid as a refundable deposit) with US$4,750,000 paid immediately and US$2,000,000 to be paid by April 30, 2022.
As detailed below, in 2020, the Company announced that San Leon had conditionally agreed to advance US$7,500,000 by way of a loan to Decklar’s wholly-owned subsidiary, Decklar Petroleum Limited (“Decklar Petroleum”). San Leon also announced that it was subscribing for a 15% equity interest in Decklar Petroleum in order to participate in the Oza Oil Field in Nigeria. San Leon advanced an initial deposit of US$750,000 at the time of the agreement, with US$6,750,000 of San Leon’s proposed loan remaining in escrow and to be released upon satisfaction (or waiver) of certain conditions precedent. Delays were experienced in concluding conditions precedent to the San Leon transaction, and Decklar proceeded to complete the re-entry and testing of the Oza-1 well. Based upon the Oza-1 well test, which indicated positive oil results from two zones and gas in a third zone, San Leon has agreed to advance the additional funds and to proceed with its investment in Decklar Petroleum. Decklar has agreed to modified terms to proceed with the arrangement with San Leon and to involve San Leon in future development planning.
Accordingly, the parties have agreed to amendments by way of a binding letter of intent (“Binding LOI”) and have committed to implement the amendments to the definitive documents. The principal terms of the Binding LOI are as follows:
San Leon has agreed to proceed with its 15% equity investment in Decklar Petroleum, waiving the remaining conditions precedent.
Of the US$6,750,000 of funds currently held in escrow, US$4,750,000 will be advanced to Decklar and the remaining US$2,000,000 will be returned to San Leon. San Leon is obligated to either advance a further US$2,000,000 in Decklar by A
Decklar getting out of their depth in Nigeria? They have been raising money in Canada- SLE has waved escrow conditions - the elephant in the room doesn't seem to be there - Millenium - what is going on with the financing from their Nigerian bankers even if most of the funds Millenium was to receive was earmarked to pay rather large previous unpaid debts on the Oza field. SLE "obligations" mentioned in the RNS, I wonder exactly what are the extent of these obligations in the SLE investment strategy for the development of the Decklar Oza field.
Very true redeyemines, greater prospects indeed with sle taking a larger chunk of aceos percentage and making them the largest shareholder, extremely lucrative and prepaid too
Well even with the great results from Decklar, it seems SLE may have bigger fish to fry, so they've dropped the option for further investment... Makes a lot of sense with what's in the pipeline.