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BS - how do you consistently manage to construct posts which are simultaneously soaringly banal and infuriatingly obnoxious? You're genetically incapable of ever posting about this company without including some snarky slur, usually directed at Oisin, so you share your greatest hit about him historically being well compensated, blah, blah, blah. Fine, if that's what cranks your chain. But what, in the name of jabba the nut, is that moronic riff about Oisin's 'laptop interview'? First of all, maybe you haven't noticed, but in the age of Covid, EVERY interview is done on a laptop. Second, that interview, in addition to being extremely informative and by extension, VERY professional, is evidently part of a larger marketing/PR effort at the company to promote the sle equity story more broadly to retail investors - after having been lobbied to do so for years by large shareholders by the way - and you know what?, it is clearly working. Oisin has now done multiple, detailed interviews with several of the best-followed financial bloggers, received significant endorsements from all of them, and the shares are starting to seriously outperform (now up 10% ytd with Friday's big move) in an otherwise continued dire environment for small oil and gas equities. Finally, what does 'with his recent massive increase in shareholding for which he was presumably given the nod and consent to purchase by Tosca' even mean? The CEO bought 1/3 of his largest institutional shareholder's controlling stake in the Company at the market price. End of. No one 'nodded' anything to anyone, except maybe a gesture of mutual appreciation for a transaction that suited both at that time and benefits all shareholders for the enormously positive message it sends about the Company's near- and long-term prospects.
If I got the numbers right, SLE got a net production of about 4.000 bbl/d in Nigeria. If the share price would go up to about one pound they would have a market cap of about 400, 500 million Pound. In my opinion that's too high just for 4.000 bbl/d. We would need a production of perhaps 100.000 bbl/d to see a market cap of 0,5 to 1 billion. But we will see because we see crazy volatility these days
Some years ago I saw a good chance that SLE goes bankrupt after the shale gas fever in Europe ended and when the Nigerian jungle fever started for SLE. Fingers crossed that this dark days are over for SLE, hopefully.
Historically, OF is only in it for the money and it looks like he will start raking it in soon. He has always been a "rogue" trader and knows how to rake it in so I think San Leon is definitely now out of the doldrums having got back with interest its initial investment on OMLl18 and is now just collecting the bunce.
And if it is good enough for Oisin it is definitely good for me. There is no way OF would buy £20m worth of shares at approximately 21p if he did not think these were going to fly.
Back in the dark ages I invested in the three components of Barryroe, Providence, Lansdowne and San Leon who traded their initial 30% in return for the 4.5% nett in Barryroe. After the Providence debacle where Fanning reckoned he could make about $700m from Barryroe over the life of the field and given their foray into Nigeria, a fate worse than death, I just put them on the backburner and left them there. Now, it seems, that might actually have been a good idea.
Some years ago Oisin swapped a salary for dividends, obviously using the 28% rather than the 40% tax. Now, with about a quarter of the shares and when you consider that Tosca has 51%, OF has 24% and Midwestern has 10% that means there is only a "free float" of about 15% which is about 60m shares to trade. Surely that is going to create a bit of a free-for-all in share buying? Could we get back to the 95p the shares were in July 2015?
I bought plenty of these when they were messing around in Poland and have kept on to them as a "loss leader" but it seems my day might well come. Hopefully others who had them from those Poland days have still kept theirs. In 2015, they did a share consolidation of 10:1 shares at 80p a share. Since then the shares have drifted down to their current 25p but with the latest news they are surely worth the 80p they were in 2015 or at worst the 40p they were in the middle of last year.
As far as I was concerned, I thought they were mad to do a deal in Nigeria because it is so corrupt but it would seem the lemons have turned up right and with only 67.5m shares in free float a bit of pressure will surely get these heading back to a reasonable price. A price of 95p, dated 3rd July 2015 would be very nice.
Tosca as of 19.6.20 still held 50.85% of SLE shares - hope they keep OF nose to the grindstone and well they should given the history of his fine salary/bonus/fees and services/benefits which made his total emoluments for 2018 to be $1,83 Mio - SLE could have bought the Bilton ladies club a warehouse full of 12 sewing machines for that money - and with his recent massive increase in shareholding for which he was presumably given the nod and consent to purchase by Tosca lets hope that Tosca takes every opportunity to keep his nose to the grindstone. Side note, I thought his recent "laptop interview" was very unprofessional what with the up nose camera angles to say nothing of the redhead hanging on the wall behind him - do wish he would smarten up for the money we are paying him!