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Morning Afameuna, it's been a while since we have heard from you.-----I was surprised that you have not commented on our recent RNS,
---$186 mill of new finance which will see the completion of the ELI pipeline and the start of the FSO operations---all debts cleared and a huge new investor on board-----a real cash machine about to be switched on.
----Just wondered what your views on it all were.
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-Not too sure what the ins and out's of this decommissioning business are, ,---wonder if Ardilaun have actually paid any of those costs, and thereby admitted liability,---maybe you will know the answer.-----but that really doesn't matter too much at this stage.
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--What I really want to hear is your view on all our good news, ---look forward to your reply.
The decommissioning agreement provided that the minister was conferred with the authority to enforce the lessees’ PSE and Island respective obligations to share in decommissioning costs. Commercial production at the Seven Heads field ceased in July 2020,.
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-The field ceased production in 2020 , but SLE had sold ALL of its interest's (and liabilities) to Ardilaun in 2019---- In 2020 when commercial production ceased SLE were no longer one of the lessees, that responsibility had passed to Ardilaun in 2019.
----Do you really think, that if the field had continued production for another 100 years, that SLE would still be liable for the decommissioning costs ??
-As Alaric said yesterday---this is just an attempt by Ardilaun to pass the buck, now they have seen us win the lottery.
-All a lot of nonsense over some small beer.
You silly boy samalarik. agen you show you now nutting about your beloved cumpuny. you always doin smoke an mirror an runnin scared of the truth.
the facts nevur change your bigited posting. people mus wunder why.
See this ofishul admishun of liability 3 year aftur 2019 sale you menshun.
you lookin a ignurant fool agen.
RNS Number : 7694R
San Leon Energy PLC
08 July 2022
(e) Island Oil & Gas Limited Guarantee
The Company has a Guarantee in respect of the decommissioning liabilities of Island (Seven Heads) Limited, a subsidiary of Island Oil & Gas Limited ("Island"). In the event that Island are unable to pay the decommissioning liabilities, under the Guarantee, the Company could be liable for any amounts Island does not pay.
https://www.breakingnews.ie/business/minister-sues-san-leon-energy-in-row-over-decommissioning-of-gas-field-off-cork-coast-1551311.html#:~:text=The%20decommissioning%20agreement%20provided%20that,'%20obligations%2C%20the%20minister%20says.
As you say sam cr8p. we sold the bulk of our assets to Ardlaun in 2019. ask yourself do you think it's likely that we would retain contingent liability under such a deal? or more likely that they saw our recent fund raise and thought they would would try their luck? small beer anyway. it looks like Afake is getting pretty desperate now if he's scraping the barrel of the Irish media :-)
Yes, yes I know it's a newspaper but what other data do we have - Nembe crude low sulphur crude finding new markets in Europe Nigerian oil being forced to turn away from Asia by cheaper Russian oil and gas supplies - worth a read even if it is a tad lengthy - form your own opinion.
https://punchng.com/crude-exports-to-europe-rise-fg-boosts-local-supply/?amp
Alaric - you continue to disappoint in seeing the world in terms of good guys and bad guys all rather antagonistic as is your style.
Well, the long and the short of it is .. .
'SLE fortunes could at long last be on the turn, the oil we all know is there under OML18 we have only to extract it and get to market which is why I have retained my investment in the company even though it has been painfull at times.'
blimey BS have you finally seen the light and joined the good guys? but why the opprobrium?
Nigeria is drowning in debt, but then again you could say in this modern world who isn't (USA), and Nigeria will be forced to take drastic action indeed to increase oil and gas production. Nigerian oil production levels have fallen so low that NNPCL have been unable to provide adequate feedstock to Nigeria's new Dangote refinery near Lagos( largest in Africa apparently) due to the fact that high levels of already future "commited" oil output (i.e output that has already been commited to pay back financial loans). The Nigerians are also currently in heavly debt to Chinese and other banks to the tune of $4.7bio which has given even the Chinese Exim bank doubts over extending further new loans to Nigeria!
What has all that got to do with SLE I hear the one who sometimes uses the name Alaric, i.e. the one who lives in his OML18 and ACOES bubble, comment - well if immediate drastic action is required which it most certainly is then one of Nigeria's best OML to bring back on line as soon as possible is OML18 , it doesn't even need any "leaky"Nigerian pipelines to export product ssince we will soon have our ownoutput pipelines connected to Eli our ACOES.
SLE fortunes could at long last be on the turn, the oil we all know is there under OML18 we have only to extract it and get to market which is why I have retained my investment in the company even though it has been painfull at times.
Sorry BS but i don't see the remotest relevance of all this Nigerian media garbage to our business case. anyway you trolls are rather too eager to quote from said media seemingly ignoring the appalling levels of corruption involved. ive mentioned this to you before so here's a reminder of the extent of corruption involved: https://saharareporters.com/2021/09/13/media-organisations-nigeria-fuel-corruption-profession-abimbola-abatta
CallasJunkie – Agreed as you correctly point out the Eroton/Notore unpaid invoices/debts are a complete scandal but they completely pail into insignificance when compared to the misappropriation of funds that has been made by our arch nemesis, now renamed the NNPCL. For those who use newspaper for other things than reading (you know who you are) The call for the new President to investigate missing oil revenues is reaching crisis proportions the facts being:
"In the suit number FHC/L/CS/2334/2023 filed last Friday at the Federal High Court in Lagos, SERAP is seeking “an order of mandamus to direct and compel President Tinubu to probe the allegations that US$15 billion of oil revenue, and N200 billion budgeted to repair and maintain the refineries in Nigeria are missing and unaccounted for.”
"According to the 2021 report by NEITI, government agencies including the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury.”
"The report also shows that in 2021, the State-Owned Enterprises (SOE) and its subsidiaries (the NNPC Group) reportedly spent US$ 6.931 billion on behalf of the Federal Government but without appropriation by the National Assembly. The money may be missing.”
"The report also shows that N9.73 billion was paid to the NNPC as pipeline transportation revenue earned from Joint Venture operations but the money was neither remitted to the Federation nor properly accounted for. The NPDC in 2021 also failed to remit $7.61 million realized from the sale of crude oil.”
The report documents that about N200 billion was spent on ‘refineries rehabilitation’ between 2020 and 2021 but ‘none of the refineries was operational in 2021 despite the spending.’ NEITI wants the spending to be investigated, as the money may be missing.”
Interesting reading maybe while as we wait for SLE to relist the full story may be found at:
https://punchng.com/serap-sues-tinubu-over-failure-to-probe-missing-oil-revenues/?amp
'A return to one of my favourite subjects....Notore Chemicals' ah Junkie i see nothing's changed you're still the grandmaster of complete irrelevances in the business affairs of san leon. you're just a big yawn as nobody (seemingly except yourself) is remotely interested in Notore which has no relevance whatsoever to san leon. did you miss the recent announcement that san leon is now going to be focusing on transporting oil via its majority interest in the ACOES? OML18 will only account for about 30% of our business so whatever you think about jite and Eroton (personally i think you're being a bit harsh) that's pretty irrelevant to us, as everyone except you apparently can see :-)
That's 2 out of 3, if we get the third one then we must be due an RNS..
A return to one of my favourite subjects....Notore Chemicals which was once the sole offtaker of OML18 gas (that is when in years gone by OML18 actually produced gas). It still owes Eroton 21 billion naire for its gas supplies, one of the principal reasons given for NNPCL seizing the Operatorship just after the start of the year.
The latest set of 3Q/23 accounts show an absolutely dire situation with losses for the year to date at 66 billion naire (or 82.5USD. To put things in perspective, finance costs at 23 billion naire were nearly double the value of sales. That was before the addition of 28 billion naire due for foreign currency losses due to the dramatic devaluation of the naire (reference BlackSwan's comments on the Nigerian economy.).
Total borrowings are now an eye-watering 200 billion naire or 248million USD.
Why does this matter?
First, it seems extremely likely that Eroton will ever see its 21 billion naire unless NNPCL sues Notore and the valuable site is sold.
Second, it shows that the much lauded Jite Okoloko is showing very poor business judgement. One of the very basic rules of business is that unless you have extremely good reasons otherwise, you borrow in the currency of your sales.
Nearly all Notore's sales are in naire whilst it is largely financed in USD, the devaluation of which which has now strapped the company with suffocating debt, if it wasn't bad enough already.
One other thing, and I've never seen this in publicly published accounts before, the Group table of Fixed Assets doesn't add up!!!! (interestingly the table for the Company does)....sloppy beyond belief.
Alaric - dear fellow you missed the point again, as usual, the company is fine it's the state of the Nigerian economy that is.the problem. The verbosity of your responses to anything leads me to revise my opinion of you from being a pensioner.in a care home with nothing else to do or your an early model AI Chat Bot with as yet not lot of I.
Happy with that answer Zoonosis? me neither. as i
said before he specialises in insinuation and avoiding facts, always failing to address arguments that don't support his negative positions on the company. his purpose? like most trolls he seeks to denigrate the company probably as a poorly paid lackey of a long/short fund looking to profit from taking short positions in San Leon. if he were genuine we would get reasoned responses to our reasoned propositions. we never do, which tells you the real answer to your question. when the $125m arrives in our account as it surely will and soon, do you believe for on minute that we'll receive a reasoned analysis of the situation for us? i'm very happy to be shown wrong but that would be a first on this board:-)
Zoonosis - Ref your recent comment - "BS I don't really understand the objective of your analysis?" - my analysis was intended to simplify the situation we now find ourselves or to paraphrase Bill Clinton - It's Nigeria stupid!
Courtesy Philby1 on ADVFN
Malcy's thoughts;
This is good news from San Leon, obviously the first payment having been received is a major step and the rest of the pieces of the jigsaw will fall into place. This includes TRAM buying a stake in SLE at 30p with further options higher up, and paying off Toscafund and creditors.
But it really is only the start of the next phase for the company, plans to buy a bigger stake in ELI opens up San Leon to the valuable pipeline and infrastructure system from OML18 with concomitant increased profitability.
The combination of all this means that when the shares return from suspension, shortly it seems there is considerable upside from the last time they were traded. I interviewed Oisin Fanning when the deal was announced, in case you didn’t see it I repeat that interview below.
Core Finance CEO Interview: Oisin Fanning, San Leon Energy
Agreed. but it's not in a state to be sold anyway.
History would caution selling your old car just yet!
"As previously announced, TRAM has confirmed that all conditions precedent to its investment have been satisfied and San Leon has accordingly requested draw down of the US$125.0 million convertible secured loan from TRAM (the "Loan"). In this respect, TRAM has confirmed to San Leon that funds are in the process of being transferred from TRAM's bank in North America and San Leon has since received confirmation that payment has been made. San Leon expects to receive the net proceeds of the Loan shortly. "
The shares (44m+) Tram are getting are priced at 30p (vs stalled market price of 16.5p). Is it wise to speculate that they're priced low for tax purposes, but are expected to rise over time? Just noted that warrents for a further 62.5m are priced at 60p.
Worth noting that there will now be a total of 495m shares in the issue (+62.5m warrants) as opposed to 797m which would have been the case if the Mid Western deal had gone ahead, i.e. more jam in the pot goes to us little people. Speaking of which, has any figure being issued of the potential income from Eli?
With issuing of TRAM's shares, and the commencement of drawdown on the loan, are we now set to go back to the market? I need a new car...
Alaric old chap, I asked Sam the question, did you forget who you were signed in as today? It would appear that you and this chartrader character have more than one thing in common.
But surely you know 36800, since chartrader was an old mate of yours on the other board until he got banned for libelling both Oisin and San Leon. he used a number of different handles (at least six for sure). he posted the most scurrilous lies about the company (even worse than our board trolls, including yourself), often 25 times a day! hard to believe but over 5 or so years he posted more than 100,000 times. a complete luny of course but i understand he lost many thousands of pounds during San Leon1's phase in Poland and blamed Oisin personally for this. so there you have it. at least he wasn't some lackey of a hedge fund, paid buttons to write garbage about San Leon : his garbage was gratis presumably just for his own entertainment. let's face it nobody with more than a pea for a brain found his scribblings remotely entertaining :-)
Charttrader? Sam, please enlighten me. My internet search came up with trading software. Thanks.