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Best thing to do is for all of us to use the 'report post' button on all of the trolls!
great post Alaric... I'm looking forward to relist in November!
BS I dont really understand the objective of your analysis? The shares have been shelved for 3 months and its been a difficult ride for the last couple of years, but lots of us have stuck in there on the basis that thats just the oil business, cliff-edge ups and downs. A large deal is negotiated that seems to clear cashflow worries and open up lots of windows of opportunities and you want to micro analyse timelines, body language and physical aura. How is that helping and why would you tread that path after months of frustration? I want the business to move forward and the share price to move up. I cant see how you are helping?
Exactly
Desperate stuff from you again BS. all through the piece you trolls have at best dissembled and probably been outright mendacious. at every turn you have spun a tissue of fabrications concerning everything from how Avobone would bankrupt us to how nobody would loan money or invest in us. when as always you're proved wrong, you fail to address the fact and merely move on to the next fabrication. you claim your big mate Afake has been 100% correct so far about San Leon. that's complete garbage. by the time our story unfolds Afake will be shown to have been 100% wrong. you specialise in insinuation and avoiding facts, always failing to address arguments that don't support your negative positions on the company. how anybody in their right mind can have contrived to spin the latest news as bad is beyond credibility. for the record obviously Martin Hughes was never going to let this matter inherited with Aurelian bust his massive investment in San Leon, which any fool with half a wit could tell you. btw the loan and prospective investment are amongst the largest to an AIM company this year. also anyone who knows the company will understand that getting a controlling interest in the ACOES has been a strategic objective of the company for some time. god knows where you got that bunkum about being forced to invest more because of Eli's financial problems is anybody's guess. the point you choose to miss because it doesn’t suit your agenda is that it demonstrates how nimble Oisin has been in using Eli's financial woes to our advantage and frankly negotiating incredible terms for these investments. so you can put that lot in your pipe and smoke it :-)
EDREEDEV - Ref your recent post where you refer to - Seplat Nigeria - Seplat was OF's original business model when he first took SLE into Nigeria - obviously from your comments you are aware of the difficulties Seplat, a very well-run local company, have been facing including the attempted removal of the British CEO by local interests. It would seem to indicate that OF original plans for Nigeria should be reconsidered and in the extreme maybe just retain the status quo consisting of an FSO and maybe just maybe keep existing holdings in OML18 but completely abandon his original planned take over with Eroton of OML18 (I.E. The now outdated business model for foreign entities operating in Nigeria).
The Fanning/Wood Interview - It opens with a misstatement from Fanning that SLE has always wanted to increase its ownership in Eli Akaso when in fact SLE was forced to invest into the project in order to maintain the viability of the FSO (Eli Akaso/pipeline) which was facing imminent bankruptcy proceedings in the Maltese courts.Further OF seems confused at times mentioning the pipeline will be starting operation “this week or next week “ that would be difficult since it has not been completed. The FSO system including pipeline he claims will only be completed in another 120 days which takes us into Jan 2024. OF infoms us Shell are taking oil off Eli Akaso “at this moment in time”, really, and his suggestion that Eli Akaso will replace the Bonny terminal is nothing short of pure theatre as is his claim of the number of firms who have “already signed up or will sign” to use the FSO facilities.
OF informs us that NNPC is now “effectively” the operator of OML18 but that “documents” haven’t as yet been signed between the original partners which does rather leave the question up in the air as to whether the disputes between NNPC/Eroton/Sahara will continue or not with its adverse affects on the continued financing/operation of OML18.
The sympathetic body language (ear stroking) between Wood and Fanning when Wood asked for a possible relisting date for SLE and with OF suggested it as being the 2nd week of November did not inspire confidence.
I would expect the share price to initial rise somewhat above 16p on relisting but then remain moribund as Nigerian realities once again reassert themselves on SLE’s attempts to complete the Eli Akaso FSO considering in the difficult situation companies are currently facing to work effectively in the Niger Delta.
Overall, the interview did not leave me with a positive impression as OF, grimacingly at times, tried to put a positive spin on the situation we are currently facing in Nigeria – he is certainly not the same person that gave the televised speech at Davos some years ago regarding our upbeat prospects for Poland, but then again given what he has been through in Nigeria neither would I be.
If you look at the Malcy interview with Oisin posted by Naibob, you will see he suggests some time around 2nd week of November for resumption of trading in San Leon.
RE: " at what price will we open?". The big question, or maybe not, depending on your scalping propensities. What price can be attained is the elephant in the room. Our new buddies have been given options at 60p, so at what price do they foresee exercising them? We're no longer seeing the whopping great dilution in terms of shares in the issue, which makes things less painful. Two months till we get the keys to our new house? Very frustrated, but we can only wait.
Https://www.youtube.com/watch?v=yN_w3RLuB3s
The man with the tiny spectacles and the large Panerai looks Cheshire cat like to me....couple of minor flags re timing but love the positivity overall
'The Ordinary Shares will remain suspended until the Company has published an admission document in relation to the New ELI Investments and the Company's shareholders have ratified the actions taken by the Board.' this is from the rns yesterday. so i reckon we're only a month or two at most from accounts being finalised and the resumption of trading in san leon's stock. btw i think it was Eli we were waiting for as they were clearly stretched. the fascinating question now becomes at what price will we open?
Ed, i understand that NNPC were bad at paying their bills but that's all but sorted now.
I think it's fair to say that OF's endgame was not self-ruination. He's been chasing opportunities, which have been cast off as a more lucrative opportunity has caught his attention. It's been a VERY bumpy ride, but it looks like we've got the keys to our new home. What would be a nice-to-have before moving in is a set of accounts, and the re-listing of the shares to see if the market's convinced. It looks like the big players have won big, but us little guys are still very much on the side line. Anyone got any opinion on when the accounts are likely to be complete? We were waiting on Marwester and/or MLPL weren't we?
Didn't think I'd ever say this, but does OML18 really matter that much to SLE any more----we have moved on.
Companies are queuing up to use our pipeline when it opens, and only 30% of it's capacity will be coming from OML18. Other companies from other fields will be barging another 100/- BOP to our FSO, again making OML18 even less important to us.
-We now seem to have an almost irrelevant 10%, indirect, holding in Eroton and all those cross holdings, and in truth i guess the only bit we really want is the ELI interest held by Midwestern---so all that now needs tidying up.
-Eroton have lost the operatorship, but does that matter---not at all---the operator never makes money, just gets the headaches----let NNPC get on with it---production is already rising and is now 20/- BOP, and could go to 60-70/- within a year.
-I guess the only real problem coming on the horizon is---"we're gonna need a bigger boat"---as 200/- a day will fill our FSO in about 10 days, then we'll have downtime while we--offload--make repairs---gen maintenance---bad weather --ect ----so maybe we will need another one (or 2) FSO and mother ships to keep the cash machine flowing smoothly, but as BlackSwan kept pointing out in his "What's it worth" posts, these are easily got over the next couple of years.
--It feels like we have had so many "false dawns " with SLE, but have we ?---or was it that O Fannings plan has just taken an age to complete and we didn't even realise he was doing it.-Ive said it before and I'll say it again-----Hats Off to Oisin Fanning---you never cease to surprise people , always three steps ahead.
That is certainly the impression OF gave me. I think there's a big question around NNPC, looking at some of the other difficulties companies like Seplat are having. But for San Leon and OML 18, the move for NNPC to become operator seemed to be a resolution.
And..... The pipeline has a capacity of 100,000 bod, but the fso will also receive another 100,000 bod from barging operations.
... That, s 200,000 bod going to the fso... And only 30 % of that coming from OML18...... Companies queuing up to use the facility.
.. Money money money.
Read that again.
.. The fso is up and running, oil is being barged to the fso now.....
. Oml 18 is producing 20,000 bod now and looking to rise to 60,000 shortly.
.. The pipline will be complete and running within 90 days.
...fantastic
Ed - fascinating piece and notice it suggests the Eroton NNPC Sahara dispute is now resolved by NNPC being the operator. maybe in practice it won’t make any difference on the ground? i hadn’t thought of it like that before. mind the trolls won't like it as Eroton losing the licence was the main linchpin of their 'argument' against San Leon. unhappy trolls means happy days for the rest of us normal folk :-)
Here's what Oisin Fanning told me about the deal: https://www.energyvoice.com/oilandgas/africa/pipelines-africa/538755/san-leon-deal-paves-the-way-for-a-simpler-story-ceo-says/
Overshoot to 80 pence when I will be personal back to the capital valuation that I invested five years ago!'
ah another loser here, which explains everything. sadly you're also delusional particularly where Afake is concerned. he's just another board troll, who is neither invested in San Leon nor wouldn’t know one end of a short from the other. i suspect he's in the employ of a long/short fund who pay him buttons to post negatively about the company. such is the paucity of regulatory enforcement on AIM that such behaviour goes on. you have failed to notice that the 62.5 million warrants granted to Tram are exercisable at 60p and the provision of an option to subscribe for nearly 45 m shares at 30p. i'm very sorry that people lost money in San Leon1, as you clearly have but they they should realise that this is only the real beginning of the story of San Leon 2.
Macy likes everything to do with big capital and I know whose side they're on and it is not individual small investors given the overstated posting they have made over the years - but hey all the world is a stage - right?
This is a spectacularly good deal from SLE that way exceeds any expectations I had ahead of the news. Obviously it is a complicated deal as it encompasses TRAM funding SLE and then SLE injecting much needed money into ELI and other opportunities. TRAM will become a shareholder in SLE at 30p plus warrants at 60p.
The Canadian background to the investors means that they are expert in the pipelines business and can see the substantial potential rewards available through San Leon’s position in Nigeria. The ending of the RTO is clearly very good news and shareholders could see the quote restored within a matter of weeks.
I have spoken to Oisin Fanning and will add more tomorrow, I am interviewing him in the morning so we should all get much more detail then and be able to put serious flesh on the bones of this fantastic deal.
https://www.malcysblog.com/2023/10/oil-price-san-leon-coro-and-finally/
Alaric - Afake's commentating over the recent years has been 100% correct as opposed to your dreaming attitude that all will be well - if you reread the latest RNS you may comprehend that Fanning has had to virtually sell the shop for what amounts to a small amount of capital to continue the Nigerian fiasco which OF has led us into - I am sure Afake will have an enjoyable breakfast knowing that at least the game goes on and he has maintained his capital unlike I would suggest most of us who are now left hanging on to the hope that the shares might in the short term hit 56 pence or even overshoot to 80 pence when I will be personal back to the capital valuation that I invested five years ago!
'Nigeria and Eli seems to be a new area for TRAM to be involved in?? But hey if they want to put the money on the table them welcome.'
really delighted to hear that BS, even with your sour grapes added lol. your mate Afake has gone awful quiet of late don't you think? i won't bother trawling back through all the trollsh/te to see how much alphabet soup you guys are going to be drinking over the coming months but it will be in gallons :-)
I dont see the benefit in whooping and hollering about the deal and targeting other posters silence. The RNS suggests that SLE were in serious financial difficulties and had to sign something. A huge percentage of the funding has already been swallowed up it seems. Im relieved there is a deal, but my goodness it looks like a last chance saloon.
Further to my post of the last few days concerning the TRAM deal - rather than Fanning being put over a barrel I would sugest, given the conditions of the recent TRAM loan, he (we) have actualy been placed on the wrack! Large deductions are being made from the loan even before the loan is even our SLE pocket - nice one of $6 Mio for arranging the deal! However the money is there and life goes on - I have to smile when the hype is talking about pipeline/pipelines when we haven't even built one yet and given the situation in Delta state it isn't going to be a walk in the park to complete such a project to Eli Akaso. Then we have the problem of zero oil production from the shut in wells on the majority of the Nigerian OML leases to contend with - who is going to pay to get OML18 pumping again and under whose authority will OML18 reinstate the oil wells Given the Sahara/Eroton debacle?