Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Below is an excerpt from a Mirabaud note on SAVP (which I hold, big time). The sentiments also apply here.
"It emerged overnight that the incumbent Nigerian President Muhammadu Buharia had won a second term at the helm of the country. The elections were billed as being too close to call, however the winning margin ultimately was wide, with almost four million votes separating the two leading parties. We see the result as positive for E&Ps operating in Nigeria. A decisive victory either way is key to ensuring stability in the aftermath of Nigerian elections, and Buhari’s second term mitigates against any risk of sweeping changes to the Ministry. We therefore expect the likes of Seplat (SEPL LN), Eland (ELA LN), Lekoil (LEK LN) to react positively to the news."
Started buying more here over the last few days. Yet to decide how many shares I will tip into the tender pot, if any, but I tend to agree with some who do not expect Tosca to do so - why would they? Next question on my mind is what other plans do Tosca/OF have up their sleeve to ensure that momentum continues. I suspect that other ways to return cash to shareholders will be announced on an ongoing basis at least that is what I would do whether by way of special dividend or SBB or indeed another tender offer. It would also be nice to hear about divs coming into the company’s coffers on top of the quarterly payments which will really give us a boost. After a torrid time it feels as though there is the potential now to make a good return from these levels with modest risk if you have the appetite.
Started buying more here over the last few days. Yet to decide how many shares I will tip into the tender pot, if any, but I tend to agree with some who do not expect Tosca to do so - why would they? Next question on my mind is what other plans do Tosca/OF have up their sleeve to ensure that momentum continues. I suspect that other ways to return cash to shareholders will be announced on an ongoing basis at least that is what I would do whether by way of special dividend or SBB or indeed another tender offer. It would also be nice to hear about divs coming into the company’s coffers on top of the quarterly payments which will really give us a boost. After a torrid time it feels as though there is the potential now to make a good return from these levels with modest risk if you have the appetite.
Decent delayed buy this morning - 200,000 @ 35.2p = £70.4k
Thought we may have seen a little more action after the rns...
Sp not going down again, is it this week or was it last week lololololol
the trouble is MartyP, as you said, you covered all this stuff in college. now i don't know where that was but they evidently weren't hot on quoting research correctly. you see TB never did suggest 46p was a great price, he was just talking in the context of the tender offer, as indeed you well knew because you can read. this is actually what he said:
'it indicates the sp is moving toward fair value which is well over £1.... Toscas last buy price .. was circa 50p, I doubt Tosca wants to break even, I suspect Tosca would like to see a decent return that accounts for them being a LTH, best to follow their money.'
So you have deliberately and dishonestly misquoted TB. I'm only calling you out on this because you fairly fling stuff around yourself and i really abhor that kind of intellectual dishonesty, which is plain disgusting.
TB,
Your reply made me laugh and I have to comment, despite what I said:
I complain of unnecessary vitriol on the board and you return with "Because 46p is better than 23p you bellend and it indicates the sp is moving toward fair value which is well over £1. If that is the extent of your investment prowess then hallelujah you're refraining and please don't break your promise....." Couldn't make it up - suggest you go for a loooooooong walk.
BTW, you appear to have missed the point of the question - yeah, we all get that 46p is better than 23p. Never mind. At least BR took the time to give a measured and reasoned reply. BR - as said before, (unlike TB, who sees 46p as a great price) I don't intend to sell, so we are actually in agreement .......
interesting - that's at the lower end of the value range, that Oisin used to ascribe to a farmed-in barryroe. the higher end was c.$250m but i always felt that was a bit puffed.
Interesting to see today's transaction by Rockrose (rre) in the N Sea. They paid $4/bl for 2P reserves. Translating over to BarryRow, if the current 2C resource of 344mmboe is converted to 2P, SLE's 4.5% npi should be worth in the region of $60mn, not forgetting exploration upside from drilling two deeper levels - Lower Wealden and Purbeckian sands (which between them contain an estimated P50 OIP of a further 778mmboe). Source: Logp presentation, Oct 2018.
thanks olderandwiser, your comments are most appreciated. belated welcome to the 2019 board and i look forward to reading your comments with interest as the San Leon story unfolds. i have previously described san leon's past as a 'roadcrash' story. it would have remained that way in my opinion, had Oisin Fanning not produced this amazing OML18 opportunity and had Martin Hughes not backed him on it. the most compelling factor for me in our investment case is the power of their relationship.
occasionally on this board some good manners! Alaric, I love your posts, you defend your investment proposition with wit and are very happy to defend the company against the hostile attacks from the small band of desperados. What I really do fail to understand is the following -
Who or what is this band of misinformation-ists? its a bit like Lord haw-haw in WW2...
Why do they persist in their (m)utterings against SLE?
Is it because - I wonder - they were early stage investors who bailed out at the lows, believing the nonsense that was emanating from Nigeria and can't bear the thought that SLE will survive and likely flourish, against the odds?
I dunno - its all very weird. But explains why the SP failed to rally in the way we might have expected when SBB were first muted, or indeed when monies were received...
I guess SLE is a company that must continue to prove the haters wrong and as a result will likely trade at a discount to NAV rather than a premium with no value afforded for its other investments until they, like the capital return, prove the doubters wrong. Its been a lot of fun to be on the right side of this trade tho! Anyone seen B7 and my case of Felton Road?
It rhymes with muppet
Alaric,
Apology gracefully accepted.
I know you are a trusted and long serving poster on here and make very valid points that help to enlighten others with less knowledge. That is what a well-functioning bb should be about. Education, healthy debate and mutual fact-finding, leaving no stones covered, without getting too personal.
I know from being an investor in sle many years ago that there is bound to be a lingering scepticism in sle as an investment, as opposed to a trade here. It helps greatly if the posters with deep understanding of all aspects of the unfolding story are clear and precise in their explanations. I count you in that camp. ATB.
Compiche? ??
not forgetting the Irish Times piece at all, bluerill, and indeed great spot by mclean. as well as the non tender participation by large shareholders point, of particular note to me was the positivity around increasing output from OML18. if we also get updated news on the well drill soon, then the dynamic here should be of a different order.
olderandwiser, i have been counselled by some significant shareholders here, whose views i respect and who have been very supportive of the aggressive stance i and a few others have adopted successfully against the hideous trolling campaign that has been waged against san leon over time. in the past i think i have called it right but on careful reflection i realise i was too hasty the other day with you and realise now this was a mistake. please accept my sincere apologies for that. this is a poor excuse but you appeared on this board at a time when some well known 'faces' were reappearing. i do care what i post about here (i think some others on this board over time might verify that) and i am very sorry that on this occasion i gave insufficient thought to what i wrote.
Don't forget the article from today's Irish Times for which mclean has provided the link, Alaric. Unless Tosca, for some reason, denies the journalist's contention that it will not tender (very unlikely of course), I think it will prompt new, hedge fund interest in the shares which will likely take out some pesky sellers and push us materially higher early next week.
well whatever FCA does actually stand for here ( a few appropriate terms spring to mind) he's certainly not qualified to opine on anything remotely legal after his disastrous pontificating on the Sun Trust case that never was. and that of course followed him boring us to death on how Avobone would finish us. now he tells us Eroton are to go bust - well i guess it makes a change from the SLE armageddon story ( mind you even by Junkie's standards, be hard to make that stick with $50m in the bank and more rolling in end Q1!) getting a bit desperate now isn't it Junkie?
So now its George Bernard Shaw's fault that you're a lot quicker to correct OandW's minor error than you are to address the total evisceration of your pile of fabricated accusations against the company? You think if you use some abbreviations like 'MLPL' that the average shareholder may not have heard of, and then follow-up with a couple of weighty-sounding terms like 'refinancing' and wrap it all up in ominous innuendo, you're going to give your tire fire the air of credibility. Well, my fine fellow (of the Institute of Chartered Chickenhawks), you are very much mistaken this time. This time you have to show your work instead of ranting mindlessly when you feel like it and then claiming a personal integrity you clearly don't posses that precludes you from engaging in a genuine debate on the facts. A fantasist AND a coward. Bernard Shaw would be so proud.
I abide by being polite to people. GBS's advice you might take note of : "Never wresgle with pigs. You both get dirty and the pigs enjot it. Compiche?
more reason to be ashamed of what's left of yourself
Fellow of the Institute of Charrtered Accountants...... Compiche?
yes, I noticed that but I was so excited to take this snake oil salesman 'on', I completely ignored it. thankyou
What do you mean, "I'm an FCA"?
The FCA is a bloody financial organisation, the Financial Conduct Authority. It is most unlikely that someone working in the oil industry, even for 24 years, would be authorised and approved by the FCA to give investment advice. I know. I was there, for 24 years before retiring.
So what's your FCA Registered Number?
You seem like a total fraud to me, sir.
why don't we start with you utterly idiotic suggestion that Eroton's restructuring its RBL, after a massive reduction in principal brought on by the NPCC finally making good on arrears payments to local operators, has somehow resulted in MORE restrictive terms which will prevent it from paying divis for 'years' (?!?!?), when the truth is precisely the opposite? Or how about your made-up nonsense about MLPL, which I have schooled you on in the past?!?!? Firstly, you have absolutely no idea about any material debt at MLPL in the first place, which you are constantly blubbering as fact. If it does have any, I believe it is small. Even if you hadn't made that up out of fat air, your constant contention that any financial difficulty at MLPL is going to somehow going to endanger SanLeon, when our loan notes are claimable against the assets of Eroton AND Midwestern, and we will always get paid FIRST in the event of any kind of foreclosure or windup, not to mention the fact that any coupon miss alone can trigger a claim by SLE on the entire Midwestern OML18 stake at the sole discretion of SLE (try and read the admission document genius). And finally, if absolutely anything of the total rubbish you and your FCA-registered blowhole produced to smear this company were even remotely true, they would have already conspired to prevent the audited results that were only just published. Take your 24 years of experience in the oil business and stick up your FCA. No one's buying.