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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?
RNS Number : 4815P
San Leon Energy PLC
10 October 2023
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
10 October 2023
San Leon Energy plc
("San Leon" or the "Company")
Investment of up to US$187 million from a strategic investor
and
further investments into ELI
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, is pleased to announce the following significant developments:
1. an investment of up to US$187 million by Tri Ri Asset Management Corp. ("TRAM") into San Leon; and
2. further investments by San Leon in Energy Link Infrastructure (Malta) Limited ("ELI") using the proceeds of the TRAM investment, making San Leon the largest and majority shareholder in ELI with approximately 55 per cent. of the company.
Oisin Fanning, Chief Executive Officer of San Leon, commented:
"It is no secret that the past few months have been difficult for San Leon, as they have been for many businesses, but it is testament to the determination and commitment of our team that we have secured one of the largest fundraisings by an AIM oil & gas company in recent years. In addition, and in line with our announcements over the past year, we have aligned San Leon with a strategic funding partner who has been able to commit a greater level of support than our previous proposed lender, through an innovative investment arrangement which includes them becoming a major shareholder of our Company.
"Importantly our partnership with TRAM enables us to fulfil our long-held strategy of becoming the majority shareholder in ELI. It is no understatement to say that the commissioning of the FSO Akaso Terminalis a game changer, not only for OML 18 but for the entire industry in that region. We are confident that the FSO and the ACOES pipeline will be a significantly profitable and cash-generative project from which San Leon expects substantial upside."
Asad Ali, Chief Investment Officer of Tri Ri Asset Management Corp., commented:"We are delighted to announce this financial partnership with San Leon which we expect is the start of a long-term relationship. We have come to know Oisin and the team well in recent weeks and their professionalism and understanding of Sub-Saharan Africa is a strong fit for our investment criteria and we are looking forward to working with them in fulfillment of their strategic objectives. We believe that the scale of OML 18 and the efficiencies that ELI's new infrastructure will bring represents a very exciting opportunity for us and all investors in San Leon."
Overview and summary of the investment in San Leon by TRAM
The Company has entered into documentation with TRAM in rel
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. I like the Abu Dhabi foray but these sums are chump change for entities like the Anu Dhabi investment fund and other entities in that market
The recent events in the Middle East could swing resourcing oil supply away from such countries to Nigeria who although the country is verging on the status of a failed state nevertheless have oil if they could only get it out of the ground and into international markets!!!!
Well i was just wondering what Afake was doing for breakfast tmrw :-) lol
Who wants to tell him?
Think this deal makes afake afool amuppet and callajunkie a fecking idiot......
Well done Pizzagate----great find.
Well, well well---another HUGE rabbit out of Oisins hat.
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-Drop the reorg and its vast share issue---and go where the money is------ELI !!!!
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-New SH coming on board of 10% @30p and with the warrants to maybe get up to 25%
-about 180 mill in new finance (maybe)---and that should go towards increasing our stake in ELI-------------how much will we finish up with ?--well certainly over 50% and maybe a lot more.
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-Figs of $1 billion being talked about for our future valuation.
-
-How long before a full scale bid comes our way (about a year ??)
-Story is on Sky News, so must be out in London tomorrow.
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-Fantastic.
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Https://news.sky.com/story/london-listed-san-leon-energy-to-unveil-185m-tri-ri-investment-12981251
Well that has cleared the decks...... Now let's see what is REARLLY happening.
Well the only surprise with this announcement for me is that it was not made many months ago. As always OF tries very hard to create highly complex transactions and fails to pull them off. I wonder if Toscafund have said enough is enough. It would not surprise me if OF disappears in the not too distant future either. Another reverse another AIM document and meantime the cheerleaders ( you know who you are) will find a positive, forever in denial. I feel sorry for those small shareholders who did not exit when they had a chance as this has all the hallmarks of being taken private, a point I made a few years ago only to be shouted down by the rose tinted crew with an agenda. Another AIM failure to add to the long list.
Https://www.malcysblog.com/2023/10/oil-price-san-leon-jadestone-eco-atlantic-and-finally/
"...The news that the talks with a third party are now at a very advanced stage will be a significant relief to shareholders who will have feared the worst about whether the quote would ever be resumed. The breathing space afforded by Toscafund is only valid until this Friday so confidence must be high that something will happen this week. ..."
Fanning has really got himself stuck over a barrel and it most certainly not an oil barrel !
Not quite yet but getting close this time imo. I believe patience will eventually pay off, a lot
Should have news on payment monday
"Stating that EnergyLink would work with CESL again, Etete said CESL aims to “rapidly expand hydrocarbon storage services not only in Nigeria but also internationally.”This aligns seamlessly with our infrastructure vision.”
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-Sounds like ELI are planning more FSO/PIPES----and we are very major shareholders.
Century Energy Services Ltd (CESL) has completed the mooring of an FSO offshore Bonny, capable of storing 2 million barrels.
Energy Link Infrastructure owns the ELI Akaso while CESL operates and manages the facility.
CESL said it would provide “evacuation, storage and offtake” for producers in the area.
The FSO “exemplifies our strategic approach to addressing both current and future demands of the oil and gas industry. We remain steadfast in our commitment to pursuing the most resilient, competitive, and high-return asset investments, ensuring consistent cash flow for the foreseeable future to all our stakeholders,” EnergyLink Managing Director Adekolapo Ademola said, adding that projects such as the FSO allowed the company to meet growing demand from its customers.
“They are increasingly focused on enhancing their production and supply security, a concern that’s gaining prominence among global industry stakeholders,” Ademola added.
The company however said the ELI Akaso should address challenges around exporting and storing crude.
CESL CEO, Ken Etete, said the new terminal mooring “significantly advanced our collaboration in oil and gas infrastructure”.
Stating that EnergyLink would work with CESL again, Etete said CESL aims to “rapidly expand hydrocarbon storage services not only in Nigeria but also internationally.”This aligns seamlessly with our infrastructure vision.”
CESL is part of Century Group, which was founded in 2002. The company also works on the FPSO Tamara Nanaye, Tamara Tokoni and Tamara Elmina. The first was previously the Front Puffin, on OML 113, and the second was the Armada Perdana on OML 119.
San Leon Energy reported in April that Century Group had struck a deal with ELI on the ELI Akaso. The oil company said a 47-km undersea pipeline would run from OML 18 to the FSO, with throughput of 100,000 barrels per day of oil.
There was no mention of the pipeline from CESL. San Leon has previously said it expected this to be completed in the second half of 2023.
EnergyLink’s Ademola, also a non-executive director of San Leon, said working with Century Group “should expedite our ability to deliver value to our key partners and shareholders”. San Leon bought a 10% stake in EnergyLink in 2020. The company struck a deal in August to lend cash to EnergyLink, with the scope to increase its state to 16.2%
Correct assumption on funding
'Toscafund and San Leon have agreed to a further extension of the Loan repayment date to 6 October 2023.' that’s this Friday, which sounds most positive in the context of the main longstop being pushed back to the end of the year. so watch this space seems to be the message we're getting, as am sure that Tosca's $5m will get paid out of the much bigger alternative loan facility.
While we are waiting - interesting read from Erotons original website regarding how the purchase and financing of OML18 was arranged when Eroton and others leased/bought it from Shell Nigeria - it would appear the Afrexbank were heavily involved in the financing along with other who now would have considerable investments at risk if this doesn't get resolved in their favour. The deal was for quote "The $663 million funding deal, which was completed on September 23, 2014, was structured as a seven-year facility, while the oil block licence will expire in five years".
Go figure where we are now and who owns/owes what to whom - its beyond me?
http://businessnews.com.ng/2015/03/21/shell-wraps-1-2bn-sale-oml-18-eroton-group/
Alaric - Get with it! You're missing out on what has already happened and you're gazing into a hypothetical future of your own making is becoming a habit for with you - update your bla bla - its already happened - stop misleading posters with future scenarios of your own making - tiresome indeed!
Problem is BS that NNPC'S own website gives its origination as 1956 and Wikipedia as 1977. so usual incorrect blab from you. as for 'follow the money', i wouldn't be so sure. their record of corruption among senior executives is frankly appalling. you get very easily exited by these little stories you pick up in the nigerian media. one thing you trolls never seem to factor is that Nigeria is desperate to attract FDI (foreign direct investment) to develop its hydrocarbons resources. if they allowed NNPC to effectively nationalise OML18, what kind of message do you imagine that would send the investment market? trouble is you trolls never engage the little grey cells :-)
NNPC Ltd -has been in existence for 12 months - recent high level compulsory management reorganisation has taken place - the Nigerian Federal government are to halt all forms of funding for projects subsequently the company has only last month entered into a $3bn emergency crude oil repayment loan with the African Export-Import Bank (AFREXIM) that pledged future oil production to the bank as repayments for the loan. The NNPCL however are currently unable to supply the new Dangote refinery near Lagos with crude oil - it will commence production on imported crude - It would seem the pressure is now on the NNPLC to PRODUCE oil. Follow the money!!
Do you really think this is going to be resolved in favour of Ereton any time soon?' yep
'I take no joy saying any of this, I am one of those who lost money in San Leon' you sound more like a troll loser every day like the real nick leeson. btw his losses for Barings eventually totalled $1.4bn and before fleeing he left a note on his desk which simply read 'i'm sorry'. the oldest merchant bank in the city collapsed. so a fascinating choice of moniker? will you leave a note saying you're sorry when this comes good? i will if it doesn't.