Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
br - we knew that - but thanks for your contribution.
Smile. Honestly, the nonsense people feel compelled to share, just so someone acknowledges their existence perhaps?
Check out the company's last 3 RNSs which Redeye has graciously reprinted below if you really need a lesson in promises made/promises kept, squirrel junior. And, if you're really feeling frisky, go back and find a copy of Friday's FT for an example of the company in fact ACCELERATING their compliant behaviour towards shareholder commitments (oooh, a bit of an easter egg there for the adventurous)....
Sharebuyback, followed by production-led progressive dividends, anyone?
Good to see SLE doing what it does best - not delivering on its promises.
Dividends, anyone?
RM - Good idea reposting the RNS - the facts instead of the usual postings desperately trying to ramp/deramp or trash other peoples opinions - read and draw your own conclusions on the prospects for the company.
News of Newcross over on III seems interesting - Eroton receives something for nothing as it were :
"straddling OML 18 and OML 24 - governed by an interim unitisation arrangement dividing production from this field between the OML owners on an equal basis)"
Note the Chinese are doing the drilling for Newcross - never did get a satisfactory answer whether SLE or others I.E. the Chinese were drilling our new well/lateral - hope SLE are in the Eroton loop for this work as they should be,SLE could also be subcontracting the new drill to the Chinese via their rights to provide field services to Eroton for development work on OML18.
My SP forecast remains - minimum 35p over the next couple of weeks - looking good.
Update on Share Buyback and Expected Completion of SunTrust Exit
18 December 2018
San Leon Energy plc , the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update on its plans for a share buyback of at least US$10,000,000 and also on the expected completion of the Midwestern Oil & Gas Ltd (“Midwestern”) purchase of the remaining San Leon shares held by SunTrust Oil Company Nigeria Limited (“SunTrust”).
Share Buyback
On 25 September 2018, the Company announced its intention initially to return not less than $10 million to shareholders through a share buy-back programme (the "Programme"), once it had completed its capital reorganisation. Whilst the reorganisation was expected to complete during October/November 2018, it has been delayed whilst awaiting confirmation from SunTrust that it has no objection to the Company undertaking the required capital reorganisation nor will it in any way seek to impede the process. The Company is pleased to confirm that it has now received such written confirmation from SunTrust.
Following this confirmation of no objection from SunTrust, San Leon will apply to the High Court in Ireland to approve the reduction in the Company’s share capital so as to create distributable reserves and thereby permit the Company to make distributions to its shareholders, by way of the Programme. The Company is applying to the Irish High Court as soon as practicable and has been advised that this is a procedural process, having already completed all requisite requirements. Upon court approval, the Company must then advertise to provide an opportunity for any creditors to object to the capital reorganisation.
The Company will keep shareholders informed of the progress of these final steps and also the likely timing for commencing the Programme.
Midwestern Purchase of San Leon Shares From SunTrust
On 1 October 2018, the Company announced that Midwestern had entered into a binding agreement with SunTrust to acquire SunTrust’s entire remaining holding in San Leon, being 71,487,179 ordinary shares (representing 14.29 % of the issued ordinary shares of the Company). As of that date 47,243,590 ordinary shares in San Leon (representing 9.44% of issued ordinary shares) had already been transferred to Midwestern. The Company has been informed by Midwestern that the subsequent balance is expected to be transferred in the near term, with a target date of completing the transfer by mid January 2019.
Oisin Fanning, CEO of San Leon, commented: “I am pleased to advise shareholders of the recent developments, which should enable the Company to commence the previously announced share buyback once legal formalities have been concluded, and subject to meeting regulatory requirements. Whilst this is later than originally envisaged, the Company was keen to ensure any potential obstacles had been removed prior to commencing the legal process of the capital reorganisation
Receipt by Eroton of further NNPC Cash Call Arrears
21 December 2018
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the receipt by Eroton of cash call arrears from the Nigerian National Petroleum Corporation (“NNPC”).
The Company announced on 7 September 2017 that NNPC had begun paying its 2015-2016 cash call arrears to Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18, onshore Nigeria, but that $93 million remained outstanding. The Company is pleased to announce that it has been informed by Eroton that all of the 2015 NNPC cash call arrears have now been paid to Eroton and only approximately $20 million of arrears remain for 2016. All cash calls have been received for 2017 and are up-to-date for 2018.
Oisin Fanning, CEO of San Leon, commented:
“I consider the payment of the substantial majority of NNPC cash call arrears to be a very positive step in supporting the OML 18 new well drilling activity which began last week and is targeting increased gross oil production.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Simon Woods (+44 207 830 9705)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
Share
Share
Email
Print
Twitter
linkedIn
.
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
The DSRA requirement under the GT Bank RBL is reduced to two future quarterly repayments which combined with the lower quarterly repayment amounts means that only approximately $50 million is required in the DSRA compared with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus 10% previously).
Oisin Fanning, CEO of San Leon, commented:
“I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have, both unlocking substantial additional funds for operational activity, as well as lowering the DSRA hurdle to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified operational and financing issues at OML 18 and follows the recent announcements of new well drilling, and of NNPC (the Nigerian National Petroleum Corporation) paying most of their cash call arrears.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0232)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
Share
Share
Email
Print
Twitter
linkedIn
The DSRA requirement under the GT Bank RBL is reduced to two future quarterly repayments which combined with the lower quarterly repayment amounts means that only approximately $50 million is required in the DSRA compared with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus 10% previously).
Oisin Fanning, CEO of San Leon, commented:
“I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have, both unlocking substantial additional funds for operational activity, as well as lowering the DSRA hurdle to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified operational and financing issues at OML 18 and follows the recent announcements of new well drilling, and of NNPC (the Nigerian National Petroleum Corporation) paying most of their cash call arrears.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0232)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
.
.
Share
Share
Email
Print
Twitter
linkedIn
.
Eroton Successfull Refinancing
08 January 2019
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility (“RBL”)
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the OML 18 reserves-based lending (“RBL”) facility held by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (“DSRA”) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully refinanced. With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reservesbased lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount, with the following notable advantages:
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
Eroton Successfull Refinancing
08 January 2019
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility (“RBL”)
San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the OML 18 reserves-based lending (“RBL”) facility held by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (“DSRA”) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully refinanced. With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reservesbased lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount, with the following notable advantages:
The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development.
Come on break that psychological 30p barrier you can do it :)
21-Jan-1915:33:4829.87590,000Sell* 29.9029.7026.89k
The bid has risen slowly, while the ask has stayed put.
Nice to see a few buys being bought under the radar and the spread tightening.
slowly catchy higher share price
think admin has gotten pretty wise on most of the non-holding trolls. some as you have seen have been banned. btw you mustn't ever give your personal details to them
PC - I see the Gunfight at the O.K. Corral was called off when the 7's post got deleted lol
Disruptive? Argumentative certainly, but who isnt! You seem to have given up a little easily on our side bet...lots of twists I'm sure before 31st march...
PC01 - I am a little rusty on this but recall that subject to what is contained within resolution the restrictions in UK are based on weighted average price in 5 days prior to purchase with a cap on price paid of 5% above that average. Like you I do think it could take some time but I also think that with the growing cash pile the SBB may not be limited to $10m as that is described as a minimum level. Also, it would not surprise me to see a special dividend paid at some stage depending on other plans which we may not be aware of to deploy the surplus cash now being accumulated. Whatever happens this company will receive greater interest from new investors/traders incoming weeks and months that I have no doubt at all so a lot to look forward to now.
In the US there are v specific rules regarding the actual practice of a SBB ... for eg the company buying back shares can only buy 5% of the days volume, it can’t pay the highest price, it can’t buy shares in the last 30 mins of trading. I am fairly sure similar strictures exist in UK but can’t find them ...any one help? Reason I ask is that when (note change in language from if to when!) SLE starts its SBB - if it can only buy 5% of the daily volume its going to take a very long time for it to buy $10mm shares back...
Say 500k shares / day is average volume
Say 30p starting price
5% is 25k shares which at 30p is only £7500 or say $10k.
To invest or better spend $10mm will take a 1000 days !!!
The point I’m making - in a rather long winded way - is that the company is going to be on the bid for the shares for a v long time...nice thought really!
you will be relieved to see, PC01, that our SP is rising by virtue of that most conservative of drivers - solid buying. with the SBB now on the immediate horizon along with the newsflow i refer to below, it is difficult to see what will stop this trend now.
he certainly has bluerill and well done again. and am sure he will be joined by many more and soon now given the prospective newsflow from here. to remind, we have about £50m in the bank and by mid Feb, we should have started the share buyback and be getting operational news updates at very least on the lateral well drill and on much else besides. for the first time in years we do not appear to have any black clouds on the horizon. the fact that's where we are now, just as our partner jite okoloko gets almost all arrears paid by NNPC and refinances himself, is incredibly potent. for the first time since before Shell left, we can properly start delivering field workovers and elimination of pipeline losses. remember production on OML18 is projected to more than double to over 100,000 bopd and that's without new discoveries.
To coin a well known phrase - I do love the smell of Pinot noir in the morning...now where’s my good friend B7?
29.90p
Slow and steady wins the race :)
....and I reckon he has company.....
you flatter yerself all you like bs. the thought of scurrying squirrel activity as some kind of reliable indicator of San Leon newsflow improving is just hilarious after all this time of their garbage trolling on this stock! (but they do also serve the purpose of providing something easy to chew on in the gaps between news). well done to bluerill on finding buyers: we should all make that a new year's resolution.