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I tel you i out an close short on 28 june but you only listun to them voice in yer own tiny dimwit loosin rampur head.
my munny is safe. I spendin it while yer muney is tied up for munth after munth again an bad news mean you looses evun more an more of it.
you bin rampin 10 yers fur oisin fanning while he take all sharehuldur muney away. agen an agen an agen he do this to sharehuldurs an it prove all yer rampin stories has alway bin rong. no wundur you so angry an touchy. funny.
the red lion the shorturs delite. Lol
Yeah thanks BS. 'Give us all a break from all the shorts and long chat nonsense'. think you probably need to direct that remark to Junkie or Afake, as we're not the ones telling porkie pies. as the old playground chant goes liar liar pants on fire :-)
Alaric/Redeyemines/others - Give us all a break from all the shorts and long chat nonsense and instead contribute to the with real data you can find on the curent situation and let the chat decide on its validity - Thanks.
And you won't get an answer either Alaric...
.. .. Of course there has been a short being run (not by Afa, he's just the mouth piece). And if you were watching last week from Tues onwards, they were desperately trying to close it.
... But they failed, and are stuck with it over the suspension...... Hense they are out in force, and will be over the whole suspension period.
.. God help them if we get positive news while still susp.
.. And I bet we do.
Another non-story from the Irish Independent. their headline states that an 'embattled san leon has been hit with another lawsuit' and yet, if you bother to read the piece it says: 'We have received no communication from the court and neither have we received any letter before action or other notification from Ocean Pearl of a pending or threatened legal claim,” said a spokesperson for San Leon.' that's not bizarre, it's just bad journalism. i do love the way you Trolls are suckers for every cr#p article about san leon, particularly if it's negative. while i'm about fake stories, i don't think i've seen an explanation about whether Afake was telling porkies about his short positions in san leon? i wouldn't say we're waiting with bated breath, rather that we're not holding our breath :-)
I reckon someone in Guarantee Trust Bank doesn't sleep at night.
bs, it's clear as mud, as usual. i can't imagine any contract between opm and sle related to operations, so yes, it might have to with finance and the share purchase agreement in eli. unlike of not to cover his backside if he didn't have the cash in place..but maybe he was counting on the mm capital facility.
opm originally had the fso management contract but got replaced by century without explanation. i can't see how san leon would be a contract party to that.
i took another look at eli's 2021 accounts in the admission document. then bank and shareholder loans were circa $220m at rates of circa 14%. having not earned a ****** since, they are drowning in debt but that seems to be the common denominator to all the players in this whole sorry mess.
CJ - it would appear that AF recent post could go some way to explaining the controversy, the uncompleted "precedent" between the two parties mentioned in the news report remains undefined.
https://www.independent.ie/business/irish/embattled-san-leon-unit-hit-with-lawsuit-as-it-tries-to-advance-plans/a1471544937.html
Extract:
"Last year, San Leon said it had agreed to pay Ocean Pearl $15m (€14m) for shares it holds in the ELI business. That, and other proposals, would make San Leon the largest shareholder in the ELI operation".
“The only possibility we are aware of is a contract between Ocean Pearl and San Leon Energy last year,” they added.
“This had a long stop date of December 2022 and expired at that time when Ocean Pearl failed to complete a condition precedent. Although they told us the condition precedent had been completed, they provided no evidence of it to us and neither did they insist on completion of the contract at that time.”
'if only 10% is true' i generally find with Sahara reports, BS, as a rule of thumb it's best to discount what they say by 50% and then by another 30%. that is no guarantee their article isn’t completely fabricated however. i agree though that commenting break-ups and death in submersibles is much more up the Trolls' Strasse. it requires an appetite for distaste.
AF - Well what can one say excellent post - Alaric should stick to what he knows i.e. commenting on wedding events - WoW what a damaging newspaper article, even if it was written by Sahara Reporters, and if only 10% is true it is pretty damaging on Eroton and brings out the background story of what has indeed been going on with the management of OML18 and goes some way in explaining the delays in anybody whatsoever giving them any loans such as Afrexim bank - guess Fanning got drawn in with his loans to OML18 and attempts to keep the Eli Akaso FSO going with various other loans etc which are currently valued at around $24Mio according to the last SLE RNS. My oh my aren't company suspensions a wonderfull thing!
CJ - Bizarre indeed - RNS looks to me to be a direct breach of AIM rules on disclosure - agreed. The delay around the $50 Mio loan negotiation to cover various debts and to provide SLE with working capital is supposed to be because as OF comments he can get financing with better a loan terms - I don't believe a word of that either!
look see this funny. okoloko be very man that 1 year ago samalarik say is be so rich he be saviour of the red lion. nother dimwit rong statmunt by always rong rampur. funny
https://saharareporters.com/2023/07/02/nigerian-oil-tycoon-okoloko-reportedly-burdened-multi-billion-naira-debts-estranged
nigeria. best bisnus investmunt ****ree in the world. for shorters. lol
BlackSwan,
The auction business is all very weird. Despite it being reported on 3 Nigerian auction websites, I can't find any comment anywhere in the Nigerian or other media as to the case that gave rise to it or anything else. The case reference looks valid and Justice Pam does sit on the Federal High Court. Unfortunately the FHC seems to have stopped posting case by case results on the internet about 4 to 5 years ago.
What looks even more surprising to me is that case in Malta (taken we believe by the pipeline contractor) to have Eli Infrastructure wound up took place on 26 June. In this instance details are published on the official Maltese judicial website.
The appellant's advocate presented two evidence documents to be formally served on Eli (four documents having been presented at an earlier hearing) but neither of the two defendant solicitors showed up!! The judge directed that they be served on either Eli or their solicitors and gave them two weeks to confirm whether they were actually going to contest the case!! If so, the case is rescheduled to 13 November.
Bizarre
Failure to report the existence of these proceedings in an RNS looks to me to be a direct breach of AIM rules on disclosure.
POORS - the auction notification was posted as you say end of 2022 (see auction notice below) around the same time that San Leon issued an RNS referencing its outstanding debts associated with Eli and the company's requirements for working capital and their failure to finalise the required $50 Mio loan package to cover the same - which to date still hasn't been finalized. Normally for a court to put a vessel up for auction the court has first has to seize the vessel on demand from the debtors and only then it can be auctioned - the question to be answered is who won the auction and who owns Eli now? The court cases currently going on in the UK and Nigeria indicate some serious infighting between the shareholders of El Energy Malta. Who appointed the new local supervisory operator for Eli, they seem to have got on with the anchoring in short order after a couple of years the tanker just sitting there, what is San Leon connection to the successful bidder at auction for Eli Akaso. There is a lot more going on here than we have been told.
https://www.publicprocurement.ng/federal-high-court-port-harcourt-notice-of-auction-sale-of-vessel-fso-eli-akaso-at-the-federal-high-court-port-harcourt/
Both are jerks Alaric indeed
Still no answer i see on whether Afake has been telling us porkies about his 'successful' shorting campaign over time. to remind, responding to redeyemines' post about short positions getting closed, Junkie informed us that there were no short positions open in san leon. he said this was verified by clicking on the lse short positions tab. i'm now confused since, if he's correct about this, it means his mate Afake has been telling porkies and for some considerable time lol. hopefully clarification will be provided shortly :-)
A ship of this type/age might be at a vague guess around $25-30mln as scrap.
If the FSO conversion is suitable for another field and in good condition and still in class, then perhaps much more. Also, the emerging “dark fleet” for shipping Russian oil might be an opportunity - but too big for Black Sea or Baltic Russian terminals
Indeed POORS. desperate measures from the trolls now. maybe they should focus on the gossip columns of the Irish Independent, like this story from the same edition?
https://www.seeandso.com/royals/prince-william-and-kates-relationship-under-scrutiny-after-appearance-at-jordanian-wedding-935
That law suit was in 2022 out of date news
GCM
ABC
Well spotted Afa. Seems Ocean Pearl are suing in both Nigeria and London.
As part of World Carrier Corporation, these are serious heavyweights.
You couldn't write the script.
Jeez - this gets worse by the day - just looking back through my postings to 2017 - who's the dummy now - unfortunately it appears to be me - Mea culpa - comes to mind!
"Nigeria is well known for being a difficult environment to work in - surely OF must have known about the none payments of monies due to companies operating in Nigeria - but hey when your salary isn't related to production output but to the wizardry of deal making you can get away with fortunes - namely shareholders fortunes "
Sorry, second site is
Etenders.ng. Google as I'm having problems pasting the reference
Embattled San Leon unit hit with lawsuit.
gess what . the red lion didnt see it cummin. aparuntly. lol
is this end of dream boat an pipeline. amazin the dream boat up for auction. is this the end of oisin fannings lifestyle cumpuny.
you dam rite mr redysteady it wont be 15p fur long. lol
https://www.independent.ie/business/irish/embattled-san-leon-unit-hit-with-lawsuit-as-it-tries-to-advance-plans/a1471544937.html