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Reporting was from Eroton itself.
Yeah? better than gutter press from a gutter journalist, whose gold standard of reporting is set by the Nigerian online media :-)
Gutter language from a gutter snipe
"so can take 250,000 boe.... redeyemines cud be right!!!.. you turds just catchin up ..
That junkie has one huge problem with this co he states himself he has nothing invested but goes out to do soooo much research to try and harm the company.. goes to yet again prove that this Muppet lost years ago to research as much made up propaganda he can to damage sle the co ..
"Mother ship" is actually MT Sea Pearl. It has a DWT capacity of 35kts so can take 250,000 bbls of oil. Its currently sitting at anchor, lonely, in the Bonny estuary. No info on how many barrels are onboard but no comfort (when getting approvals/licences) that its feeder ship, MT Rahama seems to have run aground on its inaugural trip (but seems to be operating ok now). Eroton CEO on record as stating that its hugely disappointing that the barge operations to date haven't been turned into cash. Seems like there's a news blackout on the pipeline....what with the court case coming up on the 26th inst.
Frus, I may know what's happened.
When you enter"SLE" in the LSE search dialog box, it gives you two choices. Both are valid SLE . One is Aquis and the other is AIM. I think you clicked on the Aquis link??
What you mean unlike yours?
Alaric What a stupid post
Frus, i think Google has sussed you that's all. the Google spider is politely trying to tell you you're not welcome here :-)
Have not posted on here for some time, cant figure out whats happening but I'm finding it more and more difficult to access this page. In trying to do so google tells me that San Leon no longer trade on AIM but do trade on the Aquis stock exchange. I have come across an LSE page on San Leon with all posts deleted right back to 2021. Also what looks like a Totally new LSE page inviting comment on San Leon and saying that they trade on the Aquis stock exchange with ticker code SLE.GB.PL Google say it was listed on AIM until 2021. What is going on. Can anyone throw any light on any of this.
Shabby management? It's all detailed in the accounts nobody can be bothered to read.
Wages all staff excluding directors $1.6m, wages directors $2.4m, directors bonuses $490k.
Related party note:
"Property
The Company holds an option to acquire a property at market value from Mr. Fanning. The option is due to expire in 2026 and the option fee of US$409,000 is included in other debtors (Note 17) and is refundable when the Company either exercises or terminates the option. Mr. Fanning was paid US$323,395 (2020: US$215,999) rent for the use of this property during the year by the Company."
Right so as well as the salary, he gets paid for an option for a house/flat/whatever he owns and he hasn't paid the premium (included in debtors) but was paid 324k USD for it.
Remarkable.
NickLeeson9, your criticism of management on not commenting on the attempted snatch of the operatorship of OML18 is perhaps a little unfair. the arbitration is still evidently ongoing, so the matter is 'sub judice'. while parties to any dispute before any tribunal have to be careful about what they say, i think some criticism can be levelled at management for not giving us any idea of the timeline here.
Not sure how much credibility you can give SLE's management, latest press release fails to mention the elephant in the room that is the gun point seizure of the prized OML 18 asset. Bear in mind that in response to this development shareholders got some lame re-assurance from SLE about how the takeover of OLE18 was unlawful and how the matter would be quickly resolved in the Nigerian Courts- really quickly and fairly - Just how naive can you be? Retired supreme court judge Ejembi Eko commented last year on corruption being rife in the Nigerian legal system, San Leon and its friends have to comply with Western anti-bribery laws whereas the people they are up against will play by local rules so you have to question the likely timescales and outcome. Worse in my mind was Investors Chronicle rating this share a hold when it was obvious there are mounting problems with no evidence SLE can resolve them.
Red - no longer a holder as I sold out months ago as it was glaringly obvious to me at least that this was fast becoming a complete and utter mess with even more dither and delay than we have been used to seeing from useless politicians. Still on my watchlist for amusement value only. You cite that are a buyer despite so much uncertainty around. You must be wearing the same brand of rose tinted glasses that Alaric and that pompous poster Bluerill wears and who will be on here shortly calling everyone else who see the shambles which has unfolded here for what it is , as dimwits. Who are the dimwits now? Your choice to buy even more of these of course but I do hope that the potential upside opportunity you see amidst the carnage is worth the downside risk as all that I can see here are powerful self interests groups tying the company up in knots and starving it of oxygen. This usually ends badly in my experience. As for Malcy, buy him a nice lunch and he will wax lyrical about any OandG company (allegedly) so be careful about hanging your hat on his musings only.
Go ahead and short it then-----but not me----I'm a buyer.
Cant be long before our tide turns now---- maybee it bin going out for ten years. lol
These shares look DIRT CHEAP. maybee they gunna get even cheaper befor suspenshun loks yer monnies up again for a year. third time i thinkin.
the red lion. the shorturs delite.
I would think that a more likely explanation for the delay in completing the $750 mill refinancing, is the action taken by NNPC and SAHARA.
-
-It would make perfect sense for the banks to hold off final approval on that facility, until the Arbitration case has been settled.--
---Without this baseless action by NNPC/SAHARA i'm sure this money would already be in Eroton's bank, and and our re-organisation would have been completed by now.
-Just another "sunTrust" moment, which will fade into the sunset, and leave us to get on with the business of making pots of money.
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-Cant be long before our tide turns now----These shares look DIRT CHEAP.
Not bizzare. jus plain stupid. it look like they had bird in hand loan but decided to try better deal. in meantime thin go frum bad to wurse for the red lion and the new loan peoples now got the red lion by the short an curlies.
they probublee dun there due diligunce and realise it be very very stupid to lend munney to any enturprise run by oisin fanning. 15 year history proove him bad risk. nothin he ever touch has bin profitubul for anyone but him. he runs lifestyle businesses for himself.
the red lion is the shorturs delite.
Yes Callas, they were offered $50 mill, and the terms you have quoted looked ok.
-But the co said at the time, that they were not happy with those terms and were negotiating a better deal elsewhere.
-This is obviously the deal that is "nearly complete", and although it has taken a bit longer to put together than anyone had expected, if its better than that original $50 mill , then its worth the wait.
-
-Doesn't sound Bizare to me.
Oops that last post is wrong should read' Trading suspension' not delisting which would come later if no accounts published.
If the company does nothing further with regard to funding and publishing its final accounts it is automatically delisted on 8th July -
All I can find is the usual comment 'talks at an advanced stage'
QF - I agree fully with all the points you have made in your latest posting - given what has been going on these last years in Nigeria the results that we see today another suspension were inevitable. I intend to retain now my much-reduced holding in SLE and just hope the baby doesn't drown in the now much muddied bathwater that is Nigeria.
SLE executed a 50m USD refinancing deal with MM Capital on 8 July 2022. Terms are 10% and generous repayment dates. Soon after the Company announces its seeking an alternative lender. No explanation given that I can find.
Meanwhile it would appear that SLE can't pay its employees. Bizarre.
What a shambles this share has become! Been in here too many years, and the refinancing what 18months, or is it longer...the boss should resign out of shame.