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Alaric , I shouldn't have to do this but seeing that you are unable to look up this publicly available information yourself...here are the references from SLE's Admission Document....unless of course you dispute its veracity...
"Suit Number FHC/L/CS/976/2020 – OML 18 Energy Resource Limited (formerly
known as Sahara Field Production Limited) v. Eroton Exploration &
Production Company Limited.
Sahara is the Plaintiff and Eroton is the Defendant and the claim is related to the
recovery of a disputed debt of US$72 million arising from outstanding legacy issues
regarding the acquisition of OML 18.
Sahara alleges that by an agreement dated 14 October 2019, Eroton had agreed to
pay the sum of US$80 million in consideration of Sahara’s participating interest and
contribution towards the acquisition and operation of OML 18. Sahara alleges that
Eroton has only paid US$8 million in this regard. Sahara’s total claim is for the sum
of US$72 million being the alleged total balance due to Sahara from Eroton under
the agreement."
"Suit Number FHC/L/CS/977/2020 – OML 18 Energy Resource Limited (formerly
known as Sahara Field Production Limited) v. Eroton Exploration &
Production Company Limited.
This is a petition by Sahara against Eroton. Sahara is seeking an order of the FHC
to wind up Eroton on the basis of Eroton’s inability to liquidate the outstanding debt
due to it.
Sahara’s case is that it is entitled to the principal sum of US$47,944,072 being its
alleged share of the profit oil accruing from OML 18 during the period from March
2015 and June, 2019, being the period when Eroton held 16.2% participating
interest in trust for Sahara. Eroton made an application to stay proceedings in favour
of arbitration in the FHC. The FHC declined Eroton’s application on the ground that
matters of winding up proceedings are not arbitrable in its ruling of 9 September
2020."
"Suit Number FHC/L/CS/1232/2020 – OML 18 Energy Resource Limited
(formerly known as Sahara Field Production Limited) v. Bilton OML 18 Limited
& 2 others.
Sahara is the Plaintiff, Bilton OML 18 Limited is the first Defendant, Bilton is the
second Defendant and Eroton is the third Defendant. Sahara is seeking judicial
interpretation of certain provisions of a financial service agreement (“Financial
Service Agreement”) between it and Bilton and payment of approximately
US$45 million being the sum Sahara claims was expended by Sahara on the Bilton
entities’ acquisition of 1.8% interest in Eroton’s OML 18."
"Suit Number FHC/L/CS/1231/2020 – OML 18 Energy Resource Limited
v. Eroton Exploration & Production Company Limited and Notore Chemical Industries plc.
Sahara is the Plaintiff, while Eroton and Notore Chemical are both Defendants.
The Plaintiff alleges that by a farm out agreement dated 20 March 2020 (“Farm Out
Agreement”), it is entitled to 36% of all sums received by Eroton pursuant to the
JOA, Shell Offtake Agreement and
I wonder, Junkie, if you could send me a copy of the pleadings in the case, so i can check the figures for myself? it's not that i don't trust you per se (i don't btw) but it would be good for this board to see some substantiation of your claims. the bit you guys never choose to deal with is how appalling as partners in OML18 both NNPC and Sahara have been, not to mention their blatant corruption. but referring to that elephant in the room doesn’t suit your agenda. moreover, if you could but see it, it's the standout reason why they won't be allowed to take on any more operatorships. you appear to ignore the (for you) inconvenient fact that the government are trying to wind down or at least completely reformulate NNPC. by all means keep burying your heads in the sand - it won’t affect the outcome :-)
Alaric, you are deliberately conflating the amounts due by NNPC with the amounts in dispute between Sahara and Eroton.
In litigation between Sahara and Eroton, which has been going on for years, Sahara is claiming well in excess of what Eroton is counterclaiming. It's because of this morass that Eroton want to pay off Sahara with the now stalled Afreximbank loan. Read SLE's Admission Document.
'Ad Hominem@....now play the ball and not the man.' what you mean just like you have and your bessie Afake :-) the answer is blowing in the wind, Junkie. you need to factor what NNPC'S partner in crime, Sahara owe Eroton as well.
Time scales: It would seem the new incoming President is serious to reorganise the oil industries and not before time as Nigeria titters on possible bankruptcy - Sle is in the game as we all well aware of that is if we can financially stay the pace?
Extracts:
"They proposed that the government should work towards achieving some milestones within the first 100 days ending August 2023".
"It proposed that the government should work to raise Nigeria’s oil and gas production to 1.8 million barrels per day (mbpd) and 3.5 billion cubic feet (bcf) in the next 18 months ending December 2024."
The council also advised Tinubu’s government to achieve a daily crude oil production target of 2.5 million barrels per day and 5 billion cubic feet (bcf) of gas daily by May 2027.
“Bring Greenfield Projects to FID to grow production, such projects included deepwater oil and NAG (Non-associated gas) projects, develop offshore gas hub, and FLNGs (Floating LNGs).”
"The council further proposed that the government should work towards growing the country’s oil and gas production capacity to 4 million barrels per day (bpd) and 12bcf/d to domestic and export by 2030 and 25-30GW of power generation by 2030"
"The report further recommended that “within the first 100 days, constitute a team to evaluate portfolios of upstream, midstream and downstream."
“Decision analysis to carry out a high-level valuation and establish the range of consideration, commence preliminary engagements with potential buyers and financiers"
“In the first 18 months, with assets up to $4.5 billion, the government should appoint an external investment banker, legal advisor and financial advisor to identify and test transaction principles with key buyers.
“They should establish the transaction process and execution timeframe and assess market conditions for the transaction,” the report explained."
Sam - Good find - a lot to digest in your last post of extract from This Day Live Newspaper Nigeria.
https://www.thisdaylive.com/index.php/2023/06/11/tinubus-policy-advisory-council-proposes-sale-of-nnpcs-stakes-in-oil-and-gas-assets
Alaric,
you posted below that NNPC currently owes Eroton over $100m in unpaid cash-calls.
SLE's 2022 Admission Document put the figure at $37.2m.
See Section 4 (c)
If you have more up to date information, would you kindly provide a reference to such public information.
'Ad Hominem@....now play the ball and not the man.
Samalarik think if he do ad hominem insults an bullyin in big words no one will notice he is total hypocrite. what a plonkur. lol
you shud let yer wife post for you more oftun samalarik pythonosa snake.
The slight problem you have BS with that seemingly worthy claim (actually pompous), if you don't mind my name saying, is that you post under a subject title of 'Alaric and his poodle' and you keep bad company on this board, who prefer ad hominem stuff to factual discussion. moreover your bile against the company is there for all to see. nice try though : -)
Alari/Sam245 - Yes, I always have been invested even from Poland - I like to think that the difference between your comments and mine is that I post, without abuse, what I can glean from the current circumstances and poor company reports as to what is actually going on and then let other investors decide for themselves what is happening down in Nigeria - the oil is there that we all know but what Fanning and Jite thought would be an easy ride to wealth isn't turning out to be in any way easy!!!!!
Alaric, isn't bs supposed to be invested?, Yet like the other two non holding crankies posts absolute made up assumptions of what really is going on. When all is revealed theses cranks are gunna cry...
Very old news about NNPC attempting to take over the operatorship of OML18, BS, which, as you know, Eroton are in the process of blocking in arbitration proceedings. it is simply bizarre to me that you lot get so excited by the idea of a demonstrably corrupt state organisation trying to misappropriate our assets, when this so evidently would fly in the face of Nigeria's stated policy of wanting to attract foreign direct investment in their hydrocarbons industry, far and away their biggest revenue earner. moreover you always omit to mention that NNPC owes Eroton over $100m, which rather puts in the shade all the kack that spouts out junkie about Notore :-)
If Eroton did manage in some way to load Eli Akaso with significant volumes of Oil, as we now know Eroton in fact did hire barges as has recently been reported in the local press, as having been unpaid by Eroton, the question arises where is that oil now? World Shipping positioning reports from last year indicated that ELI spent some time anchored off Togo in the area of Lome a well-known location for "out of the ordinary" ship to ship oil transfers at the time I wondered why Eli spent some time or even was ever in just such a place - just saying?
It seems OML18 ownership/operation is due for to morph into something we won't even recognize but to quote OF at least we own 10% of OML18 and of course we have Eli either way we should be able to survive?
https://punchng.com/nnpcl-takes-over-oml-18-as-efcc-investigates-eroton/
https://punchng.com/capital-market-operators-call-for-nnpcl-listing/
It seems Eroton is straddle with over US 80 mio of debt.
" Although there had been issues with the NCTL pipeline, Eroton is said to owe both Shell and Aiteo over $80m in outstanding levies and all the barge operators it had hired to evacuate the crude".
CJ : Further to your last comment -
https://punchng.com/stock-investors-demand-reform-as-capital-flight-persists/
Extract from the Punch article :
"Uwaleke, who is also the president of the Association of Capital Market Academics of Nigeria, added that the Buhari administration can also boost activity in the capital market by implementing the privatisation of government enterprises such as the NNPC Ltd through the Nigerian Exchange".
CJ- you are correct the government is "pushing" NNPC in the direction of being listed on the Nigerian stock exchange with all the benefits of disclosure and open financial reporting - the new trend on Nigeria to draw into the economy more overseas investment.
Alaric - yes, Sahara reporters says it all even if today it is old news.
NNPC have always been our nemesis - they controlled the cash flows to such an extent that there was none left over for minor shareholders such as SLE even in the "good days" i.e. the period when the "old school/guard" whatever you want to call them considered they could do whatever they personally wanted to do and get away with it including Eroton's Jite. This maybe about to be change after Buhari's drive to privatise the oil companies and make their behaviour more visible and responsible to a shareholder base than they ever have been in the past. Originally OF was attracted to Jite's local power and opportunistic ability for arranging things in Nigeria where I would suggest that the game plan was for SLE to become a major Nigerian oil producer financed through the London market with Jite/OF/Tosca being at the top of the tree. The Seplat company based in Nigeria/UK was just such a business model that OF wanted to emulate and although they were successful initially are currently undergoing a difficult time (the English CEO had his work visa withdrawn and now operates out of UK). Whether all OF/Tosca plans/machinations become a reality remains to be seen now that current bank balances are getting depleted- as they say watch this space. ??
That sound about rite for Nigeria. very bad place to do business. very bad place to invest. what wuz mr fanning thinkin of.
remembur oisin fanning get paid big big wage from the red lion even if no oil sold an no debt ever paid bak to the red lion and all his 14 year of wheelin dealin always goin rong. so same sort of paymunt to self for doin nuthin.
samalarik multi man up. it common an not ilegul.
However good an idea you think NNPC taking over the operatorship of OML18, it ain't going to happen not even in your wildest imaginings. i don't know what you're on, Junkie, but you clearly haven't been keeping up to with what's occurred at NNPC over the last couple of years. read this and still tell shareholders that your idea is good one: saharareporters.com/2023/04/12/exclusive-fresh-crisis-nigerias-petroleum-company-nnpc-ceo-mele-kyari-chief-financial
Ah the snake be back to take more ridicule on his slippery bak.
what you want your nose rubbed into this time multi man.
'but 1800 of them postins was bein negutive about the snake an his family of snakes. not directluy agains the red lion.' hilarious, you can't make this stuff up - the trolls are actually proud of their ad hominem posting!
Mr readystedy.
but 1800 of them postins was bein negutive about the snake an his family of snakes. not directluy agains the red lion. the rest wus facts found out about the red lion.
so why you not wurrid about a poster with multi id spouting same propoganda words sevurul time a day on lots diffrunt bulitin board all ovur the web. an all about jus one company. An fur over 8 years.
come on boss. that soundin dogieur than a Nigerian bankin scam. what in Gods name would sumone be up to.
Thanks, BS.
To show that that I'm not all negative, I think that Nnpc taking over the
operatorship could be a better outcome for all. Very much depends on their attitude to the ACOES. Nnpc has no shareholding in ELI but as far as I know they own 55% of the NCTL. However they state that they agreed to the barging plan. Interesting.
I don't know if they can sell the gas elsewhere but that would also be a positive.
CJ - I agree with your last post and the subject is clearly presented - misrepresentation of the actual situation SLE finds itself now completely bogged down in. I have still retained my shareholding in SLE since way back from the Polish days although one way and another it is now much reduced in size and of course in value although I did top up an incremental amount recently - a wild gamble you might say however if this OML18 ever gets around to producing oil again one way or another the share value could increase considerable.