George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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TRE yes as always. purhaps midwest cant aford pay it dets so red lion has no choises but revurse backwards into buy them out.
TRE - Yes so it would seem and yes for interest add on.
San Leon's discussions and considerations regarding the Potential Transaction described above and more recently on 12 July 2021, remain ongoing, although there continues to be no certainty that the Potential Transaction will proceed. Accordingly, in this light, the Conditional Payment Waiver has now expired. However, San Leon is in discussions to extend the Conditional Payment Waiver in relation to the MLPL Loan Notes. A further announcement will be made as appropriate.
Are we been strung along?
Hope a clause about interest was put in the temporary waiver
Just had a read of the Decklar ws, and although they didn't say what they had been expecting, they sound very chipper with these results, so I guess they are better than expected.
That sounds a very reasonable flow rate, and still with two zones to go....... Wonder what they were hoping for.
1 September 2021
San Leon Energy plc
("San Leon" or the "Company")
Update on investment in Oza Field, Nigeria
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement made today by Decklar Resources Inc. ("Decklar Resources") in Canada.
San Leon has entered into a conditional subscription agreement with Decklar Petroleum Limited ("Decklar Petroleum"), the local subsidiary of Decklar Resources, which entitles San Leon to purchase US$7,500,000 of 10% unsecured subordinated loan notes of Decklar Petroleum and 15% of the enlarged share capital of Decklar Petroleum. In addition, Decklar Petroleum and San Leon have entered into an option agreement which, at San Leon's sole discretion, entitles San Leon to purchase an additional US$7,500,000 of loan notes and further Decklar Petroleum shares representing an additional 15% of the enlarged share capital of Decklar Petroleum. Further details of these conditional investment agreements can be found in the Company's announcement of 1 September 2020. This transaction is still awaiting final conditions precedents to complete.
Part of the text of Decklar Resources' announcement is set out below:
"Oza-1 Well Re-Entry and Testing Update
· The initial flow testing of the L2.6 sand resulted in a stabilized flow rate of 2,463 barrels of oil per day ("bopd").
· Testing of the individual sands identified on well logs will continue for the two remaining target zones, after which the well is expected to be put on commercial production with a dual-tubing string completion.
Calgary, Alberta -- Decklar Resources Inc. (DKL-TSX Venture) (the "Company" or "Decklar") is pleased to announce the following update on the Oza-1 well re-entry at the Oza Oil Field in Nigeria, being performed by the Company's wholly owned Nigeria-based subsidiary, Decklar Petroleum Limited.
The Oza-1 well has been re-entered successfully with the old tubing and completion equipment successfully being removed, all well maintenance performed, the deeper zones cemented off to isolate them from the target reservoirs, a new wellhead installed, and the site prepared and production testing equipment installed for and re-completion of the target zones in the Oza-1 well.
During the initial flow testing of the L2.6 sand, the zone produced at multiple choke settings ranging from 16/64 inch to 32/64 inch over the 116 hour testing period. The L2.6 sand is the deepest target zone of the re-entry program on the Oza-1 well and has 21 feet of gross hydrocarbon pay thickness. The testing of the L2.6 sand yielded a stabilized flow rate of 2,463 barrels of oil per day ("bopd") of 22 degree API sweet crude oil on a 32/40 inch choke setting and flowing tubing head pressure of 450 psig during the last three hour period of the 22.5 hour flow test at this choke setting. In all tests there was less than 0.05% basic sedi
testing?
Seems the LSE site is having problems - well from where I am and it looks like others are sitting??
As time goes by - surely at the end of August we should be given some status update on this situation
RNS 3728E Extract -
"The Conditional Payment Waiver expires at the end of August 2021 or, if sooner, the termination of discussions or the signing of an agreement to effect the Potential Transaction, and interest will accrue on this instalment of the Loan Notes over this period. The sums to which the Conditional Payment Waiver relates (and those falling due within 30 days after the expiry of the Conditional Payment Waiver) will be payable 90 days after such expiry, save for, inter alia, if there is an event of default."
As time goes by - surely at the end of August we should be given some update - RNS 3728E Extract -
"The Conditional Payment Waiver expires at the end of August 2021 or, if sooner, the termination of discussions or the signing of an agreement to effect the Potential Transaction, and interest will accrue on this instalment of the Loan Notes over this period. The sums to which the Conditional Payment Waiver relates (and those falling due within 30 days after the expiry of the Conditional Payment Waiver) will be payable 90 days after such expiry, save for, inter alia, if there is an event of default."
Decklar raising more cash - MMM?
https://www.decklarresources.com/news/decklar-announces-unit-offering-increase-to-up-to-5-million
kind of you to say. Sam, although credit goes again to 1kempton on the other board. he is a tireless researcher of published information which may be relevant to this stock. in fairness a few of us have seen this coming and it really was only a matter of time. and what a perfect time for the San Leon story, the rto and everything else we're doing
Great find Alaric. Thank you.
#overtime
hxxps://www.bnnbloomberg.ca/nigeria-s-buhari-signs-bill-to-overhaul-oil-industry-into-law-1.1640687
important at times like these to have a chairman like Mutiu Sunmonu. this is his profile:
'Mr Sunmonu has led the Company as Non-Executive Chairman since the purchase of our indirect economic interest in OML 18 in September 2016. Mr Sunmonu is a former managing director of Shell Petroleum Development Company and was country chairman of Shell companies in Nigeria from 2008 to February 2015. He led Shell’s multibillion dollar operations in Nigeria employing over 4000 direct staff with revenue contribution to the Nigerian Government of ~$70 billion dollars during 2009-2013. He has worked in the industry for over 36 years in Nigeria, the UK and the Netherlands. His strategic vision, proven track record and deep knowledge of Nigeria, brings valuable Nigerian operating experience and relationships to San Leon Energy Plc.'
www.energymixreport.com/shells-nigeria-sale-offers-value-but-bidders-need-to-do-their-homework-woodmac/
very interesting article, posted by 1kempton on the other board, confirming much of what we know already about Shell's sell off of their OML interests. also good to see professional comment on the effect of the new petroleum law .“Importantly, the recently passed Petroleum Industry Bill (PIB), which has still to be signed into law, will offer materially lower royalties and taxes for oil.” i believe this just needs President Buhari's final sign-off now
that's the one thanks, Sam.
indeed that's the one, Sam, thanks
Found this maybe what Alaric is alluding to, newcross, eroton have 50% of their production im sure I've read, as it crosses over onto oml18 licence.
THISDAYLIVE 28 Feb 21
Shell Many Legal Tussles
Special Report The number of litigation on hanging over Shell Petroleum Development Company and its parent company, Royal Dutch Shell, many fear could threaten its operations in Nigeria
In another memo from the DPR, dated July 8, 2020, the agency recalled its earlier rejection of the unapproved Coriolis meter, directing SPDC to begin the process of reimbursing Aiteo of 1,022,029 barrels, Belema Oil 39,374, Eroton 643,245, and Newcross 377,030 barrels of stolen crude. After its initial denial and pushback against the allegation, Shell, in a letter to the DPR dated February 8, 2021, agreed to the reimbursement
That's an interesting angle your mate has come up with Al,... Another venture that could add value here... Let's hope it happens.
thanks redeye. indeed all (educated) guesswork but hopefully not too much longer to wait now. i think we've exchanged thoughts on the Sahara and NNPC holdings in OML18 before and agree with your comment on the CFO leaving. one other factor which another shareholder reminded me about is the 1m boe that Shell owe Eroton from their abuse of Bonny Terminal metering, which who knows might go into the wash on a deal for a Shell asset? whether that or not, this is an interesting time for a medium sized regional player to be gearing up in the Niger Delta , since opportunities will abound
" The Company anticipates that operations are on track for initial production testing to commence immediately following perforating and running the testing string. The Oza Oil Field has significant export and production capacity through processing facilities and infrastructure already in place and operational, which will allow for the immediate export and sale of crude oil from the Oza-1 well."
Exellent news.