Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Option Agreement") that, at San Leon's sole discretion, entitles San Leon to purchase an additional US$7,500,000 of Loan Notes (the "Option Loan Notes") and 2,521,008 Decklar Shares (representing an additional 15% of the enlarged share capital of Decklar, together with a gross-up of the original 15% so as to provide San Leon with a total of 30% of the enlarged share capital of Decklar
Nice, SLE will have 30% of Decklar shares when concluded
SLE a trendsetter in the Nigerian delta, seems Decklar are following the same path - gives one confidence in the OF strategy for purchasing assets in the Nigerian delta - that is if you need it?
"Decklar Resources Inc. (DKL-TSX Venture) (the “Company” or “Decklar”) is pleased to announce the completion of a Share Purchase Agreement to purchase all of the issued and outstanding ordinary shares of Purion Energy Limited (“Purion”), a Nigerian entity that has entered into a Risk Finance and Technical Services Agreement (“RFTSA”) with Prime Exploration and Production Limited (“Prime”), the Operator of the Asaramatoru Oil Field, to participate in the continued development of the oil resources in the field. The Asaramatoru Oil Field is located in OML 11, the same block where Decklar is also currently developing the Oza Oil Field."
https://www.decklarresources.com/news/decklar-resources-inc-announces-share-purchase-agreement-to-participate-in-asaramatoru-oil-field-in-oml-11-in-nigeria-and-update-on-unit-offering
A9p, past times!, look at the dates you quote, absolutely nonsense from you , like your trading,baloney.
most encouraging indeed, Sam - getting to agreed heads of terms on the rto in such short order is excellent news and bodes well for completion
sammy substitute what make you think that. your old habits die hard readin to much into things like past times again.
Are you insinuating A9p that SLE are bent!, it looks so by your post
no deal ever strateforward with the red lion. last time due dilligunce took share trading of the red lion out for half a year. for what the deal never happun as usual.
this ship nevur steer a strate corse
so do this mean the red lion get it suntrust shares bak that midwesturn took to settle legal arguments bak in 2018. look see here.
There is something curious about this breaking story for anyone who has chanced on the dispute between San Leon and Sun Trust. Just three months ago, Suntrust summoned San Leon Energy Plc and six other defendants to appear before a Federal High Court in Lagos, Nigeria, within 30 days in the suit number FHC/L/CS/793/2018 in respect of Oil Mining Lease (OML) 18. The six other defendants in the suit are Midwestern Leon Petroleum Limited, Martwestern Energy Limited, Midwestern Oil and Gas Company Limited, Mart Resources Inc; Minister of Petroleum Resources and the Corporate Affairs Commission (CAC). In the statements of claim Suntrust alleged that in order to acquire an indirect economic interest in OML 18, San Leon Energy Plc began acquiring direct and indirect interests in Martwestern Energy’s shareholding from March 2016, contrary to the November 2013 shareholders’ agreement between the plaintiff, Martwestern Energy, Midwestern Oil, and Mart Resources Inc. “San Leon Energy and Midwestern Oil and Gas formed Midwestern Leon Petroleum Limited as a special purpose vehicle to acquire and restore the entire shareholding in the Martwestern Energy outside the framework of the shareholders’ agreement,” Suntrust Oil alleges. The plaintiff argued that Midwestern Oil and Mart Resources Inc. transferred all their shareholdings, four million shares each, to Midwestern Leon Energy (Sale Shares), adding that Midwestern Leon did not ex
ecute the Deed of Accession as required by Clause 13 of the shareholders’ agreement.
Looking good.
Both Bonny Light and Barryroe are high API crudes. Plenty of light ends (gasoline and petrochemical components). Barryroe's problem is that it is significantly waxy, which makes it more difficult and expensive to extract, store and transport. Its probably a key factor in why farm outs haven't happened.
SLE/OML18 - we don't have stinky oil - it's premium-grade and priced accordingly - products fracked from high-grade oil will always be in demand - roll-on $100 a barrel - PVR resources however is in another category.
with Big Oil being hit by the ESG agenda on climate change and IEA, OPEC, Goldmans etc etc projecting oil demand growth of between 10 and 15m barrels a day from 2018 levels, at least to 2040, the world will have to find other sources of supply. that'll be us then - do the math :-)
https://oilprice.com/Energy/Energy-General/Its-Too-Late-To-Avoid-A-Major-Oil-Supply-Crisis.html
https://oilprice.com/Energy/Crude-Oil/The-Oil-Stocks-Wall-Street-Recommends.amp.html
Article looks like investors still attracted to oil, not stinky A9p.
A9p, you haven't a clue, with what the world requires and oil will still be the front energy runner.
By the way is your car petrol/diesel.
LONDON — Some of the world’s largest corporate emitters have suffered a series of landmark boardroom and courtroom defeats, reflecting the waning patience of investors pushing for much faster action to tackle the climate emergency.
In just a few hours on Wednesday, shareholders at U.S. oil giant ExxonMobil supported a tiny activist hedge fund in overhauling the company’s board, investors in U.S. energy firm Chevron defied management on a pivotal climate vote and a Dutch court ordered Royal Dutch Shell to take much more aggressive action to drive down its carbon emissions.
The confluence of events shows the growing pressure on international oil and gas companies to set short-, medium- and long-term targets that are consistent with the Paris Agreement — the climate accord widely recognized as critically important to avoid an irreversible climate crisis.
At present, none of the world’s largest oil and gas companies has disclosed how they will achieve the target of becoming a net-zero enterprise by 2050, more than five years after the Paris Agreement was ratified by nearly 200 countries.
“An utterly crushing day for Big Oil,” Bill McKibben, author and founder of the grassroots climate campaign 350.org, said Wednesday via Twitter. “Thanks to all who fight — you push long enough and dominoes tumble.”
What happened on Wednesday?
“It is not often that three of the supermajors are prominently in the headlines within a 24-hour period, but that was certainly the case yesterday,” analysts at Raymond James said in a research note.
“And all three of the headlines — pertaining to Exxon, Chevron, and Shell — shared a common theme: climate risk.”
Engine No.1, which has a 0.02% stake in Exxon, unseated at least two board members at the oil giant’s annual general meeting on Wednesday. The vote came as the activist firm sought to force the company to speed up plans to pivot away from fossil fuels.
Italian ENI announced its plan to become carbon neutral back in 2018, making it the first pledge by a major oil company to commit to a net-zero carbon footprint.
indeed sam the articul say 'no one want stinky oil anymore' some of the world’s biggest oil and gas companies are putting billions of dollars’ worth of assets up for sale
https://www.ft.com/content/4dee7080-3a1b-479f-a50c-c3641c82c142
A $140bn asset sale: the investors cashing in on Big Oil’s push to net zero
sle Has 10.58% equity Interest not 5.40%.
Plus SLE get this added.
Midwestern Oil & Gas Limited, which was established in 1999 to participate in the 2001 Marginal Field Round, was awarded a 70 per cent interest in the Umusadege Field in OML 56, located in the northern area of the Delta State.
Midwestern Oil & Gas is the operator and SunTrust Oil Company Limited holds the other 30 per cent interest in OML 56. Current production from Umusadege is about 16,000 barrels of oil per day (bopd), and remaining 2P Reserves are over 42 million barrels of oil.
Midwestern also holds 8.81 per cent equity interest in the prolific OML 18. It has a 51 per cent ownership in Umugini Pipeline Infrastructure Limited which operates the 12” 51.4km, 45,000 bopd capacity Umugini Oil Pipeline from the OML 56 Cluster Group to the NPDC Eriemu manifold.
The company owns 13 per cent interest in San Leon.
On the other hand, San Leon has a market capitalisation of about $260 million and holds a 5.40 per cent equity interest in OML 18 and a 10 per cent interest in Energy Link Infrastructure (Malta) Limited.
sorry for the double posting - keeps happening to me!
Very intriguing and useful thoughts Alaric and redeyemines, NNPC have stated wanting to reduce their holdings in oml18, and in the news article it states Shell are in some sort of talks regarding their divestment in onshore licences and this is really turning into a huge player for San-Leon which if the rto concludes makes this a huge play for the new company if they can get hold of big producing fields from Shell etc at a discount which no doubt they will be offered at.