Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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36800 a few points arise in your post mostly by way of correction. first NNPC hasn’t taken over Eroton just the operatorship of OML18. the reason that was a smart move for the licence holders is it removes the threat manufactured by the trolls that they would lose their interests in the licence completely. further it puts responsibility on NNPC to operate the licence efficiently, which they can do best by listening to the advice of the other members of the JOA. second you are under the mistaken impression that NNPC could prove claims in a liquidation of Midwestern. that is unlikely since NNPC aren't creditors in this joint venture but debtors to the tune quite a few millions of naira and they don’t hold any security on the licence. moreover Midwestern are unlikely to go into liquidation any time soon since if they were up against it they could always sell a piece of this very valuable asset. all of which brings us neatly back to the unavoidable if unsavoury fact for the trolls that our security on OML18 is watertight. last but not least i'm always wary of people who address me 'dear fellow' which sounds a bit like Herbert Pocket in Great Expectations:-) nobody lends a couple of hundred million bucks without security! so sorry to say 36800 but you're wrong again.
Doughnut 368 do your own research, as it looks like your in limbo and haven't a clue what you're on about, it seems you're clutching at straws and trying to gleam info from others but in a rather distasteful manner....the trolls no nothing looks like your one of them..fool!!!..
Alaric, dear fellow, would you be so kind as to explain the clever move you mentioned, completed by SLE and Midwestern to allow the NNPC to take Eroton over?
We all recall you (SLE), denying it was ever going to happen. There are in fact, a series of RNS statements by San Leon clearly showing you were totally in the dark about what was going to happen to Eroton. It sounds rather underhand, not to mention how damaging it has proved to be to the future of both SLE and Midwestern.
Please explain how, and more importantly why, it was done. Or should we assume it yet another of your whimsical posts designed to mislead?
I would also be interested in how Midwestern, as the party to honour the loan notes, will be able to do so if they are made bankrupt. Are you saying San Leon has priority on asset claims, above that of the NNPC?
BS, charming as ever! you don't claim against OML18 to enforce the security but against the holder of the loan notes Midwestern. your mate mdumba seems to think this is Millennium but they have nothing to do with OML18. they own the the OZA field. he's also confused about the difference between ownership an operatorship, when he talks about requirements for regulatory approval. he forgets that NNPC will remain the the operator of OML18. readers will recall that they took over the operatorship from Eroton in a clever move by us and Midwestern last year. so who's being vacuous now BS?
Alaric - Your usual vacuous comments " the big one is the security on OML18," would you care to explain just how that works and who and how we would claim against in the entity "OML18".
Pay attention and reread Mdumba comments below - maybe you don't understand the word bankruptcy.
Hopefully we get an update next week - last one was 8-Jan
I'm sure that contract wil have loads of provisions for default by the holder of the loan notes including ratcheting of interest but the big one is the security on OML18, a vast and proven hydrocarbons producer and as such more than enough to cover our loan notes. the key is the new pipeline which is where we come in. this going to happen and all the background noise from the trolls won't be able to stop it. period
Is that really the case Alaric? Those loan notes (if drafted on a normal commercial basis) would have default interest provisions built in which would increase the rate of interest in the event the notes are overdue, so interest should be racking up at a greater rate (unless of course some idiot agreed to waive that whilst the nonsensical "kick the can down the road" talks with Millennium continued. And one would normally expect to see the usual cross-default provisions would be in play whereby an action for the winding up of the issuer (or a substantial entity within the issuer's group was the subject of a winding up petition that is not discharged after a stated period of days. And the security is only as good as the value of the underlying asset and and the value you can achieve if you can actually dispose of it. If you were seeking to simply take on the interest and hold it as your own asset rather than realise it and discharge the loan (not something that is usually allowed under security law but who knows what the governing law of the security actually is for this purpose) then it would take ages to recover the debt. Additionally, even if there was a willing buyer, wouldn't the authority of the relevant governmental authority be needed to approve that transfer? So, all in all, is that security really worth the paper it is written on? Or, given the financial travails of Millennium, is it the case that the security really worth the paper it is written on (or the loan and accrued interest against which it is secured)? So could it be that, in fact, the Company should, in their accounts (which have still not been published for 2022) actually write down the purported asset and resistance to doing that is what is causing the delay in signing off of the accounts for that year? Who knows? But for the moment it just feels like the can, which has been kicked down the road for so long, has for the moment had a carpet laid over it. It would be good to know what exactly is happening with that loan and the interest and, even better, get the 2022 accounts published. And even better, that second tranche of dividend paid. But, for the moment, am not holding my breath on any of these happening any time soon.
Mdumba your fear 'but are there major question marks over MLPL's ability to make payment or would demand be the straw that breaks the camel's back?' ignores the simple fact that the loan notes are secured on OML18 such that if ultimately they default we get a bigger share of the licence. clearly san leon won't enforce until absolutely necessary.
Sorry to tell you mdumba promis promis wurds are cheap yer donkee carrot has rotted. the camuls died of thurst an join all the rabbits frum the hat that are dead of miximutosis. the red lion bin in a life thretinin coma fur 8 munth.
https://thenigerialawyer.com/nova-merchant-bank-seeks-to-wind-up-midwestern-oil-over-n1-6bn-debt/
https://markets.ft.com/data/announce/detail?dockey=1323-16159124-266CS6F5MH7JQN8A08ETVNJFCB
https://www.proactiveinvestors.co.uk/companies/news/1019570/san-leon-energy-s-shares-suspended-from-trading-1019570.html
check out last three munths posts below. you got lot to catch up with
Does anyone know what is happening with these? LTI's will recall that we were promised a couple of dividends based on the income flow from these loan notes. A small dividend arrived but then the can was kicked down the road for months and months with the aborted transaction with them. The proposal always had an undertone of trying to fish MLPL out of their financial travails but even OF could see in the end that this was a dead duck, though he took an inordinate amount of time (and presumably wasted costs) to come to that conclusion. So what is happening with them now? Presumably the loan notes are payable and the rolled up accrued interest due but are there major question marks over MLPL's ability to make payment or would demand be the straw that breaks the camel's back?
I would suspect he may find it extremely hard to find finance for any project new or old. There are over 12 years of history on AIM for all to learn from. He is King Midust, every investment idea he has come up with has turned to dust.
Black Swan, you highlight the irony. So far his own wealth and luxurious lifestyle have been untouched.
The pressure is on for Nigeria to eliminate oil theft - to save the economy - must be some opportunity for OF to find another financial partner for the great Nigerian game while he is laying around his pool in Dubai - as I remember it now is the best time of year in the U.A.E with great temperatures - I know I lived there for 12 years - meanwhile Nigeria struggles to survive.
Extract from Business Day Nigeria provides something to read while we are waiting:
"Experts are at a loss on why NNPC is mortgaging over 30 percent of Nigeria’s current oil production of 1.4 million bpd at a time the country is not extracting enough value from its oil reserves of 37 billion barrels and revenues are badly needed to shore up declining external reserves and prop up a bruised currency.
https://businessday.ng/energy/oilandgas/article/nnpc-cash-for-oil-deal-mortgages-30-of-output/
Mr poors. you say that last feburery 23. an last august 23. we still waitin.
yer a propur comediun with yer one linurs. lol
The NCTL and related OMLs were known to be a basket case as far back as 2013. Shell and it's partners sold out pipeline and 4 OMLs for over 5 billion USD., including OML18.
https://www.shell.com.ng/media/production-updates/spdc-raises-alarm-over-increased-crude-oil-theft.html
And then along came San Leon.
If. you want to experience irony, read what SLE Chairman, Sunmonu had to say when he headed up She'll Nigeria
By end of feburary we will have news hold on
President Tinubu's reallocation of Nigerian oil assets to the new political "in crowd" of the "Titans of Nigeria's oil Economy" doesn't even give a mention to Eroton/Jite , the President has also forced the retirement of the upper echelons of the old NNPC in his attempt to increase oil production his actions has led me to consider what is the realisable monetary value of our assets that are actually recoverable from the OML18 "party', including our investments in Decklar, this in turn raises the question as to how long can SLE continue as a viable concern - the last SLE statement of accounts mentioned Dec 2023!
Nigeria could be described as a failed state when one considers they are only able to secure international loans by pledging future oil production as collateral (confirmed oil); this indebtedness, which is increasing by the day, is putting great pressure on the new government to stop oil theft and to increase oil production throughout the oil producing states.
The future for SLE seems to be race between Nigeria regaining control of oil production in the delta and one of our bankruptcy.
As Alaric and Blurill have brought to our attention AIM regulation doesn't count for much, anything goes and this is why companies choose to list on AIM. Regulations state a company may be delisted if suspended for 6 months but many an excuse is accepted to delay. San Leon's excuse is "its not our fault".
"The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months.” London Stock Exchange.
Hi Hx.
Whilst SLE is listed on AIM and subject to it's own Rules, it's an Irish registered company and therefore, primarily, subject to Irish company law which in many respects is similar to the UK.
There is an obligation to file an Annual Return with audited accounts addended. SLE was due to file by 30 Sept 2023 but hasn't.
There are a number of fines and penalties, most drastic of which is to be struck off as a corporate.
There are also circumstances where a late filer may appeal to a court for an extension.
Well, what's happening behind the scenes is anyone's guess.
U
SLE were suspended on July 3rd 2023 for not producing accounts for 2022.
https://www.lse.co.uk/rns/SLE/suspension-san-leon-energy-plc-5ec7aw1bonjviqj.html
Can this go on indefinitely or does some regulatory body intervene ?
The nomad stated as fact that the share transaction had been carried out and reported the date it was completed. Neither was true. That is the “big deal” Alaric.
It is noteworthy that you think this a perfectly acceptable practice whilst most others think it despicable and are left in wonder about the inadequacy of the AIM Regulator. It does however go some way to explain your years of highly bigoted posts faithfully supporting Oisin Fanning and San Leon over many investment bulletin boards.
That's easy 36800. Oisin had a deal with Martin to acquire a pile of his shares as reported accurately by the nomad. he couldn’t raise the funds to close so was technically in breach but Martin was never going to sue so that was that. i don't see what the big deal is that you trolls are trying to make of it? period.
Alaric, can you explain how a statement from Oisin Fanning, released in an RNS, that he had purchased 98,000,000 shares when in fact he didn’t even have the finance in place, let alone make the purchase, was approved by a Nomad?
It would appear from this fact that indeed the wool can be pulled over a Nomads eyes as It seems they signed off an RNS which, without doubt, misrepresented the situation. I am not aware of any penalty either party suffered for this. A sham indeed.
To remind you, again, the Nomad wrote that "Oisin Fanning, Chief Executive, HAS purchased a total of 98,000,000 ordinary shares at a price of 21.0 pence per share ON 07 May 2020".
The AIM Nomad regulatory system seems far from robust as we all know this was not true. We all know this went unpunished. We can all see that the AIM regulations are flimsy at best.
But of course, your argument is pointless as the FACT is no money has been received and Mr. Fanning is worried enough to inform us all he is seeking another source of finance.
We can disagree about plausibility 36800 but you fail to address the principal point which is the nomad signing off on an rns which misrepresented the situation to do with the funds. quite clearly they have been sent and you display your ignorance concerning US regulations on transfer of funds to foreign jurisdictions. i don't claim any expertise here but have spoken with people who have experience. apparently it's virtually impossible to get any information out of the authorities once an investigation is underway. moreover these investigations can take months. i think Bluerill's guess isn't too far wide of the mark but i can see how it doesn't suit the trolls' agendas.
Alaric, How tiresome, your monotonous argument is. Yet again you are wrong, stating people are ignoring facts. Bluerill has admitted that his theory is pure speculation and not based on any fact. Therefore his explanation is not in the slightest plausible.
It is obvious to every poster here that honest opinion and fair discussion do not suit YOUR agenda.