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Oh I do remember! Was a right Panto, couldn't make it up...but here we are again. The money has either been sent or not. It has obviously not. Why? Why announcing a deal before the money hit SLE bank account? Oisin had nothing to benefit from it by announcing it early apart looking outdone and stupid. No shame whatsoever . So now he looks like a Muppet even if the money turns up let alone of it doesn't. Tosca must be well impressed by his latest antics.
For anyone who remembers, this feels a lot like Providence Resources / Barryroe when they 'farmed out' to a Chinese company a few years ago. The funds never turned up and a farcical period ensued over the following months saying assurances had been received the money was on its way, it was stuck in the banking system, it was held up because of AML checks, etc etc. I hope this isn't the case here, but after that debacle my gut feeling's hardly reassuring
36800: The key to SLE is "exploration". If you went through all the companies listed on AIM, present and historic, you'll find a similar story. The current opportunity is always going to be the big one, until it isn't. Check out Challenger Energy. Previously Bahamas Petroleum Company, under which banner it was the sole operator in what was "rumoured" to be the biggest oil resource since the middle east. Which came to nothing. Now operating at the mouth of the River Plate, where it has ostensibly hit big. But the share price hasn't moved in months.
You pays your monies, and take your chance. If you don't like the downside, put your money in the bank.
I think we should have had an rns update by now, but maybe Monday, the full two weeks.
Cd27idw you can't smile whilst desperately applying mouth-to-mouth resuscitation to keep your latest rabbit alive. At the moment it would appear that every rabbit out of his hat since the conception of this company, has died.
Credit to Afamefuna for pointing this out to me a while back with his informed comment and factual posting, information far more accurate and precise than Alaric and his chum Sam. I honestly wish I had never listened to those two big-time rampers. As Sam would say I am now a "loser", as is every single private investor that has put money into this company, I suspect.
CJ - thanks your last post that's about it in nutshell OF WORKING really hard that's why he received UKP 1 mio salary last time I looked - I have started to wonder why Tosca are still playing the game having said that it's all's well that ends well I guess?
Thanks for sorting the article behind the link CJ, much appreciated.
Whilst you are right that it doesn’t add anything really to what we already knew the fact that it’s being reported in the IR might at least push OF to keep us a bit more abreast of how the minor technical issue with the funds transfer is progressing…hope springs and all that.
Ps good summary in last post.
Naibob,
Amongst the blue smoke and mirrors, Fanning and Eli have given the uncautious observer the impression
that the ACOES is up and running (e,g the backscratching Malcy interview)....as mentioned in the IT article.
We know the pipeline element is outstanding and the pipeline contractor is suing Eli. Fanning mentions in the Malcy interview that barging has just begun....well that was supposed to have commenced well over a year ago and we have no hard evidence that anything has been delivered and offloaded by Shell.
(He also forecast the lifting of SLE share suspension as likely to occur in the second week of November...maybe he meant 2024).
Come 12 December, if Eli hasn't filed accounts it will yet again be in breach of Maltese company law.
Naibob, friend turned up trumps.
"Cantillon
Tue Dec 5 2023 - 05:39
In 2016, Oisín Fanning’s San Leon Energy completed a transformational, if highly involved, acquisition of an indirect 10 per cent stake in a major Nigerian offshore oilfield, known as OML 18, through a Mauritius vehicle called Midwestern Leon Petroleum Ltd (MLPL).
Over the following 12 months, two takeover approaches from Chinese suitors came and went, while its main shareholder UK hedge fund subsequently almost doubled its stake to 75 per cent.
Earlier this year, San Leon unveiled plans to take over certain assets of Nigeria’s Midwestern Oil and Gas Company, which is a 13 per cent shareholder in San Leon, by way of a reverse takeover. The deal – and this is the simplified version – was to increase San Leon’s indirect OML 18 stake to more than 44.1 per cent.
[ Exploration company San Leon receives €176m backing for Nigeria operations ]
[ Oisin Fanning-led San Leon’s shares down almost 30% on refinancing and accounts delays ]
It was also to involve Midwestern transferring its stake in Energy Link Infrastructure (Malta), or ELI, a provider of crude oil transport and storage systems within the Niger Delta area of Nigeria, to San Leon.
However, drift in getting a loan facility over the line – contributing to delays in San Leon’s 2022 accounts and its shares being suspended in July – resulted in that plan being scrapped in October.
The following day, San Leon revealed it had agreed to raise $187 million (€173 million) by way of convertible loans from US investment house Tri Ri Asset Management (TRAM) to pursue a different deal.
The funds were earmarked to allow San Leon take a controlling stake in ELI as well certain new assets in MLPL (which, incidentally, owes San Leon about $120 million). There were reports in some quarters that the deal could ultimately give San Leon, which had a market value of £74 million (€86 million) when it was suspended a $1 billion valuation.
San Leon said on November 2nd that TRAM had pressed the send button on initial funds and that the money would land in a UK account “shortly”. More than month later, it’s still waiting for the funds to materialise.
Investors will be hoping that Fanning is already working on another plan – even if it’s unlikely to be less complex than anything else he has come up with in recent times.
CantillonNigeria"
Doesn't tell us more than we already know. However, news now in a more public domain and the Irish Times, in common with the vast majority of people on this island, don't have much time for Fanning ( that could be the understatement of all time).
Sorry Naibob. I already have a newspaper subscription and don't want to add to it.
What I'll do is contact a friend whom I think has sub and get him to send it to me. Hopefully that'll work.
Hi CJ , are you able to get around the paywall? If so would you be so kind as to copy & paste the article for the benefit of this board?
Yesterday's article from that well known mud slinger, the Irish Times:
https://www.irishtimes.com/business/2023/12/05/oisin-fanning-may-need-fresh-san-leon-plan-as-us-funds-fail-to-turn-up/
Is he still grinning like the cat that got the cream...?
Beyond bizarre.
Dear Mr.Swan How dare you trawl through clearly disreputable foreign media and share a good news story on this forum! Call yourself a troll...? Oh no, my mistake, that will be the abusive trio that feel compelled to hurl that moniker around whenever anyone has the temerity to post anything less than giddily positive...
Https://www.vanguardngr.com/2023/12/nigerias-economy-begins-major-shift-as-oil-sector-rebounds/
Little Sam seems a very appropriate name for one who is struggling with his own immature mind and continues to make childish comments. He asks people to grow up using such simplistic phrases as "it's u Dumbo....a doh ...who lost his dough...ha haaa."
It is obvious to all that It is little Sam that needs to grow up.
Callasloser, that's calling the kettle black as it's what you did.FOOL!!...
UAE - American companies Baker Hughes and Chevron interested in entering into Nigerian refineries and the new round of the OML leasing market. The Nigerian resources with their easy access to world markets compared to
the middle east are the attraction. I hope Fanning is in the UAE and attempting to pull some new deal/source of funds out of the proverbial hat?
Little Sam, there I was thinking you had no abilities whatsoever...but I underestimated your incredible ability to cut and paste.
As it's u Dumbo....a doh ...who lost his dough...ha haaa. ..grow up sle will show u r wrong and don't have a clue...x
Callaloser...... For someone supposed to have never invested here ....but for some clown to just post here ....just looks your a lickle liar and u lost Ur shirt....
Look in the mirror loser and repeat your post to yourself ...xx
:20
BlackSwan, does the following remind you of anybody?
Signs of Narcissism
Sense of Entitlement
A common sign of people with narcissism is the belief that they are superior to others and deserve special treatment. They believe that others should be obedient to their wishes and that the rules don’t apply to them.
Manipulative Behavior
Another common trait of narcissism is manipulative or controlling behavior. A narcissist will at first try to please you and impress you, but eventually, their own needs will always come first.
When relating to other people, narcissists will try to keep people at a certain distance in order to maintain control. They may even exploit others to gain something for themselves.
Need for Admiration
One of the most common signs of a narcissist is a constant need for praise or admiration. People with this behavior need to feel validation from others and often brag or exaggerate their accomplishments for recognition. They also like to feel appreciated to boost their ego.
Lack of Empathy
Lack of empathy is another sign of narcissism. This means that the narcissist is unwilling or unable to empathize with the needs, wants, or feelings of other people. This also makes it difficult for them to take responsibility for their own behavior.
Arrogance
People with narcissistic behavior already see themselves as superior to others, so they may become rude or abusive when they don’t receive the treatment they think they deserve. While they hold themselves superior, they may speak or act rudely toward those that they deem are inferior.
Other signs include:
A sense of self-importance, exaggerating their achievements and talents
A preoccupation with fantasies of success, power, or brilliance
A belief that they're more special or unique than others and should only associate with other high-status people
BlackSwan, does the following remind you of anybody?
Signs of Narcissism
Sense of Entitlement
A common sign of people with narcissism is the belief that they are superior to others and deserve special treatment. They believe that others should be obedient to their wishes and that the rules don’t apply to them.
Manipulative Behavior
Another common trait of narcissism is manipulative or controlling behavior. A narcissist will at first try to please you and impress you, but eventually, their own needs will always come first.
When relating to other people, narcissists will try to keep people at a certain distance in order to maintain control. They may even exploit others to gain something for themselves.
Need for Admiration
One of the most common signs of a narcissist is a constant need for praise or admiration. People with this behavior need to feel validation from others and often brag or exaggerate their accomplishments for recognition. They also like to feel appreciated to boost their ego.
Lack of Empathy
Lack of empathy is another sign of narcissism. This means that the narcissist is unwilling or unable to empathize with the needs, wants, or feelings of other people. This also makes it difficult for them to take responsibility for their own behavior.
Arrogance
People with narcissistic behavior already see themselves as superior to others, so they may become rude or abusive when they don’t receive the treatment they think they deserve. While they hold themselves superior, they may speak or act rudely toward those that they deem are inferior.
Other signs include:
A sense of self-importance, exaggerating their achievements and talents
A preoccupation with fantasies of success, power, or brilliance
A belief that they're more special or unique than others and should only associate with other high-status people
'You know all this----because I told you not long ago----so why have you gone back three steps and started all your nonsense again.' because he's either dim-witted or a troll. take your pick.
Oh dear Black Swan---you have reverted back again
----Nobody is going to "avoid using the Eli Pipe Line" ---in fact they are queuing up to use it---so much so, that there is only room for 30% of OML18 oil to pass through it, the rest is out to other fields.
-Oil is (and has been for over a month), being produced at OML18---the last we heard it was 20,000 barrels a day and rising sharply.
-This oil is being barged to the "mother ship" and will then be transferred to to the FSO---so we are NOT waiting for the pipe to be completed.
-
-You know all this----because I told you not long ago----so why have you gone back three steps and started all your nonsense again.