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TB,
It's not metal, it's irony (look it up next time you shoplift a dictionary). And I presume you think Jane Austen is the name of a crude tanker. Oh nevermind. Clueless about your own language.
Actually I also remember Oisin's Acolyte arguing that pipeline losses were entirely immaterial to operations. Seems the market actually agrees, as with each passing day as the FSO approaches the share price falls further - presumably since pipeline losses are entirely immaterial, the floating lump of metal is - like OF's vast compensation package - just a waste of funds.
You would think that agreement could be reached on something as basic as investor requirements of a share but no, that is not the case with SLE. While some investors want a decent return on their investment as reflected in a rising SP and dividends, others believe that the SP is entirely irrelevant and that the only matters of importance are The Facts. As ever - given the Nigerian roots - no agreement today, no agreement tomorrow.
hello mr or mrs alarik your post is full of assumptions and is therfour lies. it so very very obvius you dont now who i am in anyway. very frustrating for you and your team. very funny.
todays very good news shows you have lied in the past saying pipeline down time and sabatarge would not ever affect the red lion and shareholders should not worry about it affecting there money investment. but it affected the red lion so much they have to get new expensive way to get oil out of Nigeria.
I said this new way would not happen quik as your team said it would, that is true not lie. I still think it get sabatarged. time will tell but that not a lie either. avabone was not a lie, sun trust was not a lie. all real news finully seteled out of court. you all make youselves look fools denieying the truth.
but am i speaking to you or your wife who you admit posted on your behalf in the past.
afake or afact.
San Leon Energy* ? (SLE.L, 26p, £117m) says the alternative crude oil evacuation and storage system (ACOES) for OML 18 is being constructed, with the ELI Akaso FSO expected to arrive into Bonny port shortly. All government and regulatory approvals have been received, with commissioning expected in May. Positive - a major milestone for the coy and its partners.
I agree, BS, that the RNS is a tad confusing as the first bullet point on permissioning - though it uses the verb 'have' - in fact appears in a 'to do' list. I can confirm after speaking to the company however, that that item is as written: all necessary approvals HAVE been received. What's particularly interesting about this small, but perfectly formed positive in the announcement however, is that it is yet another direct dismissal of yet another in an endless string of stuff and nonsense that Jabba has pulled out of his spleen over time. Careful readers will remember that this shameless charlatan rubbished the company's plans for this transformational upgrade of its evacuation system by declaring - with absolutely no evidence or supporting material whatsoever - that even if the company does get the kit into the country, it will bogged down interminably by state and local bureaucracy. In fact, all of the necessary permits were obtained PRIOR to work commencing. Note that this is what this individual specialises in: sudden, unsubstantiated 'negative' comments out of left field, with the pretend air of expertise, almost always constructed in a way to exploit shareholders' fears about big, bad Nigeria and always always coughed up after more good news from the company and/or he has again been owned by a recitation of the facts and needs to change the subject.
Amazing start for the day the share price drops 2.5% I mean it wasn't as though everybody didn't know that ELI Akaso was coming?
Hope Eroton have obtained - "All government and regulatory approvals for project construction have been received;"
San Leon Energy Plc
("San Leon", "SLE" or the "Company")
Update on New Alternative Crude Evacuation and Storage System, OML 18
The Company is pleased to provide an update on the new alternative crude oil evacuation and storage system ("ACOES") on OML 18, onshore Nigeria. As described in the half-year report released on 30 September 2019, ACOES is being constructed for the purpose of transporting, storing and evacuating crude oil from the OML 18 export pipeline ("Pipeline") running from within the OML 18 acreage and down to the open sea to a dedicated Floating Storage and Offloading ("FSO") vessel named ELI Akaso.
The ELI Akaso is expected to arrive shortly into Bonny port. Energy Link Infrastructure (Malta) Limited ("ELI", the third-party provider of ACOES) has informed Eroton, the operator of OML 18, that the following activity is expected.
- All government and regulatory approvals for project construction have been received;
- February 2020: site mobilisation;
- March 2020: installation and completion of the Cawthorne 2 & 3 pig launcher and receiver platforms; and
- May 2020: completion of pipe laying, and commissioning of ACOES.
Oisin Fanning, Chief Executive Officer, commented:
"The operation of ACOES is expected to be a major catalyst for the success of OML 18. We have long described the challenges to pipeline losses and downtime on the existing NCTL pipeline and ACOES is expected to reduce both significantly."
Enquiries:
chips getting cheaper today mucky. positive posting shorting team must be happy with there investment. real investers would be sad. we need dividunds please as promised years ago.
afake or afact
Past is prologue, after all.
yes look at past history of the red lion and now mostly all eggs in Nigeria. double jeperdy here.
afake or afact
Hopefully, with 10% of almost nothing in the grand scale of things, SLE may just be under the radar hiding behind Eroton and we might just continue indirectly to have an income after all our backstops have been paid out and we are onto raw dividends paid via curtsy of NNPC - given the experience of international investors in such ventures as the recent aluminium smelter and with P&ID power project we, might just get lucky?
Given the history of Nigeria is there any wonder investors aren't rushing in to buy cheap "chips".
https://www.telegraph.co.uk/business/2020/01/28/nigeria-must-clean-act-lure-hard-headed-western-investors/
A case before the High Court in London encapsulates the country’s problems. Process and Industrial Developments Limited (P&ID), entered into an agreement with the Nigerian Government back in 2010 to refine natural gas for powering Nigeria’s electricity grid over a period of 20 years. The expected 2,000MW increase in low-cost electricity would have been transformative for millions of Nigerians (and, of course, profitable for P&ID). However, the Nigerian government did not uphold its contractual commitments, and so the project fell through. After years of attempts at settlement, an arbitration tribunal ruled that the Nigerian government was liable for $6.6 billion in lost earnings to P&ID, a figure that has now increased to almost $10 billion.
What the Nigerian Government does not seem to understand is the message that is sent by all of this activity. It is all very well to attend a big investment conference in London – and the UK Government’s efforts to encourage investment in Africa is laudable - but in the end, it is not UK Ministers who will be parting with their hard-earned cash. The cold reality is that when the world’s investors note that the Nigerian Attorney-General is ripping up contracts, ignoring legal judgments, and bullying previous investors, they will think again. Past is prologue, after all.
it does all sounds to good to be true. with such great prospects everyone is wonder why noone is intresrted in the red lion.
must be people dont like stale chips
afake or afact.
Well I will keep adding as the general market malaise and pressure on fossil fuels by political tree huggers provides the opportunity to buy at these bargain basement levels. By my calcs we could have $65m cash on the balance sheet today if payments have been made on time with further payments of $55m in 2020. Costs should be no more than $5m. We should receive an update on the recent FSO arrival this quarter and AT ANY TIME the company may surprise us with a more generous return of cash that the recent SBB. When will our share of OML18 start to return cash? We simply do not know but if you can afford to sit on your hands for a little while longer this could deliver terrific returns.
I guess some sold anticipating a drop in the sp after the bb ended thus causing the sp drop ;-)
mr bluerill do you considur borowing is the same as buying.
afake or afact
I bought a few today. Cheap stock. Lousy market. Usual story
Oil Prices down 2.5% - so most if not all oil stocks are down.
mr mcco. the share buy back was falsly supporting the red lion. its now back to damp squid downwrds for the positive posting shorting team profits. clever plan. they be along when shorting finished and be tellin people its a great oportunity to buy cheap as they ready themselves for next round. very funny.
afake or afact
Oh dear. The company bid disappears, and the sp heads back to the old lows. Not very reassuring.
Theoretically and based on the current information, the SP should be on the rise, but there doesn't seem to be much of an appetite to purchase at these levels. Without the daily c80,000 own share purchase no-one else is buying in, not today anyway
very very good day for positve posting shorter team today. the red lion back on form. not a surprise to them that follow the story
afake or afact
But a 5 p divi would be welcome. They should gave the cash ..
mcco. Yes finished. Approx 1pc less shares. Makes fa difference. They need to do it 10 times over ...
um, i know who bought them. why of all the bargains that have gone through in this name, why would you wonder about that one?
I bought some more of these today mcco breaking some of my own rules about % of my portfolio in small caps however with a growing cash pile and an improving outlook on potential revenue flows not to mention a return of cash through another tender offer or div, which I sense is not far away, I really cannot see much downside from here.
So the buy back of its own shares exercise has now finished.
I wonder who bought the 92319 shares at 28p this morning is