Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Out of the turmoil that is Nigeria comes an interesting new word, well at least it is for me, - Kakistocracy - which in a word rather sums up Nigeria.
"Kakistocracy, simply means “Government by the worst persons or a form of government in which the worst persons are in power".
The Naira depreciates daily and even the new Dangote refinery near Lagos has to import US oil to commence operations amazing!
Given the multiple difficult situations in which Fanning currently finds himself its probable best that he stays "out of reach" by his pool in Dubai and lets events unfold as they will who knows maybe new opportunities will emerge out of the turmoil.
https://punchng.com/govt-must-tackle-corruption-to-address-naira-free-fall/?amp
Interesting QF, connections in Nigeria? Her LinkedIn profile reveals more employment.
According to Companies House, Ronke Atkinson is a 50-year-old female British Citizen. She is a defendant along with Oisin Fanning and 2 other Atkinson’s, cited as minors, and a 5th unnamed defendant. What on earth is a mother her Children and a mystery “man”? being sued alongside fanning with?
Yes QF, perhaps irrelevant but intriguing, whilst we wait and wait and wait. And, as CJ implies, it gives insight into the personality of the man we are waiting for.
https://find-and-update.company-information.service.gov.uk/officers/2w0lvBji_j_WgZjDs7YVwYCGCkA/appointments
36800, I wonder if Fanny is trying for an entry in the Guinness Book of Records as the world's most litigious/litigated individual.
https://caseboard.io/cases/70f6d974-8632-4c2e-866c-33d9c7ce37f0
Tenn appear to bea property bridging financelender
Pretty irrelevant to SLE I would think!
I guess its a property thing again, if you search on the claimants.
Also a quick google finds a Ronke Atkinson, based in Nigeria. She was man director of Veripark up to 2020. VeriPark is a global provider of multi channel delivery, financial crm, and lending solutions for financial institutions. Some connections ...
Alaric You say that Midwestern is the holder of the Loan Notes. When did that happen? I thought Midwestern was the Issuer of the loan notes. That is a very important difference. And on that basis, presumably it is Midwestern that granted the security over its interest in OML 18. No idea whether this is a first security or ranking behind Midwestern's other secured funders but it still does not explain why there has been no interest payment for months and months, nor indeed any announcement about that particular can being kicked down the road again (for what purpose I still don't understand!). I also think that you really don't understand the nature of how security works on an enforcement - a receiver, once appointed, is required to sell the asset for the best price reasonably obtainable. In the meantime, any revenues received would be for the benefit of the secured lender (assuming there are any revenues) so there would be some revenues coming in from OML 18 at that point but the receiver cannot sit on the asset indefinitely but is under a duty to sell it, distribute the proceeds to the secured creditor and then any excess which remains (which is unusual) is for the benefit of the debtor . So the question then is: who would buy the interest and what price would anyone pay for it? That is what underpins the security. So we seem to be no closer to any indication as to what is happening to the interest which continues to be unpaid other than some vague statement on 9th October 2023 (some 4 months ago) about swapping the debt for MLPL interests but then silence. It is just something that has disappeared into a black hole but it also raises the question as to whether there is discussion going on about the carrying value of the MLPL loan notes in the stat accounts for the Company, whether a write down of the asset would be necessary and whether this is one of the factors that is impacting on the ability of SLE to publish its accounts for 2022 (let alone 2023!)
Agreed then Alaric my dear fellow I look forward to your silence on this next matter.
Would anyone else care to comment on why two of the UK’s leading restructuring and insolvency practitioners would feel the need to take Oisin Fanning to the High Court?
https://caseboard.io/cases/38ec9629-5bad-4e46-b0a8-d9bac18dfcee
Does anyone know who the Atkinsons are?
Case filed on 9th May 2023, ongoing, last hearing 4th Jan 2024.
Hardly 36800, i'm just bored correcting your many inaccuracies and doing the research for you guys. btw cut and post links from the corrupt nigerian press isn't research. that's all.
Alaric, your lack of an intelligent answer proves that you haven't the ability to say more.
Like to have help you 36800 but fear you suffer from Dunning- Kruger which as i'm sure you know makes people over estimate their abilities. this was discovered after two criminals tried to rob a bank after spraying lemon juice on their faces believing this made them invisible to the security cameras. need i say more?
36800, you're too kind to the sainted (by Alaric) Okoloko. He's also Chairman of Eli Infrastructure, so that's four companies in deep financial manure. I've made the point before that under 'genius' Okoloko, Notore sells in naire but borrowed in dollars. So when the naire devalued, Eli's debts have gone through the roof., from an already dire situation. As their gas debt is due to Eroton (on behalf of oml18) it still remains unpaid. Interesting legal situation.
Thank you Alaric, I stand corrected on my muddle of the operator/ownership description and you give food for thought. However, You haven't explained what part SLE and Midwestern played in getting the operatorship transferred from Eroton to NNPC. Your previous post states it was their actions that secured the transfer. Pray tell how they achieved this, especially after the RNS denials from SLE that it wasn’t happening
Midwestern seems to be unable to pay a small debt so bankruptcy is a possibility as it is with SLE if Mr. Fanning can not raise the funding needed to continue his dream. The two go hand in hand.
I am wondering which loan you are referring to in your last sentence. "couple of hundred million bucks “ If it were Midwestern then surely this action would not be necessary. https://guardian.ng/news/bank-asks-court-to-wind-up-oil-firm-over-alleged-n1-6b-debt/ This debt is a pittance and should be easy to settle. Are they waiting for money from SLE, from the failed TRAM loan facility? Why haven't Midwestern submitted financial information to SLE so that they may furnish us all with the missing accounts?
The NNPC own 55% of OML18 so it would have good call on any debt recoverable relating to the licence. Eroton's removal has distanced SLE from the decision-making.
NNPC states "The persisting inability of Eroton to meet the fiscal obligations of the Federal Government led to the sealing of Eroton’s head office in Lagos by the Federal Inland Revenue Service (FIRS) for more than twelve months due to non-payment of outstanding taxes to the Government. Eroton is also not able to remit to the JV parties the proceeds of gas supplied to its affiliate, NOTORE”. The latter a point made by CJ, a significant point that you attempted to sweep under the table.
Erotons chief Okoloko is currently the Group Chief Executive Officer and Managing Director of Notore Chemical Industries Plc (“Notore”). He is also the Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and the Chairman of Eroton Exploration & Production Limited (“Eroton”). All three companies are in financial difficulty. OKoloko himself is being sued for $35 million by his ex-wife.
Involvement with Midwestern and Eroton does not bode well for SLE. Who would want such a troubled man with three ailing companies as a partner? It can only drag SLE into the mire.
Sorry so many genuine questions here for you to help me with Alaric, but you appear to have the answers. Although you haven't answered my previous questions as yet.
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/