Member Info for Alaric

there's quite a big clue in the rns about the money. we're told they're now going to draft the loan docs. given this is a syndicated facility, i count a minimum of 3 firms of lawyers and more likely 5 or 6 to represent the interests of the various parties. such commitments are typically made when all the commercials are agreed. sure they've still got to thrash through events of default, levels of recourse, subordination rights etc but that stuff always gets agreed.

thanks redeyemines and agree with you generally over the deadline. to be honest after 12 months i'd really prefer them to get all their ducks in a row now. i guess we'll get an rns tomorrow sometime one way or the other. quite exciting after all this time!

redeyemines - don't know whether you read the other place or not but a poster there put up a consummate answer this morning on AIM periods of suspension and delisting. 24 June is precisely 12 months from the start of suspension, so we can safely assume that san leon got the necessary waiver for that (otherwise at very least the nomad would have insisted on a rns and we would already be delisted). equally AIM will know this is a highly complex set of transactions combined with a significant ( by AIM standards) piece of corporate/ project financing, culminating in an rto. AIM regulations can be arbitrary, so i suspect as ever the devil will be in the detail. we will know tomorrow, i guess, whether san leon can meet the deadline or not and, if not, whether they can get an extended waiver. i am convinced this is a done deal so this will imo now be down to final approvals.

glad you found my post wittty, doh. i don't disapprove of your comment as such, it’s just that it adds little to the discussion on this board. that said it hardly stands out against the suboptimal content generally posted here.

simply outstanding post, doh. if i may call you that for short, which seems appropriate in the circumstances. it makes me wonder quite how we've managed without these kind of insights before :-)

to put my last comment below in context, i see yesterday bonny light was trading at just under $130 a barrel.

as you say qf, nothing risk free here for an AIM listed oil stock with its business case founded in the Niger Delta. what some folk fail to acknowledge though is that the OML18 opportunity came about precisely because Shell couldn't handle the local issues at a time when when the ESG lobby in Holland was forcing them to unload hydrocarbons assets. quite an exit from an acknowledged world class oil field and when San Leon backed Jite Okoloko's acquisition of the major private operator interest in OML18 the oil price was 26 bucks a barrel.

i know sam, it's so FRUstrating! anyway good to welcome back one of our resident trolls after just 3 years in occultation. not always the sharpest pencil in the box but salutary nonetheless to remember the breadth of stupidity amongst the former shareholder base in this stock

you're quite right cd27idw - if this deal works for Tosca and for Oisin then it should work for us as well. clearly a load more shares will be issued to Midwestern but they're going to be bringing ~34% of OML18 to this party among other things.

they told us that last month ELI were barging oil to the FSO moored off the Niger Delta. this had to be done to the satisfaction of the offtaker, who are also part of the syndicate led by Afreximbank providing the $750m facility to Eroton. once all cps are satisfied, the facility gets signed off and the rto will be triggered. we have also been told they expect the pipeline to be commissioned in Q3 and of course this is the real value creator for OML18. with the NCTL now force majeured OML18 has barely been producing oil (there was no point). but with further development the expectation is to get it to 100,000 + bopd and with bonny light trading at over $120 a barrel that's some revenue.

dyor but this is what they said on 29 April: 'the Company now currently expects to publish an AIM admission document (the "Admission Document") in respect of the Potential Transaction by 24 June 2022 at the latest, following which point the Company will seek the restoration of trading of its ordinary shares on AIM.' 24 June is precisely 12 months since they announced the rto process

https://www.londonstockexchange.com/news-article/SLE/update-on-development-of-the-oza-field-nigeria/15471209
with bonny light trading @ ~$120 a barrel, looks like Oisin called this right

indeed opportunities for agile well funded hydrocarbons businesses will abound in Nigeria after the Petroleum Industry Act, which President Buhari signed into law at the end of last year. this is what PwC say about it on their website: 'The Act seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry. Despite being a major source of revenue, the oil sector lags other sectors in terms of GDP contribution. If implemented diligently, the PIA will help facilitate Nigeria’s economic development by attracting and creating investment opportunities for local and international investors.'
San Leon was one of the first companies to move as the majors pulled out of the onshore Niger Delta licences, by helping to finance Midwestern's/Eroton's takeover of OML18. now investors can see what has driven this rto and beyond to a new world of opportunity. essentially San Leon will become a local player but listed in London with access to capital and equity markets.

good to see the ELI link, thanks sam and it indeed it confirms what i've said before about modern highly technical pipeline security. at prevailing prices, oil theft is now a global problem. to remind serious visitors to this board this is what i said before: the existing Nembe Creek pipeline is just laid through mangrove swamp, where visibility is down to metres making theft relatively easy. modern ACOES systems in the Niger Delta are laid submerged in the open river channels before exiting out into open sea and come with fibre optic detection systems. this makes theft difficult and detection easy and fast. high speed river launches (typically armed) can reach any attempted breach in minutes.

good to see the ELI link, thanks sam and it indeed it confirms what i've said before about modern highly technical pipeline security. at prevailing prices, oil theft is now a global problem. to remind serious visitors to this board this is what i said before

Morgan Stanley have raised their projection for the price of Brent crude oil in the third quarter of 2022 to around $130 a barrel from $120 per barrel previously. main reasons were given as an embargo on Russian oil, self-imposed restrictions on purchases of the same by commodity traders and lower growth in supplies from Iran, with no better than a 50% perceived chance of a nuclear deal.

no CJ - i'm just pointing out again a complete phony on this board, who because of his past losses is deeply embittered. as for the oil sector, if you knew anything at all, it would be that it remains incredibly volatile with short sellers increasing their bets against energy stocks, hoping to profit from the possibility of a further fall in prices. oil stocks were the biggest market losers Monday when the Dow fell more than 650 points. but the problem is CJ, you don't.

hi CJ - maybe Decklar have been too focused on the fertiliser market of late, making their investors jittery? be really good to get your take on that as a specialist in this area. btw did you ever get an answer from Afreximbank on why on earth they were prepared to lend Eroton $750m, despite your remarkable discovery that OML18 has zero revenue? i mean no wonder you don't hold shares in San Leon anymore - was it a big loss when you sold?

BS i thought i'd told you to go to the back of the class and stop putting your hand up? only have your interests at heart, as i hate seeing people making complete berks of themselves.

the Oza investment extension now allows synchronisation with the rto. this also comprises the consolidation of Midwestern's indirect debt and equity interests in ELI in respect of the ACOES with those of the San Leon, as well as further new debt and new and existing equity investments to be made by San Leon in ELI referred to in the rns of 29 April. sounds to me like ducks getting lined up in a row...