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Hilarious 36800, you trolls virtually invented ad hominem posting and aren't remotely interested in facts. i read a libellous post by your colleague Junkie attacking Oisin Fanning which was entirely based on surmise. he should know that boards like lse can be ordered by the courts to disclose the real identity of libellous posters. this procedure is known as a 'Norwich Pharmacal order'. following this the claimant typically will issue legal proceedings for injunctive relief and damages. in a clearcut case like Junkie's the court usually orders costs against the defendant. the total liability can easily total many thousands of pounds.
Confirmation if it were necessary that the trolls don't hold any stock in san leon. i don't know about you but when i'm out of a stock aside from an occasional look to see how it's going i lose interest which begs the question what their motivation is? one wonders if they're embittered past losers or worse that they are paid by short funds to post only negatively about the company? either way they're mendacious and thus not to be trusted.
Nothing personal Mdumba but it's just that you've been told at least twice now, so you're either illiterate or mendacious. to repeat myself again sle lent c $173m and have been paid back $190m...plus $40m. So just interest is owed so OML18 now is for free. some might call that pretty good business by Oisin but don't worry i won't be holding my breath waiting for an acknowledgement from the trolls :-)
Usual rubbish Mdumba (btw another slightly dodgy/fake nigerian name?). i've reported the actual position on the loan notes which has zilch to do with the delayed filing of accounts. to reiterate with the exception of the rolled up interest the loan notes are all repayed. to suggest otherwise is a complete lie but why am i not surprised, after all the trolls are habitual liars.
As usual complete garbage from the trolls who either make it up as they go along or haven’t the faintest idea how to read accounts. to reiterate the original principal of $175m has all been repayed leaving the balance outstanding at 31 Dec 2023 as $126.3m.
Kakistocracy, simply means “Government by the worst persons or a form of government in which the worst persons are in power". so a bit like everyone else in the world including particularly us iimĵththinthe ut5iotvþu
Sorry Mdumba you're quite correct. actually MLPL was the issuer and Midwestern guaranteed the repayment. the point we've all missed (including myself til now) is that they've all been paid back with the exception of the interest, which is Midwestern's liability. if you look at our accounts from 2016 on, you will see they're not there anymore (original principle value c.$175m). you can also see that there's c.$120m of interest currently outstanding. my mistaken nomenclature about issuer and holder pails into insignificance compared with the trolls' efforts to denigrate Midwestern and thereby San Leon.
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 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.
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?
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
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.
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.
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.
More garbage from G1lo. do you really think the nomad would let san leon lie in an rns about Tram having transferred the funds? more fool you if you do. some while ago bluerill gave a perfectly plausible explanation for the funds not arriving. but trolls just aren't interested in facts as they don’t suit their agenda :-)