Member Info for Alaric

i allowed $15 in my rough calculations. what do reckon they sell to Shell for from the FSO?

should clarify that the $500m figure i gave earlier was based on 45% of the field.

yep well you got some fairly reasoned answers to your question about san leon value but i can see that's not really your thing. probably just as well as 88E is about as detached from fundamentals as a baby oil explorer can get. don’t stick around too long

well at $90 a barrel (yesterday's price for Bonny Light), assuming they can get back to near 50,000 bopd and now have 45% of the field, by my calculation the field would be trading on a profit of about $500m a year (i have allowed a possibly generous $60 a barrel net after production etc costs). of course if they can get production back up to 100,000 bopd, then just do the math. the proper valuation of the company on either basis would appear to be considerably more than $1bn. and these figures don't include profits earned from the pipeline itself or from any other interests

you're absolutely right of course Sam. too many unknowns still. if the rto closes, though, and the ACOES opens, I would have thought $1bn was pretty conservative. remember when we financed Jite's 27% (?) of OML18 in 2016 the oil price was $26 and the field was neglected with a huge % of pipeline losses. nonetheless if those things get fixed OML18 is a proven producing world class oil field. by comparison 88E (which gffy says he is in) is a tiny explorer in Federal land in Alaska with an unclear business case, whose former Chairman sold out when the shares reached their 52 week high. at that point they had a market cap just shy of $1bn. funny old thing markets...

more Afamefuna nonsense
'why you think we parted with brendon capital yesturday'
a quick check on Twitter confirms the actual reason. Brandon Hill ceo Oliver Stansfield and his team have moved to Tavira, which rather takes the stuffing out of Brandon Hill.

Afamefuna - ' your abjectly pathetic attempt to suggest this was a 'wind - up' doesn't wash with anyone here. so we can all accept that your statement that ...'no pipe bin laid. not even shovel and spade bin picked up'.. was simply made up by you presumably to damage the company’s and Oisin's reputation and that you have not one shred of evidence to support this contention?'
well we will take that as a yes to both questions you made it up to damage the company and you have no evidence. and btw getting the offending post taken down won't help as you already published it and it was up for sufficient time for a number of board visitors to read it and i have kept copies. bad luck

so Afamefuna you say you missed the rns that you had specifically just referred to? 'so was anothur damp squid rns.'

your dissimulation is beginning to catch up you.

'plese axecept my appologyies i missed rns. hope it didnt wind you up very much. no harm dun.'

oh yes harm done alright Afamefuna, mainly to you. aside from what's left of your 'reputation' (i use the word in its broadest interpretation), there is the little problem of your implicitly defamatory suggestion that O was lying to shareholders, when he reported that the pipeline was under construction in the rns of 24th December.

and your abjectly pathetic attempt to suggest this was a 'wind - up' doesn't wash with anyone here. so we can all accept that your statement that ...'no pipe bin laid. not even shovel and spade bin picked up'.. was simply made up by you presumably to damage the company’s and Oisin's reputation and that you have not one shred of evidence to support this contention?

it beggars belief that people can stoop so low on this board. i won't hold my breath for a full apology but i am going to report the relevant posts to the company’s counsel so they can take instructions from management

'i ansur qweshtun you avoid. no pipe bin laid. not even shovel and spade bin picked up. so was anothur damp squid rns. will take 5 year if start tomorow.' Afamefuna you posted this statement last night at 20.14. obviously i and others disagree with it. but can i be clear - you are suggesting that Oisin has deliberately lied to shareholders when he says in the RNS (of 24 December 2021) that the pipeline is under construction? and if so what evidence do you have to support your contention?

judging by the volume of background noise coming out of Trollheim this evening, i think we can conclude somebody or something has rattled their cage. surely not imminent news on the rto and ACOES?

you had no such thing in mind BS. such equivocation one suspects comes easily to your brand of feeble mindedness. if you had meant to talk about 'inherited social problems', you never said as much, so i don't buy a word of your superficial and disingenuous effluent and nor should anyone else.

what on God's earth are you on about now BS? what started as an erratic stream of consciousness has now become a river of verbal diarrhoea. btw Jite Okoloko never worked for Shell, so you need to check your facts more carefully before bothering people on this board. he was however an alumnus of Harvard Business School and in 2011 named the first winner of Ernst & Young's Entrepreneur of the Year award for West Africa, among many other notable achievements.

we were always likely to get another waiver extension after the previous rns about rto timetable. so all good stuff by me with interest on the loan notes running at 17%, the prospect of 45% of OML18 and the ACOES opening. and a preferred divi for original holders - what's not to like? the key to all this and the future development of OML18 has been the $750m facility recently provided to our partner Jite Okoloko (OML18 operator Eroton) by Afreximbank. and remember Eroton is effectively 98% owned by Midwestern Leon Petroleum Ltd, which will effectively subsume into the 'new' San Leon on the rto.

thanks again Scot. i should very much like to to do that. for the broader readership, if i may say so, Telemachus' posting on the technicals and yours setting this into a markets/ financial context has been without equal. it's a bloody shame that a few cretins have to go and spoil that for everyone else. well done for keeping going yourself. it is apparent from the significant vote-up differentials that the vast majority are appreciative of your efforts

thanks Scot. hugely important that we still get to see Telemachus' views as all the technical info comes in over the coming weeks and months

you're absolutely right to keep the champagne on ice for now redeyemines, as we don't know the detail of the rto deal yet or even if it will happen for sure. i think it will and on decent terms because, aside from any natural affinity between Oisin and Jite (and lest we forget Jite was only able to finance his acquisition of the interest in OML18 with Oisin's support backed by Martin Hughes' financial muscle), this deal will be good for both parties. Jite is a highly motivated man on a mission in modern Nigeria and Oisin is a consummate deal maker. Oisin has already shown that his London connections can deliver for Jite but a listing on the LSE puts Jite into the big time.

btw bonny light broke 90 bucks yesterday for the first time

first time here Dogs? doesn't seem like your typical area of interest but, if genuine, welcome to the board. and if the rto closes here soon and they announce the opening of the new pipeline simultaneously, as i hope and reasonably expect to be the case, the true value of San Leon’s assets should reflect in an SP way higher than 70p. the oil price is only one of the factors involved, albeit an important one since the company invested in this world class former Shell operated field when Bonny was trading at $26. the other key factors are that the company would now be fully funded to develop the field up to its 100,000 + bopd potential and eradicate the former oil losses through its new secure dedicated ACOES (pipeline out to sea and FSO, allowing market tankers to onload oil safely. if you want to ask more please feel free.

i see bonny light broke 88 bucks yesterday

oh you're such a funny man BS. not. the problem you have is you fail to engage with the serious underlying point being made. so you make your snide insinuation (here that the oil may not flow) and then fail to address my debunking of that as arrant nonsense. you're not very good at this are you?