Member Info for Alaric

yep the only difference was that Sun Trust somehow forgot that bit!

yep agreed - i thought it was more two than anything else

what is your point?

Interims from San Leon but the most important figure and cash and equivalents at 30th June were $35.6m, at the 18th September $22.6m. (Not including $6.8m held in escrow for Oza transaction)

During the year to date the company has received $41.5m in relation to payments due to San Leon under the Loan Notes. In addition the Company is scheduled to continue to be repaid against the Loan Notes, the balance of which is currently US$88.7 million, on a cash receipts basis.

During the year there was a share repurchase of $2m and a special dividend of $33.3m was paid in May giving a historic yield of some 30%. At that time, 7th May, CEO Oisin Fanning bought 98m shares taking his interest to 24%.

Since the balance sheet date the company has done the ELI deal ($15m loan and 10% interest) and is waiting on completion of the OZA deal with Decklar Petroleum (which is a $7.5m loan and 15% interest) play.

San Leon has a strategy which is proving incredibly rewarding for shareholders, the lending of money is a highly effective and profitable use of capital whereby the company get all their money back and keep a very profitable interest in the company into the bargain. Where else might you lend $175m, get $190m back and still have $100m to come?

As for the country risk often associated with Nigeria it is worth noting that it has always been political risk not geological risk. Lending here is protecting shareholders and the lending is investment, not trying to raise money on the street.

I have been looking at SLE again in recent months, I have had several interviews with CEO Oisin Fanning, one on Core Finance and will be doing another one soon. I am convinced that the model works and the historic yield of 30% looks like it will be the same for next year, after all the money continues to come in and opportunities are not dying out.

I may be wrong but this does look like a simple risk and reward which is tilted heavily towards the investor. I have assessed country risk which is no higher than most comparable others and we know that Nigeria is seeing inbound investment for oil and gas projects including the marginal field bid round which seems to be attracting attention. This is all about the risk and when you have a 30% yield on your side the company is protecting shareholders by using its capital so efficiently, a no brainer, yes it probably is…

outstanding bluerill. pellucid demonstration of the extent of our present undervaluation. of course one guy who knew all this was our esteemed ceo, Oisin Fanning, when he bought another £20m worth of our shares recently

we're all paid. did need the certificate of residence from HMRC and form V2a from the Irish Tax office, though. (once they were filed it cleared quite quickly and it's art 4 of the tax treaty btw).

heh save it for your shrink, ninepence. noone here is listening to your psychobabble any more (did they ever?)

yep mclean , we don't hear much from ninepence a'fakey these days. it was always rubbish

to remind this is the article from Oilprice.com:
https://oilprice.com/Energy/Energy-General/Heres-How-Oil-Could-Skyrocket-By-138.html

..economic conditions, is the final, largely under-explored, almost stealth reason for the stubbornly higher CURRENT prices. What I believe the market is waking up to - and frankly, is causing some even more painful short covering that is undergirding prices - is that the undeniable demand destruction that is coming as the world moves to renewables, etc is (and I know, I have written about this before, but it bears repeating and highlighting) now seen as inevitable, unstoppable. However, as oil bears are learning to their embarrassment, the ultimate irony is that the market crash in March may have had a bigger impact on supply than on demand, and that that impact is not being equally shared across the industry, either product-wise or geographically. In short, if you're a heavily leveraged shale producer or worse, want to become one, and you turn to the credit markets for help, you're kinda foooked, PARTICULARLY in the US. In a year or 2, this fast evolving view may well turn out to be wrong, but for now, shale oil production in the US is toxic, and since the generally accepted macro view is that getting to some 8 billion+ bbls/day made the US the world's marginal producer and that that status was built on shale growth, if that growth is about to turn negative, then commodity prices may well remain structurally well bid and may even push materially higher. In other words, there may well be some fundamental method behind the higher price madness. In a final irony, and of course a final blow to yet another 'end of days' scenario jabba or one of his surrogates gleefully present when they get tired of trying to slime sle directly, the ability to exploit this, until now, unforeseen development of relatively buoyant prices and a credit market boycott of shale, and an overall declining investment environment for exploration, is and will open up increasingly to well-funded, conventional legacy producers in the developing world, particularly geographies with critical mass like Nigeria. And that means companies like San Leon Energy. Drop mic

Pellucid analysis by echoridge on Advfn yesterday.
echoridge: So the secret is out.... I hadn't seen that particular article, Alaric, but that's precisely the argument I was referring to in my previous post. The death of shale is a central investment theme of mine but much more importantly, its starting to get some serious professional interest as well. Through the material recovery in the oil price complex since March, there has been a big increase in open short futures and put positions; in other words, pros have been opposing this recovery rally - particularly since Brent breached $40 - and the reason is simple: despite some pockets of recovery in the world economy - particularly in China - there hasn't been anywhere near a sufficient increase in general oil demand (yet) to address what these bears think is the gorilla in the room: the huge oil stockpiles that were built up around the world during the worst of the price crash. In fact, storage capacity - in every form from onshore tanks to tankers - remains surprisingly tight and storage rates commensurately high. The expectation had been, as short positions began to build up around mid May/June between $35 and $40 - that even as the world economy picked up a bit - for some, ESPECIALLY as the economy recovered - the oil market would necessarily get flooded by all this supply held in relatively expensive storage, by professional investors and not oil experts. Yet despite much of that stockpile being held in relatively weak hands, that hasn't happened (yet), at least to the extent that it has impacted market prices. Instead of course, the price action has been on a slow grind higher (I hate chart analysis, but the 30% rally since end of May has been notable for its unusually slow, steady rise particularly as it followed one of the most volatile periods in the market's history), with the outer forward months into next year for Brent approaching $50, no longer very far from its 5year average, seemingly against all the odds. Now, one reason for this is the massive liquidity-drenched recovery in equities and gold prices as well as the far-less discussed, but far more important for oil prices, simultaneous collapse in the dollar. All 3 of these have, in different ways, brought mainly speculative buyers into oil who are almost entirely buying financial instruments, unlike their peers earlier in the year who got long physical oil, thus pushing the oil forward months into contango and adding to the upward pressure on prices generally. This recent buying will almost certainly reverse - as it always does, often suddenly - since these funds are punting oil bc they've basically run out of other things to buy, and when it does we may see a material correction in Brent, possibly back to the low 40s, though that now seems less likely. However, I am convinced it won't last and the reason is the article you posted, Alaric. In fact, I think this thesis arguing for higher prices in the coming years, regardless of

as to be expected TimB, your post is spot on. always a question mark about BS, funny that. maybe the clue is in those initials?

to be honest i've always viewed our interest in Barryroe as a completely risk free bonus (with the OML18 deal of course as the principal value creator). if the farm in concludes as expected then our npi in Barryroe becomes immediately tradeable. another clever deal by Oisin to set this up originally. impressed to see Schlumberger's name in the mix here - finally seems they have lined up heavyweight partners

good spot G1lo, thankyou. no doubt a few red faces amongst assorted trolls and those less cerebrally advantaged. not that you will see any acknowledgement or apology from them for their error. as ever looks like bluerill called it spot on.

while the trolls try and make mischief out of the dividend red herring, i had missed what a fragile ego bandit has. difficult to gauge him, particularly when he hangs around creeps like marty on this board. btw, anyone seen marty recently - not like him to miss an opportunity to snark at the company?

u need to change broker!

think you are more than likely spot on with that assessment, PeakyBlinder2. and certainly judging by the confusion from various calls to the trading platforms over the last few days. these apparently elicited the following responses : 1.not aware of any dividend 2.yes aware of dividend and would be paid by close on Monday 3. not in receipt of funds 4. the back office are very busy and this is a first divi for san leon, so we don't have proformas set up for the transfers. my suspicion is the last one gets closest to the truth. also it occurs to me that the company possibly used a stock transfer intermediary (eg. ComputerShare) for the whole and then they distribute on? either way the likelihood of admin glitches on a first divi would seem to increase. or maybe the trolls are finally right and the company are not now paying the divi. that would mean of course they lied to me this morning but heh what's lying to a shareholder in the context of a multi million pound corporate fraud? i suppose though that would leave our CEO a touch light on his 100m + shares (23% holding) in the company? yep tricky one that - over to plodocus patheticus perhaps for a quick walnut sized answer?

have now spoken to the company - they've paid ahead of time as you would expect. so the problem looks like it's with the intermediaries. judging by the earlier response from ii, they are either being economical with the truth or are not on top of things (neither would particularly surprise me). suggest pressure applied on them?

indeed nothing new here, mclean. just reminding investors that with 60 years left in the tank and dividends going on and on, san leon enters the sunlit uplands. i have rarely seen OF in such chipper form. mind you our ceo just bought 98m shares at 21p in the company - talk about shooting the lights out! meanwhile talking of our african genesis (particularly extinct cousins) i see the board's resident mastodon pounds ponderously and purblind toward the precipice.

no need for concern, mclean, that ninepence now sees you in african animal terms, (elephant etc.references). it's just a running theme in theatre of the absurd. soon it will be all of us. (don't ask me - i never got Ionesco.) btw did you see the interview with Oisin in the Sunday Times today?