Member Info for Alaric

indeed i believe Oisin Fanning has been crystal clear over time about the company's intentions on returning funds to shareholders. that he has been able to continue to do this in such measure during a global pandemic, which has smashed oil prices, is not only remarkable but also demonstrates the board's underlying confidence. that makes san leon a true standout performer on AIM over the last 12 months or so. i ( and others) have recently set out again what the company has in immediate prospect and why this is the foundation of our board's confidence. and this stock remains grossly undervalued.

Orient - various points. am sure we will see some sell off after the dividend is paid. but equally now there seems to be increasing liquidity in the market for this stock, which even at 27p is still grossly undervalued on any measure. (look at bluerill's recent post and ask yourself what 10.5% of a world class low opex field, larger in size than Bahrain, producing 60,000 bopd now and say 100,000 bopd within 5 years might be worth?) i'm pretty comfortable the ACOES will happen soon (but certainly worth calling them to see if they will at least say when updated news is expected). given we're now in May, i guess they have to say something sooner than later. the reason this is so key for us is it should open the tap, for the first time, on actual field revenues to us. and that's a tap that should then stay on at least for say 25 years. i believe the visibility of that revenue stream is what will drive the SP here

just be aware, Orient, about this poster- he is a complete phony from start to finish. he's a known troll on this board, who, with different ids, runs with a group of crony shorters targeting the company over time. nothing about him is as it first may seem (except the faux pidgin speaking guise, which is too village am-dram to be remotely credible but, mind, any challenge to this is typically answered with a racism allegation). to have an opinion requires research and consideration - this guy proceeds by saying anything he thinks may sow discord and fear and thus be of benefit to the positions taken by his group. so when he says 'imo', the one thing, for sure you won't get is an opinion. one more thing you should know - in the evolving story of San Leon he and his cronies have been wrong on every single substantive negative prediction they have made for the company (am happy to supply chapter and verse but beware it's quite boring now) - in fact if they had been right at any turn, we wouldn't be having this discussion now as the company would have been bust. as you may see today that is a long way from the truth. i will respond to your substantive points shortly.

... well it's another slam dunk from bluerill!

i think ice-cream correctly tracked ELI Akaso into the gulf of guinea back in feb, Orient. she had previously been tracked leaving the straits of Johor, where the LACT units were fitted, and then rounding the Cape of Good Hope. i suspect for very proper security reasons, that Eroton don't want too much geographical detail published until the project is due to go live. as for certain observations made today about under water activity, you may need to balance them with the thought that the poster concerned had probably spent the last fortnight sitting on the lavvy as the bottom fell out of his world (and vice versa) and his '9p' short disappeared into the briny depths.

fascinating construct bluerill. what it does of course underscore is just how absurdly cheap san leon is. hope trustatrade takes up your excellent suggestion.

think that's the last official word, Orient, so we await update. if there had been any material delay in the pipeline, they would have to announce. we do know that the FSO arrived some while ago in the gulf of guinea. this is the fully refitted vlcc 'ELI Akaso'. She has about a 2m barrel capacity and is now fitted with LACT units. the only other pertinent known fact, possibly related to this was the recent appointment of Adekolapo Ademola to our bod - he is also a director of ELI, who we are told financed and were constructing the pipeline, and of Eroton.

sle is a completely different kettle of fish to Vog, bigsmoke. it really is a very different company now to its 'former self' pre 2016 with its largely failed business case in Poland. the Nigerian deal, which Oisin put together was of course supported by our major shareholder then and now - Tosca and has been transformative. essentially now with a significant stake in a world class producing asset and the new pipeline imminent to get its product to market without losses, this story is only just finally unfolding. with the likelihood of sustained newsflow to come over the coming weeks and months now, I think we will finally see bigger attention at the more serious end of retail at the same time as a ceasing of the incessant and insidious troll attacks, which are principally a hangover from the bad old days.

given away again by rugged poorly punctuated prose, bigsmoke? am afraid my (research based) criticisms of management there became too much for me (and them!), so best for all i left (thankfully some while ago).

there is certainly quite a queue now, peakyblinders, of very good news in short term prospect (ie. over the next few weeks or so.) we're surely overdue on an operational update. we heard recently that OML18 now has 600/700m barrels oip, which is a significantly increased figure. i guess that increase has resulted from the last 3 wells drilled. so we need an updated gross production figure for the licence (think we were heading north of 50,000 bopd before downtime and losses). which of course brings us neatly onto the expected news on the commissioning of the ACOES (pipeline and the FSO). given the huge impact this will have on downtime and losses ( i think we have been losing about a third of all production) that is our most eagerly expected news in q2 sometime. we already know the FSO, the ELI Akaso (a completely refitted VLCC originally built by Samsung Shipping, capable of holding 2m barrels), has arrived off the Niger Delta (and possibly pro tem being hired out for floating storage off Togo?). and then we have to wait and see if Oisin Fanning has pulled off any value revenue producing deals, as he recently suggested in one of his interviews. he is a great deal maker for sure (and i'm intrigued by his recent appointment of Adekolapo Ademola to our bod - he's also a director of ELI and Eroton.) i don't think there can be any complaints now about Oisin making good on his promises to return cash to shareholders. we have a strong board (in particular, aside from Oisin, Joel Price, our COO, who is highly qualified and experienced and Mutiu Sunmonu, our chairman, who as former head of Shell Nigeria is hugely respected in Government circles etc in his own country). so now for me, it's a question of keeping the momentum on newsflow. i don't do charts myself but look for deep discounted value, revenue and cash. that's a pretty rare combination on AIM but remarkably i believe we have it here. the value of OML18 should measured over 30 years. that we acquired our 10.5% interest in it effectively for nothing (interestingly at a time when oil prices were not dissimilar to today's and its then ownership was distressed) is down to Oisin, his relationship with Jite Okoloko and the financial backing of Tosca. OML18 produces very high grade oil, very cheaply and very close to export market. when oil recovers its equilibrium, as it surely will and soon enough, don't go looking for San Leon bargains then. with field development then back on target, they're planning to get OML18 north of 100,000 bopd. GLA.

the young Turks appearing here now are the winds of change blowing through the cobwebs of our

Btw trolltrash have been wrong at every turn on San Leon over time - do they seem strangely silent now? they really don't like confirmations of good news here. and what's happened to old Ninepence? he always says Afake or Afact - one FACT for sure is his recent SP prediction was (hilariously) closer to the dividend mark! i really do hope no-one listens to this idiot.

a big number indeed, reflecting the board's huge confidence in our immediate prospects. as well as the $100m+ secured and due on the loan notes from the end of the year and services revenue, the big driver of this confidence will of course be the proximity of ACOES commissioning and the impact of that on oilfield revenues at OML18. and that spells out our business case writ large and of course makes a mockery of the SP today. don't hang around now, the writing is on the wall (for the trolltrash anyway!)

sorry but i beg to differ. far from dead, (compared to the bad old squirrel days) this board is now pretty lively. at its best it regularly publishes informed research with robust assertive argument and opinion (with a reasonably high bar). true at its worst it remains a medium for certain cynical trolls and some acolytes whose pusillanimity or vacuity leads them to blindly follow. it is inevitable in these circumstances (and if we don't want opinions formed through the lowest common denominator) that there will be intellectual casualties (some i imagine quite embarrassing for those concerned). rather than complain about arrogance though, they should sharpen their logical reasoning and present coherent objective cases themselves in order to meet the acuity of their opponents. in that way the board will be further enlivened. here's hoping.

... he does rather lump himself in with the likes of Martay and Junkie, so his lookout in my book. Aesop was right when he said 'a man is known by the company he keeps'. and let's face it BS - you're a bit of a berk anyway

heh look on the bright side man, WTI was minus 40 bucks just over 2 hours ago. Now shading towards a miserl minus 13. No doubt all Oisin's fault though for putting us in oil in the first place...

'For the hard pressed shareholders in SLE...' thus spake 'a man of the people' - who do you think you are kidding mister junkie? speak for yourself pal - you are a complete and utter phony.

indeed mclean, worrying times i guess for historic doomsters and non holders like junkie. you will rememeber his most recent confirmation to us of his non holding :
'As you and Mclean have repeatedly posted that I am a non-holder (thank goodness, that's true)'
it does rather beg the question though wtf he is doing here in the first place? and on the subject of credibility of course, he has simply been wrong at every turn form Avobone to Sun Trust and will very soon now be shown wrong again on the commissioning of the new ACOES. my favourite all time gaff was his triumphalist parading of his (not) great legal knowledge during the Sun Trust nonsense with this piece of absurdity:
'Re-reading DPR's letter to Suntrust, it does state that the Assignor (in this case SLE) is the party to gain ministerial consent. It doesn't mention getting agreement of the Assignee (SunTrust) . Judiciaries anywhere, not just Nigeria, don't take kindly to avoidance of legal procedure'
i suppose you could just forgive him desperately wanting to believe some rubbish he had just read in some dodgy online Nigerian news source but to confuse the assignor with the assignee was the ultimate credibility sapping avoidance of legal procedure! oh dear oh dear but kept us all amused.

everytime you get the urge to say something, Martay, you just seem to confirm bluerill's views on the incidence of congenital idiocy on these boards. so sorry to have correct yet again but 17.5p is the SP today. the mountain of gold reaches $84m in October plus then the $100m secured due next year. which with very simple maths tells you the SP does not presently reflect this value, nor indeed any value at all for our 10.5% interest in OML18, which we effectively acquired for nothing. clever guy, Oisin, cleverer than you for sure.

through the Celtic mists, our chieftain heard Martay's pitiable wailings about lack of communication of the company's strategy at such a perilous time for markets.
and answered him LOUDLY and CLEARLY, saying 'behold Martay, we shall acquire even more of these producing assets as they are as chickenfeed to our mountains of gold and the light will shine upon us'
but Martay in his misery would not hear his master and said unto him 'make it a day of gloom and thick darkness and blot out the sun'. and his master then chastised him, saying 'Lo Martay, pull yourself together, man' and Martay replied 'I am not worthy, o chief, I have no answer and will say no more' and so it came to pass.