Member Info for Alaric

well Afake's had a good run for his devalued currency today, ducking, diving and distracting or so he thinks. but his is fools gold. ours is the real stuff flowing out of OML18, so let's remind ourselves what Cantor said earlier today:
'the alternative crude oil evacuation and storage system (ACOES) for OML 18 is being constructed, with the ELI Akaso FSO expected to arrive into Bonny port shortly. All government and regulatory approvals have been received, with commissioning expected in May. Positive - a major milestone for the coy and its partners. night all

judging by the decibel readings on the aggregated groaning in Trollheim today, this rns must be more important than even i had given credit for. over on Advfn i see that history /trader has completely lost the plot now and is spewing out toxic garbage every few seconds like some demented geyser (maybe geezer?). unfortunately for him, though, he has met his nemesis in echovalley, who has enjoyed his day ritually disembowelling him.

think i spotted that historyman has recently taken to citing BS on Advfn as some kind of authority on sle. now that's really neither healthy nor flattering to either - talk about the blind leading the blind!

wow marty and you can climb trees as well?

'the People of Doom have been 100% correct so far.' so you and your comedy trio keep chuntering, Private Fraser, but correct about what exactly? certainly not the facts, with which you don't dare trouble yourselves. a trained chimpanzee from the pg tips advert can read the SP and go round chanting ' wur all doomed'. all very comic but hardly enlightening, i'm afraid, just the usual gibberish. if you blockheads want to get that mark up from a D minus, you will actually need first to engage on the facts. i imagine that will be beyond you.

he deludes himself, mclean. nothing he writes has anything to do with facts, just more empty rhetoric and innuendo. but i do have to correct him again: the 'doom people' (he is at least correct to call himself that btw) have been consistently wrong about San Leon. Wrong about Avobone. Wrong about SunTrust. Wrong about Eroton. Wrong about the licence renewal. and Wrong about the new oil export system for OML 18. he's made more foretellings of doom than the old testament and fraser combined. and yet here we still are, with no debt or liabilities, in business with $50m in the bank, another $150m secured due and a 10% interest in a world class oilfield. if that's doom, matey, then bring it on!
afake or afact? he doesn't understand the difference and nor does that bother him. neither does it particularly bother me, as we all know a phony when we see one and, make no mistake, he is the genuine article.

indeed, jogoat, and historyman has also been spotted again like some hideous apparition on the Advfn board. usually a harbinger of good news for us though and all his foretellings of doom for san leon over the last couple of years somehow never materialised. he's going on about the NCTL losses again this time : someone should put him out-of his misery and give him the news about the FSO! probably a bit factual for him on reflection.

certainly we're due an operational update during january, mclean. as you suggest much to cover with well development activity, arrival of FSO next week and the new pipeline. this is going to be a tough time for our house trolls, as they finally have to face the music. so i imagine they'll be giving it one last desperate throw of the dice. all old hat i'm afraid, so nothing to worry about. enjoy.

thanks icecream and eyes for your tracking of the FSO. we can only imagine that the new pipeline is now progressing, given the company's q2 target for seeing the new oil evacuation system commissioned and i wonder they are not now ahead of that. we shall see soon enough now and, whatever else, this remains the single biggest individual value enhancer for all the jv partners in OML18. the recent sbb was not nor ever intended as such. with the stemming of pipeline losses will come of course hugely improved oilfield revenues, further dividends and an enhanced drilling programme, leading in turn to increased revenues. this is not the time to worry about short-term price volatility, if any, but to build position into a serious growth story.

btw just for the sake of intellectual honesty concerning this share's performance over 2019, alien concept to some here perhaps, one should properly include the tender. for those retail holders participating, that correctly puts them at up around 38% on the year. and that ignores the 10% less dilution factor from this exercise. all in all, pretty powerful for us.

fab news and well tracked, icecream - 99s all round i think! what a year we have in prospect now: over $50m in the bank, no debt, dividend to be announced shortly and, with the FSO soon to be in place, the final piece of this jigsaw goes in - elimination of pipeline losses from q2 on. this sees an immediate uplift in OML18 revenues of over 30% and will be the catalyst for accelerating further drilling and revenue growth for the jv. by the time our fully secured loan notes are paid off this year, we will effectively have acquired this 10% interest in a world class oilfield (producing 'bonny light') for nothing. at that moment the 'new' san leon will have fully emerged from it chrysalis, its metamorphosis complete. today with a market cap of just over £125m, the share puts a zero value on our interest: the only relevant question now for value investors here is how long will that reality remain? the maths is compelling. the last fully worked out valuation was done by SP Angel (zac phillips) some considerable time ago: he got us to £1.20 - i suggest that is now looking pretty conservative.

nice one, ice-cream - hopefully the cheers from our cricket fans at Newlands will help speed the Eli Akaso as she rounds the Cape of Good Hope!

yep nothing to add, save to observe the recommendation you sell your holding was really for our benefit not yours. you didn't get that? (don't feel the need to answer though).

wow nice one, mclean! what a beauty and looks like she's had a very smart makeover as well. if she arrives in January, maybe we're still looking at a first quarter commissioning?

that is excellent news indeed, mclean. to remind, the Eli Akaso is the VLCC (very large crude carrier)
newly converted into the FSO (floating storage and offloading platform) which is, obviously, a major part of the new dedicated export facility for OML18. Once commissioned by the first 2 quarters of next year, this expected to effectively eliminate pipeline losses from the field. this in turn will result in oilfield revenues flowing to us, for the first time as such. people should now do the maths on that.

OMG, eadwig what are you about ?! we all know you're a boring jerk but you're now displaying true TROLL behaviour, quoting me out of context from another board on another stock from 3 years ago. and threatening to do more of this? i mean go for your life mate but really? and at least have the decency to get it right. anyone who followed me on VOG would know i got out completely unscathed, after being outspokenly critical of management. i published a lot of personal research into the CEO's royalty arrangements and how these had been wrongly disclosed to shareholders (and took a lot of flak on the board from loyal shareholders for so doing). this breach of trust was the turning point for me. following an unsatisfactory meeting with directors in the presence of the Nomad, i exited VOG and advised others to do likewise. so my troll friend, what's your excuse?
Ps. it goes without saying that if similar circumstances were to arise in San Leon, i would have no hesitation in changing my view. but they are entirely different stories, in particular as San Leon has loads of cash and a very limited downside from here.

... whoa hold on there mclean, you're getting into level 2 secured finance there. marty's only just reached how to read stock prices level 1, so go easy as we don't want to freak him.

.. loan notes guaranteed and asset secured indeed, mclean.

no easy way to say this Eadwig: none gives a monkey's what you are. the context was that we don't want you clogging up this board with irrelevant, longwinded and boring stuff, at a time when san leon has finally got itself into a really interesting place. that's all.

such as one can decipher his prolix ramblings on the ii board, Eadwig essentially describes himself as a short term investor who should be gone by the time we get to 35p. so with a fair wind we shouldn't have to put up with his stuff for too much longer now.