Member Info for Alaric

ha - good to see someone really is paying attention, thanks mclean.

... to remind from our last report and it looks like our converted FSO is very much on schedule for delivery soon off the Niger Delta:
'The poor third party performance in the export system is expected to be resolved by the implementation of the new alternative crude oil evacuation and storage system ("ACOES") for the purpose of transporting, storing and evacuating crude oil from OML 18 export pipeline ("Pipeline") running from within the OML 18 acreage and down to the open sea to a dedicated Floating Storage and Offloading ("FSO") vessel.

· Eroton informs the Company that it has concluded and executed an agreement with Energy Link Infrastructure (Malta) Limited ("ELI"), for ELI to finance and construct the ACOES. The FSO ("ELI Akaso") has been procured and the required conversion works completed, and is currently being fitted with a LACT unit in Malaysia while awaiting final certification by the Nigerian Department of Petroleum Resources. The FSO is expected to set sail for Nigeria in November 2019. Work on the pipeline system is ongoing and the expectation is that the completed ACOES system will be commissioned in the second quarter of 2020. Once commissioned, the system is expected by Eroton to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line ("NCTL"), which were responsible for the majority of the 15,000 bopd difference between gross production when the pipeline is running, and average sales oil. In addition, it is anticipated that the FSO project will improve overall well uptime.'

there seems to be confusion (created deliberately by some of our resident trolls and indeed by the poster formerly known as 'resident bore') about the new ACOES currently being prepared for OML18. to remind ACOES is Alternative Crude Oil Export System. it will comprise in a new dedicated and secure pipeline for OML18, which runs out of the delta a short distance to sea to an FSO (floating storage and offloading). such systems are very well known and widely used. typically older VLCCs (very large crude carriers) are ideally used for the fso. obviously they first have to be refurbished and converted for use as an fso. given the current poor performance of the NCTL and the level of losses, such a system is ideal for OML18 and should transform the fortunes of the field. the company has told us it expects losses to be virtually eliminated.

well Timbremner, as you say Eadwig is an iron door (and a rather pompous one to boot) but there's something else as well, that increasingly comes through now in his prolix posting, particularly as he gets riled by repeated rinsings (courtesy of bluerill). he is just that little bit too brittle and too easily stung by criticism (a function of the aforesaid pomposity no doubt): as far as san leon is concerned, i think he should now be considered a bad actor, likely embittered by long past losses. his stance (on the ii board) that he has been adding to his holding as recently as october really doesn't wash, when viewed in the light of some of his comments below (why would you add to your holding, when you have so low a regard for management and believe the new export facility to be flawed??). i suggest that contradiction gives the lie to his posturing here and exposes his real and darker intent: his cover (being a good and considered, if boring, actor) is blown - he was a bad actor all along and the boring thing was just part of the shabby disguise. and if you accept the old adage that a man is known by the company he keeps, need i say more? well only to add that it is odd he suddenly appears on this board, without so much as a by your leave, after years of boring people to death on the ii board - why now?

.. for chrissake Eadwig i've warned you before about boring us all to death with irrelevant and longwinded nonsense. since you arrived on this board (why you couldn't just have stayed on ii, god alone knows) you may not have noticed but you're drawing in some lowlife company again here. jeez and we just cleaned this board up and had ourselves some intelligent discussion going and all

'under certain circumstances, urgent circumstances, profanity provides a relief denied even to prayer.' that said, i'm not sure mark twain would have considered bluerill's celebral insights on this board amounted to 'urgent circumstances'. but i guess BlackSwan sees it differently, feeling perhaps threatened (..intellectually?). actually i'm just miffed that bluerill has now been notched up to same profanity level as me. keep the poetry flowing man. best regards, Alprick.

great spot mclean. don't know how long it takes to fit LACT units but am sure someone can inform how long to sail to Nigeria. in any event clear evidence that we're broadly on target for q1 next year for the new export system. this will transform the fortunes of OML18, turning it into a super profitable field..

another most insightful post from echoridge on Advfn today:
'While it remains difficult to justify the current share price, the potential for a significant re-rate grows by the day even as the share price continues to drift. The otherwise anodyne interview Joel gave to Malcy advances that narrative along the lines that Alaric has articulated; specifically, I believe when Joel Price - who is as circumspect and deliberate (ie., a bit boring perhaps) as Oisin is, well, not - makes a point of underscoring San Leon's emergence in country as a recognised and respected player in Nigeria's O&G industry, he is not just highlighting something of which he is clearly proud, but I believe, also trying to guide listeners towards a much more active period for the company, not just in returning capital, but in growing the business.'

i say nothing new but on listening again, towards the end Joel drops a pretty big clue that with no debt and a healthy cash balance they're looking to expand from their local base now in nigeria. i wonder what he might be referring to?

there is a clip about 2 minutes in, but if you Google you will get whole interview

nicely understated interview with Joel Price. nothing new here but interesting timing for Joel to agree to do this after a big gap in any public appearances

https://youtu.be/ob_o4GtS0DY

3 posters Marty, you say who predicted our end? well i counted dishonest sid, junkie, historyman, charttrader, Afake, sister Sid, bro 7 (am sure there are more). so you're in 'good' company. mind you with many of these being multi-ids, you probably boil down to the 3 stooges after all. (btw don't wish to hector you but i think we we're all still waiting for your reasoned response to the question posed by both me and bluerill about how the major shareholders have been screwing the minority?)

actually really helpful to recall those 2 valuations. i think i've commented previously that, once you strip out the interim operational issues and their effect on the time line, not much else has changed in principle since they were made (in fact quite a number things have got a whole lot better - eg. oil price, clearance of business turbulence issues like Avobone and Sun Trust, loan payments made, cash in bank, sbbs affected, imminent prospect of loss free oil exports and announcement of dividend policy, field development under way, licence renewal etc etc). So in particular SP Angel's excellent and detailed report ( written by the esteemed Zac Phillips) still holds good in my view, demonstrating the value gulf we still have here between the price today and fundamentals reality ( i recall that Zac Phillips had actually visited OML18 before describing it as a world class asset). so thanks go to Afake again for his canny ability in reading the SP and telling us about that and indeed for reminding us of these two entirely realistic and conservative valuations, which remain completely valid today.

those are very fair questions posed by bluerill, marty. how exactly are the major shareholders going to do what exactly?? your posts are devoid of substance and, let's face it, you have been publically called out on this. so maybe finally time to deliver some detail to substantiate whatever argument you are attempting to make.. or, failing that, to just shut up

thanks bluerill. that's a really helpful objective market data point, against which we can readily see the extent of San Leon's current undervalue. patience may still be needed (i suspect not for very much longer now) but true value does always out in the end.

...well nearly but not quite, Afake - it is of course the number of shares in issue that determines how much the pie gets cut not the number of shareholders. 'Shareholder dividends are paid out of a company's net profit. If there are fewer shareholders, the proverbial pie is divided into fewer pieces.'
really brilliant, you have surely excelled this time, Afa. your stunning insights, even where technically wrong, say much about your understanding of the circumstances. and as redeyemines suggests, if 87% of knowledgeable shareholders want to hold, well we'd be damn fools to think any different

interesting post from czar on Advfn this morning, in response to posters suggesting that the company was spent up on its sbb:
' Hard to buy stock now. The Company has only bought back $100k and the stock is up 13.8%. Still another $1.9m (5,250,000 shares) to buy back plus news of the dividend.'

yes marty, usual bla bla bla as per .. but still no answer on my single point to you asking for clarification on how you claim our minority interests are somehow disadvantaged? i will take that then as just another of your meaningless rants, for which unsurprisingly you are unable to provide any substantiation. whether at 26p, 46p or £1, each of Tosca's 300 odd million shares are worth precisely the same as mine. and of course our CEO also has 9.5m reasons to want to see this saga deliver and our SP go much much higher. (btw in the Janet and John school of investing that's called alignment with shareholders' interests).

sorry to have to correct you but your principal and concluding point appeared to concern some kind of disadvantage to minority shareholders. unclear what that point was exactly? since Tosca, Oisin himself and Midwestern each has a perfectly aligned interest with the rest of us, through their respective shareholdings. don't worry though, i will put it down to a certain feebleness of mind rather than intellectual dishonesty as such.

minority shareholders last on which list would that be, marty? wtf are u drivelling on about now.