Member Info for Alaric

qf - nor am i an expert but have done some research. the floating platform itself will be built and commissioned somewhere else ( eg. South Korea) and then towed into position and anchored. as an FSO it will then be effectively operational immediately. pipeline for this distance ( prefab steel sections) apparently does not take that long ( months not year/s) and this can be connected to the FSO anytime. i think we all want to hear more about this now and i hope we will when the interims come out. reading between the lines , as i have suggested previously, it is not difficult to imagine that Eroton would want to be pretty circumspect about progress on the new system or that we would be other than very respectful of that circumspection.

Yep junkie and, let's face it, not for the first time you're wrong. This time in your nasty little insinuation about the pipeline. If there were any change in substance to what the company have already announced, they would have to issue a further rns. They haven't yet. And we have the interims due any time now. So there I go correcting you again. (To remind our readers here, this poster, Callasjunkie, has said he has never held and will never hold stock in San Leon, telling us he posts for purely intellectual reasons. And as you see he posts regularly - I think you can work out what he is about here. )

jite clearly has big plans. according to the trolls, he is going bust. i would make your own minds up about that - this was the link i posted last year following the award of freezone status to Notore:
https://africabusinesscommunities.com/news/notore-chemical-industries-new-free-zone-enterprise-opens-nigeria-to-foreign-investment/

heh mclean brilliant find!! so Eroton have had on board a subsea pipeline and FPSO specialist construction manager for the last 18 months - does rather suggest they're taking the new export facility moderately seriously...

apologies - the post below was supposed to come from me and not from my wife. (I just asked her to type it up for me! )

our more alert readers will have noticed the article says the 3 pipeline users lose 'as much as 40%' through NCTL. I don't believe there is any discrepancy with figures given by San Leon. interestingly the article also suggests that the NCTL itself will be defunct in 2020 as well as predicting the end of the Bonny terminal.

From a year ago. AITEO, Eroton and Newcross, three Nigerian independents which evacuate their crude through the NCTL, lose as much as 40% of the crude routinely to oil theft, sources tell Africa Oil+Gas Report. They have each been working assiduously on alternatives, with Eroton reportedly being ahead of others, to install alternative pipelines that evacuate their crude to FPSOs on the Atlantic.

https://majorwavesenergyreport.com/in-24-months-nembe-creek-trunk-line-will-be-running-empty/

the bit these planks don't seem able to grasp, mclean, is that we're only here BECAUSE the SP got so LOW. (it's called value investing but that does require a kindergarten pass in doing 'sums' - no wonder junkie struggles with the legal stuff)

this is pathetic, junkie - like debating with a spoilt brat who's sulking because dad just clipped you round the ear for getting a bad mark in sums again at kindergarten. as you well know, essentially aside from Barryroe and a couple of other assets, the pre 2016 version of San Leon is effectively in the bin. the investment case today is entirely made by the company's play into OML18 then and that starts with the placement price of 45p and for anyone smart enough to invest when it got into the low 20s and those still buying today in the 30s. so grow up or go join some playroom version of all this, where you can throw all your toys out of the pram and nanny picks them up for you. your stuff is frankly boring : nobody is remotely interested.

as ever junkie you are a mine of utterly redundant information from yesteryear. and as oscar wilde wrote, you are a man 'who knows the price of everything and the value of nothing'. my interest in San Leon is because the price is still so low.... so what's your point exactly?

well Marty this management remains fully supported by 90%+ of shareholders and for good reason - the stock has performed extremely well over 12 months and the next 12 months look even more exciting (that doesn't bother you i note, as you don't ever address the rational arguments made on this board). and indeed we appear this week to be attracting significant interest at these levels. so why don't you turn up at an AGM and try your luck? doubt you will be waiting long to sell your stock, if you do actually have any.

no question our 'legacy issues' have acted as a drag on the SP. these are however now only psychological and have no substantive reality affecting our future performance (you only have to read some of the stuff on this board to see how the trolls try to spin it). if one ascribes any reasonable valuation to San Leon's 4.5% npi in Barryroe, then you quickly arrive at a point where you see that our 10% interest in OML18 is currently valued at zero. unlocking this absurdity is what your question was about. unusually for an AIM oilie, San Leon has lots of cash and secured cash due, no creditors and a significant interest in a world class producing oil field. others can argue their own corner if they can, but with its 'legacy issues' all behind it now, i believe it will not be long now before we start to see the value unlocked here, for the reasons set out in my earlier post

as i correctly predicted mclean, the new pipeline nightmare for the troll/shorters has seen them now swarming out of the nest and angry - so very angry. but what a lot of noise! you know things are getting desperate when they throw articles at us from the pop-up press in Nigeria. the problem would seem to be that they know the prospect of first oilfield revenues from increasing and loss free production will result in a dividend strategy for San Leon. and that can only mean one thing - a proper evaluation (for the first time) of our 10% interest in a world class oilfield in the Niger Delta. given that this is currently only valued at about 10m bucks, it's going to be 'doors to automatic, please fasten your seat belts for take-off' pretty damn soon now. and with the seats all sold and the trolls not holding any, one can only imagine the angry noise getting worse. so take my advice - get some earplugs, pour yourself a glass of champagne and push back in business class for take off.

Hi Algu. forgive my slight diffidence but i tend to tread warily around maiden posters on this board with such a history of troll attack over time. historically some of that is justified of course, as anyone who knows the roadcrash history here can attest. but for value investors (i think you may be one, looking at your concise posting history on lse board), that all changed with the OML18 financing deal Oisin did with Jite back in 2016. PC01 has given you a very balanced view, as he does, of the status quo. but your question related to value catalysts. once you get your head around Nigeria country risk, the imagineable downsides now for San Leon now aren't that many. by any reasonable yardstick, we are now valued on a very deep discount. recently bluerill posted that at our current SP our market cap clears cash and secured cash due on loan notes next year by only about $10m. if that is about right (bluerill normally is), then our 10% interest in a world class producing oilfield, which is scheduled to double production over 2 years and our 4.5% net profit interest in Barryroe are valued at just that I guess. AIM is damaged and so is generically the hydrocarbons sector, but as we saw recently value will out on stocks in the right circumstances. for me here that catalyst will be the new export facility, as not only does this eradicate pipeline losses just as we are increasing production but importantly it will be the trigger for first oilfield revenues to San Leon and thus the announcement of a sensible and repeatable dividend policy for shareholders thereafter. this will be timely as it will come in before our loan notes incomeline is redeemed by Midwestern. provided the news on the new facility maintains a reasonable proximitation to that already announced, we should be heading towards £1 well before this year's end.

well junkie you've become an expert in Nigerian oil law overnight ? given how badly wrong you got it last time on the Sun Trust case (you remember - all about the assignor having to give notice to the DPR, or was it the assignee? so tricky to get this the right way round) you might excuse readers here their slight skepticism. (if you learn your law by reading case reports from the gutter end of the Nigerian press, it's likely there will be some gaps!)as usual matey you're making it up as you go along - i doubt anyone even knows where the public domain begins or ends down there. you stick with your short, though, to prove you have cojones.

the new export facility, when complete, will essentially eradicate our pipeline losses. this is anathema to the Troll - shorters for obvious reasons. it is far worse for them than any of our other recent good news, because it will lead immediately to oil revenues and dividend announcements. it is an utter nightmare for them, so expect to read more toxic attacks by them in the coming months (btw. that won't make any difference but maybe it will make them feel better).
to remind ourselves on the official position, the Company announced the following towards the end of last year :
'The proposed new dedicated export system for OML 18 is forecast by Eroton to be online during 2019.'
given this would clearly be price sensitive info, if there were any substantive change to that position, the Company would have to issue an rns as soon as it was aware. they haven't so far. however we now have the interims looming now so maybe we will hear something then? i am long in this stock, as i see are Oisin and Jite (both who have added significantly to their respective holdings since the last announcement on this) . being short San Leon from now is a fool's errand, so make our days punks and just go for it.

ah you've 'popped up' again, marty. unfortunately the quality of you commentary has not improved since you were last here. in fact I would go further : this time you really have shown your ignorance and for us all to see. my 8 year old labrador ***** knows the Nembe pipeline losses are material to operations - why else would Eroton be building a new export facility dedicated to OML18, which is targeted complete for the end of 2019 and which will effectively eradicate all losses? but the truly numpty point you miss is that all shareholders, my labrador, the market and uncle tom cobbly know about these losses already (are you getting there yet?). so (drumroll) they are already in our deeply discounted SP (let me know if i'm going too quick for you) and thus when the new facility is available, it's checkmate for all you guys and big cheques all round for us .

it's hardly irrelevant that you're a known troll menace poster on these boards, nor that you claim never to have held any financial interest in San Leon. frankly i doubt this latter assertion (which is just not credible and, moreover, nobody on this or any other board believes it for one second ) and consider that in your own perverse and inept way you attempt to influence the market here. if so, that is an illegal activity (relevant enough for you so far?). as to your idiot question, the company has for its own reasons not given us any further update on the new export facilities. you seek to make much of that, as you know that these spell the end of your games here. i and others await this further news. as i have said before, there are a number of good reasons why eroton will have wanted to keep under the radar on progress here. unless the info you seek is, available from the public domain, it would be 'inside' and surprising therefore if mclean were able to answer it. so there you go again suggesting illegal activity ( law just doesn't seem your bag!) you think that's irrelevant : i think it's criminal

on the subject of incoherency, junkie, we're all still (not)holding our breath on your long awaited explanation of the mysterious case of Sun Trust? you non-shareholder trolls moved on from that one rather rapido. ( mind you, you did the same with Avobone, licence renewal, etc etc.) and why ha ha? you got them all wrong of course you numpties and our SP performance over 52 weeks has been rather impressive. let's have a debate about that.

none is bothered by your malicious posting, junkie. as mclean points out again, you're not a shareholder here so your sole purpose on this board is troll malice. of course he can't answer your question, as details have not been publically disclosed by the company : your snide insinuation that he has some kind of special relationship is wholly improper, as you know. so you'll just have to be disappointed - as if anyone gives a monkey's