Member Info for Alaric

it is with (very little) sadness that one hears of the closure of the (not very) famous 'french letter' institution, the so-called 'sorority of the fraternity'. at its alphabetical nadir, omega house was the last word in non gender binary community activism. it has been forced to shut down as brothers and sisters across the country are said to have grown weary of its combination of falling literacy levels, bitter living conditions and poor foul drainage, once so popular amongst these frat types. former sorority president, sidney nasty, was unavailable for comment yesterday: it is believed though that he recently changed his identity (again) 'for personal hygeine reasons'. speaking from his home Harcourt Towers, in the sunlit upland pastures of the Leon valley, leading vermin hunter, sir michael brilliantine, announced he had now nearly eradicated squirrels on the estate, adding 'shooting's too good for these pesky blighters, lol!'.

thanks for the analysis, bluerill. bodes well and when jite completes his share transfer from ST so we can get on with the sbb, dare i say it, this will finally start to get interesting again.

don't know which posts have been removed or specifically why but generally to be applauded. it should be sufficient grounds imho that a post lacks intellectual or comedic substance. (btw. adding the abbreviated letters 'lol' at the end of every post you have ever put up fails to qualify on either ground, although posting whilst pretending to be a member of the transgender community is quite amusing, albeit possibly sad).the important thing is that this remains a bulletin board not a group therapy for anyone wishing to demonstrate the extent of congenital ******ation amongst the lower orders.

Heh guys don't remember getting my invite to this bash? Not since DisHonest left us (with tail between legs) have we seen such an emotional group outpouring of historical bile. You've convinced me - if i thought like you I'd have long gone. We know b7 sold out 4 years ago at a big loss cos he told us but he still keeps on posting (?!!) (or LOL as he would say) . So what about you other guys - why are you still here?

redeyemines - worth reminding u can run pretty well the same logic to support the argument for the rto and then jite gets his London listing etc. as well. personally think this is much more likely than an all out bid by him (and he needs us as partners fir both technical and financial skills). it has been uniquely encouraging to see him taking near 15% of SLE: to state the bleeding obvious, jite is closer to the action here than anybody else, so if he likes it ...? also i have him as one smart dude and with oml18, his enterprise zone, notore gas link and new pipeline, he is evidently an impressively big picture guy. If Oisin did one big thing right for San Leon, it was keeping in touch with Onajite Okoloko.

no sweat, bluerill. think we got your drift.

neat analysis, bluerill. suspect though your logical demonstration of san leon's present undervalue will test the numeracy levels of some of the illiterati on this board (they lnow who they are!).

...and dare i say, all this will be kicking in end of Nov, just as the share buyback should be starting. then next quarterly payment due end December. Santa Leon!

if you click on the link below, you will see that among the 30 additions to the UK portion of the MSCI GLOBAL MICRO CAP INDEX, is one SAN LEON ENERGY.
https://app2.msci.com/eqb/gimi/stdindex/MSCI_Nov18_MicroPublicList.pdf

BS, seriously you are deluded if you believe you have acted as some kind of catalyst in my thinking processes. moreover your suggestion that i have simply tapped into some idle speculation on this subject, which has perchance just been 'circulating' on this board for a few months is also erroneous. it's clearly speculation but supported by solid reasoning and it's been 'circulating' as you put it, because i and a few likeminded eg. bluerill, mclean and redeye have been 'circulating' it.

thanks Redeyemines and interesting question re relevance of SBB now. i guess a bit of what you suggest and probably doesn't do any harm to show that the market reacted before suspending again if it turns out we're right on our thinking on the RTO. the only reason i have some confidence in this is that both parties have to give up something of considerable value but they both stand to gain something of considerably greater value and much faster by doing so. that's a powerful recipe in my book.

20 years experience on major projects and in the middle east, you say? well i can't say i had you down for pompous as well as waffling. which unfortunate combination means you rather missed the key substantive points implicit in my merger suggestion. and these start with if we were say, for the sake of argument , to swap all Jite's remainig $146m debt to us for equity in a new quoted merger vehicle ( maybe on ftse 250), which controlled the whole private (ie.non NNPC) interest in OML18, various possibly quite liberating things could happen. first i suspect that relinquishing our debt on Jite would be easily sufficient to get him comfortably over the line on his debt cover ratios and such that the DSRA would be sufficiently funded. and of course they then wouldn't exist as such in this new merged entity, which could refinance much more efficiently in London anyway. so there should be no further restrictions on Eroton's OML18 revenues being paid out. and indeed with improved revenues coming with more workovers and less pipeline losses, further exploration within OML18, which is widely considered to hold significantly greater reserves than those currently known, becomes possible. add the new export system and the whole picture starts looking very pretty indeed.
but it first requires us to make this further investment to unlock the potential.

well must say i am surprised, BS, since in my experience engineers are not generally given to discursive rambling. sorry 'bout that. so far you've advised me to improve my communication style, my psychiatric skills (whatever they are) and my reading and comprehension. i get the feeling that, had you been my examiner, i might have failed my eleven plus! i see, though, you still haven't commented on my actual content about SLE? and regarding SLE investing further in OML18, you do understand that if i am right about the possibility that a full merger with Jite's lot could still be on the cards, that would likely involve us in a very significant further large investment in OML18? ( ie. that could be all our remaining debt for equity).

thanks frus. i wouldn't go that far on BS. you're right though about not getting a decent responřse from him!

please understand this about me BS - i am interested in coming to this board to find well informed and substantiated discussion (albeit a relatively rare commodity). how that is presented doesn't overly bother me, it's the content that matters and mine has been pretty accurate of late (i don't fence sit and i am happy still to be counted on that score, so maybe reserve judgement). perhaps you worked in PR or similar, where it's form over substance : i notice how you have a tendency to waffle. a while ago i picked you up on a point you were pursuing that you didn't want san leon to invest any further in OML18, which to my mind was patently absurd. am not sure i got a coherent response. i have no problem whatsoever with disagreement. what i will continue to attack are emotionally or cynically motivated statements, which offer little by way of reasoning or substantiation. there has been way too much of that on this board in the past and too few who spoke against it.

...nor am i frankly PC01 but, whenever we get some space between news releases, the usual unwashed types emerge from the shadows to insinuate some dark untruth about SLE. this when, for the first time in years, it is now clear we're in pretty decent shape. sorry but, as you may have noticed, i have for some time acted as a check on such posting.(over time now, these unwasheds have called it very badly wrong on the prospective demise of SLE, whether through OML18 deal not delivering, Avobone, Sun Trust etc. this is never acknowledged by them). no question that all now waiting for confirmation of irish court approval for the reorg and that plus seemingly a significantish seller are dragging us. already unwasheds are suggesting that there is something nasty at the heart of leon and that is why the irish courts are choking on our application. given the confident tone of our recent announcement on the share buyback, i suggest that is abject nonsense and that all is well. a more likely and legal explanation for delay is that we can't complete our application until jite completes his share transfers from ST. until this is actually done (most of it is already) then i guess ST won't formally relinquish their claims, so whether these had any substance or not, they stand in the way of our application. hopefully shouldn't be very long now. ps.not expecting to win the unwashed vote, but i have been calling it right for a while here now.

'repayment of debt'? so far we've been paid in full all scheduled payments on the loan notes. that's about $56m in total so far. by my calculations we now have about $40m in our bank account. There is $146m of principal still to come back over the next two years with interest of 17% on this fully secured debt. we will be starting the $10m share buyback shortly. meanwhile on OML18 (of which we presently own nearly 10%) many things are happening to restrict losses and increase production. that's my kind of maths, frus, but if you don't like it, as i keep saying, why are you still here?

yeah but so what BS? this is a whole bunch of generic info about the niger delta. what point are you trying to make here? the key points to make about our allocation of pipeline losses are how close we are to the terminal and thus how those rough division allocations are clearly wrong on our case. and that is why we have installed the metering equipment: 'Three of the five planned Lease Automatic Custody Transfer ("LACT") units are now operational in the field (on Alakiri, Krakama and Cawthorne-1 production areas), with units on Cawthorne-2 and Cawthorne-3 expected to be operational around the start of Q4.' and a new oil export system is planned: 'The proposed new dedicated export system for OML 18 (which is expected materially to reduce downtime and pipeline losses) is forecast by Eroton to be online during 2019.'

i think were all in the dark why you're still here frus. to cut the cackle ( cos it's boring us stiff) you clearly stopped liking this stock some while ago, so why not sell and go? (i can't remember now if you're one of those weird non holder types though?)

BS - can you please provide a source for your earlier extract on pipeline breaks? also clarify which pipeline and relevance to us?