Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
NickLeeson9, your criticism of management on not commenting on the attempted snatch of the operatorship of OML18 is perhaps a little unfair. the arbitration is still evidently ongoing, so the matter is 'sub judice'. while parties to any dispute before any tribunal have to be careful about what they say, i think some criticism can be levelled at management for not giving us any idea of the timeline here.
Junkie, i've already addressed my thoughts on the rns. gravity is not a word i would use to describe it, so we clearly differ on that. as for diversionary issues nobody cares two hoots about, all i can say is clearly you do! i was just correcting your error-strewn observations on these 'diversionary issues'. delighted for your success in life but somehow doubt that had anything to do with the law :-)
Litigation is about legal jurisdiction...no amounts specifically claimed.' really Junkie is that right? i don't think so. you continue to display your ignorance of many things. and beyond hilariously you attempt to tell me what litigation is about. let me correct you again. ignoring the fact that this dispute is being arbitrated and thus not a litigation at all, both your statements about litigation are catastrophically wrong. first you need to settle jurisdictional issues before you issue your writ. if you commence proceedings in the wrong jurisdiction or in the wrong tribunal, you won't get far. you will succeed though in running up a big bill of wasted legal costs. i also recommend you read the contract to check if it's got an arbitration clause, as this goes to jurisdiction. next you suggest that no specific amounts will be claimed. surprising given the claim appears to concern liquidated amounts, don't you think? maybe a good idea, Junkie, to keep off law in future? all not lost, however, as you could still sit your fertilizer exams. well it's a thought anyway and no-one can say i'm not a thoughtful person :-)
I see you haven't chosen to 'play the ball', as you put it, Junkie and answer my complete response to your earlier post claiming misrepresentation of the very large amounts of money owed by NNPC and Sahara to Eroton. it's typical of you to fail to respond further when your conclusions have been challenged successfully. maybe ball sports just aren't your thing :-)
Correct redeyemines. as usual the fake one lies. what struck me from this morning's rns was that we're now just waiting for regulatory approval before starting to sell oil. also that they're optimistic on securing the interim finance ($50m?). moreover it's clear that there's no pressure from creditors. so despite the nomad (correctly in my view) insisting on this rns, in a very short time we could be receiving good news. not time to lose patience here and those that do will end up losers financially.
The problem you have here, Junkie, is that you're not citing from the pleadings, which you may know can be be amended during process. moreover as you acknowledge yourself the source is already 3 years out of date: Suit Number FHC/L/CS/976/2020 . what's worse is that your supposed substantiation is just a synopsis of NNPC'S claim. the point you miss is that it obviously makes no reference to their liability for 55% of opex. why would it, it's NNPC'S claim after all? wiser claimants would have given credit for their own liabilities but this is NNPC, who clearly imagine they can get away with anything. helpfully (to us at least) you have unwittingly disclosed the relevant reference to this from the admission document. this states: 'It is the case of Eroton that it expended several sums for itself and Sahara in respect of the costs/expenditure incurred in the joint operations and cash calls for OML 18. Sahara is obligated but has failed to reimburse Eroton for Sahara’s share in the joint
operations and cash calls. The total outstanding debt due to Eroton is US$72,111,096.72 being the sum paid by Eroton in respect of Sahara’s participating interest in OML 18.'
if you had had sight of of the up-to-date pleadings you might at least have some grasp of what the case was about but even then you wouldn't really know what was going on. let's face it you're clutching at straws here :-)
I wonder, Junkie, if you could send me a copy of the pleadings in the case, so i can check the figures for myself? it's not that i don't trust you per se (i don't btw) but it would be good for this board to see some substantiation of your claims. the bit you guys never choose to deal with is how appalling as partners in OML18 both NNPC and Sahara have been, not to mention their blatant corruption. but referring to that elephant in the room doesn’t suit your agenda. moreover, if you could but see it, it's the standout reason why they won't be allowed to take on any more operatorships. you appear to ignore the (for you) inconvenient fact that the government are trying to wind down or at least completely reformulate NNPC. by all means keep burying your heads in the sand - it won’t affect the outcome :-)
'Ad Hominem@....now play the ball and not the man.' what you mean just like you have and your bessie Afake :-) the answer is blowing in the wind, Junkie. you need to factor what NNPC'S partner in crime, Sahara owe Eroton as well.
The slight problem you have BS with that seemingly worthy claim (actually pompous), if you don't mind my name saying, is that you post under a subject title of 'Alaric and his poodle' and you keep bad company on this board, who prefer ad hominem stuff to factual discussion. moreover your bile against the company is there for all to see. nice try though : -)
Very old news about NNPC attempting to take over the operatorship of OML18, BS, which, as you know, Eroton are in the process of blocking in arbitration proceedings. it is simply bizarre to me that you lot get so excited by the idea of a demonstrably corrupt state organisation trying to misappropriate our assets, when this so evidently would fly in the face of Nigeria's stated policy of wanting to attract foreign direct investment in their hydrocarbons industry, far and away their biggest revenue earner. moreover you always omit to mention that NNPC owes Eroton over $100m, which rather puts in the shade all the kack that spouts out junkie about Notore :-)
However good an idea you think NNPC taking over the operatorship of OML18, it ain't going to happen not even in your wildest imaginings. i don't know what you're on, Junkie, but you clearly haven't been keeping up to with what's occurred at NNPC over the last couple of years. read this and still tell shareholders that your idea is good one: saharareporters.com/2023/04/12/exclusive-fresh-crisis-nigerias-petroleum-company-nnpc-ceo-mele-kyari-chief-financial
'but 1800 of them postins was bein negutive about the snake an his family of snakes. not directluy agains the red lion.' hilarious, you can't make this stuff up - the trolls are actually proud of their ad hominem posting!
Oh my it seems troll A has forgotten my wife is a significant shareholder of san leon in her own right. unlike trolls A, B and C, who aren't shareholders but who consider they have more right to post gibberish than she has to post common sense. what's more she doesn’t feel the need to relentlessly bombard the board every day for years. maybe i should have a word with her and see if she wants to make a comeback? she can do this now despite troll A getting her banned by falsely reporting her as a multiple name of mine. how so? she contacted the board, who accepted that she had a separate account. you trolls would do well to stop playing your puerile games and focus on reality and truth. i won't hold my breath :-)
Full ABC again eh sam? we must be getting under their skin. just sit back and enjoy the moment, let's face it it's the same ad hominem gibberish with zero discussion of any objective/ factual content. well no surprises there as per. it would be refreshing if the ABC could occasionally trouble themselves with some actual evidence ie not stuff some corrupt executives have paid nigerian journos to write. oh well pigs might fly?
'to recommence the operation of OML18 as such entities as the Afrex Bank or any other financial institution for that matter has shown little interested to date in financing us' well BS you've excelled yourself again! as josef goebbels attributed line went 'if you tell a lie big enough and keep repeating it, people will eventually come to believe it'. now as i've already said many times before the readership of this board is pretty smart and more impressed by fact than baseless insinuation, so they're not going to fall for your bilge but i guess in desperation you will keep trying. the fact is that Afreximbank's credit committee has already approved the $750m facility. moreover san leon already has a $50m loan offer on the table, which we've been told, again by rns, that they're currently not taking up. as it happens, BS, i did a lot of project finance in my professional career and the one constant i learned about it was that lying rarely paid off. more for you to chew on. don't get indigestion now.
Usual nonsense from BS, who knows even less about law than he does about the oil business. the JOA, for what it's worth is the enforceable contract between the parties interested in OML18. Eroton commenced arbitration proceedings against NNPC and Sahara to get a ruling that these parties were in breach of contract by declaring that they were now the operators of OML18 and for an award in damages. Eroton didn’t have to do this but it was clearly preferable from a market perspective that they did. NNPC's declaration is of no effect since it patently wasn't made in accordance with the JOA. in fact to achieve the status they seemingly desire, they would have to have commenced arbitration proceedings against Eroton for a ruling to that effect. it is significant and indicative of the perceived weakness of their own case that they haven’t done so. maybe BS should restrict himself to commenting on things he actually knows something about or, failing that, at least read that famous text 'law for dummies'?
To remind Eroton's response to the illegal attempt by NNPC to snatch the operatorship of OML18:
'The purported attempt by the non-operators of OML-18; NNPC Limited ("NNPC") and Sahara Field Production Limited ("Sahara") (now known as OML 18 Energy Resource Limited) to appoint NNPC Eighteen Operating Limited as operator of OML 18 is a breach of the JOA as any dispute whatsoever between the parties must be addressed by the dispute resolution provisions of the JOA. There can be no removal of an operator without following these procedures and the process is designed in such a way that notice requirements cannot be waived, and the removal of an operatorship can therefore not be carried out, without following the process provided in the JOA.'
i believe in legal circles that's called a slam-dunk.
Lol junkie a week ago you didn't appear to understand what the mother ship was even for! maybe time for trolls to wake up to a few realities about Eroton here and if they don’t, not to worry as they'll be reading them soon enough in the arbitration award.