The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
i meant to add that this revenue generation will also address the auditors' regulatory qualifications regarding the long term viability of the company. whilst we can see this is, in reality, a cosmetic benefit only. it is nonetheless an important one from a general market perspective.
'Eroton have already attempted barging oil to Eli or so they claim, even at their own expense which caused them to terminate the operation, so it's a case of already been there done that!' that is a lie, BS, the RNS doesn’t say that or anything remotely like it. the reason they stopped barging before is that they found the FSO needed extra anchoring. as you've just heard that process is now virtually completed, so we can now look forward to regular revenues from 50,000 bopd. you're getting desperate now BS if you have to resort to lying. i understand though, you must be getting pretty concerned as we approach endgame here, with significant revenues soon. i hope your masters don't pay too much for the inadequate service you and your cronies provide. children lie as they don’t know any better. what's your excuse?
as per, more bs from BS. and no surprises that he omits to mention the elephant in the room, notably that the FSO should be ready to receive barged oil inside a week now. the reason for this serious omission from his otherwise seemingly detailed report? why that's obvious - it means that san leon start receiving oil revenues immediately. not only does this put paid to the trolls' insinuation that we've been living on borrowed time with the bailiffs knocking on the door but it rather pulls the rug from under NNPC's specious argument that the licence isn’t being operated properly. so i'm afraid it's what they call a double whammy and will lead to severe indigestion for BS and his motley crew in short order.
well cd27, you've had your answer to whether the 'recent catfight has put the kibosh on the deal', so the only sh you can smell must be your own. this is a recurring problem for the trolls on this board, as they smear so much effluent around :-)
'He certainly does not look after investors interests as he trys to make out.' you're correct about that 36800, i certainly don't look after investors' interests nor do i give advice. what on earth gave you that idea? what i do is pass comment on the basis of considerable research and present factually based positions which people can choose to agree or disagree with. ive noticed a tendency amongst those who disagree not to offer any factually based reasoning but rather to argue ad hominem.
don't know what the fuss is about, unless people just want to make mischief? this is no different to what we know already and is clearly nomad driven. i was heartened to hear the positive deal update, so it's now absolutely clear that Sahara's shenanigans haven't worked and the Afreximbank facility of $750m is still there (otherwise the nomad would required a statement to that effect in today's rns). folk should remember that Sahara are financially stressed and NNPC are in a huge mess organisationally and politically. also we are owed massively more than we owe. people who think this deal should have been done quicker have clearly never worked on something of this magnitude or complexity. therein lies one of the problems of these boards - too many boys with too little experience, doing the bidding of their masters, the short funds.
a couple of excellent posts, redeyemines. i particularly liked your historical trawl to remind us of the story of san leon '1' before 2016 and what then happened with the OML18 deal in the niger delta. i suspect people forget we were effectively a busted flush at that point, which makes the re-emergence very poignant and remarkable. 'No clarity on what happens next'? really bandit, you can’t be reading the story properly or at all. the company has laid out its immediate plans in considerable detail and on numerous occasions now. sure there are aspects of the rto and its financing that are a bit complex but we've had sufficient time now to get our heads around these, so shouldn't be a problem for any other than dimwits?
Alaric - Seems you are unaware that one OML18 well broke off and spewed oil for a week - do catch up with your research!' oh yes BS but you 'forgot' to mention this was caused by vandalism. so as i said more assine duty for punch :-)
if you just engaged your brain for a moment instead of pretending to believe everything you read in a nigerian online rag, you might realise that the oil leakages are all down to either theft or vandalism. that is the government's responsibility. also Aiteo are responsible for the Nembe Creek pipeline
sorry, BS, i just went to the lavvy and there wasn't anything else. you don't seem to learn anything after all this wasted time reading the totally corrupt nigerian press. sad but you'll find out soon enough now. how much do they pay you to write this ****e?
'the well-remunerated chairman in whose stock I gamble didn't engage in this sort of stuff.' this sort of stuff? you have to be kidding me jodo, which century of the dark ages did you come from? if you read the article you can see this was a test case for 'dozens' of hnws. and this wasn't a fake scheme or some scam. it was a tax avoidance scheme that the appeal court saw fit not to approve. as a matter of interest, how many tax cases do you think are heard in London every week? why do you think tax lawyers, particularly at the bar, are amongst the most highly remunerated lawyers in London. why is it this board has to attract every weirdo and dimwit out there?
BS, i trust it will come as no surprise to you that i have absolutely zero interest in Oisin's personal tax affairs, nor that i subscribe to the view that it is our right as taxpayers to organise our affairs so as to minimise tax liability. furthermore, your puerile mudslinging and schadenfreude are frankly repulsive. they say more about the character of the posters than of our ceo. also i note that none of you passes any comment on the relationship of this case to San Leon’s investment proposition, which you may gather is all that interests me. the only element of any relevance is that the arrangement clearly suited San Leon as well, since not only did the company save on expensive London hotels for visiting staff, it als no longer needed its London head office. it is, i think, well known that Oisin used the apartment on Grosvenor Square for business meetings.
'One solution is for JV to buy out Eroton and Bilton. Then can ACOES go ahead with residual bad blood between NNPC and Eroton, if Eroton stays major shareholder in ELI?' quite difficult to know where to start with this nonsense, Junkie, you've surpassed yourself this time. as a matter of interest, who's left in your jv at this point to buy out Eroton etc? please don't tell me Sahara! they're already overstretched and need the cash for their existing percentage in this licence, which is why they've kicked this whole thing off. they have previous form on this sort of behaviour. on second thoughts don't answer, i don't we can take any more of your drivel.
more cohones from BS: 'I would suggest that the days of the JV business model of developing resources and public services are over in Nigeria and that a new limited company business model will increasingly be adopted with listings on local Nigerian exchanges'. it is generally known (not to BS clearly) that Nigeria has been for some time trying to attract the FDI, it so badly needs to develop its vast remaining reserves of high quality oil. this simply isn’t going to happen on nigerian exchanges so the San Leon model is ideal for them, particularly where the nigerian partner in the jv is the majority shareholder. btw if there were any suggestion that there had been a change in attitude at Afreximbank to OML18, our nomad would insist on an rns to that effect. there hasn't been one. i've no idea where BS dreams all this nonsense up from. he certainly spends more time in Junkie's company than is good for him.
a few more facts from today's rns. i assume they will be nigh on impossible for trolls to digest, since they have a fact allergy. so we don’t need to worry about them or the effluent that they smear on this board.
In its press release, Eroton has emphasised that it remains the operator of OML 18 in line with the provisions of the Joint Operating Agreement governing OML 18 ("JOA") and has made the following points:
1. 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.
2. Eroton further states that the allegations of improper actions by it are baseless and unfounded and categorically denies any fraudulent acts as stated in the in certain press reports
well that seems clear enough and confirms that Sahara have been up to their old tricks again. before we all submerge in the bs on this board, it's important also to remember what the last rns said. below is the nub of it again. as you can see if NNPC were actually legally taking the operation of OML18 of Eroton (they're not of course), they would be stripping all the licence holders who use the Nembe Creek pipeline. they aren't (of course).the trolls are so excited by this nonsense that they've overlooked what's actually going on, which is all to do with Sahara and its share in OML18. Sahara, who have loads of 'previous' with this kind of thing and are well know in the niger delta for it, are overstretched. they desperately need this deal to close so they can get funds (need to remember their investment in OML18 will turn out to have been very profitable for them). if the trolls engaged their brains for once, they might actually see the elephant in the room, which is that if Eroton actually did lose the licence, that would not only be bad news for san leon but also Sahara and not even Sahara are that stupid. that would be business harakiri. oh dear.
'San Leon has contacted Eroton who has advised the Company that this purported takeover of operatorship was done without any legal or contractual basis and, furthermore, that Eroton considers that the action is without any legal effect, through both a lack of due process and a breach of the rule of law. Eroton is currently taking advice on its legal rights to address the matter expeditiously and considers that it remains the operator of OML 18.
Furthermore, as previously announced, the lack of production from OML 18 alluded to in the press has been primarily due to the unavailability of Nembe Creek Trunk Line in the last two years and not to production issues suffered by Eroton. This is an industrywide problem due to widespread and well known crude oil theft and sabotage of pipelines in the Niger Delta.
i just wanted to say, redeyemines, that is one excellent post. it gives the lie to the fake news articles appearing in the nigerian media. i suppose another point is that, if there were any truth in the suggestion that NNPC were taking control of OML18 because of its poor production, that would be the political equivalent of an own goal. San Leon has openly acknowledged this poor performance, which has of course nothing to do with any shortcomings of the field or the way it is operated by Eroton but entirely down to the pipeline. and we all know whose responsibility that is! if i were offering san leon advice, i might suggest they consider proceeding against NNPC. so looking forward to reading junkies' detailed response to your post but won't hold my breath. as i commented earlier, he doesn't usually engage in factually based discussion.