Member Info for BlackSwan

Https://punchng.com/nnpcl-rallies-efcc-to-tackle-oil-theft/

Let's hope Eli investment will be the game changer we all desperately need.

Bluepill - Thanks got confirming my point in your latest post.

QF- Yes the RNS seems to have been written more to appease the nomad than for us shareholders - roll on end of march 2024 then?

So! it all happens after the financing is completed at the anticipated date of end of march 2024!

Https://punchng.com/seplat-grows-revenue-by-11-to-1bn-in-2023/

Seplat a company registered on the UK and Nigerian markets (OF wannabe operation with Eroton) seems to be making money and producing oil out of OML 40 even though he recently had his work visa cancelled and he had to run the company indirectly from the UK.

OF unfortunately finished up in bed with the wrong crowd - Eroton.

Amusing to read this SLE chat site with all the petty chat about the difficulties San Leon is/has/will have in Nigeria when in fact the core problem is the country Nigeria itself and is something OF can do absolutely nothing about. The country by any metric is in deep financial problems we are all arguing over the lifeboats while Nigeria sinks.

One possible solution would be to send our all-knowledgeable legal advisors, Alaric and his grandson - they who never read newspaper - on a crowd funded trip to Nigeria in order to find out what is actually happening in the Delta/Abuja/OML18 with some luck they could be there sometime.

Https://saharareporters.com/2024/02/18/serap-gives-nigerias-petroleum-company-nnpcl-7-days-account-missing-204bn-n164bn-oil

Out of the turmoil that is Nigeria comes an interesting new word, well at least it is for me, - Kakistocracy - which in a word rather sums up Nigeria.

"Kakistocracy, simply means “Government by the worst persons or a form of government in which the worst persons are in power".

The Naira depreciates daily and even the new Dangote refinery near Lagos has to import US oil to commence operations amazing!

Given the multiple difficult situations in which Fanning currently finds himself its probable best that he stays "out of reach" by his pool in Dubai and lets events unfold as they will who knows maybe new opportunities will emerge out of the turmoil.

https://punchng.com/govt-must-tackle-corruption-to-address-naira-free-fall/?amp

Alaric - Your usual vacuous comments " the big one is the security on OML18," would you care to explain just how that works and who and how we would claim against in the entity "OML18".

Pay attention and reread Mdumba comments below - maybe you don't understand the word bankruptcy.

The pressure is on for Nigeria to eliminate oil theft - to save the economy - must be some opportunity for OF to find another financial partner for the great Nigerian game while he is laying around his pool in Dubai - as I remember it now is the best time of year in the U.A.E with great temperatures - I know I lived there for 12 years - meanwhile Nigeria struggles to survive.

Extract from Business Day Nigeria provides something to read while we are waiting:

"Experts are at a loss on why NNPC is mortgaging over 30 percent of Nigeria’s current oil production of 1.4 million bpd at a time the country is not extracting enough value from its oil reserves of 37 billion barrels and revenues are badly needed to shore up declining external reserves and prop up a bruised currency.

https://businessday.ng/energy/oilandgas/article/nnpc-cash-for-oil-deal-mortgages-30-of-output/

President Tinubu's reallocation of Nigerian oil assets to the new political "in crowd" of the "Titans of Nigeria's oil Economy" doesn't even give a mention to Eroton/Jite , the President has also forced the retirement of the upper echelons of the old NNPC in his attempt to increase oil production his actions has led me to consider what is the realisable monetary value of our assets that are actually recoverable from the OML18 "party', including our investments in Decklar, this in turn raises the question as to how long can SLE continue as a viable concern - the last SLE statement of accounts mentioned Dec 2023!

Nigeria could be described as a failed state when one considers they are only able to secure international loans by pledging future oil production as collateral (confirmed oil); this indebtedness, which is increasing by the day, is putting great pressure on the new government to stop oil theft and to increase oil production throughout the oil producing states.

The future for SLE seems to be race between Nigeria regaining control of oil production in the delta and one of our bankruptcy.

Agreed someone stole the glass while we were busy doing other things one does to have a certain sympathy for our own Walter Mity 😎

https://punchng.com/157-crude-oil-theft-cases-recorded-in-one-week-nnpcl/

Sle/0F Dreams

Avuru said to arrest the natural decline and add 800,000bpd over two years will require 426 wells including 106 exploration and appraisal wells as well as 320 development wells.

Nigeria - one has to wonder if OF really had any idea what he was getting into?

https://www.bbc.com/news/world-africa-63314545

36800 - agree Bluepill has been brought in now that the other two have been exposed for what they are.

He has a penchant for posting as though he is rewriting the novel War and Piece at least he seems to have rid himself of his so outdated form of what he considers to be humour.

Surely the guys in the US (their name is in the RNS) who received I believe US 6Mio. commission for setting the deal up must know what is happening?

CJ - Good find - when it starts to rain it pours!

CJ - It seems that we are only now starting to lift the lid on the dustbin to see what has really been going on inside such as "side" investments in Decklar, Eli and the recent OF salaries and expenses of over UKP 1.0 Mio are starting to seem like red flags - RNS of Oct says it all if Tosca hadn't been a major investor I would have been long gone, never thought we would come to this.

Afamefuna - a good find but disturbing news. It would seem we are in for a lot of stuff flying off the fan before all this is over!

Ëxtract - "According to the petition, upon an application by Energy Link Infrastructure Limited, Nova Merchant Bank by an offer letter dated July 26, 2021, granted a N3billion credit facility to Energy Link Infrastructure Limited for a project that Energy Link Infrastructure is undertaking for OML 18 (owned and operated by Eroton E &P).”

I had been wondering how Midwestern had been able to carry on "regardless" - now we know how - through debt!!

In real money, currently 1,648,649,286.00 Nigerian Nairas is worth 1,476,175.97 British Pounds - thank goodness the Nairas has over the last year depreciated heavily against the us Dollar and Nairas rapid depreciation over the last six months is one of the reasons that the Tram money had been delayed - opportunity cost!

Https://businessday.ng/energy/article/inside-details-of-how-nigeria-plans-to-spend-n44bn-on-oil-projects/

Nigeria - just squandered the money on personnel and organisational structures - Typical Nigeria!!

"Data sourced from Nigeria’s 2024 budget showed the country’s petroleum ministry budget heavily prioritizes personnel and overhead expenses over major projects. Nearly 77 per cent of the total allocation goes towards staff salaries and office costs, leaving just 10 percent for capital projects. " - " N10 million for the stabilisation of peace and polity in the Niger Delta;"

You couldn't make it up if you tried - well must of us who have been here years should have learned by now - DUH!!

Wonder where it will end up your guess is probably better than mine 🙏😎

https://businessday.ng/news/article/its-happy-new-year-for-nigeria-as-afrexims-2-25bn-support-comes-in-today/