Member Info for BlackSwan

Our arch nemesis NNPCL are due to get their desserts. jeez how obstructed dividend distribution from Eroton so many years ago.

Hope 2024 will.be better than.2023 this is all getting very tiresome happy new year to all.

https://punchng.com/serap-sues-nnpcl-for-withholding-oil-revenue-details/#offcanvasExample

Https://businessday.ng/energy/oilandgas/article/chevron-exxonmobil-snub-nigeria-in-2024-spending-plan/

CJ - thanks your last post that's about it in nutshell OF WORKING really hard that's why he received UKP 1 mio salary last time I looked - I have started to wonder why Tosca are still playing the game having said that it's all's well that ends well I guess?

Https://www.vanguardngr.com/2023/12/nigerias-economy-begins-major-shift-as-oil-sector-rebounds/

UAE - American companies Baker Hughes and Chevron interested in entering into Nigerian refineries and the new round of the OML leasing market. The Nigerian resources with their easy access to world markets compared to

the middle east are the attraction. I hope Fanning is in the UAE and attempting to pull some new deal/source of funds out of the proverbial hat?

Alaric - DUH! your intellect/logic continues to suprise - when the pipeline to Port Harcourt is once more up and running I am sure the operators of OML18 (whoever that may eventualy be) would prefer to avoid the ELI pipeline/storage charges and pump to Port Harcourt direct - seems with the delays in commssioning of Eli and associated pipeline we have missed the export opportunity window - but wait OML18 hasn't been producing oil in quantity for sometime now and given the need to recommission existing OML18 infrastructure I don't see that happenong anytime soon.

Https://leadership.ng/alarm-bells-ring-as-nigerias-refineries-collapse-by-92/

This time it ha to be different - the Nairi is going down the pan the country has to get behind oil theft in the delta!!!!

Thanks - Bluepill I take it then you essentialy confirm my last post then, however I have to disagree with your referencing bankers as morons - your quote - "possible some moron put a hold on the funds simply bc TRAM were sending such a large sum to a company (SLE) that does business in Nigeria." Organisations always cover their derrieres.

The TRAM cash will eventually arrive I am sure - money transfers are strictly monitored in this modern age vis source/destination and reason for the transfer (think money laundering) - wonder which San Leon controlled bank and under what jurisdiction will they are transfer it to and in what currency (the Nigerian Niara is depreciating by the day so best to delay transfers to Nigeria as long as possible) would the transfer be made to an account we have Ireland/UK/UAE/Nigeria or heaven forbid to our old bank in Mauritius - it's all rather unclear?

Redeyemines - Ref your last post "Why hasn't it all been paid, how much was paid," - worst case is if Brightwaters contract allows them to cancel the contract say for example due to Eil failure to pay progress payments on time or non-payments etc and they sue Eli in court for the total payments - best case is Brightwaters are seeking to review contract prices (upwards) say for consequential damages caused by the delayed payments etc before they are prepared to continue and all this is currently under consideration by the joint parties with Brightwaters maintaining pressure on Eli with following through with their court actions should negotiations fail.

Naibob - I'll vote for that!

Yes, yes I know it's a newspaper but what other data do we have - Nembe crude low sulphur crude finding new markets in Europe Nigerian oil being forced to turn away from Asia by cheaper Russian oil and gas supplies - worth a read even if it is a tad lengthy - form your own opinion.

https://punchng.com/crude-exports-to-europe-rise-fg-boosts-local-supply/?amp

Alaric - you continue to disappoint in seeing the world in terms of good guys and bad guys all rather antagonistic as is your style.

Nigeria is drowning in debt, but then again you could say in this modern world who isn't (USA), and Nigeria will be forced to take drastic action indeed to increase oil and gas production. Nigerian oil production levels have fallen so low that NNPCL have been unable to provide adequate feedstock to Nigeria's new Dangote refinery near Lagos( largest in Africa apparently) due to the fact that high levels of already future "commited" oil output (i.e output that has already been commited to pay back financial loans). The Nigerians are also currently in heavly debt to Chinese and other banks to the tune of $4.7bio which has given even the Chinese Exim bank doubts over extending further new loans to Nigeria!

What has all that got to do with SLE I hear the one who sometimes uses the name Alaric, i.e. the one who lives in his OML18 and ACOES bubble, comment - well if immediate drastic action is required which it most certainly is then one of Nigeria's best OML to bring back on line as soon as possible is OML18 , it doesn't even need any "leaky"Nigerian pipelines to export product ssince we will soon have our ownoutput pipelines connected to Eli our ACOES.

SLE fortunes could at long last be on the turn, the oil we all know is there under OML18 we have only to extract it and get to market which is why I have retained my investment in the company even though it has been painfull at times.

CallasJunkie – Agreed as you correctly point out the Eroton/Notore unpaid invoices/debts are a complete scandal but they completely pail into insignificance when compared to the misappropriation of funds that has been made by our arch nemesis, now renamed the NNPCL. For those who use newspaper for other things than reading (you know who you are) The call for the new President to investigate missing oil revenues is reaching crisis proportions the facts being:

"In the suit number FHC/L/CS/2334/2023 filed last Friday at the Federal High Court in Lagos, SERAP is seeking “an order of mandamus to direct and compel President Tinubu to probe the allegations that US$15 billion of oil revenue, and N200 billion budgeted to repair and maintain the refineries in Nigeria are missing and unaccounted for.”

"According to the 2021 report by NEITI, government agencies including the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury.”

"The report also shows that in 2021, the State-Owned Enterprises (SOE) and its subsidiaries (the NNPC Group) reportedly spent US$ 6.931 billion on behalf of the Federal Government but without appropriation by the National Assembly. The money may be missing.”

"The report also shows that N9.73 billion was paid to the NNPC as pipeline transportation revenue earned from Joint Venture operations but the money was neither remitted to the Federation nor properly accounted for. The NPDC in 2021 also failed to remit $7.61 million realized from the sale of crude oil.”

The report documents that about N200 billion was spent on ‘refineries rehabilitation’ between 2020 and 2021 but ‘none of the refineries was operational in 2021 despite the spending.’ NEITI wants the spending to be investigated, as the money may be missing.”

Interesting reading maybe while as we wait for SLE to relist the full story may be found at:

https://punchng.com/serap-sues-tinubu-over-failure-to-probe-missing-oil-revenues/?amp

Alaric - dear fellow you missed the point again, as usual, the company is fine it's the state of the Nigerian economy that is.the problem. The verbosity of your responses to anything leads me to revise my opinion of you from being a pensioner.in a care home with nothing else to do or your an early model AI Chat Bot with as yet not lot of I.

Zoonosis - Ref your recent comment - "BS I don't really understand the objective of your analysis?" - my analysis was intended to simplify the situation we now find ourselves or to paraphrase Bill Clinton - It's Nigeria stupid!

EDREEDEV - Ref your recent post where you refer to - Seplat Nigeria - Seplat was OF's original business model when he first took SLE into Nigeria - obviously from your comments you are aware of the difficulties Seplat, a very well-run local company, have been facing including the attempted removal of the British CEO by local interests. It would seem to indicate that OF original plans for Nigeria should be reconsidered and in the extreme maybe just retain the status quo consisting of an FSO and maybe just maybe keep existing holdings in OML18 but completely abandon his original planned take over with Eroton of OML18 (I.E. The now outdated business model for foreign entities operating in Nigeria).

The Fanning/Wood Interview - It opens with a misstatement from Fanning that SLE has always wanted to increase its ownership in Eli Akaso when in fact SLE was forced to invest into the project in order to maintain the viability of the FSO (Eli Akaso/pipeline) which was facing imminent bankruptcy proceedings in the Maltese courts.Further OF seems confused at times mentioning the pipeline will be starting operation “this week or next week “ that would be difficult since it has not been completed. The FSO system including pipeline he claims will only be completed in another 120 days which takes us into Jan 2024. OF infoms us Shell are taking oil off Eli Akaso “at this moment in time”, really, and his suggestion that Eli Akaso will replace the Bonny terminal is nothing short of pure theatre as is his claim of the number of firms who have “already signed up or will sign” to use the FSO facilities.

OF informs us that NNPC is now “effectively” the operator of OML18 but that “documents” haven’t as yet been signed between the original partners which does rather leave the question up in the air as to whether the disputes between NNPC/Eroton/Sahara will continue or not with its adverse affects on the continued financing/operation of OML18.

The sympathetic body language (ear stroking) between Wood and Fanning when Wood asked for a possible relisting date for SLE and with OF suggested it as being the 2nd week of November did not inspire confidence.

I would expect the share price to initial rise somewhat above 16p on relisting but then remain moribund as Nigerian realities once again reassert themselves on SLE’s attempts to complete the Eli Akaso FSO considering in the difficult situation companies are currently facing to work effectively in the Niger Delta.

Overall, the interview did not leave me with a positive impression as OF, grimacingly at times, tried to put a positive spin on the situation we are currently facing in Nigeria – he is certainly not the same person that gave the televised speech at Davos some years ago regarding our upbeat prospects for Poland, but then again given what he has been through in Nigeria neither would I be.

Macy likes everything to do with big capital and I know whose side they're on and it is not individual small investors given the overstated posting they have made over the years - but hey all the world is a stage - right?