Member Info for BlackSwan

Alaric - Afake's commentating over the recent years has been 100% correct as opposed to your dreaming attitude that all will be well - if you reread the latest RNS you may comprehend that Fanning has had to virtually sell the shop for what amounts to a small amount of capital to continue the Nigerian fiasco which OF has led us into - I am sure Afake will have an enjoyable breakfast knowing that at least the game goes on and he has maintained his capital unlike I would suggest most of us who are now left hanging on to the hope that the shares might in the short term hit 56 pence or even overshoot to 80 pence when I will be personal back to the capital valuation that I invested five years ago!

Further to my post of the last few days concerning the TRAM deal - rather than Fanning being put over a barrel I would sugest, given the conditions of the recent TRAM loan, he (we) have actualy been placed on the wrack! Large deductions are being made from the loan even before the loan is even our SLE pocket - nice one of $6 Mio for arranging the deal! However the money is there and life goes on - I have to smile when the hype is talking about pipeline/pipelines when we haven't even built one yet and given the situation in Delta state it isn't going to be a walk in the park to complete such a project to Eli Akaso. Then we have the problem of zero oil production from the shut in wells on the majority of the Nigerian OML leases to contend with - who is going to pay to get OML18 pumping again and under whose authority will OML18 reinstate the oil wells Given the Sahara/Eroton debacle?

Nigeria and Eli seems to be a new area for TRAM to be involved in?? But hey if they want to put the money on the table them welcome. I like the Abu Dhabi foray but these sums are chump change for entities like the Anu Dhabi investment fund and other entities in that market

The recent events in the Middle East could swing resourcing oil supply away from such countries to Nigeria who although the country is verging on the status of a failed state nevertheless have oil if they could only get it out of the ground and into international markets!!!!

Fanning has really got himself stuck over a barrel and it most certainly not an oil barrel !

While we are waiting - interesting read from Erotons original website regarding how the purchase and financing of OML18 was arranged when Eroton and others leased/bought it from Shell Nigeria - it would appear the Afrexbank were heavily involved in the financing along with other who now would have considerable investments at risk if this doesn't get resolved in their favour. The deal was for quote "The $663 million funding deal, which was completed on September 23, 2014, was structured as a seven-year facility, while the oil block licence will expire in five years".

Go figure where we are now and who owns/owes what to whom - its beyond me?

http://businessnews.com.ng/2015/03/21/shell-wraps-1-2bn-sale-oml-18-eroton-group/

Alaric - Get with it! You're missing out on what has already happened and you're gazing into a hypothetical future of your own making is becoming a habit for with you - update your bla bla - its already happened - stop misleading posters with future scenarios of your own making - tiresome indeed!

NNPC Ltd -has been in existence for 12 months - recent high level compulsory management reorganisation has taken place - the Nigerian Federal government are to halt all forms of funding for projects subsequently the company has only last month entered into a $3bn emergency crude oil repayment loan with the African Export-Import Bank (AFREXIM) that pledged future oil production to the bank as repayments for the loan. The NNPCL however are currently unable to supply the new Dangote refinery near Lagos with crude oil - it will commence production on imported crude - It would seem the pressure is now on the NNPLC to PRODUCE oil. Follow the money!!

Nickleeson9 - I like the name however apologies for Alarics reply he has been under a lot of stress lately as his imaginary world has been collapsing of late.

Ref latest RNS - A new cherry on the cake? - "The Company is in discussions with Midwestern on whether a potential revision to the Proposed Transactions can be agreed to allow completion to occur whilst the New Eroton Debt Facilities and the Sahara OML 18 Acquisition continue to be delayed"

Did SLE take the Tosca partial financing of $5Mio or not - strangely less wordy RNS than usual with an attempt at clarity not quite Fanning's style, did Fanning actually write it or not - Nah of course he did!

Poors - No it's the 7 Sept - it would seem Eli or San Leon still hasn't formalised the MM financing as indications are that San Leon is still in the market for a more suitable financial source - an RNS is needed when Eil concludes the financing and pipe line construction is recommenced - this is getting all wordy, wordy typical of Fanning!

RD - Focus up - Ref the latest RNS states that SLE period of exclusivity to purchase Eli shares on the same terms as the previouse agreed recent purchase expires at the end of August 2023 - that is the point to focus on - repayment to Tosca of the $5,00 Mio has to be repaid by 7 Sept 2023 which as you point out could be covered in the worst case by formally accepting the MM Holding agreement which is valid to end of 2023.

CD - exactly - we need an RNS now!

Correction - ELI loss end 2021 should be $10.5Mio not $1.5Mio.Thanks.

Tosca Fund Managers loan San Leon $5.0Mio, repayment to be made by no later than 7 Sept 2023.

San Leon $5.0Mio loan to Eli to enables them to immediately pay the oil pipeline contractor, who has already taken action against them in the Maltese courts, for unpaid stage payments that they have accrued in the construction of the ACOES pipeline. The loan to Eli is for 4 years and is repayable quarterly following a one-year moratorium.

Further it has been agreed with Eli that San Leon has the exclusive option to make further loans to Eli of up to $37.00Mio until the end of August 2023.The decision as to whether to make the further loans or not are conditional upon the ability of San Leon ability to successfully source/select a $50mio loan facility from a suitable supplier before the end of August 2023.

Sources of future financing – $ 50.00Mio – MM Capital Holdings financing is available till the end of 2023 but we are informed that San Leon are searching for a financial entity that can offer larger financing capabilities including direct equity investment.

SLE since 15 February 2022 all loan repayments from Eli to San Leon have been waived but interest has continued to accrue on outstanding balances. Eli accounts for year ended 31 Dec 2021 state the company made a loss before tax of $1.5Mio on total assets of $226.0Mio

The ACOES pipeline is still expected to be completed by the second half of 2023.

AF - good analogy - I can guess who the White Queen might be and we could postulate that actually the "looking glass" represents Fanning himself in the current situation we have been facing in Nigeria.

CJ - thenigerianlawyer.com - good find - $5 Mio isn't even going to touch the sides with this one - sad about Alaric he seems to be our own version of Joe Biden given his confusion and inability to distinguish between what he posts and what is actually going on here!

I am considering starting a post asking the board for strategies as to how San Leon could withdraw completely from what is turning out to be a total ongoing fiasco in Nigeria - one opportunity for such action could be if/when Fanning fails to raise the necessary funds from parties he has been claiming he has access to for nearly 2 years now and his attempt to perform cartwheels over how to continue to pour money into OML18/Eli and he as a consequence goes into default and the Tosca Funds close the loan and execute their stringent loan collateral agreements it might just give Tosca the opportunity he might be looking for to be rid of this particular black hole Fanning has dragged us into.

The investment in Decklar is another dead rabbit out of the hat - OF assured us that SLE would not invest in the development unless major financing was received from a major local Nigerian bank (sorry forgot the name all so long ago look up some of my old post if you will) then suddenly we were into buying $5mio or so shares in Decklar to invest into the field (please correct me if I am off target but it was around that figure in what seems many aeons ago ) - Then the Canadian CEO who set up the original Decklar/Millenium deal was "withdrawn "or returned to Canada - I never did read/hear anything regarding the project financing from any Nigerian bank and now when we want to sell our investment in the development Decklar can't find the money even to repurchase our shareholdings despite the fact that they claim to be receiving earnings from some local refinery to whom they are supplying oil via trucks due to the nearest pipeline being shut down. Whatever was the angle on that one when and why play side games when we were told we were on a home run to acquire a major percentage share in OML 18 frankly it all completely escape me!

Tosca - leopards never change their spots - great exchange for Tosca for a lousy US 5 Mio.

"San Leon has entered into security arrangements with funds managed by Tosca fund that comprise both a debenture issued by the Company as well as assignments and pledges over all of its group companies' loan and equity interests in ELI. The security will be released on full repayment of the Loan. It is an express term of the Loan that funds advanced to the Company pursuant to it must be fully utilised to only make the Company's further investment in ELI."

MM Capital Holdings - Cyprus - Mike and Matt to the rescue - where does OF find these people?

http://mmcapitalholdings.com/team/

Tosca to the rescue with interim financing for Energy Link Malta - OML18/Eli pipeline ;

"ELI has incurred a number of outstanding obligations to contractors, including a payment of US$5.0 million that is required to be made immediately to its main pipeline contractor as part of a series of stage payments".