Member Info for BlackSwan

CJ - Great post - you got it all in one - with reference to "Jite" as being ex Shell I had put him in the "respectable" category but as we read in the local press, he is not all that he would appear to be.

Eli Akaso - built 1999 - Length 313m width 58m draught 10.3/2.4 m - Fleetmon website is showing Eli as at anchor off Port Harcourt but is listed as "scrapped " FleetMon insist on listing it as "scrapped" - maybe their files haven't been updated or maybe she is still uncertified by the Nigerian authorities as an FSO - is so why not it has it taken so long to obtain certification?

Eli should be in reasonable condition and has been "unused" since her refurbishment in Malaysia a couple of years ago, she has a double hull which would increase her resale value on the tanker market.

Nigeria has a long history of utilising FSO, FSPO etc some meeting ignominious end whilst anchored off the Nigerian coast - the ref below gives a list and some history of these units - it is an article from 2022 but comprehensively covers the existing market.

The case of the Trinity Spirit — an unflagged, unclassed, 46-year-old FPSO owned by a defunct company in receivership which exploded last week — has exposed the fragility of Nigeria’s offshore sector where ageing units are the norm.

https://lloydslist.maritimeintelligence.informa.com/LL1139817/Why-the-Trinity-Spirit-FPSO-explosion-was-not-a-safety-anomaly

The long read: President Tinubu gets to work -

Tinubu’s appointment of the former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the CBN, NNPCL, and other Government Business Entities. Tinubu has directed the special investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.

https://punchng.com/uncover-cbn-nnpcl-mess-economists-groups-tell-tinubus-special-investigator/?utm_source=auto-read-also&utm_medium=web

https://punchng.com/burning-recovered-stolen-crude-is-surreal/

Given the current political situation in Nigeria and particularly in the Delta states it could be a long suspension.

When it comes to AIM, should the securities of any company be suspended for six months, the securities will be be cancelled from trading unless an extension has been granted.

What happens when shares are suspended in the UK? If you bought stock before the company suspends trading, the idea's the same. The contract still holds and you'll still get your shares. Your money has been paid, you'll receive the stock (but won't be able to sell it) and you'll get any value that comes to shareholders out of the administration process.

BW Offshore an Oslo-listed company recently sold their FSO in Nigeria for $15mio to concentrate on more promising markets in Latin America. It was acquired by businessman, Ken Etete’s company, Century Group.

The vessel named Sendje Berge would appear to be the same size as Eli Akaso and was built in 1974, it has a carrying capacity of 274,333 DWT and a reported draught of 13.7 metres. The vessel has an overall length of 348.77 meters and a width of 51.87 meters.

The vessel, named Sendje Berge, according to Upstream, was purchased as part of Century’s strategy to focus on long-lived, higher-return projects by offloading non-core vessels.

Sendje Berge (IMO: 7360057) is a floating storage/production vessel sailing under the flag of Singapore.

Reference - https://punchng.com/century-group-acquires-15m-oil-production-vessel/

Alaric - your far too keen to drive a wedge in reality - the operative phrase in my last copied and posted comment was - -"at the moment anyway" - that is not to say in Af's long history of postings on shorting 'has not been impossible in the recent past and I object to your comment that I had any intention of "throwing under the bus his posting history has beeen regretable far more accurrate than yours and thats an understatement!

Bluepill - Agreed - "SLE is too volatile and too event-driven and, at the moment anyway, too illiquid, for the risk models of any of the spread betting firms to even consider accepting." Tut, Tut - "Angry"- your persona is slipping through again hardly the attitude of a professional "business" man as others on this board have suggested.

Alaric/Redeyemines/others - Give us all a break from all the shorts and long chat nonsense and instead contribute to the with real data you can find on the curent situation and let the chat decide on its validity - Thanks.

CJ - it would appear that AF recent post could go some way to explaining the controversy, the uncompleted "precedent" between the two parties mentioned in the news report remains undefined.

https://www.independent.ie/business/irish/embattled-san-leon-unit-hit-with-lawsuit-as-it-tries-to-advance-plans/a1471544937.html

Extract:

"Last year, San Leon said it had agreed to pay Ocean Pearl $15m (€14m) for shares it holds in the ELI business. That, and other proposals, would make San Leon the largest shareholder in the ELI operation".

“The only possibility we are aware of is a contract between Ocean Pearl and San Leon Energy last year,” they added.

“This had a long stop date of December 2022 and expired at that time when Ocean Pearl failed to complete a condition precedent. Although they told us the condition precedent had been completed, they provided no evidence of it to us and neither did they insist on completion of the contract at that time.”

AF - Well what can one say excellent post - Alaric should stick to what he knows i.e. commenting on wedding events - WoW what a damaging newspaper article, even if it was written by Sahara Reporters, and if only 10% is true it is pretty damaging on Eroton and brings out the background story of what has indeed been going on with the management of OML18 and goes some way in explaining the delays in anybody whatsoever giving them any loans such as Afrexim bank - guess Fanning got drawn in with his loans to OML18 and attempts to keep the Eli Akaso FSO going with various other loans etc which are currently valued at around $24Mio according to the last SLE RNS. My oh my aren't company suspensions a wonderfull thing!

CJ - Bizarre indeed - RNS looks to me to be a direct breach of AIM rules on disclosure - agreed. The delay around the $50 Mio loan negotiation to cover various debts and to provide SLE with working capital is supposed to be because as OF comments he can get financing with better a loan terms - I don't believe a word of that either!

POORS - the auction notification was posted as you say end of 2022 (see auction notice below) around the same time that San Leon issued an RNS referencing its outstanding debts associated with Eli and the company's requirements for working capital and their failure to finalise the required $50 Mio loan package to cover the same - which to date still hasn't been finalized. Normally for a court to put a vessel up for auction the court has first has to seize the vessel on demand from the debtors and only then it can be auctioned - the question to be answered is who won the auction and who owns Eli now? The court cases currently going on in the UK and Nigeria indicate some serious infighting between the shareholders of El Energy Malta. Who appointed the new local supervisory operator for Eli, they seem to have got on with the anchoring in short order after a couple of years the tanker just sitting there, what is San Leon connection to the successful bidder at auction for Eli Akaso. There is a lot more going on here than we have been told.

https://www.publicprocurement.ng/federal-high-court-port-harcourt-notice-of-auction-sale-of-vessel-fso-eli-akaso-at-the-federal-high-court-port-harcourt/

A ship of this type/age might be at a vague guess around $25-30mln as scrap.

If the FSO conversion is suitable for another field and in good condition and still in class, then perhaps much more. Also, the emerging “dark fleet” for shipping Russian oil might be an opportunity - but too big for Black Sea or Baltic Russian terminals

Jeez - this gets worse by the day - just looking back through my postings to 2017 - who's the dummy now - unfortunately it appears to be me - Mea culpa - comes to mind!

"Nigeria is well known for being a difficult environment to work in - surely OF must have known about the none payments of monies due to companies operating in Nigeria - but hey when your salary isn't related to production output but to the wizardry of deal making you can get away with fortunes - namely shareholders fortunes "

CJ -great.post exactly what was running through my mind this "excuse" for suspension covers a lot of unreported events.

"Mr Fanning said those on board would be encouraged to stay calm. The Titan has five people on board, including Dubai-based British billionaire adventurer Hamish Harding."

The saying "Always judge your friends by the company they keep" - comes to mind.

Titanic visit - OF - same attitude as when he entered Nigeria i.e. he had absolutely no idea nor did he seem to care what risks he was really getting into. "UAE-based Oisin Fanning" - does that imply he is now tax resident in the UAE with zero extradition laws or is he sitting there amongst the big wheeler dealers looking for funds to bail us out of Nigeria or for investing in his next big play either way I consider his actions of risking his life as irresponsible whilst we are in such difficulties in Nigeria - hope he didn't book the Titanic trip down to business expenses at $250000 per ride?

ABC update from the horse's mouth is infinitely better than the comments that continually come out of the other end in a nonstop continuous stream by made by certain posters!

CJ - Vessel Finder - https://www.vesselfinder.com/ - confirms your post that:

MT Sea Pearl - 183 metre Length, 27 metre wide with a draught 9.3 metre is currently at anchor in Bonny creek.

MT Rahama - 115metre length, 21metres wide with a draft 4 metres is anchored just south of MT Sea Pearl in Bonny Creek.

Comment: MT Sea Pearl is a large sea going vessel - MT Rahama is a large capacity vessel with a shallow draft.

The "oil cargoes" from Nigeria used to be taken along the coast for resale in Benin.

CJ - Nigeria Delta Oil theft who is running the "illegal bunkering business " aka oil theft in the Niger Delta where is the oil?

https://punchng.com/oil-bunkering-tonye-cole-backs-asari-dokubo-on-security-agencies-involvement/

Extract:

"One would find installations that are meant to guard the facilities. And right next to the facility, you see bunkering operations going on. That’s a fact. It’s something that we see and something that we know occurs. You will also see where they are building certain types of boats along the creeks. I am talking about huge wooden boats that can only carry stolen crude".

"Economic activity around crude oil bunkering(theft) is now one of the major sources of finance in the Delta area."

It is to be hoped the new incoming President will take immediate steps to control the massive theft of oil in the Delta, it is happening at such a high level that is seriously affect Nigerian national income.

The mentally unstable posters on this board, you know who you are, still don't accept the situation in the Delta for what it really is and what affect it is having on local and overseas investors in producing revenue for wider the Nigerian economy.