Member Info for BlackSwan

The "mother vessel" is turning out to be a bit of a mystery ship with no name, current loading levels or specific location.

We have in the last month been informed Eli has been finally spread moored and is presumable now available to be barge loaded from the "mother" ship.

- RNS Extracts over the last two years include :

- The Floating Storage and Offloading ("FSO") vessel is now on station(30 Sept 2022), approximately 40 kilometres offshore, and is expected to be spread moored and operational for receipt of barging cargoes in the coming weeks.

· Oil barging operations from OML 18 to the mother vessel continued during the period. Once the mother vessel has reached its capacity of 250,000 barrels, the oil will be transferred to the FSO.

·Third parties will barge oil to the FSO when its operations commence.

- Oil export from OML 18 was at very low rates during the first half of 2022 while awaiting full barging availability of the ACOES system.

- The Directors have a reasonable expectation that ELI will be revenue generating imminently with the commencement of barging operations,

- Barging of oil from OML 18 to the FSO is expected to commence in July 2022, with trials already having been completed.

Alaric -not very well read are you probably before you started paying attention to local news as to what can happen in the Gulf of Benin - you probably used that sheet from the newspaper page for your daily ablutions as you went to great lengths to inform us in one of your recent postings.

"The Nigerian Navy on Monday in Lagos paraded six suspected pirates it arrested for hijacking an oil tanker."

https://punchng.com/navy-arrest-six-pirates-recover-oil-tanker/

Callasjunkie - darn right it is a very serious issue to have Eli wound up - guess that is why they decided to put armed guards on board and to at last put the anchors down making it more difficult for someone to remove it - but wait if SLE is in the process of continuing to exit the Delta (AKA Decklar) the local Nigerian company that is currently managing Eli Malta might just be interested in purchasing the tanker, it would form a useful addition to their existing holdings of four FSO type operations located in the Delta around Port Harcourt.

Alaric - well done you've actually been paying attention to what is the source of our problem in Nigeria - been reading the local newspapers have we - thought you considered them to be total rubbish MMM?

Err! So following the statement made by he who really knows nothing - why if the Eli is full hasn't Shell already bought/sold the oil? Sle has already stated that they were free to sell on their own account and not only to Shell from Eli which was one of the reasons I liked the commitment that SLE has made in funding support to keep Eli alive.

Decklar - moving oil sales to local refineries is currently the way to go in the Delta - I didn't notice any mention of "payments received" yet either from ERPC or DMCL although wisely the new 300000 barrels sales agreement requires payment after every 5000 barrels.

The prospect of ever selling our shareholding seems remote with current production volumes and revenues - once you put cash on the table in markets like Nigeria it stays there. It is my understanding Decklar's current local director, who replaced the Canadian that originally set up the joint venture with Millenium, is a Lebanese national, Nigerians have a long history of trading in Nigeria and his appointment was an excellent move - set one to catch one comes to mind.

Afamefuna - Yes simple minds get stressed - one has to have a sympathy for them but playing multiple personalities in an attempt to influence share prices goes to far in my book.

MMM! My last post was directed at Sam245 but was answered by Alaric - it does make one wonder who is who?

Sam245 - Yes, the Nigerians as we all know by now are losing massive amounts of revenue, as has SLE, it would seems this time around they making an effort as has Shell in "stopping the leaks"on the TNG pipeline to Port Harcourt.
The OML18 "gang" however need money, Sle has been bending over backwards delaying loan repayments from the current OML18 "gang"and feeding money into Eli to keep the ship afloat and the ball rolling - but money has not arrived from as yet Afrex or others. Can OML18 start pumping into the TNG and generate some cash flows to continue. You have been around this board sometime - your guess is as good as mine.

Alaric - Do try and retain your focus on company news - nobody is interested in how many hot dinners you've had!

Nigeria - Good news, Shell has repaired 460 illegal oil tapping points in the main pipeline to Port Harcourt, just to think that years ago we were told that flow rate errors in oil volumes arriving at Port Harcourt end were due to metering errors - who knew what and when comes to mind.

??

Orthodox Easter - and the blind may see - at last:
Quote Blind Pew
"NNPC has been a shambles for too long and the new government of bola Dinuba will need to finally sort it out".

Callasjunkie - Your Questions are to the point and valid - as usual Bling Pew and his followers - aka Alaric/Redeymines/Sam245 - are out of order with their childish comments and are sure signs of losers. Oil Revenues are still some time in the future I am afraid, they will come but there is going to be some time before we get there meanwhile SLE share price is going to hang around the 20p as I posted some time ago.

It certainly will take time to sort this out - never mind though as SLE/OF has already pointed out in one of his recent RNS we will still retain 10% in any new entity and of course, the owner of Eli. I am sure OF will be available/able to participate in the soon-to-be-formed new entity that will operate and own OML18.
Punch Newspaper Feb 23 Quote:
"A top industry source disclosed that NNPCL had secured the operatorship of the asset with the backing of the Nigerian Upstream Regulatory Commission while the Economic and Financial Crimes Commission had stepped in to investigate allegations of financial impropriety and fraud levelled against Eroton’s management".
https://punchng.com/nnpcl-takes-over-oml-18-as-efcc-investigates-eroton/

Century Energy - the website is worth a read as opposed to the Eroton website which until "Sahara" recently woke them up were still wishing everyone a Happy Xmas on their opening page - Quote from Century website - "A true Local Content Champion, Century Energy Services Limited is the only indigenous company in Nigeria that wholly owns two FPSOs "- MMM! interesting???

Century Energy - Impressive Nigerian company based in Port Harcourt - Good.
http://ceslintlgroup.com/

Prat - you know who you are - Read RNS 30 Sept 2022 item 1.4 Going concern Quote" The Directors' have concluded that this represents a material uncertainty which may cast significant doubt upon the Group and Company's ability to continue as a going concern and that, therefore, the Group may be unable to continue realising its assets and discharging its liabilities in the ordinary course of business".
It is not the trolls who are making "insinuations" it was the company report referenced above that was the source of this information. Please pay attention Alatic.

Blind pew aka prat -

Alaric - Read the companies RNS dated 13 March 2023 Item 5, 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! We haven't as yet been informed of any contracts that have been entered into with existing "marginal producers ". But hey just for fun while we are waiting for the pipeline maybe Eli could go "dark" and function as a transfer vessel for dubious sourced oil (Russia/India) back onto the world markets - maybe Fanning's experience when Eli was anchored for some time last year off the Liberia coast at a notorious oil transfer point gave him ideas as to how the transfer market works and ideas as to how he could utilise the oil transfer market to Finance ELI in becoming a profitable FSO.