Member Info for BlackSwan

Redeyemines - RNS Quote - "The ACOES pipeline is expected to be completed in the second half of 2023". I would suggest that the pipes are still ashore "somewhere" (remember the photos we were shown some time ago of pipes stored ashore, god knows where it was taken}. I would ask Fanning again how much pipe has been laid to date - probably zero.

redeyemines - you are encourageable - RNS still has that in the future tone about it - it should lift the share price and give some a warm feeling, heaven knows the market desperately needs it. We had noticed that the spread anchors were still on deck and it looks as though they will, at last, be deployed - what we want is the percentage completion statement for the pipeline - throwing four anchors overboard is no big deal - come on Fanning what is the current percentage completion of the pipeline that can't be all that difficult to RNS.

Alaric - Your latest post - "considerable research and present factually based positions" BAH!!

RNS of 24 March quote: This extract from the current would seem to be inaccurate, to say the least!
"The Company's creditors are not currently putting the Company under undue pressure"
It would seem that the current litigation between ELI and the pipeline contractor - Brightwaters Energy Ltd - still has issues that need to be settled in court.

Callasjunkie - Eli's court case, seems you were close to the situation with your comments. I also wondered why the court case had been delayed until May of this year, given the latest RNS of 24 March now we can work out why.

RNS 24 March Extract:
"several creditors remain outstanding, predominantly related to the ongoing transactions with Midwestern and ELI, as described more fully below. The Company is maintaining a regular dialogue with these creditors and keeping them informed of the expected conclusion of the refinancing. The Company's creditors are not currently putting the Company under undue pressure and the board of directors (the "Board") is confident that all creditors will be settled following the conclusion of the proposed refinancing referenced above ".

RNS of today - Where are the money, ELI, and the new organisation - I wish I could also comment - where is "blind pew" aka that prat Alaric in all his incarnations who habitually misleads posters across so many posting boards in the hope that he had would also disappear!

Happy anniversary - it is now 2 years since Eroton Exploration and Production Company secured $750 million in financing from the African Export–Import Bank (Afreximbank). The deal which was signed "yesterday at the ongoing 2021" Intra-African Trade Fair in Durban, South Africa, would enable Eroton to finance the acquisition of 100 percent of the shares in two special purpose vehicles for an oil mining lease (OML). The deal which was for a senior secured lending facility would also enable the oil and gas company to finance the repayment of all its outstanding exposures with its existing lender. Chairman, Eroton, Onajite Okoloko signed on behalf of the company, while the Global Head of Clients Relations, Afreximbank, Rene Awambeng, signed on behalf of the bank.

Alaric - Seems you are unaware that one OML18 well broke off and spewed oil for a week - do catch up with your research!

Alaric - Don't use the Punch newspaper this morning for your daily ablutions as it seems your usual practice, but in case you do may I highlight below a detail you might otherwise miss:
Quote Punch newspaper today:
"Confirm the claim by Aiteo of engagement of a foreign company to stop the leak, the cost of doing so, and the financial claim made by Aiteo to NAPIMS in this regard; and examine the nature and details of the JV agreement between Eroton and NNPC to determine completion of financial and other obligations for ownership.”

OML18/Eroton - The Trojan Horse maybe - Eroton's competency to remain operator of OML18 could be challenged by the current enquiry being made by house of Representatives in Nigeria on OML18 and other OML operator's suitability to retain the rights to their position as operators - let's hope Eroton is well enough connected politically to maintain its position as operator of OML18 - Jeez this is going to run!
Quote from today's Punch newspaper Nigeria:
"The House mandated its Committees on Petroleum Resources (Upstream) and Environment to “investigate the actual cause of the oil leaks at OML 18, OML 29 and OML 63, with a mandate to utilise experienced professionals to provide required insight, support and results.”
https://punchng.com/reps-probe-oil-spills-at-three-omls-abandoned-oil-wells/?utm_source=auto-read-also&utm_medium=web

Alaric - given your vast knowledge of how international and national banking systems work maybe you could explain this extract from the Independent.IE - "When the transactions were entered into, Mr. Fanning was the executive chairman of San Leon, but he was not ‘connected’ with it for tax purposes,” notes a ruling this week by the Court of Appeal in London.

Fanning's flat er no wait our flat - wonder how he paid off the UKP 4.9mio in 2016 that was before the high salaries and expenses he paid himself when he marched confidently into Nigeria courtesy of his mate Jitte - as an SLE shareholder I look forward to spending a few weeks this summer in London’s upmarket Grosvenor Square.

Alaric and associates - the blind leading the blind comes to mind.

bandit1- agreed with your recent more balanced comments than some of those obsessed with "waiting for Afrex" to come to the rescue of the OML18 Joint Venture-based exploitation of OML18 oil and gas resources.
I would suggest that the days of the JV business model of developing resources and public services are over in Nigeria and that a new limited company business model will increasingly be adopted with listings on local Nigerian exchanges and/or as in the case of NNPCL recent discussions on international exchanges. Following that theme, take the recent case of the Nigerian power company GEREGU which has recently been listed on the main board of the Nigerian Exchange Limited. The power company had been facing difficulties when its gas supplies were seriously affected by Shell claiming force majeure on the Trans-Forcado pipeline with the result that the company's profit declined and forcing it to search for financing in the debt market in order to continue operation. Their new listing on the NGX in Oct 2022 led amongst others for the Afrex bank to purchase 5% of the shares together with a major Nigerian investment fund enabling the company to continue operation - sounds familiar.
Posting space limits further comments, but the less biased posters will see where these comments are headed - I.E. OML18 development via JV partnership will be terminated and replaced by some Limited Company entity listed on national share markets. The question remains though does SLE have the financial backing to stay the course until this transformation takes place, with Tosca's continued backing I would comment - yes it does.

So now it is possible Hmm! - San Leon quote RNS: San Leon's economic interest in OML 18 is not impacted by a possible change of operatorship of OML 18.

Eroton as operator of OML18 failed to constructively respond to the closing of the Nembe creek pipeline in an attempt to maintain production and revenue. If we consider the case of Decklar who when faced with the loss of their pipeline to their local export terminal their innovative response of trucking oil to the terminal and finding a local refinery to whom they could sell their albeit reduced output was inspirational as they attempted to maintain company revenue.
One has to ask why didn't Eroton fast-track the completion of the FSO (Eli Akaso) using the output of their existing operational wells, initially by barge, pending completion of the pipeline to Eli Akaso, in order to maintain their output and revenue. Eroton has completely failed as an operator of OML18 and should be replaced. Banana skins within banana skins as one recent poster has declared.

Eroton as operator of OML18 failed to constructively respond to the closing of the Nembe creek pipeline in an attempt to maintain production and revenue. If we consider the case of Decklar who when faced with the loss of their pipeline to their local export terminal their innovative response of trucking oil to the terminal and finding a local refinery to whom they could sell their albeit reduced output was inspirational as they attempted to maintain company revenue.
One has to ask why didn't Eroton fast-track the completion of the FSO (Eli Akaso) using the output of their existing operational wells, initially by barge, pending completion of the pipeline to Eli Akaso, in order to maintain their output and revenue. Eroton has completely failed as an operator of OML18 and should be replaced. Banana skins within banana skins as one recent poster has declared.

Alaric - Do try and improve your reading and comprehension skills there's a good fellow - in fact, I said -"in the case that the Afrex bank failed to commit to the project "

Ref previous discussions regarding the financing of OML18 development in the case that the Afrex bank failed to commit to the project due to its high-risk status. The recent creation of the NNPC LTD from a Nigerian Federal government agency allows Nigeria NNPC LTD to actively look for a listing on international stock exchanges and to that end, recent press reports would indicate they are about to do so on the New York stock exchange during 2022/23. The question remains though will the participants in the current renovation/improvement of OML18 stay the course given the new time frame or even will they be included in some new development program?
https://businessday.ng/business-economy/article/nnpc-to-list-on-stock-exchange-mid-2023-says-kyari/

Quel - I wouldn't expect the share price to go down to Barrymore levels, guess it will stay around 20p as there is only Tosca left to sell in any real volume that would affect the market and the Rottweiler isn't going to do that.