Member Info for BlackSwan

GTJD - Thanks for following this auction story. It's always good to have a reality check. I asked Gemini to reconfirm the last comments regarding the auction details the machine provided, and it seems the same. The Suite numbers given in the text might be useful for you to double-check the official court details.

"Yes, I can confirm that the vessel FSO ELI Akaso (the central export terminal for the ELI pipeline) is officially scheduled for a court-ordered public auction.

The auction is the result of a consolidated legal battle involving multiple creditors who have successfully applied for the "arrest" and sale of the vessel to recover millions in unpaid debts.

🏛️ Official Court & Auction Details

The auction is being conducted under the authority of the Federal High Court of Nigeria. Two primary legal actions have converged on this vessel:

Lead Case (Port Harcourt): * Suit No: FHC/PH/CS/193/2022

Parties: Ocean Pearl Maritime SA & 2 Ors vs. The Vessel FSO "ELI Akaso" (Ex MT Farm) & Anor.

Action: This is the most recent active notice (published February 11, 2026) specifically listing the vessel for auction in Port Harcourt.

Secondary Case (Lagos/Port Harcourt Enforcement):

Suit No: FHC/L/CS/1928/2022

Parties: Stratos Trading Limited vs. Energy Link Infrastructure (Nigeria) Limited & MT. ELI AKASO.

Historical Debt Context: This follows a 2023 order involving Gimbrown’s Marine Oil and Gas Limited (Suit No: FHC/L/CS/2276/2022) for a judgment debt of $1,116,000.

🔨 Auctioneer & Timeline

Appointed Auctioneer: Bennis Strategic Services Nigeria Ltd.

Timeline: The public notice was issued on February 11, 2026. Under Nigerian Admiralty Law, a 21-day window is typically provided for "Invitation to Tender."

Next Week's Critical Window: The deadline for sealed bids and the potential "fall of the hammer" is expected to occur in the first week of March 2026, aligning perfectly with the March 3rd ruling in Lagos regarding the Eroton Administrator.

⚖️ The $13.8 Million "Caveat"

In addition to the physical auction of the ship, the parent company (ELI) is currently under a Winding-Up Petition granted in May 2025 (Suit No: FHC/L/CP/26/2023) by Petrolex Oil & Gas Limited for a debt of $13,837,235.98.

Crucial Note: Any bidder for the ELI Akaso next week will be buying a "distressed asset" that is entangled in these multiple multi-million dollar claims. This significantly lowers the expected sale price (likely to "scrap" or "distressed" value) compared to its original $40M–$50M valuation.

Reply to GTJD - Thanks. The situation goes from bad to worse. The news of the Port Harcourt vessel auction is now a matter of public record. Brightwaters' legal team will likely present this in the Dublin court as proof that San Leon’s primary asset is being liquidated by other creditors in order to further emphasise the state of SL's insolvency.

The good news is that the Administrator has physically secured Eroton's assets. He is legally empowered to view the "books," which may reveal exactly where the pipeline funding has been diverted.

Your ref to Petrolex coming to court again in one of your recent posts: Petrolex Legal (Winding-Up) prevents the title of the ship from being "clean" for a buyer. Gimbrown’s is pushing for an immediate sale to recover $1.1m.

San Leon needs to pay off both Gimbrown and Petrolex ($15m+) this week to stop the sale.

At one time, I thought that BW was positioning itself at the front of the queue as the creditors lined up to be paid out of a fire sale of SLE assets.

Industry experts and maritime analysts estimate the Minimum Reserve Price is set between $5.5 million and $8.5 million.

This is significantly lower than its "operational value" of $40–$50 million, reflecting its status as a "distressed asset" that needs maintenance and class recertification.

The auction of the ELI Akaso is no longer a threat—it is an active process.

The Federal High Court in Port Harcourt has confirmed the "Invitation for Tenders" for the FSO ELI Akaso.

Bennis Strategic Services Nigeria Ltd has been formally appointed as the auctioneer.

Bidding is currently open. Under the standard 21-day notice period (published Feb 11), the deadline for final bids is expected to fall around March 4, 2026.

As of today, there is no record of an emergency injunction or "Stay of Sale" filed by San Leon's partners (ELI) in Port Harcourt to stop this auction. Without an immediate injection of cash to pay the $1.1M+ judgment debt to Gimbrown’s Marine, the vessel could be sold next week.

Https://www.africanlawbusiness.com/news/nigerian-energy-companies-do-battle-in-london/

" Brightwaters returned to the Lagos High Court where it obtained a winding-up petition against Eroton, with a related appeal still pending as of May 2025. Meanwhile, another energy company called San Leon Energy (SLE) negotiated an agreement with Brightwaters to settle the balance in full on behalf of ELI, paying an additional USD 5 million of the debt in August 2023, which still left a shortfall of USD 16.5 million."

Bluerill - do us all a favour and butt out. Go read the documents that you have been telling us to do for the last few years.

We have had more information over the last month than you, with your "smart" postings, have provided the board in your lifetime of postings.

GTJD Posting 6 Feb 2026 already informed the share Chat that:

"They (SLE) should never have agreed guarantee the payment to BW on behalf of ELI, but what's done is done"

Changes the game?

Redeyemines - Excuse my sarcasm; I was actually humouring you with my last complimentary post. The Irish Times does not have an issue on a Sunday!!

Here are the latest updates from the Irish High Court and the funding landscape:

1. The Brightwaters Hearing: Adjourned to March

The winding-up petition by Brightwaters Energy Limited regarding a $16.6 million debt was scheduled for a critical hearing on February 23, 2026.

The Adjournment: The hearing did not proceed with a winding-up order. Due to a procedural requirement (failure to advertise the petition in the Iris Oifigiúil state gazette within the mandatory 7-day window), the case has been adjourned to mid-March 2026.

The Implications: This gives San Leon a roughly 3-week "grace period" to pay the debt or prove it has the cash in hand. The Irish High Court ruled in January ($[2026] IEHC 1$) that San Leon cannot use its "arbitration clause" to stop this petition because the debt is not genuinely disputed.

2. The €500 Million "German Bond" Status

This is the "funding round" San Leon is banking on to settle its debts.

The Structure: San Leon is the beneficiary of a €500 million German government-linked bond.

The Goal: They are currently in "final stage" negotiations to monetise this bond—using it as collateral to secure a $300 million loan from an institutional lender.

Current Standing: While the company expresses confidence, the court has noted that this funding has been "imminent" for months without actually landing in the company's accounts. For the March hearing, the court will likely require proof of cash on hand rather than further "advanced discussions."

3. TRAM Legal Battle: Damages & Freezing Order

Following the collapse of the $187 million Tri Ri Asset Management (TRAM) deal, San Leon is now treating the legal claim as a significant asset.

The Lawsuit: San Leon is suing TRAM for breach of contract, seeking damages for the lost investment and the "consequential losses" of being delisted from the London Stock Exchange (AIM).

The Freezing Order: A €50 million interim freezing order remains active against TRAM. However, TRAM is currently under a court mandate to provide a "full disclosure of assets." This is a key hurdle: if TRAM cannot prove it has the assets to be frozen, the order—and San Leon's potential recovery—may be worth very little.

Damages Sought: In addition to the $187 million, San Leon is pursuing damages for the legal costs of defending the Brightwaters petition and the reputational harm caused by their "parlous financial position."

Redeyemines- Good find thanks

San Leon/ Brightwaters - looking good for chances of an adjournment or, at best, a strikeout if a settlement result has been achieved by negotiation.

Under Irish court rules, Brightwaters must advertise the petition in the press 7 clear days before the hearing.

Today was the effective deadline for that advertisement to appear for the Feb 23 date.

Because it hasn't appeared, the High Court cannot legally wind up the company this coming Monday.

One of two things will happen on Monday morning:

!. An Agreed Adjournment: Both sides tell the judge they are "negotiating a settlement" and ask for a 2-4 week pause.

or

2. A Strike Out: If San Leon produces proof of funds in the next 48 hours, the case will be struck out entirely.

Good news - nothing concerning SLE in the 13 Feb issue - the paper is issued twice a week, Tues/Friday!

https://irisoifigiuil.ie/

GetTheJobDone - Ref your comments: "Built on sand LoL!" one might reply, "Built on conjecture, not facts".

Yes, I certainly hope SLE/Eli will/are trying to recover their position as the ACOES for OML18 via the method I discussed in one of my last posts, but it could take some time. Meanwhile, the OML18 well heads/separator tanks pumping station diagram of the now named "OML18: Cawthorne Channel Gathering system" shows the whole with two outputs, one to Bonny terminal(NCTL) and one to Cawthorne FSO.

As you can imagine, as a shareholder, I am earnestly searching for the latest news on whether Brightwaters have decided to withdraw or will continue with their winding-up petition in the Irish courts. I am using AI to achieve this.

The "machine" does dredge up debts that have at one time or another been posted on this board, which in themselves explain why Brightwaters have decided to pursue SLE at this time for the money long overdue to them.

SLE needs cash desperately. Even if Brightwaters withdraws the current case in the Irish courts, the road ahead depends on raising a large amount of funding, such as through the German Bond.     

​The "Seven Heads" Financial Drain

​The decommissioning of the Seven Heads gas field (off the south coast of Ireland) has been a significant, albeit quieter, pressure on San Leon's reserves.

​The Debt: The Minister for Environment sought €7.5 million ($8 million) from San Leon, acting as a guarantor for the decommissioning costs.

​The Settlement: A confidential deal was signed in early 2024. According to corporate updates, San Leon agreed to pay the $7.7 million in installments.

​Current Impact: The final installments were due to be paid throughout 2025. This means that while San Leon is fighting Brightwaters over $16.5 million, they have likely already depleted their liquid cash by several million euros to satisfy the Irish government. This explains why the Irish judge recently described their remaining cash position as "parlous."

​The "Silent" Window: We are now in a quiet period. Usually, this suggests either intense settlement negotiations are happening behind closed doors, or legal teams are finalizing a massive filing

MARKET ALERT]: The "OML 18 Standoff"

​Intelligence from February 7-8, 2026, indicates why the company hasn't just paid the debt yet:

​The Win: San Leon legally won $140M in shares in Nigeria on Jan 27.

​The Block: The Nigerian State Oil Company (NNPC) has reportedly redirected oil production away from San Leon's route.

​The Trap: San Leon is "Balance-Sheet Solvent" (they have the shares) but "Cash-Flow Insolvent" (they can't sell the oil). Brightwaters is banking on this cash-flow failure to win the Feb 23 action.

Tosca well well always has their interests covered if the worst comes to the worst

[RECEIVER ALERT]: Toscafund and Secured Debt

​While no formal receiver has been appointed today, the groundwork is in place for a rapid takeover if the High Court proceedings turn against the company on February 23.

​The Lender: Toscafund Asset Management (which owns over 75% of San Leon) holds a $5 million loan (plus 10% interest) secured by a debenture over the company’s assets.

​The Security: This debenture gives Toscafund the power to appoint a Receiver at any time if the loan is in default. Crucially, their security includes assignments and pledges over San Leon's interests in the Nigerian pipeline (ELI).

​Standby Status: Toscafund has historically been "supportive," but a winding-up advertisement (expected this Friday) often triggers a "technical default" in loan agreements. If a liquidator is about to be appointed by Brightwaters, Toscafund may move first to appoint their own Receiver to protect the Nigerian assets before the court takes control.

AMDG - Thanks, yes, Gemini does give the impression it is upto date - welcome comment "secured". Now let's see what will happen in the Irish courts over the next few weeks in SLE v Brightwaters Energy.

While we wait, No Comments:

Executive Summary: FSO Operations & The OML 18 Standoff

As of February 7, 2026, there has been a significant shift in how crude oil is being evacuated from OML 18. While San Leon’s primary investment focus has been the FSO Eli Akaso and the ACOES pipeline, physical operations have now bypassed this infrastructure in favor of the FSO Cawthorne.

1. The MT Halima & FSO Cawthorne Operation

• Activity: On February 6, the tanker MT Halima was confirmed alongside the FSO Cawthorne (the NNPC/Sahara Group vessel) for a cargo transfer.

• Current Status: The Halima is now at the Bonny Anchorage with a draught of 7.50m. This indicates a part-load (approx. 70,000–80,000 barrels) or a deep ballast.

• Inference: The vessel is likely waiting at the anchorage to either top up from the main Bonny Terminal or waiting for the Cawthorne to accumulate more production. This confirms that the Cawthorne is the active export hub for the field.

2. Status of FSO Eli Akaso (The "San Leon" Vessel)

• Operational Stasis: The Eli Akaso remains physically present offshore Bonny but is functionally inactive. AIS data shows a static draught of 10.3m, confirming it is not receiving live production.

• Regulatory Block: Reports indicate that federal export permits for the Eli Akaso route have been suspended or cancelled by the NUPRC in favor of the Cawthorne terminal.

• Legal "Ghost Ship": The vessel is caught in a wider dispute. While ELI/San Leon built the infrastructure, the NNPC (as the new operator of OML 18) has redirected production to the Cawthorne to ensure cash flow, leaving the Eli Akaso stranded without "live" oil.

3. Critical Risks for Shareholders

• The Winding-Up Petition: San Leon is currently fighting a winding-up petition filed by Brightwaters Energy (the pipeline contractors) over a $16.5M debt. An Irish High Court ruling in late January 2026 refused to restrain this petition, placing the company in a precarious financial position.

• Bypass of ACOES: The "Alternative Crude Oil Evacuation System" (ACOES) that shareholders were told would revolutionize the asset is effectively being "cloned" or rerouted. The FSO Cawthorne is now performing the exact role intended for the Eli Akaso, using a newly commissioned pipeline route that excludes San Leon's direct control.

• Operatorship Conflict: The removal of Eroton (San Leon’s partner) as operator by the NNPC remains the core driver. As long as the NNPC and Sahara Group control the "tap," they are choosing to use their own vessel (Cawthorne) rather than the one owned by the ELI consortium.

Conclusion

The MT Halima loading at the Cawthorne is a "real-world" confirmation that San Leon’s infrastructure is currently being bypassed. The company’s relevance to OML 18 now hinges entirely on legal outcomes in Nigeria and Ireland, rather than the physical operation of the Eli Akaso.

GTJD - Thanks for your latest post; it adds to the reality we are all searching for, which, for some time now,  has been hard to come by since SLE went delisted.

Good to read that, even though Eroton has lost operatorship of the block, given the circumstances under which they lost it, they still have political power in Nigeria. 

Let's see what happens in Ireland. It appears that Brightwaters is proceeding with its action, and we could see a decision within the month. The best outcome for us would seem to be that the court delays any decision on the proviso that SLE be given further time to establish its solvency.

The idea of the court case in Nigeria continuing for another two years sounds like a nightmare. Let's hope Eroton's remaining political power can bring the case to a conclusion in our favour sooner than 2027. 

 

Your comment on bluerill: This is an old chat board story that's been going on for years now. I have ceased to engage with the fellow, as doing so opens a stream of often pointless postings as he seeks to dominate the chat board with his aggressive salad-style posting. Nuf said!   

GetTheJobDone - Ref my question in the last post, viz, Do you know whether Brightwaters is currently committed to completing the pipeline by circa May/June this year under some new contract?

Checking on Gemini, can you confirm if any of the recipients received the comments given below? I had the impression SLE/Eli teams were totally out of the operation. Don't sweat the problem; it will all come out in the wash eventually, I am sure. Thanks

Gemini replies

Here is the breakdown of who is doing what for the subsea construction:

1. The Pipelay Contractor: Brightwaters Energy.

Brightwaters Energy performed the primary Engineering, Procurement, and Construction (EPC) for the 47.4km undersea pipeline. What they did: They were responsible for the "Dee" laying (deep-water and river-crossing sections) of the 12-inch pipe from the Cawthorne Channel 2 flow station to the offshore terminal site. The Conflict: As of January 2026, they have essentially stopped active work on the site while they pursue a winding-up petition in the Irish High Court against San Leon Energy. They claim they have not been paid for the work they already completed.

2. The Final "Hook-Up" Team: Century Energy Group (CEG)Because the pipeline owner (ELI) and the operator (NNPC Eighteen) needed to finish the project despite the Brightwaters lawsuit, they brought in Century Energy Group to handle the final subsea connections.

The Risers: Century is responsible for the Flexible Risers (the heavy-duty hoses that connect the pipeline on the seafloor to the hull of the FSO Cawthorne).Mooring: They performed the spread-mooring of the FSO Cawthorne to ensure it stays in a fixed position over the Pipeline End Termination (PLET).

3. Subsea Technical Experts: ELI Akaso Teams. The pipeline owner, Energy Link Infrastructure (ELI), has also engaged third-party subsea engineering specialists (often using chartered vessels from international offshore firms) to conduct the final Subsea Tie-ins. These are the divers and ROV (Remotely Operated Vehicle) teams that physically bolt the pipeline to the terminal manifold.

Technical Summary of the Construction Component Status: Contractor Responsible, 47 km Pipe Laying Completed, Brightwaters Energy, Flexible Risers, Final Installation, Century Energy Group, Subsea PLEM/PLET Installed ELI / Third-party Divers

Security MonitoringActive (New 2026)Manton Engineering

GetTheJobDone - Yes, the postings on the Chat board have been getting a little heated of late, understandably given the number of years these Nigerian and even the Polish sagas have been dragging on.

Thanks for your input from Nigeria - I can well imagine the Nigerian Court's verdict ordering MW to transfer their shareholding in a large oilfield such as OML18, in satisfaction of the debt owed to San Leon, would cause a ground swell of opposition from some major political and financial interested parties in Nigeria. Please keep us informed when you have the time. Thanks.

I was totally taken aback when I read that the FSO Cawthorne had appeared in the Port Harcourt anchorage, moored just 3.5 KM from Eli Akaso. In addition, you posted that the new pipeline is still under construction and is due for completion as early as May/June. Thanks for that.

It would seem the new operators of OML18, tired of waiting for SLE to finance and finish their FSO and pipeline, took over the project and decided to complete it themselves.

In light of your information that SLE ACOES is dead. All federal permits, regularity permits for the ACOES have been cancelled,  it would seem that any hope I had that Eroton might retain any contractual rights they had to export via the pipeline, and Eli Akaso would remain in place, with  Cawthorne only being used initially, and that the pipeline would at some later date be reconnected to Eli Akaso for SLE benefit is now in the short term unachievable.

Do you know whether Brightwaters is currently committed to completing the pipeline by circa May/June this year under some new contract?

Interesting to see whether Brightwaters will proceed with its case against SLE in Dublin, but if they are already making money carrying on with the pipeline construction under a new contract with NNPC/Sahara, what have they got to lose by not suing SLE?

Fanning made all the right moves in Nigeria, including with the FSO, and has been persistent in his efforts to secure a major shareholding in a multimillion-dollar oil field. Let's hope he doesn't lose everything just for a lousy $15mio.