Member Info for BlackSwan

Callasjunkie - yes, it would seem ELI has a thirst for cash, didn't some of the original investors bail out of the company causing OF, the instigator of the project, to step in financially so as to keep the ACOES going - please correct me if I am wrong it all seems so long ago now given how long this and other transactions have dragged on over what seems years,
"On 15 February 2022, San Leon announced a further loan of US$2.0 million to ELI at a coupon of 14% per annum over four years which is payable quarterly following a one-year moratorium from the date of investment. In addition, the loan was accompanied by a transfer of a 2.0% equity interest in ELI to San Leon which was acquired at nominal value, a consideration of approximately US$91".

Callasjunkie - SLE unedited Interim Results 30 Sept 2022 mentions that various logistical delays were experienced in the implementation of the ACOES project in the first half of the year. In Feb 2022 SLE made further investments in ELI Increasing their ownership to c.50% with a total of US$48.3 million in loans (plus accrued interest). Only as of Sept 2022, were we informed that the pipeline contractor had "recently commenced mobilization to the site and would imminently recommence laying the pipeline component of the ACOES".

In the same period, we were informed that oil barging operations were continuing from OML 18 to a mother vessel and that once the mother vessel has reached its capacity of 250,000 barrels, the oil would be transferred to the FSO.

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.

I have always been doubtful that any oil whatsoever has found its way to Eli Akaso either by barge or by pipeline. The ACOES is currently scheduled to be completed/operational in Q1 2023 - which remains to be seen.

Callasjunkie - Energy Link Infrastructure (Malta)is as you know is an independent entity offering services to the owners of OML18. In the case of their bankruptcy of ELI, which I consider highly unlikely, it would in my opinion not impair the availability of the financing for Eroton/OML18 from the AfreximBank. ELI/OF I am confident has the resources to pay the costs of this subcontractor.
The great game goes on here with all the individuals/companies/government waiting for "the transaction to" complete which itself is far from certain as Afreximbank has been under political pressure to be more cautious with their lending to higher-risk investments projects in Africa, let's face it OML18 is hardly a green field site and Rivers State Nigeria given its past history is as risky as it gets.
We shouldn't expect that any "transaction" will be resolved in the near future that is until Nigeria completes the current process of electing a new President and sorting out its problems associated with the recent issuing of its new currency.

Callasjunkie - Your original posts were correct and the case is between Energy Link Infrastructure (Malta) and Brightwaters Energy Ltd, Lagos, Nigeria - https://brightwaters-energy.com/ - and presumably involves unpaid sums connected with the pipeline that is currently under construction to Eli Akaso??
We haven't received an RNS presumably because for OF it is just another day at the office in his complex world of litigation as he struggles to keep the company solvent as we face some immovable objects (NNPC amongst others). The poster on this board that posts "day after day, month after month, year after year" is the one who is currently in dreamland, maybe he should go to bed earlier and give us all a rest.

Dato Capital reportedly confirmed that filings have been on behalf of the company guess we will all have to suck it and see until OF decides to inform us minor shareholders:
"Information about the Other filings of ENERGY LINK INFRASTRUCTURE (MALTA) Limited Company published Thursday, February 16, 2023"

Psst! Anybody want to.buy unused FS0 current location offshore Rivers State Nigeria?

We were informed that one of the conditions for SLE buying into the Oza field, as originally stated by OF, was that no investment would be made until Decklar/Millenium had been successful in receiving funding from a local Nigerian bank. I was therefore surprised when OF finalized the buy into Oza without confirming to us that local bank funding had in fact been received however who am I only a lowly SLE minority shareholder? We are now faced with selling the shares probably for SLE liquidity reasons and/or OZA isn't developing at the rate that was anticipated with oil output currently being restricted to delivery locally by truck and not through pipelines for export in the volumes that were expected.
It now seems "nobody" has any money to purchase our shareholding in OZA!
RNS Quote
"Further to the announcement made by San Leon on 20 December 2022, San Leon remains committed to the proposed sale of San Leon's non-core investments in DPL, although the completion of this proposed sale still remains subject to the purchaser finalizing its own funding arrangements".

Tosca holdings announcement -why? "something" is heading down the pipeline and it has to be connected with the possible negative resolution of the "transaction" and the ongoing ability of SLE to continue in its current form.
It is time for all shareholders to take another in-depth read of the SLE company's unaudited interim results of 30 Sept 2022 particularly with reference to Item 1.4 Going Concern - extract Quote from item 1.4 - "Due to the Potential Transaction not having been completed at the date of the Interim financial statements there is an inherent material uncertainty that completion will not occur as anticipated." ---- further---- "However, while the working capital requirements of the Group can be met for the 12-month period, the Directors believe that the continued viability of the Group and Company into the future is dependent on the completion of the Proposed Transaction. As such, the completion of the Proposed Transaction creates significant uncertainty upon the Group and Company's ability to continue as a going concern beyond the 12-month period ( I.E. till Sept 2023). The Directors have concluded that this represents a material uncertainty that 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 realizing its assets and discharging its liabilities in the normal course of business."
Is Tosca and OF setting up "something" in preparation for another delay in the transaction beyond March 2023 and/or warning NNPC/Eroton and the Afro Bank that events have reached their financial limits as regard SLE/Tosca are concerned in their participation of the development of OML18 in Nigeria?

https://www.lse.co.uk/rns/SLE/unaudited-interim-results-e19fbsk4ubq8y5t.html

bandit1 - The sheriff true to form missed the main point of your post - confirmation bias - I feel at this point we can add paranoia to the list - I post mainly events that are reported in the local Nigerian press on the current situation in Nigeria, which is one of massive oil theft from the pipeline networks, OF to his credit realized this when Eroton closed production from OML18. In the event that I do make a particular point, I base it on my experience of dealing with third-country organizations who are able to endlessly stone wall resolutions when they aren't to their advantage. In some ways, the "Transaction" has provided Eroton and OF a convenient "cover" to delay any investment/development of OML18 and the FSO whilst Nigeraia struggles to stabilize the Delta region by returning pipelines and refineries to their original production levels.
For what it is worth I have retained a number of my holdings in SLE over quite a few years now in the anticipation that should the region manage to recover its infrastructure and oil production it could prove highly profitable for both the companies who have managed to stay the course and for the economy of Nigeria.

36800 Yes you are correct - I was just trying to cheer Alaric up as he does try so hard to keep a positive spin on our current difficulties!

The political pressure is building in Nigeria to eradicate oil theft - this has been the problem for the last few years resulting in SLE ceasing production let's hope for all the Niger Delta OMLS that it is the start of a new beginning in actually restarting production.
https://punchng.com/buhari-gives-military-ultimatum-to-end-oil-theft/
The President, Major General Muhammadu Buhari (retd.), has ordered security agencies to eradicate crude oil theft and pipeline vandalism in the Niger Delta before May 29.

Redeyemines - IF - the "non-binding" Afrexim loan comes through it sure would solve "everything" this is what all the delays of laying of pipelines for ELI FSO /restarting of existing wells/extension of SLE payback loans being made to Eroton or even the writing off of SLE loans made to Eroton as sweeteners in order to pressurize them in an attempting to push the loan through ha all been about. However, rereading some Afreximbank investment appraisals on their website I didn't find any that included sizable amounts of funds that would be included in the loan to pay off major debts of companies such as Eroton as a prelude to them actually directly investing in projects that provided a return on the capital invested from the bank.
OML18 as an investment has everything going for it - proven oil resources - shallow wells - adjacent to the port Harcourt refinery and Port Harcourt international oil shipping terminal with excellent resources of quality sweet crude oil.
Go Figure out why it all doesn't work.
Given the financial disaster which is currently Nigeria - I.E. they just reissued new currency notes and have outstanding budgets deficits running into trillions however maybe it could all run in our favor as Government incrementally up the pressure on the massive oil theft from the Niger Delta pipeline network in their attempt to desperately increase government revenue from oil exports.

https://punchng.com/marketers-bank-on-pharcourt-refinery-to-crash-prices/
In March 2021, the Federal Executive Council approved the plan by the Federal Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn
The contract for the Port Harcourt refinery rehabilitation was awarded to an Italian company, Tecnimont spa.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, confirmed that the refinery would start producing petroleum products this month, as this would boost the supply of the commodity in Nigeria.

https://punchng.com/oil-firms-will-return-to-full-production-fg/
Sylva was quoted in a statement issued by his media aide, Horatius Egua, as saying, “I am happy to hear from you (Eni) that you have increased your crude oil production to 15,000 barrels per day as a result of the efforts of government in protecting the pipelines in the region. I assure you that this trend will continue.”
On his part, the Head of, the Sub-Saharan Africa Region, Eni SpA, Mario Bello, said that the renewed confidence in the Federal Government’s efforts in restoring sanity along the major crude oil pipelines in the Niger Delta had enabled the company to increase crude oil production from a near zero production level to about 15,000 barrels per day in the last one month.
Bello stated that with the renewed confidence of the company in the security of the crude oil pipelines, Eni was willing to reopen its planned investment in the gas and power sector.

RNS quote " San Leon's balance sheet is robust with, in particular, US$112.6 million owed to it by Midwestern Leon Petroleum Limited (the "MLPL Loan") and US$23.0 million owed to it by ELI. " Good luck with getting paid by these sources of funds - do not forget we are in Nigeria!

RNS quote:
"Specifically, a prospective alternative lender has also indicated that it may have an interest in taking an equity position in San Leon by acquiring existing ordinary shares from certain shareholders." Oh! really you can have mine for 1 UKP just ask Alaric he will tell you what a bargain they are at that price!

Jeez, remember the days when we couldn't even sell our interest in OML18 to the Chinese who at that time knew more about doing business in Rivers State and were way smarter than OF at the time and of course, the old chestnut of many years ago - that the metering systems needed replacing because it was inaccurately measuring the pipeline oil flows - sure they were because of massive oil theft through illegal offtakes which even the NNPC were aware of.
Oh, happy days- Merry Xmas to all fellow investors- Black Swan.

It sure has been "so long" - eight years since 2014 to be exact!

Afamefuna is on a roll - presumably!

Notore Chemical Industries Plc has recorded a group operating income of N12.06bn for the third quarter that ended 30th September, 2022.Notore Chemical Industries Limited recorded group year-to-date revenue of N32.95 billion for the period ended 30th September 2022, compared to N17.47 billion for the same period in 2021 representing an 89 per cent increase year-on-year.”
Eroton main gas supplier to Notore - let's just hope this year they pay for any gas we supplied - probably no chance of getting back payments for the gas we have previously supplied.

Minimum you can say SLE are taking a professional approach to establishing the AOEFS instalation - the problem has It Ha salways been the "Nigerian aspiartional entropreneurs" who have reduced oil flow through the major pipelines by 90% causing force majeur closure and export from Barry - Port Harcourt terminal. Seems even - what was it the local Nigerian "Bridlington" SLE subsidiary - and financial engagement of local comunities - think sewing machines donations - has been unable to regretfully counter the more militant members of Delta cociety!

We have all become aware by now of the major pipeline oil losses incurred by the major international oil companies in Delta state. It has apparently been going on since 1883 at a "syndicated level" by all parties in Nigerian society even with the "approval" of our own nemesis the NNPC.
What I had not realized was how sophisticated and deeply embedded the parties involved in this theft actually were, they are from all levels of government, the military, and civil society. The pipeline taps are sophisticated pieces of engineering that could only have been made during the cessation of oil flows by individuals who had the knowledge and skills to make these connections and then further lay kilometers of pipelines to illegal artisan oil processing facilities in the swamp areas. I have retained my investment in SLE over the years even when OF took us to Nigeria as I was aware of what I thought were minor difficulties of working in the delta area but given the in situ vast quantities of oil resources, I thought all that was needed was for some determined company to resource it - how wrong I have been - as we can see from the extended negotiations going on for SLE to acquire major financial ownership of OML18. I even commented on the high income and benefits paid to our own CEO in the latest company reports - (making hay while the sun shines comes to mind). The only good news is that the loss of National income due to the misappropriation on a major scale of Nigerian oil assets, given the current high price of crude oil, has renewed the Nigerian government and people's attempts to stop this theft of Nigerian national income and attempt to fulfill their official OPEC export quotas.
Interesting watch the source below and view you tube for other informed reports extracted from current local TV channels meanwhile take a look at this sophisticated oil pipeline tap which has probably been in existence since 1983!
https://www.arise.tv/tompolos-security-firm-uncovers-another-illegal-pipeline-for-crude-oil-export/