Member Info for BlackSwan

Alaric - Please do try and keep up - financier - Afreximbank - Eroton raising funds via a financing syndicate led by African Export-Import Bank.
The NNPC; certain Nigerian political factions have been demanding for some time now an investigation into the affairs of the NNPC with the intention of seeking to abolish it - the NNPC is currently being investigated over the operation of its finances .
" The committee had on March 16, through a letter signed by its Chairman, Oluwole Oke (PDP: Osun), summoned the 17 subsidiaries of NNPC to respond to audit queries by the Auditor-General for the Federation over the operations of their finances between 2014 and 2019.
https://punchng.com/subsidiaries-summons-nnpc-has-nothing-to-hide-kyari-tells-lawmakers/

Redeyemines Tut Tut! I don't come into the equation - the question is does the financier know to whom are they lending the money- in counties with "confusing" politics and dominant individuals, investments have to be seen to proceed through the correct channels to the approved entities.
Take our major shareholder NNPC for example an entity for whom initially I had respect, even though they essentially controlled our cash flow from OML18 until I came to understand that the NNPC is in fact composed of some 14 regional subunits, all of which are essentially bankrupt, in the past they had not even forwarded earned revenues to the majors who originally surveyed and developed the OML resulting in extended legal disputes even to this day in the Nigerian courts. Heck, even the Chinese saw the writing on the wall and didn't opt to buy OML18 from us!
I digress however and I am sure as an experienced investor in Nigeria with SLE you are already aware of the Nigerian politics - Roll on Xmas!

Redeyemines - follow the money around which this whole deal depends, the problem is that none has been approved as of the RNS publication date today:
RNS Quote:
San Leon has been provided with an update on the progress of the funding for the Proposed Eroton Transaction and has been advised that significant progress has been made with the financing syndicate in relation to the Proposed Eroton Debt Facilities that are required for the Proposed Eroton Transaction to proceed. It is expected by the Board that the drafting of the banking documentation will commence shortly and will move towards the agreed form in a coming couple of weeks with execution occurring at a point thereafter and potentially after the publication of the Admission Document.

What a typical Nigerian "mess" even Sahara has risen from the dead to be with a new name which includes OML18 in the title "OML 18 Energy Resource Limited (formerly known as Sahara Field Production Limited) ("Sahara")".
RNS quote:
"Should the Company not be in a position to publish the Admission Document by 8 July 2022 then it is possible that trading in the Company's shares on AIM will be cancelled. If trading in the Company's shares on AIM is cancelled the Board intends to complete the Potential Transaction and seek to have the enlarged group's shares admitted to trading on AIM later this year".

Naibob - The RNS 0f the 03 May 2022 contained an update on the Aim admission document which as you rightly point out says "by the 24 June", not on the 24 June although the date given was qualified by the comment "at the latest" - we should also note that the RNS mentioned "that the company will seek the restoration of trading" it seems restoration of trading isn't an automatic process and may further delay real-time trading. Your comment down to the wire - I consider we passed the wire sometime ago when SLE had to pump more money into the FSO - the only information which I can recall was a picture from the Eli website of a stack of pipes stored on land, presumably on OML18, and the other factor has been the repeated extensions/delays in our loan repayments - yes I realise OF has rolled them into "the transaction" presumably as another sweetener on the deal?
Given the continued sabotage and downtime of major oil-exporting routes in the Delta, such as the Nembe Creek Trunk line to the Bonny terminal, it is increasingly urgent that the FSO be completed as soon as possible. On the 24 June, we need an RNS which includes a detailed "foot by foot" progress report on exactly how much pipe has been laid to the FSO and what are the current commissioning/operational dates scheduled for the FSO!

RNS 3 May detail:
"IM admission document update
Further to the Company's announcement on 28 February 2022, the Company now currently expects to publish an AIM admission document (the "Admission Document") in respect of the Potential Transaction by 24 June 2022 at the latest, following which point the Company will seek the restoration of trading of its ordinary shares on AIM."

Sle has been sitting on its Albanian assets for some considerable time now - following the current demand for oil/gas in Europe given the EU embargo on Russian oil imports our Albanian Duressi Block assets (100% owned by us) could be worth developing given that they sit right on top of the Trans Adriatic pipeline crossing from Albania over the Adriatic and into Italy - just mentioning it?
https://www.sanleonenergy.com/assets/albania/

SLE the plan - back to work OF, hopefully you have now finished with your complex UK legal real estate negotiations.
Quote from RNS:
"Aim Admission document to be issued on 24 June 2022 followed by SLE seeking to restore trading of its ordinary shares on Aim".
Quote from SLE website:
"Based on the June 2016 Competent Persons Report by Petrovision Energy Services Ltd. the Operator has proposed a significant oil and gas development drilling programme that will involve capital expenditure of approximately US$1.5 billion in the 2P case over the next five years that is expected to see oil production increase from approximately 50,000 bopd to 115,000 bopd (including production losses and downtime) and sales gas from 50 MMscfpd to 485 MMscfpd by 2020. This includes 50 notional new wells (which may include side track on some existing wells) and 26 gas wells utilizing two rigs over a five-year period to effectively produce the undeveloped reservoirs, undrained regions of the reservoirs and accelerate the recovery of identified reserves".
hxulcolrdoh - Opening price - the sky is the limit - what could possibly go wrong?

Alaric - True to form you have missed the point again - never mind the show goes on whatever you or I comment.

Yes it will be interesting to see how OF plays the next round in investing in the onshore OML in the Niger Delta - he must be aware of what is going on - guess he still sees a role for SLE with or without completion of the "transaction" - even taking the option of remaining a small "foreign" player and increasing the percentage ownership and resultant income from Eli might be the way to go
Interesting read below the content of which I guess we are all aware after our experiences in the Niger Delta.

https://punchng.com/russias-imminent-oil-ban-puts-nigerias-low-output-on-the-spot/

Extracts:
"Most IOCs are selling off their onshore assets, thereby hampering production."
"Most recent to join the list was TotalEnergies, which hinted at its intention to exit its onshore oil fields.
This move by TotalEnergies also aligns with that of Shell and ExxonMobil, which are now focusing on deep-water fields away from the difficulties of operating in close proximity to local communities. According to Bloomberg, the French energy giant will look to offload its 10 per cent interest in a firm that holds 20 onshore and shallow water permits in Nigeria."
"A top executive of Shell had said that the company could not solve numerous community problems in Niger Delta, which included oil theft and pipeline sabotage, as well as lawsuits brought up by local communities over oil spills.

All sounds familiar, hold onto your hats folks seems NNPC and African finance is going ahead with renewed drive in the Niger delta and what with the renovation of the Port Harcourt refinery currently in hand Eroton/SLE would seem to be sitting in the right place!
https://heirsoilandgas.com/heirs-holdings-one-point-one-billion-dollar-deal/
"Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc, with a syndicate of lending institutions including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm Amundi. The deal also involves Schlumberger as a technical partner and the trading arm of Shell, as an off-taker.",

It seems we (Eroton/SLE) are in fashion with our acquisition and expansion of oil mining lease (OML18) in the Niger Delta following the recent refinancing of activities in OML17 (more business for Eli Akaso) or at least an improvement in supervision and control of oil theft in and around Port Harcourt which itself has seen it's oil/gas throughput reduced by 60% and forced to close claiming force Majeure on output over this last year.
https://punchng.com/heirs-oil-gas-wins-award-for-1-1bn-deal/
"Heirs Oil & Gas has won the Africa Deal of the Year 2021 by Project Finance International, following the $1.1bn financings and acquisition of a 45 per cent stake in OML 17 in 2021."

Let's hope Nigeria (NNPC)) are now realising that, with the current prices now being paid internationally, how they have been missing out big time on the revenue that could be achieved from their national oil/gas assets. It would seem that it is now the NNPC's intention to regain control of these assets, particularly in the Niger Delta where we have been waiting to commence pumping for some time now - a thought hope SLE is still in the deal with Eroton/NNPC now that there is this amount of free cash floating around?
https://punchng.com/nnpc-moves-to-stop-1-6bn-seplat-exxonmobil-deal-with-major-counter-offer/
"Recall that the NNPC recently announced a funding agreement with AFREXIM for up to $5 billion to grow its investment in new and existing upstream assets."

Now now children that's enough of that!

Interesting maybe - Forcados export terminal:
http://marinelike.com/en/ports/1165-forcados_oil_terminal.html

Welcoming to read that despite the difficulties the Canadians are trucking the oil out - way to go.
RNS extract:
"Decklar and its co-venturer have commenced loading crude oil into trucks at the Oza Oil Field from storage tanks for delivery to the Umugini Pipeline Infrastructure Limited (“UPIL”) crude handling facilities for further transfer to the Shell Petroleum Development Company of Nigeria Limited (“SPDC”) Joint Venture Forcados Oil Export Terminal via the Umugini Pipeline. When loading of crude oil from storage has reached 5,000 barrels, production from the Oza-1 well will start in order to enable ongoing shipments by truck to UPIL".
http://decklarresources.com/news/decklar-resources-inc-commences-shipment-of--crude-oil-to-market-from-oza-oil-field-in-nigeria

Wow indeed at last some real news - see that Joel Price is still in there - now all we need to do is connect it to OML 18. New helicopter landing platform on the back so at least something ha been happening.

Alaric Ducks in a row surprised you
managed to worked that one out - more of a defensive posture than anything else I fear

Redy nonsense - Ref the geography

We all know that volumes of oil/gas are in the Niger Delta oil mining leases the the problem is getting it out to market - it would be interesting to read how Decklar are getting on with barging it out and in what volumes?
Decklar meanwhile is hypothesizing about the possible future extraction volumes and valuations, let's hope that they are correct and that they succeed - at least the company is more communicative than our own SLE!!
RNS extract:
"The following table summarizes the estimated after-tax value of Decklar’s reserves as of December 31, 2021, denoted in thousands of US dollars (“US$M”).

Cash Flow After Income Taxes, Discounted at (%/year) Unit Value after Income Tax Discounted at 10%/year
Reserves Category 0% 5% 10% 15% 20%
(US$M) (US$M) (US$M) (US$M) (US$M) (US$/bbl)
Proved
Proved Developed Producing - - - - - -
Proved Developed Non-Producing 59,032 53,016 48,098 44,020 40,592 20.41
Proved Undeveloped 41,757 32,829 25,962 20,589 16,320 11.90
Total Proved 100,789 85,844 74,060 64,609 56,913 16.32
Total Probable 100,561 72,990 53,937 40,422 30,620 13.43
Total Proved + Probable 201,350 158,834 127,997 105,030 87,532 14.96
Total Possible 91,460 65,035 48,697 37,968 30,553 9.64
Total Proved + Probable + Possible 292,810 223,870 176,694 142,999 118,085 12.99

The extension also enables completion of San Leon's proposed further investment in Oza to be more in line with the proposed timing for the entering into of binding conditional transaction documentation in relation to the proposed reorganisation to consolidate Midwestern Oil and Gas Company Limited's ("Midwestern") shareholdings i