Member Info for BlackSwan

I often wonder if any SLE "employed" poster ever reports posts from this LSE website, probably not as they consider us minority shareholders as mere peasants in the scale of things but just in case they do here it is again - we must get OML18 connected to Eli Akaso FSO - NOW!
While we wait here is further reading on the problems with pipelines in Nigeria - Nigeria is almost approaching the status of a failed state!
https://punchng.com/?s=nembe+creek+pipeline

We have to get that FSO connected NOW - Extract from The Punch Newspaper Nigeria below:
"The spate of pipeline vandalism in Nigeria rose sharply between 2021 and this year. On Thursday, for instance, the Federal Government declared that the total value of Nigeria’s crude oil stolen via the rupturing of pipelines between January 2021 and February 2022 was about $3.27bn. Also, international oil companies and their counterparts in Nigeria said the massive oil theft across the country currently posed a threat to not just their existence, but to the Nigerian economy.
Also, the Minister of State for Petroleum Resources, Chief Timipre Sylva, had threatened that the Federal Government would deal decisively with vandals, stressing that the days of the culprits were numbered."

Alric old sport - been a tad busy doing actual work rather than like yourself with obviously with nothing better to do than play keyboard - from the tone of your posts you regrettably you still don't know who you are - are you a long term holder then by definition you are a loser like myself - If you were smart like Af and bought and sold dipping in and out of the market then you're a trader - if you did neither of the aforementioned then you're a non-holder and what is wrong with all that?
We all know what the game is - as for me a long term holder of SLE stock please keep on posting although it is a tad embarrassing being a fellow shareholder with the likes of yourself.
Roll on April hopefully the European situation will have calmed down -although it was rather disappointing that when alternatives to world oil/gas supplies were being sourced I didn't see Nigeria come up on the horizon - Saudi, UAE and even Venezuela and Iran were mentioned but no Nigeria.

Sam245 you must get out more - may I suggest you take Alaric out for a long walk it might do you "both"good. God bless

Alaric - read and learn - West Africa/Sahara - Tarfaya block - Zag Block - your latest post seems once again to display how overfocused and stressed out you have become of late, understandably so whilst we all await the outcome of the great "transaction" in Nigeria. The last time I looked at the map of West Africa includes southern Morrocco where SLE was "illegally" drilling - maybe you haven't been a real shareholder for long as you would like other shareholders to think you have either that or you haven't been paying attention to company activities as your record of postings would indicate - the below may stimulate your memory. - I'll leave you to research it back in the company records it might prove therapeutic for you.
https://wsrw.org/en/archive/3292
Extract:
"Tarfaya Onshore block located onshore in the northwestern part of Western Sahara (map: light blue coloured blocks). The second licence relates to the Zag block in the northeastern part of Western Sahara, Both blocks are located partially in Western Sahara, partially in Morocco proper."
Roll on April let's hope you won't be disappointed Alaric, my son.

Oldisgold - thanks - seem to you have been doing some footwork - yes we did sell licenses in Poland and yes the geology was different from say the Permian basin - yes the fracking pressure had to be higher (I often wonder what happened to the company that set up high-pressure fracking can't remember their name - probable bankrupt now). Nevertheless, as you say we do have some interests and a good in-house knowledge of shale gas deposits in Poland - OF is, after all, a percentage based owner - who knows he might get involved again in Poland but the probability of that happening at this time is low.
The emphasis must now be on Nigeria which after the Moroccan oil sands, fractured West African wells, territorial disputed license brings Nigeria into focus with its known exploitable oil resources the presence of which has kept me invested even with all my reservations about the operational difficulties we were going to face in Nigeria ( as an aside the Norwegian fund who banned investments in SLE because of our ïllegal"activities in west Africa has now reinstated us as a potential investment entity)

Strange some posters on this board seem to have a discriminatory attitude to financial losers - I am one of those losers over the many years I have been invested in SLE - Tosca is a loser - although he is playing with other people's money - as it stands OF seems to be one of the unluckiest Irishman I've ever heard of even if he has successfully benefited from an over-generous remuneration for his tenure with the company.
Roll on April - let's hope the bank loan Jite has conjured up comes through given the current world political/financial climate

AL - I am well aware as I am sure others are of Callasjunkie commentaries on this and other boards - it has been a very difficult ride with SLE since the US and Bidens mischievous "little lad" encouraged Ukraine to consider applying for Nato membership in an attempt to move the "great game" north of Poland and into Ukraine which leads to the destruction of the Minsk agreement with all its latest ramifications. Let's assume the EU and Nato have learnt a lesson (hopefully) that the current situation is not acceptable to Russia. The best we can hope for is that the Russian/Ukrainian/European pipelines keep flowing and some sort of neutrality of Ukraine is established. This brings me back to my point as a "withdrawal"from Ukraine takes place could the remaining assets Licences SLE have in Poland be of use in benefiting the SLEbottom line - as I said back to the future?

As we are all aware by now the recent Russian "military intervention" into Ukraine resulted in Germany closing Nord stream 2 and threats by Russia to reduce supplies to Europe through remaining pipelines resulted in an EU awareness of how over-dependent they had become on oil/gas supplies from Russia - currently, 30% - in fact for many years Germany has been increasing its dependency on Russian oil/gas using it to power its industrial base - interesting maybe that Gerhard Schroeder on retirement from the German government even became chairman of Gazprom and Mutti took it from there - following recent events the European powers will be looking to diversify the supply of oil/gas away from Russia to other worldwide sources. Let's hope they look closely at Nigeria!
Certain commentators on this BB should now be getting an appreciation of what they refer to as sh-t aka fertiliser/nitrates which these days are essential to produce the volume of food that the world needs. Let's hope Notore can increase its market share of fertiliser to Nigeria and world markets, using OML 18 gas of course.
All looking good, roll on April 22 even Jite must have been fired up to actually get this Eroton/SLE deal completed when he saw oil prices peak albeit temporarily to $400bb.

Regular posters on this site are aware of where commentators are coming from and judge them accordingly - I try to post on actual events and let others draw their own conclusions - the intention of my recent post was to refocus on SLE assets that remain in Poland and to query if there remained any value to the shareholders of the company - the comment seems to have been virtually ignored with commentators preferring to post smart comments on others.
Here it is again:
"However, getting to the point I understand SLE still has Licence holdings/joint ventures in Poland which should the current western "adventure" in Ukraine be terminated these assets could once again become of value/income-generating source for the company in providing desperately required gas/oil supplies for Europe "- back to the future you might say?-

I just don't get the reason for the abuse that posters such as - Alaric and Sam 245 - have been making against long term investors. What is wrong with making a judgement on SLE like CJ and incidentally I have made over the years by following SLE through what has resulted in a severe loss of capital that I and other shareholders have made by investing in San Leon. San Leon/OF/Tosca are banking/speculators financially well-backed, by Tosca, who may "hit the jackpot" which, even after my dismay at the company entering into the Nigerian "arena ", is why I am still here following SLE's latest attempts to make money in Nigeria. Having said all that - I would suggest Poland is where most of us entered the game with SLE for oil and gas resources intended to be supplied to Europe that unfortunately was politically written off by America/Nato due to "the west" desire to move the shale/gas/oil boundaries out of Poland to Ukraine and in addition to supplementing EU supplies by LNG import terminals mainly supplied from America and with the Russian/Germany Nord Stream 2 pipeline. However, getting to the point I understand SLE still has Licence holdings/joint ventures in Poland which should the current western "adventure" in Ukraine be terminated these assets could once again become of value/income-generating source for the company providing gas/oil supplies for Europe - back to the future you might say?

Malcy's inspirational comments include - "all being well the company hope to" - "which should lead to "- "If all goes according to plan" - "shareholders should see the winning post in sight "- "in due course substantial distribution of profits.
Thanks for the cheery news Alaric keep posting - given the current world situation for the supply of oil and gas one would think Nigeria would be the go-to source of supply and that projects would be completed with some degree of urgency however, as SLE shareholders have witnessed, in recent years the country has been crumbling as Buhari tries to eliminate corruption and social strife - (Ref latest BBC world news reports how Nigeria's educated middle class are desperately trying to emigrate) which must surely have contributed to the severe delays that we have been met while proceeding with the contractual negotiations in pursuing the development of OML18.

Jeez seems like we are at square one after two years at anchor - RNS extract below:
ii) in order for the current off-taker (which is also a lender within the financing syndicate) to enter into a new off-take agreement, ELI will need to have successfully demonstrated the barging of oil to the floating storage and offloading vessel ("FSO") through part of the Alternative Crude Oil Evacuation System ("ACOES") project, to the off-takers satisfaction. The loan of US$2.0 million provided to ELI by San Leon, as announced on 15 February 2022, is expected to assist with advancing this process, although the barging of oil to the FSO through part of the ACOES will also be subject to, amongst other matters, receipt of the necessary Nigerian regulatory maritime approvals. San Leon has been informed that ELI is likely to have demonstrated the barging of oil to the FSO to the off-takers satisfaction during March 2022 and following this, San Leon understands that Eroton and the financing syndicate intend to seek to finalise the Proposed Eroton Debt Facilities in order to allow for binding conditional transaction documentation in relation to the Proposed Eroton Transaction to be concluded as soon as may be practicable.

Extension to "the transaction" isn't really a surprise - roll on April 22 - this is getting a little tedious, to say the least - especially now that oil is heading for $120 and we are producing Zilch!!

Eli Akaso is only shown as a red dot on the maritime chart at the entrance to Bonny channel - it used to be marked as FSO on the chart - Eli Akaso is also on Marine Traffic, but no updated AIS position for almost a month. Curiously there are no terrestrial positions for any ships in the area, so perhaps it’s the local AIS receiving station that’s not operational.

https://www.marinetraffic.com/en/ais/details/ships/shipid:714724/mmsi:370570000/imo:9164847/vessel:ELI_AKASO

Last post-correction - Black Swan postings 1189, not 11089 - although it does seem as though I have been pounding the keyboard for 11089 postings óver the years in an attempt to rationalise/understand/justify the actions of San Leon under Fanning's management.

Alaric - "True investors" - you wouldn't recognise one if you ever met one
For the record SLE postings - Black Swan - since 14 Jan 2014- number of posts 11089 - Alaric since 30 Nov 2015 = 1082 postings.
The receipt of the new Afro bank loan and the necessity for someone to put the boot into Eroton's Jitie to get the work moving is now desperately required - Since Bill left last year I'll wager very little has been done - nice suits and paper qualifications but zero attempts to push this OML 18 project along - It is refreshing to read Decklar's status reporting vis OF reporting with an overemphasis on covering every financial loophole he can think of - even Joel seems to be on the books to give credibility to OF decisions and don't even mention how his lousy salary compared to our own CEO which seems way over the top when one considers the results he has produced.
Roll on the end of the month when "the transaction" will be completed - inshallah?

Ah! the complicated webs that men weave - after scan reading the case it does reflect OF temperament and attempts at deal-making - he is probably a little too smart for his own and our good - in Nigeria it won't work with the locals.

It would seem, as I have mentioned before, that we are in effect bailing ELI out in the hope that this FSO will be completed. We have all read in the news that Nimbe creek and associated main trunk pipelines seem to be in a state of disrepair and only recently millions of barrels of oil continued to flow into the delta due to the inability of "somebody" to affect any sort of repair - amazing!

I have never been in the merchant navy but the mooring and associated connection facilities of a vessel the size of Eli to receive the OML 18 pipeline connections would seem to be one of the priority tasks to be completed in the early stages of the construction of the FSO unit - why hasn't it been completed already?
:"the Loan will be used by ELI to facilitate a recent funding requirement to allow for the completion of the mooring for the floating storage and offloading vessel, which the Board considers to be a critical step in the progression of the ACOES projec

Seems Eli needs more funds and is not expected to be pipeline fed operational till the third quarter of 2022.

"Oil export barging operations from OML 18 commenced in late September 2021 (while awaiting the availability of the pipeline). To date, oil volumes being barged have been small, reflecting lower production at OML 18 and with the purpose of the barging being primarily to test the new processes. Barging has been to smaller storage vessels prior to offloading to the FSO. The full ACOES, including the pipeline, is currently expected by Eroton to be fully operational in the third quarter of 2022".