Member Info for BlackSwan

Decklar/SLE Nigeria - Following the completion of "the transaction" with San Leon, Decklar Petroleum Limited will be owned 85% by Decklar and 15% by San Leon - Ipso facto - SLE will have 15% of the OML 11 - Oza field - OML 11 - Asaramatoru field and on the OML 22 the Emohua field - all looking good provided the cash flow keeps going - but if not maybe OF will increase his financial participation "somehow" after all that what he does right?

Decklar working hard in Nigeria-
"Due to unforeseen downtime and maintenance issues on the Shell-operated Trans Niger Pipeline, Decklar has suffered delays in establishing crude export activities and commercial production from the Oza-1 well.
As the timeline to restart operations at the Trans Niger Pipeline is still uncertain, Decklar has progressed alternate export options, including 1) a combination of trucking to a storage facility and associated exporting pipelines, and 2) barging from the Oza field to an offshore floating storage facility. Negotiations with local firms are in advanced stages to secure exports through both alternatives.
2022 development plans include up to four re-entries and four new development wells across Oza, Asaramatoru, and Emohua, as well as further development and expansion of associated infrastructure.
Development plans beyond 2022 include up to 19 new development wells across the three fields.
https://www.digitaljournal.com/pr/decklar-resources-inc-provides-development-and-progress-update-on-nigerian-operations

Alaric - EU is redefining gas as the "new Green" energy source - your Morroocan/EU pipeline will probably not be built - plan B is to run the pipeline through the sovereign states west of Nigeria then along the west coast of Africa to Morrocco - when all that happens I'll probably be in my box - interesting though?
As an addon, I would remind everyone that Nigeria per see has direct unencumbered geographical/political access to world markets via the Atlantic for their oil and gas if only the NNPC would get out of the way - got to be an advantage?

Alaric - Notore news - thanks - I had noticed the"shiny suites" crowd from Lagos had visited the site last year but I thought more corruption - it seems I was wrong and a major work program has been put in place -
" 2021 was a year of rebuilding and repositioning Notore to further deliver on its promise to Champion the African Green Revolution. During this period, the Company carried out a Turnaround Maintenance programme (TAM) which led to a 102-day plant shut down."
Let's hope the plant stays operational and we get paid for the gas - looking good.

Alaric - Ref your reply to CJ - unless you have forgotten we need to sell oil and gas to make money

CJ -Good post indeed - one of the reasons I favoured maintaining an investment in SLE was the monopoly that they had on supplying gas to Notore given the high demand for the fertiliser in Nigeria, however as is common knowledge now Notore has not been paying for the gas they used for some years now. The Japanese originally built the plant and there were proposals to extend it however Google earth doesn't indicate that any extensions have been completed - at least that saves Eroton money!

The real world in Nigeria - one possible way to get rid of an FPSO if you ever go into bankruptcy.
.https://news.yahoo.com/oil-tanker-capable-carrying-2-091858254.html?fr=sycsrp_catchall

Afamefuna - Exactly, we are in urgent need of an RNS on the state of the pipeline construction - further to my comments on Decklar I would also ask the "diarrhoea" and the "does he or doesn't he hold shares" crowd to explain why the Eroton reverse take over hasn't been finalised over these many months (please don't blame C19)- could it be that the African bank loan was already well known to the major shareholders in the company causing them continually to postpon the loan note/share swap deal while waiting for the African bank loan to be negotiated/approved, which it since has, an event that is surely going to affect the internal politics/dynamics of the existing shareholders resulting in them wanting to retain their holdings and instead decide to cancel the deal with OF, pay off the SLE loan notes and accumulated interest in full leaving SLE with their original holdings in OML18 - stranger things have happened.

Al - you are correct Jite never worked for Shell - it was the Shell companies exploitation/pollution they have rightly been accused of during the early development of the Niger delta that I had in mind when I commented on the inherited social problems that the new operator such as Eroton have inherited.

RM - if you are not too busy = Check out Decklar on the web Site "Simple Wall street" - $ 1.5 Mio a year is "big" money for Declar that is all they made in total last year.

RM - The Royalty payments were ordered under European jurisdiction and not Nigerian and even then they took 5 years or so to be finalised - nice to have in the pocket - the loose change might be of assistance if OF pulled another reverse take over via none payments of loan notes in the OZA field from Decklar - it worked in OML 18 - drama/worry that's part of the course if your a shareholder in San Leon!-

Posters have to be aware that in foreign overseas ventures if "outsiders" particularly in countries like Nigeria want something from a local you have to pay vis SHell vice presidents on their 5 years posting to Nigeria normally spend their whole tenure trying to get paid for their companies oil production that has been delivered to NNPCC - Smart foreigners are often led in and then "blank Faced"when trying to get what they want particularly if they employ some "smart" manipulative moves to take out the local opposition in any deal. AR is always promoting Jite - ex-Head of Shell - whilst he may be an upstanding business player in the Nigerian society - you can be sure he has many financial/political enemies having worked for "the foreigners", Shell.
Looking forward to seeing how the new Africa bank loan will change the Jite/OF SLE OML18 prospects in Nigeria.

Afamafumi - Oza Decklar - this was the scenario - AKA Redymines drama - That OF is/was/could be setting up for Decklar Aka inability to repay loan notes - yes we have all been there before with Eroton/SLE - Simple Wall street comments that Decklar have limited cash/turnover -let's face it they were originally a mineral mining company in Asia.

SLE/Decklar - Oza Loan notes - a detail maybe but!
No payments (whether on account of interest or principal) are required under the Loan Notes unless there are available funds from operations of the Oza Oil Field (after taking into account any required debt servicing payments, general and administrative expenses, approved joint venture capital and operating costs required to be funded by Decklar Petroleum under the terms of agreements with Millenium, taxes and other statutory payments) (the “Available Funds”)

Decklar - hope the below is readable - but just in case there is another source:
https://www.globenewswire.com/news-release/2022/01/27/2374116/0/en/Decklar-Resources-Inc-Announces-Closing-of-Funding-Transaction-With-San-Leon-Energy.html

Decklar RNS continued:
having the right to nominate up to four (4) nominees to the Decklar Petroleum Board. The shareholders’ agreement provides that certain fundamental decisions in respect of Decklar Petroleum require the approval of 75% of the votes eligible to be cast at a directors’ meeting, including approval of the annual business plan and budget and the incurrence of any expenditure outside of the ordinary course in excess of US$200,000.

Loan Notes

The terms of the Loan Notes provide for an interest rate of ten (10)% per annum, which accrues on a quarterly basis and will have a maturity date that is five (5) years from the date of issuance. No payments (whether on account of interest or principal) are required under the Loan Notes unless there are available funds from operations of the Oza Oil Field (after taking into account any required debt servicing payments, general and administrative expenses, approved joint venture capital and operating costs required to be funded by Decklar Petroleum under the terms of agreements with Millenium, taxes and other statutory payments) (the “Available Funds”). 75% of available Funds shall be applied to the payment of interest and principal in respect of the Loan Notes until they are repaid in full. Decklar Petroleum also has the right to voluntarily prepay the loan prior to maturity without penalty. The Loan Notes are unsecured, subordinated and contain customary events of default. The Loan Notes do not contain any financial or other maintenance covenants.

The transactions contemplated by the Subscription Agreement and Binding LOI are subject to final approval by the TSX Venture Exchange.

Decklar RNS contiued:
Of the US$6,750,000 of funds currently held in escrow, US$4,750,000 will be advanced to Decklar and the remaining US$2,000,000 will be returned to San Leon. San Leon is obligated to either advance a further US$2,000,000 in Decklar by April 30, 2022 or, alternatively, accept a pro rata reduction in its shareholding in Decklar Petroleum.
San Leon has agreed to waive its option to invest in an additional 15% equity interest of Decklar Petroleum and will also no longer provide the second planned loan of US$7,500,000 in Decklar.
Decklar Petroleum has agreed that San Leon will be fully involved in the planning and determining the location of the first new well to be drilled on the Oza Oil Field.
Subscription Agreement

As previously announced, in 2020 Decklar entered into a subscription agreement (the “Subscription Agreement”) with San Leon, an AIM listed public company focused on Nigerian production and development assets, which is arm’s length to the Company (within the meaning of the policies of the TSX Venture Exchange). The Subscription Agreement entitles San Leon to purchase US$7,500,000 of 10% unsecured subordinated loan notes of Decklar Petroleum (the “Loan Notes”) and 1,764,706 ordinary shares (“Decklar Petroleum Shares”) of Decklar Petroleum (representing 15% of the share capital of Decklar Petroleum) for a cash consideration of US$7,500,000 and N1,764,706, respectively. In addition, Decklar Petroleum and San Leon had the right to enter into an option agreement (the “Option Agreement”) that would have entitled San Leon to purchase an additional US$7,500,000 of Loan Notes (the “Option Loan Notes”) and 2,521,008 Decklar Petroleum Shares (resulting in an additional 15% of the share capital of Decklar to San Leon) for cash consideration of US$7,500,000 and N2,521,008, respectively. San Leon has now agreed to terminate the right to enter into the Option Agreement.

The Subscription Agreement provided for certain conditions precedent to be confirmed prior to finalizing and issuing of the Loan Notes and Decklar Shares, including entering into an agreed form of shareholders’ agreement in respect of Decklar and the restructuring of certain historical indebtedness by the owner/operator of the Oza field, Millenium Oil and Gas Company Limited (“Millenium”), to the satisfaction of San Leon at its sole discretion. Concurrently with entering into the Subscription Agreement, San Leon advanced US$750,000 as an initial deposit (the “Deposit”) with the release of the balance of the US$7,500,000 being subject to the satisfaction (or waiver) of the conditions precedent contained in the Subscription Agreement. All of the conditions precedent have now been satisfied or have been waived by San Leon. The terms of the shareholders’ agreement provide San Leon with the right to nominate up to two (2) nominees to the board of directors of Decklar Petroleum (“Decklar Petroleum Board”), with Decklar having the right to nominate up to four (4)

Decklar RNS attached
Decklar Resources Inc. Announces Closing of Funding Transaction With San Leon Energy
Decklar Petroleum and San Leon have agreed to new terms on financing arrangements whereby San Leon will advance US$4,750,000 immediately and an additional US$2,000,000 by April 30, 2022 (or San Leon will accept a pro rata reduction in its shareholding in Decklar Petroleum).
Terms of previously announced agreements between Decklar Petroleum and San Leon have been modified in order to complete the transaction.
The Option Agreement that would have entitled San Leon to additional participation in the Oza Oil Field and additional ownership in Decklar Petroleum has been terminated.
San Leon will be involved in planning and location of the first new well to be drilled on the Oza Oil Field.
Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DLKRF) (FSE: A1U1) (the “Company” or “Decklar”) is pleased to announce the closing of a funding agreement with San Leon Energy Plc (“San Leon”) whereby the previously announced Subscription Agreement will be completed for gross proceeds of US$7,500,000 (of which US$750,000 was previously paid as a refundable deposit) with US$4,750,000 paid immediately and US$2,000,000 to be paid by April 30, 2022.

As detailed below, in 2020, the Company announced that San Leon had conditionally agreed to advance US$7,500,000 by way of a loan to Decklar’s wholly-owned subsidiary, Decklar Petroleum Limited (“Decklar Petroleum”). San Leon also announced that it was subscribing for a 15% equity interest in Decklar Petroleum in order to participate in the Oza Oil Field in Nigeria. San Leon advanced an initial deposit of US$750,000 at the time of the agreement, with US$6,750,000 of San Leon’s proposed loan remaining in escrow and to be released upon satisfaction (or waiver) of certain conditions precedent. Delays were experienced in concluding conditions precedent to the San Leon transaction, and Decklar proceeded to complete the re-entry and testing of the Oza-1 well. Based upon the Oza-1 well test, which indicated positive oil results from two zones and gas in a third zone, San Leon has agreed to advance the additional funds and to proceed with its investment in Decklar Petroleum. Decklar has agreed to modified terms to proceed with the arrangement with San Leon and to involve San Leon in future development planning.

Accordingly, the parties have agreed to amendments by way of a binding letter of intent (“Binding LOI”) and have committed to implement the amendments to the definitive documents. The principal terms of the Binding LOI are as follows:

San Leon has agreed to proceed with its 15% equity investment in Decklar Petroleum, waiving the remaining conditions precedent.
Of the US$6,750,000 of funds currently held in escrow, US$4,750,000 will be advanced to Decklar and the remaining US$2,000,000 will be returned to San Leon. San Leon is obligated to either advance a further US$2,000,000 in Decklar by A

Decklar getting out of their depth in Nigeria? They have been raising money in Canada- SLE has waved escrow conditions - the elephant in the room doesn't seem to be there - Millenium - what is going on with the financing from their Nigerian bankers even if most of the funds Millenium was to receive was earmarked to pay rather large previous unpaid debts on the Oza field. SLE "obligations" mentioned in the RNS, I wonder exactly what are the extent of these obligations in the SLE investment strategy for the development of the Decklar Oza field.

Alaric - Yes good suggestion would you like me to make a reservation for you as well if nothing happens after Feb this year - no wait given all your tranquil positive postings over the years on many boards concerning SLE you must surely already be a full time resident of some ayurvedic centre or other most likely in Sussex, UK.