Member Info for BlackSwan

Discount or ask for our money back.

Ref SLE RNS 3 August 2020
"San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces that it is investing US$15 million in Energy Link Infrastructure (Malta) Limited ("ELI"), the company which owns the Alternative Crude Oil Evacuation System ("ACOES") project. " - "The investment comprises a 10% equity interest in ELI together with a US$15 million shareholder loan at a coupon of 14% per annum over 4 years, and repayable quarterly following a one-year moratorium from the date of investment. Funds will be provided to ELI in two tranches with the first US$10 million tranche being made by San Leon this week. The second tranche of US$5 million is expected to be made in Q4 2020 following receipt from Midwestern Leon Petroleum Limited of the next repayment of Loan Notes that is due then.

Decklar Resources Inc. Announces Final Closing of Private Placement Financing
TORONTO, CANADA March 8, 2021 -- Decklar Resources Inc. (DKL-TSX Venture) (the “Company” or “Decklar”) is pleased to announce that it has completed a second and final closing of the Company’s previously announced private placement financing. The total gross proceeds raised by the private placement is CAD $4,722,400 and funds from this financing will be used to immediately advance operational activities to re-enter the Oza-1 well at the Oza Oil Field in Nigeria and for general corporate purposes. Funds from this private placement are expected to be sufficient to re-enter the Oza-1 well and to re-establish oil production at the Oza Oil Field through the Company’s wholly-owned Nigeria-based subsidiary, Decklar Petroleum Limited.

https://mail.yahoo.com/d/folders/385/messages/50660?reason=invalid_crumb

Decklar Resources Inc. Announces First Closing of Private Placement Financing
TORONTO, CANADA March 2, 2021 -- Decklar Resources Inc. (DKL-TSX Venture) (the “Company” or “Decklar”) is pleased to announce that it has completed a first closing of the Company’s previously announced private placement financing for a total of CAD $3,995,600. Funds from this financing will be used to immediately advance operational activities to re-enter the Oza-1 well at the Oza Oil Field in Nigeria and for general corporate purposes. Funds from this private placement are expected to be sufficient to re-enter the Oza-1 well and to re-establish oil production at the Oza Oil Field through the Company’s wholly-owned Nigeria-based subsidiary, Decklar Petroleum Limited.

First Closing of Private Placement of Common Shares

The Company has arranged a private placement in which approximately 17.9 million Decklar common shares will be issued at a price of CAD $0.28 per share for total gross proceeds of approximately CAD $5,000,000. The common shares to be issued as a result of this private placement will be subject to a four-month trading restriction. The initial closing of the private placement has been completed whereby 14,270,000 common shares were issued at a price of CAD $0.28 per share for total gross proceeds of CAD $3,995,600. After issuance of the common shares from the first closing of the private placement (including the common shares issued as finder’s fees described below), the Company will have total outstanding shares of 68,979,773. A second closing of the private placement will be executed by the end of this week to complete the remainder of the placement. The private placement has been conditionally approved by the TSX Venture Exchange and is subject to final approval. In connection with the first closing of the private placement, the Company paid an aggregate of $8,400 in cash and issued an aggregate of 430,000 common shares to certain arm’s length parties as a finder’s fee in accordance with the policies of the TSX Venture Exchange.

For further information:

Duncan T. Blount

https://mail.yahoo.com/d/folders/385/messages/50282?reason=invalid_crumb

https://www.rigzone.com/news/company/millenium_oil_and_gas_co_ltd_(mogcl)-4387/

Hardy (the financier) seems to have been the weak link in the initial Millennium/Emerald/Hardy team that undertook the original development of the Oza field in Nigeria - due to their getting into financial difficulties in their Indian oil company operations. It would be interesting to know where the Millennium debts originated from but then I guess its better not to know - the Oza field per se seems to have been originally productive which is more our immediate concern and has hopefully been reflected in the recent independent appraisals completed for submission to the Nigerian bankers.

Oza marginal field a history while we (Decklar/SLE) are waiting for Millenium to get their approval for financing from Nigerian Banks - the key to unlocking the development of Oza by Decklar/SLE - interesting maybe?
https://www.mogcl.net/operations.php

Alaric - you can add 2 million barrels of oil compensation payment to be paid by Shell to four companies one of which is Eroton
https://allafrica.com/stories/202102260162.html

Alaric - your comment sums the current impressive opportunities for SLE in the near term and to which can now be added the recently announced court decision that Shell has to compensate - for their fraudulent calibration of pipeline LACT machines - up to 2 million barrels of oil split between four companies one of which is Eroton - could be worth a few dollars!

https://allafrica.com/stories/202102260162.html

Alaric - A cheery post indeed thanks, we certainly need one.

Nothing new then still awaiting bank approval and we are into the fourth week of Feb - SLE really need to issue some RNS on ships and pipelines in order to push this share price higher - when?

https://money.tmx.com/en/quote/DKL

"Long lead time items needed for the Oza-1 re-entry have been secured, and a drilling rig currently located near the field has been identified and contracted."
https://www.decklarresources.com/news/decklar-resources-inc-provides-update-to-funding-for-restart-of-production-at-its-oza-oil-field

Ref, my previous comment on this board regarding Millenium - the comment which other "super literate" self-appointed board regulators refuse to see is that Millenium, in reality, is using OZa as collateral to finance their past debts - let's hope alls well that ends well as they haul a drilling rig "found nearby" to prepare to enter well number one.

"The due diligence required to finalise the term debt to Millenium Oil and Gas Company Limited, Decklar's local partner, arranged with a Nigerian bank and the trading subsidiary of a large multinational oil company active in Nigeria has progressed and the final report by the independent technical consultant that they contracted, which is based on a review of reserve and production data and financial projections, has been issued. The definitive loan documents are now being finalised and are anticipated to be issued by the end of the first week of February 2021."

Millenium lives again:
"Millenium has entered into a non-binding term sheet with a local Nigerian bank and the trading subsidiary of a large multinational oil company active in Nigeria for up to US$33,000,000 in a five-year term debt that provides a use-of-proceeds of US$22,000,000 to refinance existing debt of Millenium and US$11,000,000 for development activities on the Oza Oil Field, based on entering into a crude sales and purchase contract."
Decklar sees an opportunity:
"Decklar is expected to provide a corporate guarantee as part of this US$33,000,000 term debt facility "
San Leon keen cash waiting in escrow:
"San Leon has advanced US$750,000 as an initial deposit (the “Deposit”)

No prizes for guessing who the winner is here - now if it had been $22000000 into the Oza field and $11000000 into debt repayment I would have been a great deal happier?

A Nigerian bank and a large Nigerian international oil trader should provide us with ïnteresting partners.

https://www.decklarresources.com/news/asian-mineral-resources-arranges-preliminary-funding-of-us26-million-for-restart-of-production-at-its-oza-oil-field

QF - the last paragraph of your comment sums it all up for me - I am however going to give the "New San Leon" another year - jeez it certainly has been a hell of a ride since Poland!

Yawn! - good work mc91 - wake me up in 2024 - whichever which way OF bought shares or you could say Tosca dumped them 0n him and the Rottweiler is off into pastures new - Tik Toc or some other high flying network company - either way OF controls his own income now nice if you can manage it, that is if the Nigerian pyramid doesn't crumble?
Macy list - well we made it even if we did come second last in the comments.

Ref Vanguard Newsstand report - "and the Bunny Nembe Creek trunk pipeline located at Bonny Export Terminal line will not be left out,” the militants warned." - the militants do seem well informed with a complete list of strategic oil assets to attack let's hope Bonney is not a high priority target for what must be a group with rather limited resources for attack vis a vie the Nigerian military.
Naw! it will be alright - more sewing machines via Bilton for the ladies sewing circles in Bonny should fix it?
Oh, by the way, talking of targets where the h--ll is Eli Akaso anyway?

Read more at: https://www.vanguardngr.com/2020/10/niger-delta-militants-plan-to-attack-chevron-shell-nnpc-facilities/

OF returning money to shareholders - well, of course, he would follow this strategy (after the share buyback strategy routine failed to hold the share price at 45p - however it did improved percentages dividend returns) now that OF has by hook or by crook purchased a major shareholding from Tosca - what goes around comes around as they say - but hey us shareholders also benefit as well as the Irish government will in the short term that is?
Meanwhile, the share price drifts around 25p far from heading to its recent valuation 87p - perhaps the "controlling" commentators on this board (Mrs Alric know your place) would care to explain why?

Allenby report page 3 - I had often wondered how OF was able to significantly increase his shareholdings in SLE given his "apparent" financial standing and what method he had used to actually acquire them, the Allenby report explains:

"Toscafund owns slightly over 50% of the stock: Toscafund’s involvement in San Leon as a
significant shareholder stemmed from its holding in Aurelian Oil & Gas, the acquisition of
which was completed in January 2013. At the end of 2012 the Annual Report showed
Toscafund as owning 4.39% of the stock. The Toscafund’s stake rose to 21.08% at the end
of 2013 and to a recent high of 72.41% at end 2019. In a related company transaction on
May 7, 2020 Toscafund sold Oisín Fanning 98.0m shares resulting in the shareholdings as
indicated above. It should be noted that Toscafund was instrumental in financing San
Leon’s acquisition of the 10.58% initial interest in OML 18 in September 2016."

I thought it odd it at the time that given Tosca's aggressive reputation for uber control of their investments that they would seek to divest themselves of such control by making what seems to be a "direct" sale to an individual entity in this case OF was this legal? - yes yes comments at the time included Tosca needing to rebalance their investment assets and/or their need for cash. I commented that Tosca must have given the nod for OF to acquire these shares and hoped it was to keep OF nose to the grindstone.

Bill - I do hope your feeling better!