Member Info for BlackSwan

Alprick - Yes, you put your finger right on it - baggage - that's the story of SLE - what other reason could there be for the almost total devastation of the share price over the last 10 years and for it's current abysmal value when we have the bright prospects of actual gas and oil in situ with OML18 - the more things change the more they stay the same - let's hope not!

bluepill - Yes it certainly does - I've always maintained SLE has a bright future ín OML18 provided the Nigerian government would pass the bill, pay the monies and that somehow Niger Delta locals could be placated in some way for the abuse they and the Niger Delta must have suffered over the last 50 years by the oil majors. Hopefully, the new road network, planned development of Port Harcourt together with new regional gas pipelines network /Bony LNG trains bode well for Eroton and SLE hopefully in the near future?

mc91 - Yes I know what you mean - Jeez the BB seems to be inhabited with full-time investigators, sometimes I wonder if they even know who they are themselves?

Link from Links on II
https://www.energymixreport.com/russias-lukoil-plans-stakes-in-nigerian-oilfields/

Seems OML18 gas output amongst other sources could benefit from increased pipeline security in the Niger Delta creek area given this new money and drive for increased LNG output from Bony terminal - let us hope so! ( original posting attributed to Links on II)

https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/101119-nigeria-lng-to-pay-nnpc-25-billion-for-gas-for-bonny-lng

Three cheers for the OPDS commander - delta river state - Rear Admiral Akinjide Akinrinade!
Safety Check 5 which was conducted from March 19 to, Sept 9. 2019 resulted in the arrest of about 553 suspects, destructions of 988 illegal refineries and 15 sea pirates’ camps. “Also, OPDS impounded items used to facilitate economic crimes, which include 22 vessels, 42 barges 210 outboard motor engines and 410 other types of boats. Additionally, OPDS arrested 56 tankers and 313 other vehicles.

Marty - exactly, you took the words right out of my mouth also to be noted all the accounts are headed unaudited!

"ELI" who on earth are they, more regulars from Ballsbridge I suppose?
"Eroton informs the Company that it has concluded and executed an agreement with Energy Link Infrastructure (Malta) Limited ("ELI"), for ELI to finance and construct the ACOES - ELI Incorporation date 6 Sept 2017 - Gzira, Malta."
Searches lead to a dead-end in Malta - wouldn't it be nice to know how they are connected to Eroton financially and contractually - all will be revealed in due course - ref MartyPoppins comments on related party transactions - the webs we weave! https://opencorporates.com/companies/mt/C82452

Idly rechecking our new FSO - can't find it, perhaps the FSO has yet to be flagged under the new name and the AIS activated - anybody else any ideas?

If in Malaysia – possibly the most active yard for FSO conversions might be at Pasir Gudang (just north of Singapore in the Johor straits) although there are likely other yards that can do the job.

Possible locations
Malaysia[edit]
· Boustead Naval Shipyard Lumut

· Boustead Penang Shipyard Penang Island

· Labuan Shipyard and Engineering Labuan

· Malaysia Marine and Heavy Engineering Pasir Gudang http://www.mhb.com.my/

· Boustead Langkawi Shipyard Langkawi

· Evosun Sdn Bhd Shipyard Port Kelang

RNS - Quote
The Directors of San Leon have considered the credit risk of the Loan Notes at 31 December 2018 and 30 June 2019. Due to the inability of Eroton to make dividend distributions, the directors consider that the credit risk has significantly increased since initial recognition, and a provision for the lifetime expected credit loss of the Loan Notes has been recognised. The Loan Note is not considered credit-impaired on the basis of operational reports and forward-looking management information of OML 18 which are consistent with successful exploitation of the field over its life, and the funding facilities expected to be available to MLPL over the short to medium term.

The FSO is expected to set sail for Nigeria in November 2019.

While we wait - some idle reading perhaps - Niger Delta Amnesty seems to be getting into difficulties - pity OML25 - poor devils.
Note: Pre-emptying the troll attack - just taking a leaf out of that esteem poster's book Link's on II - just the facts man - make of them what you will. https://dailynigerian.com/?s=Niger+Delta+amnesty

Good to see everybody at "Balls Bridge" had a good time - all resolutions past - whatever they were or did I miss something?
Still left wondering about the FSO and associated pipelines but maybe we should let that dog lie for a while, meanwhile, we can all look forward with some excitement to see who is going to take up the NNPC share sale offer of 15% of the Eroton/JVC - hope Suntrust don't express an interest - but hey! this is Nigeria so anything can happen - er let me rephrase that already has - I for one am certainly getting the return of my lost capital by the way of the sheer entertainment value provided by this enterprise and it's supporting cast of commentators who it appears are even prepared to generously throw in their wives for free - what's not to like about that?!

KUALA LUMPUR, Malaysia – Armada Oyo Ltd., a wholly-owned subsidiary of Bumi Armada Berhad, has agreed to sell the FPSO Armada Perdana to Century Energy Services Ltd. for $40 million. CESL plans to redeploy the vessel to another field offshore Nigeria. - wonder where the Armada Perdana is heading exactly? Pity about the Erin Energy Company bankruptcy just shows the risks
https://www.offshore-mag.com/rigs-vessels/article/14039412/fpso-armada-perdana-gets-new-owner
http://ceslintlgroup.com/

Afamefuna - No smoke without fire comes to mind - can you post the source for those of us who don't have the time to do the research can take a look, thanks.

Midwestern and the Canadians certainly put their best foot forward in their attempt to make a success of OML18 however they didn't succeed - let's hope times have changed - as I think to some extent they have - the original Sp Angel report laid out how Eroton would set out to solve the Delta situation with the involvement of the locals in a percentage shareholding of the company with percentage increases over the years (I am sure others on this site remember the name of the subsidiary Eroton setup regrettably I don't have the time to go back and dig it out) and in addition Eroton would award scholarships to local students - whatever happened to all that?
Additionally, to get around the NNPC non/delayed payment problems, the SP Angel report mention that the company would be able to sell product on their own account - nothing heard of that either.
SLE need to tread very carefully in order to maintain a positive balance between what we receive as assets/income and what we commit ourselves to financially in the development of this field - yes I hear the "we got something for nothing"arguements but nevertheless, we have also incurred liabilities which we should seek to contain.
Looking forward to the upcoming report - although not really expecting any game-changing news such as an update on the FSO project.

PVR share price 5.1p must be a contributing factor to our new low SLE share price - the project is looking increasingly likely to be further delayed due to current international relationships twixt Europe and China - who would have thought it? I had seriously considered buying in at 15p looking for short term targets of 25p - 50p - but then again I was forecasting earlier this year that SLE would currently be at UKP 1.0. Jeez, how overoptimistic I have been - nothing new there I suppose!

I'll second that - the good news is school starts soon - no wait all the kids have mobile phones these days so I guess the little darlings will continue troll out abuse from the school playground!
Long-suffering Genuine holder

Yeh! WOW - Fantastic - $10000 plus adjustments - even alprik and bluepill could have scrapped up that amount. and saved the concessions for us all!

Jeez and we think we are struggling - small mercies - there but for the etc!

https://www.theguardian.com/global-development/2019/aug/24/nigeria-must-pay-9bn-damages