Member Info for BlackSwan

OW - Exactly, also factoring in that political conditions are improving in Nigeria ( anti-corruption), in that the previous President who has been reelected, during his previous term in office had as one of the main components of his agenda his intention to eliminate corruption in the NNPC and in the military in the Niger Delta (he succeeded although reportedly with limited success). In his second term, he is committing to new policies of investment and expansion of Nigeria's power production and in the resource of oil/gas production/collection and export of Nigeria's resources. We could have already benefited from this agenda when we eventually received back payment from NNPC for monies owed to Eroton and NNPC investment for new pipelines traversing OML18 which were intended to maintain continuous and increased gas flows to the neighborhood fertilizer production plant for which Eroton is the main supplier. If Eroton can further integrate into the Niger Delta communities via the increasing local communities share ownership subsidiary ERoton has set up (I am sure Batman will be able to name it for me as I currently don't have the time to flip back) then all should go well for a reduction in pipeline losses and wellhead damage. The situation is the looking good roll, on UPK 1.00 as a minimum - an interesting scenario coming up say if minimum sales are made into the 46p "bargain" offer. I am not participating - roll on UKP 4.00 then I'm back to square one after 7 years - it's been entertaining, to say the least !!

AF - you have a point there, but all said and done we would miss Batman and Robin with their entertaining and informative posts - relax pick up what you believe and dump the rest they are part of the scenery as opposed to a defined reality as we hopefully enter the parabolic curve of the share rise providing the political turmoil of the recent Nigerian elections and unrest in the Niger Delta continue to allow NNPC to keep handing over the cash to their partners in the development of marginal fields such as OML18 in the Niger Delta.

br - Agreed - Tosca has zero interest in taking over SLE with all the liabilities that would involve.

OW - agreed we need an update and is it part of our master services agreement?

Af - No Batman and Robin are class guys the sale of my 10% would only provide UK 333 hardly enough for a decent bottle of anything so guess I'll keep the shares and hopefully share a more quality wine in 3 years time when we are actually receiving dividends and Barryroe is contributing to the kitty - thank goodness SLE went for UK 30 mio if it had been UK 10 mio it would have hardly moved the Share price.

OD - yes ramping up production and sales of oil/gas is what we need - loan note interest is all well and good for as long as it lasts - 2020 - it should carry us through the until "real income" from OML18 oil/gas resources can be brought to market.

QF - Further to my comment of 0919 am today - I would add that the loan note interest payable till 2020 have allowed SLE the financial squiggle room to continue with participation in the development of OML18, despite the need for existing wells to be renovated, new pipelines to be built and to survive delay revenue payments from the NNPC/Eroton. Did OF foresee how fortuitous these payments would turn out be for the survival of SLE probably not but fortuitous they have certainly been under the circumstances we have been subjected to over the last years?

QF - agreed I won't be taking up their offer either - if NNPC, or whoever replaces them, continue to promote the development of their marginal oilfields, as we have recently witnessed by them paying monies owed for previous years production, the resulting increased production will lead to a higher income from OML16 oil/gas rather than, as we are at the moment, relying on income from short term loan notes, in this respects it is good to read that our percentage ownership in OML18 has recently increased.

As previously announced, Oisin Fanning has received Ordinary Shares in lieu of 80 percent. of salary,
beginning in January 2015. In October 2018, as a result of the Company’s improved financial standing
and in line with the Company’s announced commitment to repurchase its own shares, the Board
requested that Mr. Fanning reverts to receive 100 percent. of his salary in cash as of 1 October 2018.
Mr. Fanning accepted this request, and new Ordinary Shares have now been issued to him in
accordance with the table below.
Ordinary Shares held at 28 June 2018 3,635,594
Ordinary Shares issued in lieu of 80% of salary for 1 January 2015 – 30
September 2018
5,590,270
Total Ordinary Shares held at the Latest Practicable Date 9,225,864

Bill still pushing the company along then in Nigeria good I had wondered what had happened to him.

Quote
In addition to the above, and as previously announced, each of Linda Beal and Bill Higgs has been
issued with share options over 1,000,000 Ordinary Shares at an exercise price of 45 pence. Both Linda
and Bill received these share options as a result of their appointment as non-executive directors of
the Company.

PC01 - Congratulations your candle is burning bright could get even brighter before days end - good luck to all those you bought in at 21p.

Batman help! the share price is down 6.98% already this morning any explanation - please don't make it too long winded or complicated though?

Ref Linksdean on II
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on Tuesday revealed that the Federal Government has begun tracking of Nigeria’s crude oil production to ensure the perennial challenge of theft was tackled.

Batman - sounds like a job for you and Robin that is if you can drag him out of the Batcave - didn't know he was a secret drinker, is he old enough, whatever, for heaven's sake don't let him drive the Batmobile. May I say we the shareholders have every confidence in you, as a genuine shareholder yourself, to successfully investigate these thefts the details of which will enable us in Europe all the better to calculate Eroton's current percentage revenue losses from their oil/gas holdings in the Niger Delta - certainly better than relying, as you have already pointed out, on miscellaneous local newspaper reports. Go to work Dynamic Duo!

A+B: Batman/Robin the dynamic duo - good aggressive work by both of you, the SP seems to have cleared 30p, you must be in for a promotion - my holding 7200 (ex 720000) is albeit slowly increasing in value! Robin can check that out from my posting history, it seems that is what he does, having said that do either of you own SLE shares?
Best of luck to long term shareholders - still looking for min 34p during Feb?

br - Had to smile ref your quote "I know what I'm talking about and I show my work" - amusing unless your physic or your obviously so self opinionated as to be a figure of fun - lets face it you know as much as the rest of us and that includes OF as he battles to keep the cash flowing for himself his backers and us shareholders - the least we can say that there is oil/gas in quantities at OML18 the difficult task is extracting it, getting it to market and selling it in sufficient quantities to cover our investments - if the stars align - having said that though I realize you couldn't possibly understand the comment based on your postal history - nevertheless SLE should with the albeit small percentage share of OML18 output,the return on our loan notes and a capital sum from say the sale of Barryroe - for what it is worth given the pressure from alternative energy groups in the EU and Ireland to block the development - SLE should be able to continue as a going concern and lets hope to prosper given the push for the development of marginal fields recently given by the NNPC via the back payments and their development/payment for new gas line supplies to inter alia the Notore fertilizer plant a major customer for Eroton gas.

Pc - spot on.

br - we knew that - but thanks for your contribution.

RM - Good idea reposting the RNS - the facts instead of the usual postings desperately trying to ramp/deramp or trash other peoples opinions - read and draw your own conclusions on the prospects for the company.

News of Newcross over on III seems interesting - Eroton receives something for nothing as it were :

"straddling OML 18 and OML 24 - governed by an interim unitisation arrangement dividing production from this field between the OML owners on an equal basis)"

Note the Chinese are doing the drilling for Newcross - never did get a satisfactory answer whether SLE or others I.E. the Chinese were drilling our new well/lateral - hope SLE are in the Eroton loop for this work as they should be,SLE could also be subcontracting the new drill to the Chinese via their rights to provide field services to Eroton for development work on OML18.
My SP forecast remains - minimum 35p over the next couple of weeks - looking good.

bandit1 - surely we flatter ourselves if we think anything observed/posted or commented on through this board acts as a driving force in raising the SLE share price - second-hand information, biased opinions, and trolls are here at best - RNS is the nearest we have to reality. Following the all be it limited news via RNS however it does seem that OF is making some attempt to recompense shareholders for their patience in remaining invested with the company over these last years the results of which will albeit be rather will be meager compared to the losses some of us have experienced is better than what we have received in the past and hopefully bodes well for the immediate future.

Whilst certain of us post purporting to display their knowledge of the law and the intricacies of dealing in the Aim market we shouldn't forget the difficulty of operating in Nigeria exemplified by Eroton refusal to complete a reverse take over by SLE or the machinations of Suntrust to obstruct SLE in claiming ownership of OML18 or theft of the company product by locals - it is far from a given that although the resources are in the ground they can be profitably exploited by even Nigerian companies - I was impressed by the original SP Angel report which outlined the distribution of shares to the local company created by Eroton for the benefit of the indigenous population of the Eastern Niger Delta however it seems even that on the scale of what has happened and is continuing to happen in the Eastern Nigerian Delta poses a major problem to succeeding in Nigeria. I did recommend we send our top posters to Port Harcourt to provide us with a more balanced view for their posting content but to date, regrettable, they haven't departed - here's hoping?

https://www.theguardian.com/world/2019/jan/12/oil-tanker-explosion-kills-nigerians-collecting-leaking-fuel

https://www.theguardian.com/global-development/2018/dec/19/toxic-mud-swamps-fortunes-of-niger-delta-women-years-after-oil-spill