Member Info for BlackSwan

Jeez been there read that - patience - no need to make a name for yourself it will resolve itself one way or another and let's face it the sp can't drop far below this abysmal current level.can it?

QF - yes we have

Jeez - how many times must this be posted - consent to transfer shares was never made by SLE as simple as that - SLE claim that because of the nature of the business dealing it wasn't required - let's hope retrospective approval can be obtained if in fact it is required despite Suntrust determination at this late stage to follow through with trying to block the entire proceedings - a case of bitter loser syndrome combined with bank pressure to repay loans maybe.

http://suntrustoil.com/file/2018/05/DPR-LETTER-TO-MARTWESTERN-ENERGY-LTD.pdf

Surely Suntrust actions of transferring share to SLE makes them as responsible before the law if not more so than SLE - let the legal battles begin.

Ref my post 29 May concerning approval for transfer of shares in a Nigerian entity- I thought Suntrust were hiding so to speak behind the fact that the DPR had not given the approval for the transfer of shares to SLE so any transfers that have taken place were null and void -

http://suntrustoil.com/file/2018/05/DPR-LETTER-TO-MARTWESTERN-ENERGY-LTD.pdf

and that was the crux of the matter here - or am I out of date amongst all the legal discussion going on here Thanks?

Rumours posted by a venerable source - no prizes for guessing who - have Deutsch posting SLE a buy at 405p - it makes one feel good for a nanosec.

Irritating how when people copy documents for release they don't do a complete job as in the case of the documents attached to this injunction notable the grounds on which the applicant claims to be entitled to relief are contained in the affidavit of one Seyi Banigbe sworn on 21 May - I am sure all of this information is available on the ground so to speak in Nigeria, if OF doesn't have this data already then he has worryingly poor local connections which doesn't bode well for the future.

HS - a complex deal indeed - I have often pondered how a simple soul well relatively simple from Dublin manage to pull off what appears to be a deal which contained so much internal protection to the benefit of SLE - Nigerians as shown in the comment I posted recently on local billionaires are a scarily sophisticated bunch way above even OF dealing levels,but pull a deal off he did even using the latest African tax haven popular with locals Mauritius.
There does seem to be a question though is this paper genuine or a planted fake, I am not familiar with Nigerian legal court applications/documentation to really assess if it is or is not a plant - as is the case with many of SLE activities the personal time and cost of discovering what is actually happening inside the company and the environment in which they are operating is beyond a mere mortal such as myself and is the reason I just post news and notifications as they arise avoiding if I can speculation - this matter should be raised at the forthcoming AGM to find out what caused this speculation and what is or has been taken to resolve it.

QF - OOPS! Yes thanks your correct - any legal or other comments?

jacko91 - Apologies I didn't see you've already posted this - thanks

The Department of Petroleum and resources Nigeria are intending to more closely monitor operations of the operations of the 14 indigenous oil and gas companies involved in managing Nigeria's marginal fields - the development of marginal fields previously owned by IOCs has been a long drawn out process from initial tendering for assets through to oil production - many fields have still not been put into production even after six years of ownership - assuming this monitoring process could be part of a decision process for the eventual distribution of investment including outstanding payments owed by the NNPC for already produced oil/gas I would expect OML18/Eroton/SLE to be favourably positioned in the payout line given given their ongoing attempts to increase oil/gas production for export and to meet future demand for the development of the new government approved Nor industrial area 14 KM from OML18.

By way of a change of topic maybe the barrack room lawyers among us would like to divert their attention to commenting on the actual Nigerian Federal high court of injunction document below - there is only a high court cashiers stamp on it dated 22 August 2018 - I am not a lawyer so I leave interpreting the document to others - let's hope this matter has already been resolved without reference to the courts.

http://suntrustoil.com/file/2018/05/MOTION-FOR-INTERLOCUTORY-INJUCTION.pdf.

San Leon - Richest men in Nigeria - we and our chairman OF are actually doing business and moving in the same circles as these guys - obviously he desperately needs a salary increase for working at this level,let's hope at a minimum Nigeria will drive his financial aspirations which is itself a good thing for us private investors isn't it - hanging onto coattails comes to mind?

https://naijaquest.com/richest-man-in-nigeria-billionaire-net-worth/

Lifestyle - Mr Okloko is a man who has been and is going somewhere using existing and future resources extracted from OML18/Eroton/SLE - he sounds a decent sort of a fellow who counts golf and cricket as his pastimes and is a former Chairman of the Delta State Cricket Board and a serving member of the National Cricket Association, where he is a keen advocate for the development of cricket in Nigeria - obviously one of us.

https://en.wikipedia.org/wiki/Onajite_Okoloko

The world which Tosca/OF inhabit salaries and activities are par for the course unlike mere mortals such as myself and others on this BB

https://www.theguardian.com/business/2010/apr/18/goldman-sachs-regulators-civil-charges
Lloyd Blankfein, Goldman's CEO, remarked only semi-ironically that his bank was doing God's work. He must wake up every day bitterly regretting the words ever emerged from his mouth.

Hopefully shareholders in SLE/OML18 will see some bread crumbs fall off the table by the end of this year.
Meanwhile the real world rolls on.

Canada Natural Resources, the largest producer, is allocating capital to lighter oil drilling and is curtailing heavy oil production as the price of Canadian heavy oil tumbled to a nearly five-year-low relative to the U.S. benchmark price.

Comment if the world needs more Eroton/SLE can supply - after last quarter this year maybe!

he Free Zone developer’s status granted to Notore Chemical Industries Plc will enable the oil and gas petrochemical industry to create 15,000 jobs and attract $5 billion in Foreign Direct Investment (FDI), it was learnt yesterday.

Direct port status through ownership of the Notore Port gives the group easy access to the Atlantic Ocean for easy import of raw materials and export of the group’s products to the rest of the world, as well as a more cost-effective operation, which is a strong competitive advantage,”

Notore is in discussions with Mitsubishi on developing a methanol plant at the site and is seeking alliances with other petrochemical, oil and gas logistics and infrastructure companies and financial and strategic investors to participate in developing the Free Zone.

Notore’s plant has the capacity to produce 500,000MT of urea annually and 330,000MT of ammonia per annum, but this was halved between 2013 and 2015 because of gas supply challenges.
“But with the gas supply agreement entered into with Eroton which has proven gas reserves of 5 trillion standard cubic feet and is just 14 kilometres away from our facility, production has improved significantly,” he said.
The Notore chief executive said with the security in gas supply and significant gas reserves, the company has not experienced gas supply disruptions since Eroton commenced supply to its production facilities in March 2016, adding: “Notore is almost technically backward integrated on its own feedstock, which provides a strong competitive advantage.

Wow! - New Nortore OIl Development free zone Complex - Right on Eroton/SLE Doorstep - Eroton already major supplier to free zone fertiliser plant - Nigeria demands for fertiliser are enormous - great agricultural potential.

http://thenationonlineng.net/notore-oil-dreams-big-over-free-zone-developer-status/

https://www.thisdaylive.com/index.php/2018/07/30/notore-eroton-partnership-enhances-productivity-at-fertilizer-plant/amp/

if you haven't bought in already to SLE at these sp levels now must be the time to reconsider.

Reference
RNS 5484N 09 May 2018
The Company confirms it has instructed its Nigerian solicitors to file objections restraining the applications of SunTrust. This would have the effect of striking out the applications.

Sle should clear this matter up once and for all - has the application been struck out - at a minimum this should be confirmed at the upcoming AGM - as an aside it's reassuring to see the SLE share price is reacting to something other than algos and MM - I had more or less come to the conclusion that the real world had decided to ignore SLE, OF and Nigeria completely.