Member Info for BlackSwan

Alaric I double down on that comment - agree.

SL thought this had gone rather quite - but as my previous comment some time ago - we know who has the clout in Nigeria and it ain't SLE.
The games we play?

Saudi Energy Minister Khalid al-Falih said the Houthis attacked two Saudi oil tankers in the Red Sea on Wednesday, one of which sustained minimal damage.

“Saudi Arabia is temporarily halting all oil shipments through Bab al-Mandeb strait immediately until the situation becomes clearer and the maritime transit through Bab al-Mandeb is safe,

Note Houthis are Yemeni Shia who are backed by Iran in the current ongoing war in Yemen

I reiterate what I have said many times already on this BB: African West Coast oil resources have unencumbered supply routes to world markets whilst the output from middle east oil fields via the choke points of Gulf of Hormuz (Iranians) and at Bab Al Mandeb (Chinese base at Djibouti) could be severely restricted - if any increase in world political tensions were to occur then Nigeria oil exports would be in great demand,apparently the Indians are already aware of this as they are currently the largest importer of Nigerian oil.

Further comment - Tullow oil are amazingly carrying $3bn of debt so given the current relatively advantageous situation of SLE company finances OF could raise the money for OML18 development of offshore pipelines and floating storage - anything is possible?

Tullow oil seems to be coming out of a situation similar to SLE in West Africa,yes I know Tullow is offshore Ghana and SLE is onshore Nigeria a different world maybe nevertheless it's encouraging to see Tullows profitability on production figures which SLE could achieve with OML18 existing wells if only the Nigerian situation could be normalised.

Making money is becoming less and less about the product as for example oil and more about making money out of markets via manipulative trading - witness Deutsche Bank being engaged in abusive practices like short-selling ADRs without foreign shares having been issued by either the bank or its clients as is required by law. This amounts to "naked short selling", which is illegal, and DB's ADR arm did this over 53 years. Over 850 short-sale transactions involving thousands of shares were made illegally other practices such as after hours trading cab also cause problems which Facebook is well aware of this morning.

International Maritime Organization (IMO) aimed at cutting sulfur emissions. The regulations, due to take effect at the start of 2020, lowers the allowed concentration of sulfur in maritime fuels from 3.5 percent to just 0.5 percent.
That will put the onus on low-sulfur fuels. But the problem is that not all crude oil is the same – heavier and sour varieties hold more sulfur and are unable to produce lower sulfur diesel without extra processing. And not all refineries are equipped to handle that processing.The shipping fuel oil demand is enormous.

Future demand for Bonny Light is looking good - now if only SLE could patch the pipes, get on with new drilling, redrill and fish the old wells get actually paid for oil production and hold back the Niger Delta avengers SLE would be onto a roll - not too much to ask for is it?

During these hot lazy days I often wonder what exactly OF does all day - perhaps anybody going to the AGM could ask him exactly how many times he has actually been to Nigeria - recent appointments seems to indicate he hires others when Nigerian work needs to be done as no doubt he is saving himself for higher things?

BS - Every dog has it's day - can't see SLE has ever had it's day so the next question is when?

https://www.thisdaylive.com/?s=Eroton

Whilst everyone is playing candlesticks - Nigerian oil extraction export and payments problems roll on.

The good news seems to be

- We currently provide 15 million Standard Cubic Feet (scuf) of gas a day to fertilising plant in Onne area of Port Harcourt.-

Hope our new man in Nigeria is good at fishing in deep wells - meanwhile we await new drilling

- So, the plan is to start drilling our activity sometime in the first quarter of 2018. We intend to bring in a drilling rig to start drilling in the last quarter of 2018. -

- Pipeline losses have been as high as 50%
Initially, when we started, we were losing nine per cent of our production, but it went up to 46 per cent. Now it has dropped to about 23 percent loss on the line.

There is nowhere in the world you will buy an asset and factor in a loss of 40 per cent. That is huge and alarming in terms of production. You factor in a loss of one to five per cent. But when you go as high as 50 per cent, it is a challenge to any business. Be it manufacturing or oil and gas.

Surely our great leader OF must have been aware of the above problems - it's probably one of the reasons the Nigerian deal came on the market from the Canadians in the first place - OF is one heck of a gambler but hey income from the loan notes maintain lifestyles say no more.

GPBack - You are a cheery soul bless you!

After substantial discounts and delayed payments it now looks more highly likely than ever that monies owed to oil producers will not be paid on a lump sum basis but will somehow be tied to a reinvestment clause facilitating increased investment and oil production - Nigeria has a great agricultural and raw material production capacity but seems to have squandered $ 480 Bio on this and that - good overview with oil production output totals below:

Though Nigeria has in the past 10 years made about $484 billion from crude oil (about N150 trillion going by current exchange rate of N305/$1), the country’s level of poverty and infrastructure decay have reportedly moved from bad to world worst.

https://guardian.ng/energy/poverty-infrastructure-gap-persist-amid-48b-oil-earnings/

"We expect the Chinese government to impose tariffs on (U.S.) crude. We will switch to either Middle East or West African supplies."

Bring it on I know a great company in Nigeria with who a deal can be done - motion at the upcoming AGM for fanning to visit China?

His disclosure suggested that the corporation still had about $4.1 billion to pay off in the negotiated cash call arrears. Although, part of the agreements reached with the IOCs in this regards was that the repayment will be based on incremental oil production.
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Nigeria has a bit of a nerve to attempt to tie payments to incremental production - guess they are afraid the money owed will flee the country!!

The International Oil Companies (IOCs) operating in Nigeria’s oil industry have commrended the Nigerian National Petroleum Corporation (NNPC) on the payment of all thejoint Venture (JV) cash calls arrears.

Read more at: https://www.vanguardngr.com/2018/07/jv-cash-calls-iocs-commends-nnpc/

I suppose it is commended - above - BUT is all payment up to date or only to 2016 - still a way to go on Petroleum Industry bill which I believe was supposed to be completed end of this year.

Similarly, the Managing Director of MPN, Paul McGrath, explained that: “To unlock the potentials in the country, we need first of, certainty. The recent work that is being done in the petroleum industry bill and the reform in the national assembly, is an excellent piece of work, but it needs to have an end result.”

Read more at: https://www.vanguardngr.com/2018/07/jv-cash-calls-iocs-commends-nnpc/

SLE - strange last post the link broke which presumingly the reason for the double posting - or was I diverted Jeez!

BS - Carrillion comes to mind here!!

San Leon - share price - just have to hang on until some Nigerian owed cash flows into the company sufficient to attract serious investors - then OF shares taken in lieu of cash salary should be worth something well at least for him - so he has a vested interested in keeping this ball rolling come what may?

BS - Carrillion comes to mind here!!

San Leon - share price - just have to hang on until some Nigerian owed cash flows into the company sufficient to attract serious investors - then OF shares taken in lieu of cash salary should be worth something well at least for him - so he has a vested interested in keeping this ball rolling come what may?

Dhoult - The mindless chatter which is kept up day after day on this BB must also be part of the process to manipulate the marginal changes in the share price - seems to be tolerated suppose it's clicks on the board with adverts goes to the bottom line of -- ?

As an aside - my browser sometimes won't let me into the SLE site with a warning not to put any personal information on the site - better read this before this post gets taken down - hey I only reporting what is.