Member Info for BlackSwan

He does go to the limit - raving about finances "surging" into Nigeria ( possible for the lack of geopolitical risk) - we really want to know what is coming out - seems like nada to date.

Third stage The third stage involves BidCo acquiring the remaining 20 per cent. interest of Martwestern, which was owned by Suntrust. On 30 June 2016, BidCo raised a further US$12.5 million from the Toscafund Managed Funds by the issuance of Loan Notes pursuant to the Loan Note Instrument and used the funds to acquire 357,143 shares, representing 3.57 per cent. of Martwestern. It intends to finance this final acquisition by issuing a further US$57.5 million of Loan Notes, which will be subscribed for by the Company from the proceeds of the Placing. Final stage In order to complete the OML 18 Production Arrangement, the Company is raising US$221.4 million (gross) by way of a Placing, of which US$127.0 million will be used to acquire US$115.55 million of Loan Notes (and any accrued interest and 230 warrants to subscribe for shares in BidCo) from the Toscafund Managed Funds, and subscribe for US$57.5 million of newly issued Loan Notes from BidCo, with such funds to be used to purchase the remaining shares in Martwestern from Suntrust. The Company has also agreed to pay US$4 million in accumulated interest and fees to Suntrust. The remaining US$32.9 million will be used to pay current creditors and outstanding loans, to cover transaction costs and provide working capital for the Company.

redeyemines -yes good one most probable events... did we or did we not underwrite the value of the shares is the next question?

Assuming news this is real then the bottom line seems to be that somebody forgot to pay back the cash owed to GTB - surely with figures as large as this there must be financial records of payments transfers and **************s on file to prove or disprove these accusations.

https://en.wikipedia.org/wiki/Guaranty_Trust_Bank Guaranty Trust Bank plc also known as GTBank or simply GTB is a Nigerian multinational financial institution, that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management services, with its head office in Victoria Island, Lagos. The bank was formed in 1988 by over 35 ...

SunTrust going to pick up SLE for cents on the dollar - this wasn't how things were planned to work out was it?

Quote THISDAY gathered that the order became necessary because San Leon was deliberately avoiding service. What is going on here is OF playing the game of pay us the oil revenue first then we go to work or what? Having said that I remember the first hint we all got that SLE were inclining towards Nigeria was that they had moved their oil services into the country and we all or at least I wondered what the h--ll is going on now Nigeria isn't for shallow pocketed wannabe oil companies.

We all might as well sit back and relax seeing as only 25% of the Nigerian PIB plan has been passed by the government which will positively affect the companies in the oil industry - PIB full approval not expected until Q3 2018 -so don't see any significant share price increases until then - April now long gone and still haven't heard of the NIgerian government completing back payment for oil already produced by the Nigerian oil companies - development capital raised yes by the Nigerian government from such as Shell but to my limited knowledge no development payments out of oil revenues or have I missed something? Hey! Ho! roll on!

SB - Been averaging down for the last 6 years or so last time was at 55p when Tosca put the money in - currently need UKP 4.50 to break even - if everything gets sorted and OML 18 starts producing at levels it is capable of then should be able to reach this figure and beyond - this share is grossly undervalued.

Yeah don't get me wrong here...I need far higher than you guys by (an unattainable amount) to break even on these now on my main holding. That said, I've gone from a stance of promising to absolutely never touching this dog of a share again and riding out the car crash, to looking at it post resumption as a bit of a basket case the other way....it seems that it should be far higher than it is now and not because of opportunities still in the ground that may turn out to be worthless to shareholders (a la Poland shale - why I invested initially) but based on a "guaranteed" (supposedly) income stream and producing assets, with *hopefully* all skeletons now out of the closet (I'm looking at you, Avebone). Hence watching the initial price movements and jumping in at these levels for a bit more. Anyway, I've been wrong before and may still be this time, but barring the couple of risks I mentioned in my last post It's difficult to see where much downside is from here.

When the current SLE oil price hedge - what was it US 97 per barrel - expires 2018/9 ? weren't SLE obliged to enter into a new hedge as part of some financial dealings made last year to make a renew this hedge which was set at 55 US per barrel - so the current future income is set at that price irrespective if the market price per barrel exceeds 55 US as some posters have been indicating here - hope some commentators who have more time than I have to do research could confirm or deny this.

There are almost exactly 500M shares in issue. The suspension price of 24.5p therefore gives a market cap of �122,500,000. SLE is guaranteed to receive US$76M per annum under the loan repayments, which equates to circa �54M. SLE have said publicly they will distribute a minimum of 50% to shareholders, but are free to distribute more. As such, a probable scenario is they might give back �30M to shareholders. This means SLE would be yielding circa 25%. Clearly this is out of line with convention, so we could easily see the yield halve and the share price double to circa 50p. We should stress this is purely on the proposed cash distributions from the loan repayment

Frus didn't blame others he just laid out the circumstances of his his present position = even you can'appreciate please that go back to you social media platform you crawled out of - thanks

Frus didn't blame others he just laid out the circumstances of his his present position = even you can'appreciate please that go back to you social media platform you crawled out of - thanks

BW or blue rinse what ever you prefer - Make your own judgement your an old school sit on the stool type comments may help you please don't clutter up th the bb with juvenile questions

Frus - I agree with quelfromage1 probable better to hang on to your SLE shares but just forget about them - thats what I intend to do - my holdings went from 700000 all bought at a considerably higher price than 25 p to 7000 at the current market price. SLE current prospects look to be the brightest ever heck they even have cash in the bank and cashing in at this price we would only get peanuts back better to leave it on the table - forecasts are that the shares could cycle between 17 p and 60 p in the short term with only a small probability of bankruptcy - now if NNPC came on the table things could change.

BW - 700000 shares - been there done that and good luck to you - I am sure this time around your shares are in safe hands what with the company's revenues from loan income, cash in hand ,services contracts, future revenue from production and with ancillary assets like future production from Barryroe - rising oil prices - what could go wrong?

bluril - Thank you for telling us what most of us already aware regarding the psychology of investing very kind of you I'm sure,speaking for myself I look forward to your own attempts at playing cassandra in order to predict future share price movements of the company, assuming of course that increasing your wealth directly through investing your own monies in SLE is the reason you post here - thanks.

Sorry to see you go Frus but I understand what you mean - completely!. We have shared the same experiences regrettably.

bluerill - exciting news so SLE is a potential UKP 500 mio market cap company - please explain how this could possible happen given the present state and past performance of SLE - it's more like OF true to his showman tradition is ever prepared to throw out the big bucks at shareholders expense - what did you say a couple of hundred grand a year - in his usual show style bluster - or am I missing something here of greater plans for the company - can't see anything on the horizon either from where I'm sitting?