Member Info for BlackSwan

I couldn't find records for San Leon court appearance of 21/11/2017 - but then I'am not a lawyer - anybody else heard anything? Below is the Irish court conclusion for Avobone/San leon 11/11/2016 if anybody is interested. http://www.courts.ie/Judgments.nsf/0/CF27F6A6FAD4FAF48025806D004EEA73 Conclusion 22. For the reasons I have set out above, I am satisfied that there is no basis on which the unconditional appearance should be set aside or deemed to be a conditional appearance and I am satisfied that the court has jurisdiction to deal with the enforcement application. I am also satisfied that no valid challenge has been raised to the enforcement of the award and the applicants are therefore entitled to an order in the terms of the notice of motion enforcing the arbitral award.

Bony light today $62.69 WTI CRUDE � 57.71 +0.88 +1.55% BRENT CRUDE � 62.75 +0.43 +0.69% MARS US � 59.13 +0.41 +0.70% OPEC BASKET � 60.33 +0.43 +0.72% URALS � 60.26 +0.74 +1.24% LOUISIANA LIGHT � 62.14 -0.36 -0.58% BONNY LIGHT � 62.69 +0.47 +0.76% MEXICAN BASKET � 52.87 -0.32 -0.60% NATURAL GAS � 3.117 +0.01 +0.23%

Rich minerals recent comment - I took him to mean today tuesday:- for any who missed his comment here it is: The barrister for San Leon said the specific performance order would stop Avobone seeking to liquidate San Leon before the agreed payment deadline. He said the �14.7m would be paid by January 15, as agreed. The order would also �restrain� Avobone from advertising a proposed liquidation of San Leon. O�Hanlon said she was satisfied to give short notice, allowing the court papers to be served immediately on Avobone, and the case is due to return to court on Tuesday.

BS - Cheer up you sound really down with your comments - look on the bright side - wind up will not happen - it'll be knife edge business as usual money will be paid.- not that you'll be able to read this as you told me I am on your block list pity - now where is Richminerals with the Irish court case results please Hey Ho.

BS - The price of oil is always relevant go tell it to the Saudis. If you haven't read it already Eadwig post on II site should make your day complete I repost it here for you: LD, "avamoan are after our oml18!" They can't get it, not through the courts. A liquidator will, who will then pay Avobone what is owing to them and not a penny more. Avobone can then bid for OML18 if they like, but they wont get it again, unless they are one of the 'interested parties' that are so far unnamed. What is left after the liquidation should all go back to the shareholders - but it wont. Not all of it. There will be other people claiming debts, especially those who will argue they were paid with shares that were known to be worthless, but others that are generally owed moneyone way or another, including those who will be prepared to argue SLE had made promises about on-site work and let them down. It will come in dribs and drabs over a period of about 5 or 10 years (yes, I have been there before). It could be that shareholders best chance of getting anything back at all will be with SLE's assets in the hands of the liquidator, despite a 15 or 25% fee. OF has been charging well in excess of that for managing the assets so far, let's face it.

HS - If I knew exactly how this could be done and I told you then I would have to kill you - however I'm sure a poster with your experience could come up with an answer yourself just as easily as I can. However consider the situation so far - Avobone asked for further security - what security would they have accepted - there's only the SLE nigerian asset or Ireland - were they looking for SLE to put up one of these assets which would on payment failure would have fallen into Avobone hands - SLE refused to offer further security as it was not legally required to provide under the agreed terms of payment driving Avobone to push the situation further to a winding up situation. After their rejection of receiving further securities they now want to wind up SLE - which as you say must lead to a sale of assets - Eroton would be in a difficult situation with the winding up of SLE and could be looking for a partner to replace SLE.- which ever which way. - Eroton seems not to be a financially sound organisation, well at least until some oil revenues flow in substantial quantities, and would be looking to partner up with another entity just as they partnered up with SLE. I don't know how well the Dutch investment funds with current holdings in SLE know Mr Cees De Bruin of Avobone N.V. but since they also considered a holding in SLE worthwhile some interest could come from that direction - of course as you mention all parties could be trying to claim a "first dibs" on the sale of the carcass. Let's hope RM has news and comes up with the court result of the stay of execution in the Irish courts (today I believe) - I await it with baited breath on this one. .

Bony Light seems to be consistently a high value crude source and SLE is in the game - now if we can only clear that Avobone company out of the way we are in for some jam packed sandwiches for sure - suspect they might be after the OML18 percentage themselves if they can force SLE into a winding up sale - isn't going to happen.. WTI CRUDE � 55.84 -0.87 -1.53% BRENT CRUDE � 61.61 -1.11 -1.77% MARS US � 58.96 +1.46 +2.54% OPEC BASKET � 59.98 +0.19 +0.32% URALS � 59.54 +0.00 +0.00% LOUISIANA LIGHT � 61.27 -0.01 -0.02% BONNY LIGHT � 62.76 +0.64 +1.03% MEXICAN BASKET � 52.51 -0.11 -0.21% NATURAL GAS � 3.151 -0.04 -1.25%

RM - Yes pause for thought on that one - well observed - myself I'm located at 35 East good for a head start!

$b - What can one say - good summary all true - brings the proverbial luck of the Irish in to doubt - full marks for trying is all one can say - but wait the game isn't over yet? Ref: "If San Leon makes it through the court case, and payments from Nigeria remain slow, he'll need to draw on all his strengths to get the business on track." exciting times if it hadn't cost us all so much - OF shares will evaporate along with ours in the case this is wound up.. Aside - I like the article's amusing sideswipe at McKeon - "Lamborghini enthusiast McKeon set up Circle Oil" that's Aim players I suppose - all wannabees etc

The Company has various guarantees and a share pledge in place which provides security for all payments due to the Company under the MLPL Loan Notes. As of 06 September 2017 the Company had US$77.7 million in outstanding repayments. Solution complicated - In case this didn't catch everybody's eye - ref Links extracted comments from ADVN BB worth repeating - OF could have solved this earlier just have a bloody minded attitude he doesn't want tp pay as I guess OF thinks it is unjustified given his interpretation the Avobone tale over story - this will be resolved and SLE payments will be made - now only if Eroton mr O would comply with our joint agreement = unfortunately given the profile of Eroton possible they haven't got the NNPC cash either. Hey Ho another day at the oil well Bony light end of the week $62.88 and rising. The corporate guarantee with Midwestern envisages and provides protection for this and ensures repayment of the loan note within four years. San Leon management are highly confident that sufficient safeguards are in place, including cash flows from the 25mbopd Umusadege field and pipeline tariff, and if necessary payment in equity. Midwestern was awarded a 70 per cent. interest in the Umusadege Marginal Field, Through additional drilling, the flow rates have increased to approximately 20,000 bopd, with 2P reserves increasing from 5 MMbbl to 36 MMbbl " the security package held by San Leon over Loan Note repayments have resulted in $20.6 million being received by the Company to date, and approximately $19 million expected on a quarterly basis as a minimum from Q4 2017 onwards, until the Loan Notes are repaid in full."

Simplification - Bottom line? SLE - receipts - loan note payments minimum $19 mio (EU16.3 mio) from Q4 2017 paid on a quarterly basis. SLE - payments - Avobone EU 8 mio Oct 2017 + EU 6694000 Nov 2017 - Total EU 14694840 paid by Jan 2018. Sle - "theoretically" SLE should be able to settle their account with Avobone - worst case we need a bridging loan but who from - answers on a post card etc etc?.

Eroton has to have an optimal hedging strategy from 1 January 2018 to final maturity date of the RBL facility agreement and has to be in place by September 2017 - does anyone know whether this hedge was ever put in place?

SJ - I've been considering this scenario myself if Avobone is worried that say certain SLE assets were be "transferred" into say some Nigerian entity ( Mid western or Eroton) or in some other way placed out their of reach they would have little to claim against which would be a worry for them.. The other situation already mentioned on the BB is that Avobone are placing a marker down prior to pursuing SLE for the cash that they considered are owed to them. The timing of Avobone's is also rather odd verses say insider dealing via some Dutch group who might settle for shares in SLE - the plot thickens, I'm sure this will be solved and SLE will not be wound up however there is one scenario that does bothers me and that is something which has already been mentioned on the BB, but with not great clarity, and that is Avobone's "supposed" legal right to directly proceed without taking any other legal measures to directly enforce the winding up of SLE - now that is really bothersome..

RNS Extract "demanding that the Company provides further security" Interesting to see what Avobone will accept and what gets laid on the table here - surely this demand is really starting to lay the ground work in case SLE seek further extensions assumming we ask for further payment extension if we fail to recieve any payments from Nigeria?

High stress levels here - Avobone pushing for payment now or SLE shares in our Nigerian field - what made them pick this moment do they know something we should know - either which way SLE is not going down - with the existing fund holders here - OF could step down here which I'm sure he would welcome to step out with his assets he has made over the years and existing share holdings - good we were suspended or the SLE price would have crashed for sure - giving all hot followers another opportunity to stck up?

RNS - This is getting close to the wire - Tosca will never let it happen surely?

Today Bony light $ 64.34 and rising - Saudi's with all their internal problems cutting output for Dec by 120000 BPD - Bony light commands a premium price amongst OPEC producers even among world wide producers - Brent crude today 63.78 - nice to know we have an in demand premium product - if current middle east problems escalate Eroton/SLE/OML18 could sell all they produce - now if only we had the money to bring those other 9 wells on line and get some more Niger Delta Avengers off to University in america on Eroton scholarships we could be on a roll.

Today the oil price for Bony Light is $63.88 and rising.

Empires being created - nothing new for Mid Western - quite how SLE will sell out or up their involvement here is anybodies guess - considering we are virtually broke and are now even financing the Nigerians to boot - deal on OF from my AUL days to today and given the current share price level I've got virtually nothing more left to lose - hey! ho! hope springs eternal - UKP 1.3 by Xmas anyone? April 9 2017 This Day extract One of Nigeria�s serial entrepreneurs and boardroom czar, Onajite Paul Okoloko, has been sued by a group of investors for allegedly converting their investments worth $20 million in Midwestern Oil & Gas Company Limited into a non-related transaction to fund his other investment deals with Eroton Exploration and Production Company Limited .https://www.thisdaylive.com/index.php/2017/04/09/midwestern-oil-sued-over-20m-investment/

Delta State Government - first time I heard they were in the financial mix - interesting Midwestern Oil & Gas Company Limited commenced operations in 2001 and upstream activities in 2005. The Company is owned by a group of Nigerian entrepreneurs and partially by the Delta State Government