Member Info for BlackSwan

RNS 3 Oct - reread - rules of the game - you do the maths for totals - if it wasn't for Avobone payments required by end Jan latest our capital situation wouldn't be so desperate - we agreed to pay them as soon as we received any cash - now if we don't receive any cash but instead accept Midwestern/Eroton assets can we, if they will accept the situation push Avobone payments even further down the road for some further compensation whilst we "restructure" the organisation in Nigerian. RNS 3 oct Extract Secondly, as also announced on 7 September 2017, depositing three future quarterly reserve based lending ("RBL") repayments into the debt service reserve account ("DSRA") attached to Eroton's existing RBL facility, is one of the conditions that needs to be met before the RBL lenders will allow distribution of dividends from Eroton to its shareholders. The cumulative amount required to fill the DSRA account varies according to the RBL amortisation schedule, but is approximately US$120 million during 2017. This falls to approximately US$90 million in 2018 due to a decrease in quarterly RBL repayments. As of 2 October 2017, the DSRA contained approximately US$32 million (9.9 bn Naira). The deferred receipt of funds from NNPC has contributed to a delay in filling the DSRA.

I always considered the Chinese interest in OML 18 as more of a survey of Nigerian oil fields with a view to bolstering the supply of oil/gas WITHIN Nigeria for the Nigerian/Chinese development of the Nigerian economy than rather for export to world markets which would include China. Nigeria covers of a huge geographic area and has a large fast growing population it has many climate zones and water sources - current development is on power systems/industrial parks the development of the one north west of .OML18 fields being an example. SLE/Eroton fields are in the eastern Nigeria delta and more suitable for exports to world markets via Bony terminal however The current plan to build a new pipeline across the delta area will enable more fields to be connected in order to meet internal demand for the Nigerian economy as a whole - my previous comments that SLE assets has the advantage that they face inwards to meet a rising Nigerian internal demand and outwards via Bony to world wide markets applies here - SLE is in the sweet spot at this point in time and with the possible creation of a larger AIM based company based on Markwesto.Eroton/SLE assets could face a promising future - at last!.

Saudi Arabian politics and the Iranian/Lebanon crisis driving the oil price all the way up to at a minimum of $70 - and given the Nigerian unrestricted export routes to world markets SLE are on the rise - now if only the Queen would invite the Niger Delta Avengers for tea just for a quick word you understand - life would be complete..

Ref my previous post - looking lively - Could be interesting if this were to happen! As OF knows OO from Midwestern/eroton and motor every well..and it has been stated further business between these companies Edgein6 Nov '17 - 08:52 - 43684 of 43685 0 0 True, still partnered on OML 18, but midwestern's other asset could be a different story. Those Nigerian chaps would make big �s to get a company that size onto AIM. A combined entity of midwestern and SLE could be looking at 30-35,000bopd and up to 100mmbbls of 2P. Hopefully that's the way this will play out as the AD would make for some interesting reading. It makes sense for both parties to merge into a much bigger stronger company. Not just the fact that we'd make s*** loads of money on its relisting, that would just be a happy coincidence if it were to go down that path.

Sid - l can't argue with any of that it's all true - but you have to give SLE 9 out of 10 for trying - trying is what OF is paid for. I suggest that the salaries paid today for those above the glass ceiling are really beyond the comprehension of us mere mortals- hey ho hope spring eternal.

"San Leon for certain assets of Midwestern" - OF and Tosca are ambitious players as judged by their past dealings - it wouldn't surprise me in the least if OF couldn't resist the temptation to do a deal in pursuing the acquisition Midwestern asset against cash owed - Yes, here we go again!

SLE - BB 50 posts of meaningless chatter -just shows how many influential insiders live on this BB - amazing!

RM - Yes'generally speaking I am not a conspiracy theorist BUT with the recent events in the USA of Russian troll companies/Facebook and other sites being pay millions in an attempt to influence the US elections does lend credence to the suspicion that this happens across other sectors of the economy and in fact we can see it daily in the real/fake news the lobbying companies getting paid millions to secure an advantage for this or that company with even the banks price fixing of foreign exchange/gold - you could say it's the market stupid always was and always will be!! Sle has over the years to the credit OF been through at least 12 attempts ti wheel and deal us into the oil industry that what he does and that's why Tosca and others approve of his high salary - Nigeria has got to be the last option and in any normal world of business it should be a winner for the people who have bought in at the current price levels - my last purchases were at 55p with Tosca which you could say was a case of triumph for believe over reason when you consider SLE historical company performance ratios till today but this case I believe will be a game changer what with the resource/geographical advantages the company now has as the company should at last be entering a more prosperous period of it's existence.

RM - Yes the proverbial sword of Damocles for me - bearing bearing in mind the UKP 5.00 I need to break even w2ith this share - the question has always been who was going to wield it - Tosca an,outside bidder or heaven forbid the receivers. Good luck to all you guys who bought in at 25p you should make some money here?

Nigerian payments $ 19 Mio from Q4 2017 still appear to come within the frame of "anticipated" given their recent payment history - Avobone's modified payment terms require them to be paid all - Question will they accept part I wonder - of the circa $ 18 mio they are owed from SLE as soon as SLE receives funds from Nigeria and must be paid whether Nigerian funds are received or not latest by15 Jan 2018. We have been given a life saver for now but will Nigeria be in any better position to payout than they are today? Maximum we can comment is that we have been saved from scrambling around to find capital we don't appear to have in our possession at the moment.

DB83 - "income supply that should commence 2019" - Jeez Rocket man could have blown us all to pieces by then - heard mention advice to wannabe rich guys - "don't buy SLE stock until the company establishes it's performance picking up till 40 p then start buying for a ride to 70 p - lackluster performance isn't the word but hey this is Nigeria Why anybody is spending a fortune to build a road down from Port Harcourt to Bony beats me - a recent picture showing pipelines through the swamp wasn't very impressive either more like 15 overlarge garden hoses no wonder the are so vulnerable to destruction or being tapped - hey ho life goes on..

Yes SLE is very lean - some BB commentators would already have you consider SLE a corpse but the debts will reduce (think OF guarantee payment clauses) - production of VERY competitively priced oil/gas will increase. Mean they certainly are as us long term holders have been excluded from any of the cash flows of the company which has been directed towards "encouraging" management to wheel and deal us into the oil business, without a great deal of success to date it must be admitted. SLE can maintain their lease options at a relative low costs and sit back and enjoy the OML18 supply of low cost oil/gas which despite the increase in the green revolution will always be in demand. http://www.zerohedge.com/news/2017-10-17/world%E2%80%99s-largest-oil-companies-deep-trouble-profits-vaporize-while-debts-skyrocket

The current market share price is just pure fantasy considering the extent of SLE assets, improving debt levels and forward looking cash flows from increased production must adjust the current share price to far higher levels surely - the great newspaper articles at the time of the original new share issue price levels were screaming how terrific was 17% return - given say current market returns in this sector are 5% then SLE share price must be worth at a minimum three times current valuation - 90p - plus add on other Europe/Africa sites then SLE has got to be worth a minimum of 170p.

GP - Spelling it out for you - It's an ill wind that blows nobody some good - your churlish interpretation certainly reveals your charater nuf said!

GP - It's an ill wind etc

Sle share price - can't see much movement above 25p in the near future (ie above the last share issue price) unless some major event such as the Chinese bid occurs - which itself is starting to seem more nebulous by the day

QF - thanks - looked further and this was all I found (apart from the annual report 2016) - seems a bit of a non event - anybody attend from this BB would appreciate your opinions - thanks. http://www.sanleonenergy.com/media/3069322/slei_proxy_final_ccs_070917__for_information_only_.pdf Must have been plenty of time left over for drinks - all about selecting and authorising directors to do this and that - tick the box type of meeting - was there any other business discussion?. OF seems very happy - exceedingly happy with himself (we all know why) judging from his photo on the AGM documents not sure about the local with his sideways glance - just an impression.

"The Company is pleased to confirm that all the resolutions were successfully passed." What resolutions - will we ever read what happened - SLE site says nada - damp squib considering all the brave talk on these BB - disappointing to say the least.

What is their motive b long or short term ~ I still have an outler thinking with regards to Dutch interest in Barryroe Ireland

SB GET YOUR COMMENTS OUT OF THE PAST OLD STORY LOOK AHEAD WITH OML18 TB production profile is dependent on OML18 output which with work overs ~ think SLE ~ is set to increase ~ a profit is always profit,