Member Info for BlackSwan

9il demand will fall as alternative energy sources proliferate ~ BUT low cost producers such as Nigeria will massively benefit to supply base petrochemical production and thats where SLE will make money .

We were all well aware that the hedge would finish and many times I have commented that we needed to double the OML18 field output to make up for this fall in income if production remained at 2016 levels - NNPC payments made to date are extremely unsatisfactory and to be realistic at this rate they aren't going to top the bank up to which dividends can be made anytime soon. OML18 field development - I am not sure that Eroton have to take SLE for future field development unless SLE are competitively priced in the bidding for work so no sure income there. Nigeria is well known for being a difficult environment to work in - surely OF must have known about the none payments of monies due to companies operating in Nigeria - but hey when your salary isn't related to production output but to the wizardry of deal making you can get away with fortunes - namely shareholders fortunes The quickest way for us LTH to recoup pence back on our original investments is for a give away take over to be made at around.79p and good riddance putting us out of our misery of having to watch the markets hopefully every day!

In my posts I have always maintained SLE are a bankers style oil company preferring to spread risks by holding a percentage in oil projects rather than 100% - witness their history the most recent being the retention of percentages in the Polish assets..

What tangled webs we weave!

Still a little early for the laitte drinkers and MM - action one way or another 1100 am.

Lets see how the MM, spread betters and paid BB posters handle this one - interesting?

Sale of assets - Poland - shares issued Yorkville $6.25 mio.- Loan notes income - OF smart clause security package working providing quarterly income $14 mio. - China Great ongoing bid large EPC partner being sought by China Great - SLE appointee to take up position on Eroton Board giving us more detail on the ground local information and control. Still no target date for dividends - slow rate of OML18 development work together with pipeline losses.

Markets totally wrong in pricing of SLE - game on today and through to the end of this year- it's going to make a nice change. - SLE 55p in next 3 months minimum.

https://www.bloomberg.com/news/articles/2017-08-31/nigeria-s-biggest-power-plant-owed-352-million-by-government Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End Nation to issue $2.5 billion in October to fund 2017 budget

Shell Says Its Nigeria Power Plant Stymied by Unpaid Debts 28 September , 2017

Second thoughts - looks like we missed the boat on that business model! - or did we MMM!?

http://www.telegraph.co.uk/business/2017/09/26/afren-bosses-charged-400m-fraud-triggered-collapse-oil-explorer/ Interesting story - Nigeria - looks like we missed the boat on that business model!

HSid - Good question- "Besides as we have received very little from the deal so far, why haven't SLE already started to claim income from these other clauses written into the contracts?" I am also waiting to see when OF "smart" contractual clause embedded in the original documents will be applied - yes, we NEED income now but we "seemed" to have secured financial back up to say end of 2018 - I hope we never have to use it!. We should have been well on our way to doubling the output from OML18 by now in order to compensate for the fall in income levels when the OML18 oil price hedge comes off - what was it $97. Reference the article posted on this BB regarding the trillions missing from the Nigerian accounts the article did did mention, almost as an aside,that the government were aware that tax incomes levels in the country rely heavily on receipts from oil exporters particularly on those created with "local" national companies that were created by forcing the large multinationals to divest themselves to local ownership of the countries oil producing assets..

Didn't I also read that SLE with others could sell any oil output directly into the market bypassing the NNPC in case of disputes such as non payment from NNPC - regarding the previous thread - payment in shares rather than "nothing" is not such a bad idea considering we know (this time that at leas)t the oil is there, it will be sold one way or another and SLE would finish up with a larger percentage ownership stake of "a world class" oil production field with all the benefits that could provide as per the original investment strategy.

jjdk - Thanks makes a change to have some factual information from somebody who has more time than I have to sift through the "facts".Regarding the 77mio outstanding payments to SLE - didn't I read somewhere that in the case MLPL fail to pay cash sums owed then SLE have a contractual claim to take claim payments in direct share holdings of MLPL in lieu of any otstanding sums owed to SLE?

The disposal of these six concessions in Poland reduces San Leon's expenditure on non-core assets whilst retaining future net profit interests in the case of development success. Following the disposal, the Company holds the following unconventional exploration licences in Poland: Baltic Basin - Gdansk West & Szczawno Concessions. Baltic basin and Gdansk west SLE kept the best both proven prospects in Poland - seems SLE are still in the game and far from being wound up as some commentators on this BB have quipped.

Looking forward to this - Midwestern will have to start payment of one kind or another by next month because of Erotons default - activation of OF built in payment protection clauses - interesting to see when and how much we get paid - we know Midwestern have the cash.

inch group = Dutch - do they know more than we know about a imminent farm out to the Dutch conglomerate who was sniffing around for Barryroe?

According to the Fortune Global 500 in 2012, ING was the world's largest banking/financial services and insurance conglomerate by revenue with gross receipts exceeding $150 billion per annum; overall, it was the 18th largest corporation by revenue.[5] As of 2013, ING served over 48 million individual and institutional clients in more than 40 countries, with a worldwide workforce exceeding 75,000. The company is a component of the Euro Stoxx 50 stock market index.[6]

Thanks RM - agree go for it difficult to prove?