Member Info for bluerill

Or, and I'm just spitballin' here, maybe management reckon they don't need to pay for a useless has-been to write banal ****e about the company. Aim higher, mate

'.....Nothing that Pavlov's dogs can say alters the incontravertible fact that San Leon is not an oil producer....'
Funny, I was going to say the same about you. Oil, credible observations, whatever. Oh, and funny thing about karma. The more limited your bandwidth, the more poisoned your heart, the more mangled your ethics, the quicker it seems to bite you in your protruding ass. Finally, watch the spelling, cj. You're just making this all too easy.....

* 'shareholder'

Director/PDMR Shareholding

San Leon Energy Plc ("San Leon") announces that on 10 July 2019 Oisin Fanning,
Chief Executive Officer, purchased 270,000 ordinary shares in the Company at
37.09p per share. Following this purchase Mr Fanning holds 9,495,864 shares in
San Leon representing 2.08% of the Company's share capital.

See now, here's another of those 50k foot questions I was referring to:
Has your CEO ever stuck his hand in his pocket to buy a decent number of shares in order to show some solidarity with PIs while signalling to the market that he thinks his shares are too cheap and the future of the company is bright?
And you know what's so useful about an affirmative answer to a question like that? It's basically the cold hard cash version of the point I made yesterday: it's saying something to the effect of, 'Sure, the final economics of the new pipeline are important, but significantly reducing lost sales from leakage and theft is way MORE important.' 'Of course, well depletion rates are something every oil CEO has to contend with, but you know what, my company's main asset is the size of Bahrain and has been prolifically producing since the 1970s, so I know that upgrading 2P reserves and accelerating my drill program is way MORE important and that's what i'm doing.' 'Its a shame that JIte had to delay his Q1 loan repayment, but I have 2 reps on his board and he spent over $50m in H! 2019 getting an early renewal on OML18's licence and buying 13% of SanLeon, so I think I can comfortably cut him some slack! Meantime, I work with him all day, every day on building this company, on capturing huge opportunities like the one afforded us by the government's recent announcement that they will be selling down their majority stakes in fields like OML18, which can fundamentally transform that company. In that context, a quarter's delay of a payment, which is partially in already anyway, seems pretty trivial...' In other words, 'Shit, with all that going on, my shares, trading basically at the NPV of its cash reserves, so I get this substantial and growing core business at next to nothing, are a f**ng loaded spring. I have to top up down here...' Or, something like that.

Oh, and a quick PS.: The trolls don't get to grumble, 'Yeah well, he may have put his hand in his pocket and spent 100grand for shares, but we've paid him enough along the way, blah, blah, blah....' because 1. our board responded to that complaint some years ago and Oisin's comp has been paid primarily (happily I'm told) in shares; and 2. if you think that 100% of oily AIM shareholders aren't complaining about the exact same things - only way worse as they haven't seen a 67% recovery in the past 12 months AND a 55% tender that makes that return nearer 85% and in fact, many of their shares are at or near all-time lows - and BEGGING management to at least buy a few shares and send a + signal to the market, then you probably think cj is a 'legitimate long-term sh

Subject: Released on HotStockRockets today

San Leon Energy (SLE) has announced 2018 calendar year results, that “progress in late 2018 into 2019 on the operational and financial challenges faced by Eroton on OML 18, augur well for San Leon's future” and that “San Leon and SunTrust have now signed binding agreements which terminate all litigation against San Leon, and preclude any future such litigation”…

The latter follows previous reported claims by SunTrust over the purchase by San Leon of an indirect interest in Oil Mining Lease 18, onshore Nigeria, and sees “no consideration was paid by either party to the other”, with SunTrust no longer having any holding in San Leon.

Eroton is the operator of OML 18, in which San Leon has an initial indirect 10.58% economic interest. San Leon notes “cash flow from the company's indirect shareholding in Eroton is anticipated once OML 18 is generating sufficient free cash flow (assisted by recent operational and Reserves Based Lending changes)”, with already “including the effects of losses and downtime, oil sales were approximately 30,000 bopd in 2018. Current oil production before losses and downtime is approximately 49,000 bopd”.

Meanwhile, there is income from OML 18 loan notes repayments – that €56.4 million in 2018 and comparing to a reduced €14.2 million of San Leon administrative expenses, with cash increased to €35.6 million. That enabled the company to tender for and re-purchase €26.8 million of its shares at 46p each in March 2019. At 24th June it has €11.5 million in cash.

It notes “remaining principal plus interest balance as of 26 June 2019 of €141.1 million ($159.7 million) up to maturity on a cash receipt basis… has various guarantees and a share pledge in place which provide some security for payments due to the company under the loan notes”, that “the increase in operational activity is an opportunity for the company to generate income from the provision of rig and rig-related services, and production services, from its master service agreement with Eroton” and there’s also “4.5% net profit interest in the Barryroe oil field, offshore Ireland… considers… to be of significant potential value”.

With the shares currently 38p, that all compares to a current circa £173 million (€193 million) market cap. We hope that you were buying at as low as 22p as advised here. With particularly recent improved operational momentum, 50p+ looks eminently achievable. At up to 40p, buy.

the company's broker's simple declaration:

San Leon Energy* ? (SLE.L, 37.75p, £172m) says that operator Eroton has received a 20-year extension for the OML 18 license, to 2039. Positive – not a surprise, but still a major milestone for SLE’s flagship project.

I have extended the following invitation to the head of the snake on the other board:

'.....Sorry Jabba, but you're a bit of an archivist, if only of bits and pieces that portray San Leon negatively and out of context, surely you can provide us with all the other licence renewal announcements this year? After all, nearly 100% of all OML licences are up for renewal this year, most with a July 'deadline', so since Eroton are suuuuch a distressed operator with suuuuch a weak balance sheet, surely their OML18 20year extension must be one of the very last renewals granted. Surely they barely squeaked through after everyone else, right? Jabba....???

Awkwardly written, but the point I'm making is that not only has this licence been renewed but it is one of the first, at least that I have seen. This is a huge year for renewals in country, and a relatively early decision on OML18 is not just great news on its face, but an endorsement of Eroton's development plans, financial flexibility and operatorship to date, literally a complete 180 from the narrative periodically put forward by Jabba and his minions.

There was no 'settlement', you pompous gasbag. No payments, no nothing. Just a lot of wasted time and attention on a frivolous action brought by a corrupt entity. That, coupled with selective demagoguing by faceless avatars on message boards, meant to whip up fear while disguised as some kind of 'truth tellers'. Bottom-line: no one here needs to be reminded that they own shares in a company that does business in Nigeria, any more than you need to be told you're a muppet

christ man, once, just for fun, have a point. There just aren't enough useless 5 minute periods in my day to try and play teacher to your special ed student.

Thanks so much for popping in bs, and sharing another of your wonderful combos of the blindingly obvious wrapped in bitter, yet somehow still witless, word salad. Classic.

sorry. wrote this with my laptop on my stomach,,,,
'.....give or take a day or TWO either side.....'

jesus, it's as was. this arrangement has been in place since the beginning as production dividends to MLPL have been delayed so eroton/midwestern have been providing the quarterly payments (which they have been compensated for), in full and on-time, give or take a day or do either side (remember part of the Q4 2018's payment, 10m, was paid early and is in fact included in these results). This quarter's payment will be received like al the others

Well, better late than never and all that. Good that we are finally well along the announced 4 well program with well 1, Akaso 15, producing at near 5k bbls/day, which is pretty impressive, and Akaso 16 likely flowing as well, though steady state flow rate not yet announced. Rig moving on to 3rd location as slow-off-the-mark program seems to be gathering some pace. Hopefully, full year results in a few days will provide added details on production and now, oil and service revenues, and future drilling plans as well.

It has. Brent is up around 7% off its recent lows - although mostly on fears of supply cuts and not actual ones - largely as a result of Gulf-related sabre rattling

omg!!: 'YOU'RE' a blithering boardtard.....I'm mortified. Dumb must be contagious

Look, I'm not saying your a blithering boardtard (new word. let me know what you think), but 4 out of 5 squirrels approve.

Me: attend Anger Anonymous. You: read a book

Sure thing. Just as soon as you contribute absolutely anything, like anything, that your sixth form teacher wouldn't reject for incoherence. Please god. Anything.

My insights and advice come wrapped in a suffer-no-fools hard candy shell, no doubt. Write something toxic, intentionally deceptive, ad hominem, or more commonly for you, spectacularly redundant, and you are certainly going to hear from me. Frankly, given the constant need to correct and inform whenever you appear, it's a wonder I have any energy left for some advice of my own, but here goes: post when you have something worthwhile to contribute. That shouldn't be controversial, yet for emotional needy types it apparently remains stubbornly so. What constitutes a 'worthwhile' contribution? Well, that depends, but I can tell you for free what it isn't: It's never,ever a primal scream disguised as a history lesson in how high the share price used to be back in the day, and how your pain in buying at so much higher prices informs your righteous anger and HOW EVERYONE ON THIS BULLETIN BOARD NEEDS TO KNOW JUST HOW MUCH YOU'VE SUFFERED, AND TO STOP TALKING ABOUT HOW HEALTHY THE BALANCE SHEET IS NOW AND THE STRATEGIC BUYING IN THE SHARES AND THE PROSPECTS FOR FURTHER CAPITAL RETURNS!!!' Because, you know, you're losing money.....Hint: Share that rubbish with your analyst. He's paid to listen to your tortured logic. I'm not.

And as for civility? I think in your case, it got consumed by irony.

Really? You read lots of threads? I mean, if it were just one or 2, I'd probably just be like, 'Oh yeah?! Well you're a useless little squirrel numpkin who stumbles in here periodically to argue incoherently and engage in a bit of Trump-style projection, accusing someone else of engaging in the very thing he's perpetually guilty of...' But seeing as you're out there, reading LOTS of threads so you can selflessly come back here and share your hard-fought insights into like, who's really mean and stuff, well, respect dude. I'm convinced

god, you' are such a complete muffin top. But that's just the view outside Nigeria. Inside, you're probably just an ordinary potato head.
As for the sentient shareholders, I would clarify my correction of PC: there were definitely a couple of real buyers around today, so the volume was genuine. As for coming announcements, I am relatively agnostic, but I would agree that the probability of some relevant RNSs has likely increased.