Member Info for bluerill

Blackswan - for heaven's sake, read a book.....

Oh, and since the gloves are now officially off, at the risk of being accused of piling on, your grammar is borderline shocking. If your main contribution is going to continue to be arbitrary commentary with a splash of concussion-induced mouth sounds, it would be nice to encounter a properly constructed sentence once in a wee while. Maybe a comma somewhere in the right neighbourhood?

MP - i generally do not engage directly with any poster, let alone suspicious pop-up types like your good self, particularly ones that immediately start trafficking in corporate 'history lessons' and utterly redundant - though clearly meant to appear sophisticated somehow - 'observations' on phoney issues like someone's investment history. The only thing I care less about than the letters following your name is answering some meaningless question about my own 'qualifications'. Want to know what makes me qualified to post here or share my opinions generally? I know what I'm talking about and I show my work. Period. When you demonstrate the same ability, i.e., proffer ideas and opinions based on facts as they emerge and NOT on innuendo based on past events that are already profoundly well known to all shareholders, and you have my blessing to be as 'negative' as you want. The problem of course is you've gotten off to a terrible start as the 'broken promise' you refer to is clearly addressed in the company's most recent communications, where the company, as I and others have laid out assiduously, is in fact credibly on the verge of fulfilling, albeit later than first thought.

Funny. I would have thought your advanced reading skills would have helped you understand that and prevented this utter waste of everyone's time.

keep your friends close and your enemies twisted with bitterness, huh squirrel? thankyou alaric, that's v kind

Yes mclean, at the risk of sounding definitive and jinxing the situation (I am a bit superstitious for my sins), I believe that is EXACTLY what the fact pattern implies.

Thanks, Alaric. For the record, I was assuming they didn't, which is why I was pretty sure that BS's patronising-sounding response (yeah i know, maybe I'm reading too much into it, but when I read '....but thanks for your contribution...', particularly from someone with such a poor record of relevance, its that 'but' in particular that gets my spidey-sense tingling, know what I mean?) was - as is too often the case - wildly wide of the mark and in fact he had absolutely no idea what I was writing about.

No BS, I don't think 'you' did. While I never know what it is you personally are aware of, my reference was to an item in Friday's Financial Times. I had previously highlighted the ad in the IRISH Times placed by the company prior to their early Jan court date which strongly suggested its confidence in the eventual court decision. However, I did not - nor did anyone else - point out the 'tombstone' that was placed in last week's FT - a far more consequential publication - AFTER the mooted court date and thus tantamount to signalling to the market that the 2-week clock is now formally ticking towards a date in early Feb when the company will be cleared to begin its buyback.

As I said, I have nary a clue what you're on about half the time, but I will wager that this is useful news on the margin for many others.

Smile. Honestly, the nonsense people feel compelled to share, just so someone acknowledges their existence perhaps?

Check out the company's last 3 RNSs which Redeye has graciously reprinted below if you really need a lesson in promises made/promises kept, squirrel junior. And, if you're really feeling frisky, go back and find a copy of Friday's FT for an example of the company in fact ACCELERATING their compliant behaviour towards shareholder commitments (oooh, a bit of an easter egg there for the adventurous)....

Sharebuyback, followed by production-led progressive dividends, anyone?

....and I reckon he has company.....

The share price ground a bit higher today because I've managed to create a couple of buyers of late. That's it. Nothing more to see here......

There is no 'coming capital reorganisation', you shameless mouth-breather. What there is, is 1. a simple court action to bypass the normal requirements for a company to return capital to shareholders, so that San Leon can take the extraordinarily positive step for a company its size and buy back up to near-10% of its issued share capital, and 2. you've been owned. Again.

surely this is some sort of brainfart type of error by an LSE mandarin, Alaric? How could anyone, squirrel or sentient, raise a reasonable objection to the dissemination and analysis of a couple of publicly available announcements, no matter how vigorous the objection of a deeply ethically compromised complainant?

Its just a cross between accounts. Nothing to see here

This is just too ignorant (and, as mclean implies, laughably transparent in its purpose) to comment on at any length. Part of me does grudgingly admire the kind of world-class chutzpah it takes to confirm to the world that you understand even less about finance than you do about the oil and gas business or accounting or financial reporting or math or.....; and I wonder whether it would be better deployed say, at a quality outfit like Cambridge Analytica. Or perhaps down the pub.....

Is this more transformational good news I see? But we were assured that Eroton was a busted flush.
I will doubtless reflect more on this breakthrough later on, but notice one tiny thing now: Eroton new, slightly higher interest rate, is in fact 6% LOWER than the 17% they are paying us. Just sayin.....

RNS Number : 4326M
San Leon Energy PLC
08 January 2019

8 January 2018
San Leon Energy plc
("San Leon" or the "Company")

Eroton Successfully Refinances OML 18 Reserves Based Lending Facility ("RBL")

San Leon Energy plc, the AIM-listed company focused on oil and gas development
and appraisal in Africa, is pleased to provide an update with regards to the
OML 18 reserves-based lending ("RBL") facility held by Eroton Exploration and
Production Company Limited ("Eroton"), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since,
that depositing three future quarterly RBL repayments into a specified Debt
Service Reserve Account ("DSRA") was one of the conditions needing to be
satisfied before the RBL lenders would allow a distribution of dividends from
Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully
refinanced. With a final repayment of $398 million, the RBL has been repaid
in full and replaced by a new reserves-based lending facility with Guarantee
Trust Bank (the "GT Bank RBL") for the same principal amount, with the
following notable advantages:
· The original RBL had a repayment date in mid-2021, while the GT Bank
RBL has a late-2025 repayment date, consequently reducing quarterly repayments
and freeing cashflow (in excess of $80 million per year until mid-2021) for
further drilling and development.
· The DSRA requirement under the GT Bank RBL is reduced to two future
quarterly repayments which combined with the lower quarterly repayment amounts
means that only approximately $50 million is required in the DSRA compared
with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus
10% previously).

Oisin Fanning, CEO of San Leon, commented:
"I am delighted with the terms secured by Eroton for the RBL restructuring,
and the impact which Eroton expects this to have, both unlocking substantial
additional funds for operational activity, as well as lowering the DSRA hurdle
to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified
operational and financing issues at OML 18 and follows the recent
announcements of new well drilling, and of NNPC (the Nigerian National
Petroleum Corporation) paying most of their cash call arrears."

Yes, I know that, Skullbone, and I didn't in any way mean for you to get caught in the crossfire. I was just using your question - which was, in my mind, respectful far beyond what this person deserves, but you are obviously a far better person than I - as a useful springboard to make an important point. Namely, that posters like this squirrel are interested in the precise opposite of what your question means to invoke; ie., their goal is simply to deflect, distract and muddy the waters with misinformation and trivia, and not to conduct a reasonable exchange of ideas, so any kind of reasonable response is, by definition, impossible. Again, the pressing question is, Why?, but I will share some of my thoughts on that one in a later post. In the meantime, don't let my anger at this Trumpian behaviour dampen your goodwill, however. It's admirable that you can still display it to a bad actor like Brother7. For myself, that ship has long since sailed.

I'm sorry - his valuation? Of what exactly? San Leon's equity?!?! Seriously? What exactly in this digital ditto head's vast body of inanities and mindless screeds gives you the faintest impression that he is interested in (or let's face it, capable of) putting his mouth where his mouth is? You think this is someone who is going to violate a message board-lifetime of demagoguing by actually answering a substantive question with like, a number, backed up with like, you know, facts? Perhaps if he could find something to cut and paste from 'San Leon Did Something Bad So I Sue Them for $100B' in last week's issue of the extremely real ThisWasNigerianBizTodayBeforeItWasShutDownBytheRegulator.com. Otherwise, fuggedaboutit....

And another (utterly beside the point, but you know, I wanna) thing....10 quid says you wouldn't know a contingent liability if it kicked you in your furry behind.

Staggered, huh? By the contingent liabilities, huh? On page 25 AAAAND page 44?? And in yet another Mauritius(!) company (whatever the hell that means), that poses absolutely no risk to the one genuine humans on this board are focused on?!?

Somebody get this poor man a cup of tea and an accounting textbook. He's seems to be suffering from the vapours. Again.....

Yes, shame. And that means they never will. Good talk.....

I should have cut you some slack just based on the fact that your syntax isn't borderline kindergarten-level.....