Member Info for Callasjunkie

Where's Echo?

Narcissus and Echo

Agree with much of what you say. Gas is going to be indispensable for a few years yet but oil is another story. The market for transport fuels is going to disappear and petrochemical demand will reduce. Electric cars are reliably forecast to become cheaper than internal combustion engines in next 2 to 3 years. U.S., Canada already f***ed up....California, Oregon, Vancouver... And what odds a continuing or additional pandemic? The young are becoming increasingly p*ssed off with the status quo.

Sam, thank you for that fascinating insight. If only you could have enlightened the civilised world at COP26.

??

Next quarterly filing deadline - 29 November.
Should be be interesting.

Looking again, I'm not sure if oil goes into the NCTL pipeline or Shell's alternative line. Still question marks re Bonny.

Sounds positive. No mention of contractual status with Aiteo re pipeline or Shell re Bonny. The Oza crude is Heavy (20-22 API) feeding into a defined grade of Bonny Light crude (32.9 API). I don't know what the operating/contractual implications of this are, but the Decklar news item might have mentioned. At least the Oza crude is sweet. As long as there are no operational issues, the discount for light to heavy crudes is not huge.

Interesting set of results.

OML18 Oil production:

113,000 b/d. - 2016 Competent Persons Report forecast for 2021, excl gas
32,000 b/d - 2019 full year
25,200 b/d - 1H 2020
21,100 b/d - 2020 full year
5,500 b/d - 1H 2021

Yet despite this, San Lean earns a 1H 2021 profit of $8.1m, coming entirely from Loan Note income, of which only $0.75m was actually paid, the balance rolled up the valuation of Financial Assets...and of course no Loan Note capital paid.

Despite the 60% shareholder in MLPL being able to meet their debts as they fall due and the dramatic fall in Eroton's production, the carrying value of San Leon's investment in MLPL is written up by $7.7m!!!

If I were GTBank, I would be extremely worried.

However I reckon Linda Beale is feeling mighty relieved.

Thanks, Donald.
p.s. Easy on the bleach.

Could be Ireland's bad loans agency. Appropriate. Nothing else fits on Google

Eli Infrastructure already 8 months over the legal deadline for filing audited accounts for 2019. Removed their statutory auditor last year.

Both Bonny Light and Barryroe are high API crudes. Plenty of light ends (gasoline and petrochemical components). Barryroe's problem is that it is significantly waxy, which makes it more difficult and expensive to extract, store and transport. Its probably a key factor in why farm outs haven't happened.

The shares would be issued to Midwestern, not MLPL, and Midwestern would become the majority shareholder.

Eli Infrastructure, owner of the FSO project, is now over 6 months over the legal deadline in filing their 2019 Accounts. Maybe they've negotiated an extension, on a Covid excuse? Considering that they got rid of their statutory auditor last year, there are questions to answer.

I just sold my holding at a loss.
Didnt wish to but am forced into it by incompetence of current management.

The Special Dividend is taxable as income to shareholders in the UK and I assume Ireland (Revenue in both countries usually treat these matters identically) where I am resident.

I will lose 40% of the dividend in income tax. So I gain 60% in income but lose an equivalent 100% through the share consolidation, as my shareholding will be reduced by the amount of the gross dividend.

So an action that is intended to preserve the share price causes me to have to sell my shares.
The tax advice for UK residents means that all higher rate tax payers are going to needlessly LOSE money.
I can only conclude that this company couldn't give a fiddler's for the private shareholder.
The CFO is paid an obscene £807k a year....and he comes up with this!!!

The consolidation is purely to preserve the market price of the share...just optics

Good luck. I'm out.

While not a perfect predictor of trends, the Chicago Mercantile Exchange, the main Futures market for WTI, is heavily into backwardation, quoting around usd 52/bbl for both 2025 and 2030.

Agree with you MCCO....only problem is that both personally and corporately, Fanning seems to have been continuously in litigation or arbitration over the years, most of it lost. He's certainly enriched the legal profession.

Nice find, Afamefuma.
So Fanning purchases a £5.2m pad in London and grants San Leon an option to buy it off him for £100 in a scheme to avoid Stamp Duty. He didnt comply with the relevant avoidance legislation and has lost his appeal for £250,000 duty. Interesting that two non-executive Directors resigned subsequently.
Whats the betting that the charge and occupancy by San Leon staff goes up accordingly?
Vintage Fanning.

Decklar announcement this afternoon...shares rose 30%.

https://www.globenewswire.com/news-release/2021/04/08/2206953/0/en/Decklar-Resources-Inc-Announces-Operations-Update-on-Oza-1-Well-Re-entry.html