Member Info for Callasjunkie

Energy Link Malta, owner of the FSO, is over 3 months past the legal date for filing its 2019 Accounts. Anyone know why?
Not good seeing as they removed their external Auditor last October.

Great thing about this board is that not only do you get the most incisive and profitable investment analysis but you also get expert psychoanalysis with every post. A team of leading psychologists obviously discuss each case before offering a free consultation.

McClean...the bit you left out...

The OECD representative has decided that there is “a prima facie case to proceed” on the basis of both the complaint and the response by the company that there are “significant differences in perspectives” between the complainant and the company.

How many narcissists are needed to screw in a light bulb?Just one. He justs holds it and the world revolves around him.

https://www.irishtimes.com/business/energy-and-resources/san-leon-energy-under-investigation-for-western-sahara-activity-1.4471091

?

The actual quarterly result for Notore , despite Energy Mix's rosy picture, is pretty dire.
Net loss is 6.5billion Naire as against 1.4 billion loss last year. Have to congratulate Jite in having such a compliant local press.

Indebtedness continues to climb...gone by another 3.5bn Naire. The position is worse than that as Notore continues to treat
Eroton as a bank, again failing to pay for its gas supply of 1.95bn Naire. Notore now owes the equivalent of $33m to Eroton.
Thereby lies a serious conflict of interest in my opinion. Why does it matter to San Leon shareholders? Well its likely to delay
Eroton meeting its bank ability regarding future payment of dividends.

I sincerely hope the TAM works.....its going to have to or this company will not be a going concern. Nigeria needs fertiliser. Jite is some risk taker, buying up clapped out assets. Good luck

QF
You think you have no support in your view. You must have seen that in each of your 2 main posts on the 'connected persons' share transaction debacle you had 5 recommends. I posted my concurring view on 24 December. No amount of window dressing can disguise the fact that both the main shareholder and the CEO of a public company seriously mislead the market for 7 months.
The fact that Fanning couldn't raise the required funds should also worry shareholders.
It doesn't say much for his standing in the financial community and for the attractiveness of this "world class asset" that apparently no lender wanted to know.
No one has asked why he didn't consummate at least a part of the transaction with his own money. With what he extracts from SLE he can hardly be destitute.

MyShipTracking is showing that Eli is due at the port of Tema, Ghana at 17:05 today. (On a separate webpage, its shown as arriving 6 Nov 2021??)

https://www.myshiptracking.com/ports/port-of-tema-in-ghana-id-417

Blackswan, the broker forecasts feeds on this site are extremely suspect. I know that several stock media sources have the same information...but then they are all getting it from the same, probably erroneous source.

San Leon's own website publishes only two brokers' analyses, Allenby and Fox-Davies.
Secondly the broker's name is incorrect. It's Chase, not Cazenove.

Third, I doubt whether J.P.Morgan Chase would cover a tiddler like SLE...and hardly Goldman Sachs!

If you can track down a feed direct off one of the mentioned brokers' own websites I'll give you a fulsome apology.

I see that Energy Link Malta, owner of the fabled ACOES, removed its Auditor in October...cant be good.

It's worth actually reading Notore's Accounts.

PWC have stated a "Material uncertainty relating to going concern". That's the auditing professions way of qualifying accounts without actually doing it and upsetting the management.

Notore is swamped in debt. It had to have its debt restructured a couple of years ago to translate short term into long term debt. Overall debt rose by 35%, with Notore being unable to cover the full annual interest, never mind reducing the capital balance. And to make matters worse, Notore have been debiting the cost of its gas from Eroton, but havent paid over any cash. Effectively Eroton acting another banker to Notore

However the paper revaluations of the Investment Property keep giving, allowing some of the Nigerian press to portray this dog as profitable. In fact Notore made a Loss before Tax of 13.9 billion naire.

Good luck with the TAM...it had better pay off or this company is finished.

And a happy New Year!

Happy Xmas

There you go again, drawing attention to the fact that I'm a non-holder. I love compliments and I know its Xmas, but really you don't have to do this. Many thanks.

QF, I suppose we've never agreed on much, but you've raised a good question. I'd make two points. First, I dont think Fanning could borrow a sou in Ireland with his history here. Probably goes for UK too.
Second, I dont think said gentleman would ever risk his own cash. He'd rather a bank did that.
Whole episode is vintage Fanning.

McLean, would you like to join me in wishing Warren Buffett a belated happy birthday. The world's most successful investor turned 90 last August.

Remarkably high turnover rate of non-executive directors with relevant experience in this company, particularly those with financial expertise. Must be worrying. Butler, Ainsworth, Beal in particular. Higgs with high profile oil experience didn't last long.

per Rocklawn: "PVR should be around 6p now as LOGP IS 1.55.... going on both of their holdings in Barryroe ...."

Or, by the same logic, LOGP should be priced at 1.21

Good luck with Davys.
They previously risk valued PVR at £9.19 per share and unrisked at £47.78!
Almost unheard of for them to give adverse valuations on Irish companies....bad for business.

https://www.proactiveinvestors.co.uk/companies/news/24466/davy-says-barryroe-well-could-unwind-irish-discount-on-providence-resources-shares-29220.html