Member Info for Callasjunkie

San Leon motion listed to be heard in High Court, Chancery Division later today. Chancery....how appropriate.

Dan, you seem to have made the supposition that MidWestern are not going to meet their $19m payment obligation "on or before 1 January"....because if they do, that money, pretty well in its entirety, has to be paid immediately. In the less than likely event that MidWestern meet their obligation, SLE may have difficulty in remitting the currrency unless they get Central Bank clearance.....and that sure cant be assumed. So maybe that's what this latest rabbit out of the hat is really all about.

In all the thousands of posts re "the transformational deal", I don't recall anyone raising the issue of remitting currency out of Nigeria. I never raised it before as the prospect of SLE having remittable dollars in the foreseeable future is remote. However, I hope Avobone have done their homework as, as far as I know, their payment, whether in dollars or euros, will require the approval of the Nigerian Central Bank. Unless of course, Midwestern have currency outside Nigerian jurisdiction.

So, the company, Midwestern, that is due to pay San Leon $19m by 1 January wants San Leon to buy it and get out of this 'world class asset'!. San Leon, that doesn't have a pot to p*ss in, wants MidWestern to buy it. And Eroton doesn't seem to want either. Gives whole new meaning to "in-play". Reminds me of the old joke. 'She offered her honour, he honoured her offer, so it was honour and offer all night.!

TB, you continue to excel: "Have a look at oml18s production profile and then calculate SLEs cut from there". I've scoured the 2016 Annual Report and the 2017 Interims. Not a single production statistic. So if you have privy to production data, please post it here for all of us to share. "the money is the same whether SLE operates or just takes a profit share." How could you arrive at that conclusion? ( my support for your Nobel Prize in Economics fading fast). If SLE had a direct rather than an indirect interest it would have had a higher cashflow to date, as net oil revenue would go direct ot its coffers. As its an indirect interest, all net production revenue has to be forwarded to the RBL security deposit. When thats paid off, if ever, then dividends have to filter through 4 layers of corporate hierarchy until it reaches lowly SLE at the bottom of the heap.

TB, "Am I aware what the services agreement is potentially valued at?". Gosh that's a difficult one, but what I do know, which you seem to be unaware of, is that the 2017 Interims has the following: Revenue: 71,000 Cost of Sales (32,000) Gross Profit 39,000 Now lets be kind ( a concept you do not seem to be familiar with) and attribute all this humungus profit to oil services. So how would I value it .....in the words of Paul Daniels....not a lot. ps very surprised you're dont seem to be interested in that Nobel Priize.

TB, If your contention that the potential loss on the hedge of circa $160m p.a. is a 'good thing' can be proven, I personally will use all my endeavors to have you nominated for the Nobel Prize for Economics.

Any morsel from NNPC is welcome, but to put it into context, in 3 months time Eroton will lose the Shell production hedge. That hedge is nets $92bbl against a mid-2018 hedgeable price for U.S. crude of $51.24. Add say $5 for location/quality differential of Nigerian light, sweet crude and the current benefit on the hedged barrels is $36+ per barrel. In 2017 the hedge applies to 366,000bbls per month. So three cheers for the $7m. Even if NNPC stumped up the the remaining $86m, a once-off item, it hardly compensates for Eroton losing close to $160m annually from the loss of the current hedge.

I have never bought the idea that a serious operating energy company would be interested in an insignificant indirect investment in a Nigerian oilfield, where there are layers of priority corporate holdings....NNPC > Eroton > Martwestern > San Leon Mauritius > San Leon at 9.72% at the bottom of the heap....and due to fall to 5.4% in the not too distant future. If there is any veracity to the "large EPC" story, it only makes any sense in terms of an EPC taking out Eroton and the whole caboodle below NNPC. Therefore it may be a good initial ploy to get as much data as you can on OML18 quietly and on the cheap. That's the optimistic interpretation. China Great of course might never have been interested in making a bid, but armed with data, to go out and promote OML18 as a matchmaker for an introduction fee/cut and are just stringing SLE along. Afraid my money is on the latter, assuming that there is any EPC at all.

San Leon, the company now focussed on production, has produced not a single production statistic for OML18 in its Annual Report for 2016 or its Interims for 2017.

I'm sure that ING have an email address. Why dont you tip them off and then share their reply with everyone else on this board. That'll teach them!

DB83, I also read that RNS when issued in April. Whilst it's not a proper production report, it does contain significant information. The company that SLE replaced (in fact bought out, Mart Resources of Canada,) did publish occasional tabulated production reports, issued to it, if I remember correctly, by Midwestern Nigeria (SLE'S 60% partner in Mauritian Bidco). Interesting that a company's main promotional document, the Annual Report doesn't, in SLE's case, contain a single reference to specific production since April. If significant progress had been made in gross-to-net loss avoidance, either by physical controls or revised loss sharing arrangements, I would have thought we would have heard about it by now. Just saw your latest reply. It's the net figures that earn you the revenue, not the gross.

Dan, thanks for looking. All that tells us is that production to date is less than 100,000 b/d. That's anywhere between 0 and 99,999 b/d. As this company can only do all the wonderful things you are hoping for, and I hope you get, based on production, don't you think it odd, nay bizarre, that there are no statistics on actual production?

Nearly a week ago I asked if anyone could find a single production statistic for OML18 in the 104 page Annual Report. Did anyone find one?

Based on a recent BBC 4 radio documentary based on a GP surgery in Bournemouth, by August this year the GP practice will slump from high of 8 down to 3. Two docs gone to Aus/NZ, rest taking up less stressful locum work. If you watched the recent BBC TV hospital series, junior doctors are packing it in in serious numbers. Canada a popular destination. Stafff shortages may not be the answer but reading through the management speak of the RNS of a few weeks ago, they have equipped their latest hospital with state-of-art operating theaters but cant get the staff to open them. Brexit means Brexit, just as cock up means cock up.

Happy Brexit everyone!

With the NHS on its knees you would think this share would be going through the roof! Only explanation I can think of is that the private sector is undergoing the same post-Brexit brain-drain as the NHS.

Some posters might find the attached guide useful, although it'll take a couple of readings. Its a difficult subject and the information is biased towards knowing the rights of management and creditors rather than shareholders. There seems to be a lot of latitude in the type of administration....and there seems to be precious little information on how and when shareholders are given information.....although Littlebilly's info about a report issued from Alixpartners after 8 weeks seems to be spot on. http://www.companyrescue.co.uk/company-administration/detailed-administration Interesting that it seems to be possible to use this as a backdoor to our old friend, a Scheme of Arrangement.

Forget all the bad news....let's celebrate the forthcoming nuptuals of Greygeorge and Isengard7. Contributors to the BB might like to suggest wedding presents. I'll start the ball rolling by suggesting a copy of Ovid's Metamorphoses containing the story of Narcissus and Echo.

Bad news but I think ASOG did all they could. It was so ill-managed as to make Lazarus look positively over-active. However its not all bad....I hear that Greygeorge and Isangard7 are tying the knot. Guess who will wear the trousers!