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SLE executed a 50m USD refinancing deal with MM Capital on 8 July 2022. Terms are 10% and generous repayment dates. Soon after the Company announces its seeking an alternative lender. No explanation given that I can find.

Meanwhile it would appear that SLE can't pay its employees. Bizarre.

For balance, here are Eroton's counterclaims:

"Suit Number FHC/L/CS/1107/2020 – Eroton Exploration & Production

Company Limited v. Guaranty Trust Bank plc and OML 18 Energy Resource

Limited (formerly known as Sahara Field Production Limited).

Eroton claims that it is the agreement of parties that where there is dispute arising

from the performance of terms of the JOA acceded to by Sahara via a deed of

81

accession, the parties should refer such dispute to arbitration under the arbitration

laws of Nigeria. In this regard, Eroton commenced arbitration proceedings against

Sahara for failing to liquidate its share of cash calls and costs/expenditure incurred

on the joint operations of OML 18."

Eroton suing to have dispute referred to arbitration..... lol

"Suit Number FHC/L/CS/1080/2020 – Eroton Exploration & Production

Company Limited v. OML 18 Energy Resource Limited (formerly known as

Sahara Field Production Limited).

This is a petition filed by Eroton against Sahara seeking an order of the FHC to wind

up Sahara on the basis of Sahara’s inability to liquidate the outstanding debt due to

Eroton.

It is the case of Eroton that it expended several sums for itself and Sahara in respect

of the costs/expenditure incurred in the joint operations and cash calls for OML 18.

Sahara is obligated but has failed to reimburse Eroton for Sahara’s share in the joint

operations and cash calls.

The total outstanding debt due to Eroton is US$72,111,096.72 being the sum paid

by Eroton in respect of Sahara’s participating interest in OML 18. As part of this

claim Eroton also sought and obtained an Ex Parte injunction restraining Sahara

from utilizing its bank accounts."

"Appeal Number CA/LAG/CV/104/2021 – Eroton Exploration & Production

Company Limited v. OML 18 Energy Resource Limited (formerly known as

Sahara Field Production Limited) & 2 others;

Eroton is the Appellant, Sahara is the first Respondent, Bilton OML 18 Limited is the

second Respondent and Bilton is the third Respondent."

Litigation is about legal jurisdiction...no amounts specifically claimed.

Now Alaric, you claim to have A-level maths (although they have failed you do date).

Maybe a bit of adding and subtraction is not beyond your capabilities.

Alaric , I shouldn't have to do this but seeing that you are unable to look up this publicly available information yourself...here are the references from SLE's Admission Document....unless of course you dispute its veracity...

"Suit Number FHC/L/CS/976/2020 – OML 18 Energy Resource Limited (formerly

known as Sahara Field Production Limited) v. Eroton Exploration &

Production Company Limited.

Sahara is the Plaintiff and Eroton is the Defendant and the claim is related to the

recovery of a disputed debt of US$72 million arising from outstanding legacy issues

regarding the acquisition of OML 18.

Sahara alleges that by an agreement dated 14 October 2019, Eroton had agreed to

pay the sum of US$80 million in consideration of Sahara’s participating interest and

contribution towards the acquisition and operation of OML 18. Sahara alleges that

Eroton has only paid US$8 million in this regard. Sahara’s total claim is for the sum

of US$72 million being the alleged total balance due to Sahara from Eroton under

the agreement."

"Suit Number FHC/L/CS/977/2020 – OML 18 Energy Resource Limited (formerly

known as Sahara Field Production Limited) v. Eroton Exploration &

Production Company Limited.

This is a petition by Sahara against Eroton. Sahara is seeking an order of the FHC

to wind up Eroton on the basis of Eroton’s inability to liquidate the outstanding debt

due to it.

Sahara’s case is that it is entitled to the principal sum of US$47,944,072 being its

alleged share of the profit oil accruing from OML 18 during the period from March

2015 and June, 2019, being the period when Eroton held 16.2% participating

interest in trust for Sahara. Eroton made an application to stay proceedings in favour

of arbitration in the FHC. The FHC declined Eroton’s application on the ground that

matters of winding up proceedings are not arbitrable in its ruling of 9 September

2020."

"Suit Number FHC/L/CS/1232/2020 – OML 18 Energy Resource Limited

(formerly known as Sahara Field Production Limited) v. Bilton OML 18 Limited

& 2 others.

Sahara is the Plaintiff, Bilton OML 18 Limited is the first Defendant, Bilton is the

second Defendant and Eroton is the third Defendant. Sahara is seeking judicial

interpretation of certain provisions of a financial service agreement (“Financial

Service Agreement”) between it and Bilton and payment of approximately

US$45 million being the sum Sahara claims was expended by Sahara on the Bilton

entities’ acquisition of 1.8% interest in Eroton’s OML 18."

"Suit Number FHC/L/CS/1231/2020 – OML 18 Energy Resource Limited

v. Eroton Exploration & Production Company Limited and Notore Chemical Industries plc.

Sahara is the Plaintiff, while Eroton and Notore Chemical are both Defendants.

The Plaintiff alleges that by a farm out agreement dated 20 March 2020 (“Farm Out

Agreement”), it is entitled to 36% of all sums received by Eroton pursuant to the

JOA, Shell Offtake Agreement and

Here are excerpts from NNPC's OML18 statement from its website:

"In order to protect the Joint Venture (JV) investment in OML 18, the non-operating partners, NNPC Limited (55% interest) and OML 18 Energy Limited (“OML 18 Energy” – 16.20% interest), jointly owning 71.20% equity, removed Eroton as operator of the JV in line with the provisions of the Joint Operating Agreement (JOA). NNPC Limited and OML 18 Energy further appointed NNPC Eighteen Operating Limited as operator of the JV.

The change in operatorship has been notified to the Nigerian Upstream Regulatory Commission (NUPRC) and communicated to Eroton.

While the key business reasons that made the change in operatorship are compelling, it is publicly available information that production has declined from thirty thousand barrels per day (30,000 bpd) to zero. The persisting inability of Eroton to meet the fiscal obligations of the Federal Government led to the sealing of Eroton’s head office in Lagos by the Federal Inland Revenue Service (FIRS) for more than twelve months due to non-payment of outstanding taxes to the Government. Eroton is also not able to remit to the JV parties the proceeds of gas supplied to its affiliate, NOTORE. A number of audits and investigations, including by the EFCC, NURPC’s work programme audit and others have been undertaken or are ongoing. Some of these audits are regulatory steps that may lead to licence revocation under the relevant Laws if drastic steps are not taken by non-operating partners.

NNPC Limited in particular, as majority shareholder with a unique stewardship responsibility to the Federation, is committed to assuring that the energy and financial security of the Country is uppermost in its business decisions. Removing an operator in these circumstances is therefore inevitable in order to protect the JV from Governmental or third parties action from entities, including Eroton's lenders and other service providers.

Following the equity acquisition, Eroton became NNPC’s partner in the OML 18 JV and Eroton was designated as the Operator in accordance with relevant provisions of the Joint Operating Agreement (JOA) between the parties.

From 2016 to date, OML 18's net crude oil production has significantly fallen from approximately thirty thousand barrels per day (30,000 bpd) to zero production, despite conscompliance to the joint venture’s funding obligations by the JV partners over the same period. In recognition of the impact of the challenges in crude evacuation via the Nembe Creek Trunk Line (NCTL), the operator proposed, and partners approved an Alternative Crude Oil Evacuation Process by barging. Eroton is unable to execute this alternative, leading to the current zero production status of the asset."

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