Member Info for Callasjunkie

Nigeria has the same libel, defamation legislation as others.

If only a smidgen of what's reported by
Punch, The Whistler, The Moment
were fabricated, then they would be in very serious trouble.
I'd be surprised if they haven't authenticated their sources.

Punch. Well spotted Afamefuna. It didn't come up on my news feed.
I see Narcissus and Echo are attempting Custer's last stand. Nothing to lose before they move on to ramp some other gullibles elsewhere. I really do wonder who they were working for?

Thanks BlackSwan. When posting here I have to keep reminding myself that you and others are holders and I am not. After all, Fanning was able to attract George Soros and Blackrock in the past before they saw the light . My interest started out as academic as I spent most of my life working in the oil industry. I am also very aware of Fanning's financial track record in Ireland, way before all his other later oil failures around the world. I must admit that my interest sharpened when it became obvious that there was an unusually extreme amount of ramping going on, going back to Smithy and beyond up to the current Narcissus and poodle Echo. They haven't the nous to see that their insulting behaviour is counterproductive.

I see that Quel (whom I wouldn't regard as a ramper) hasn't come back to provide evidence of my posting misinformation...if he's looking for that he'll find rich sources of that by studying RNSs over several years past.

Quel, if you have identified misinformation, then it's up to you to prove it. You haven't commented on the main points I made.

I'm using MyShipTracking, Quel
https://www.myshiptracking.com/vessels/eli-akaso-mmsi-370570000-imo-0

Any comment on the main points I made?

BlackSwan - where to begin?

As you point out, the statements in the Interim Results of 30 September were explicit that pipe-laying was about to commence and that the ACOES would be operational in 1Q/2023. The first promise was so explicit, that without a correcting RNS, now, nearly 5 months later, this statement innocently or deliberately, has in my opinion, misled the market. Irresponsible.
Regarding the liquidity position, readers might ponder this question:
The Interims mentioned that barging was progressing to a 'mother vessel' and when deliveries reached 250,000 bbls, they would be transferred to the FSO, which was stated to be 'on station'. If you were short of cash why wouldn't you deliver the 250,000 bbls direct to a refinery. Its a substantial parcel that virtually any refiner that's geared to processing light, sweet crude would be glad to accept? It would have had a sales value in excess of $20 million.
Doesn't add up !
Instead we are promised a fire sale of a shareholding in Decklar which itself is going on and on.

Meanwhile, the 'mother vessel' isn't identified and the Eli Akaso has not been picked up on the recognised marine tracking sites for months and months.
The soap opera continues....

ELI case deferred until 12th May. Whatever is going on, it can't be good news for the ACOES schedule.

BlackSwan, I agree with a lot of your last post but I'm not sure I'd be so confident of the funding. If Eli can easily raise the funds assumedly owed to Brightwaters, why did it get as far as litigation. This is Jite's show, not OFs. If, and I appreciate we don't know for sure, Brightwaters had a turnkey contract, then Eli may have to go back to the drawing board. A lot of months gone by without explanation of what is holding up loan approval and eyebrows raised as the purpose of the Afrix loan is not in keeping with it's normal lending criteria. Maybe the Eli Akaso has been generating decent revenues. All very intriguing. A lot more twists and turns in this high stakes soap opera to come, as you'll agree.

Black swan, another side-issue is the execution of the Afreximbank loan. With this case unresolved, it's hard to imagine, but not impossible, that the lending consortium wouldn't put things on hold.

Black swan, it's both intriguing and confusing. The case has a reference 124/2022 but is described as a first hearing tomorrow 22nd. As far as I can deduce from the Maltese Companies Act, a petition for winding up, under the Section mentioned, must be on the basis of a proven debt unpaid for 24 weeks (or months - can't remember). The action may be a device to coerce payment of the debt...but can Eli pay, that's the question. I don't know if the amount of the debt is in the public domain?

Correction: Energy-Link Infrastructure Malta, reported owner of the Eli Akaso.

Notice of winding up application and notice of winding up registration under S214 of the Maltese Companies Act, filed separately in the Maltese Commercial Court relating to Eli Infrastructure Malta, later filed on consecutive days 15th and 16th February in the Maltese Business Registry.
RNS got lost in cyberspace?

SLEs Decklar stake for sale. In the books for $5.6m.

At current market prices, SLE's 11% stake is worth $1.9m

https://www.decklarresources.com/investors/financial-reports/

Specifically Q3 Management Discussion and Analysis

Sam, thank you for your insightful post, whereby you imply that I am "thick".
Bowing to your higher IQ and oil industry experience, (despite my career in the oil industry), can you enlighten me as to the difference between the "mother vessel" and the FSO. If a "mother vessel" is to accumulate 250,000 bbls that's a very significant oil cargo that wouldn't need an FSO to take it to a refining centre. Most European refineries will be happy to accept 80,000 bbls+ deliveries. I'm confused and would beg your superior knowledge to explain this. From previous RNS info I I had assumed barging was direct to the FSO. Secondly, just how much barging is being accomplished? Your post suggests it's going very well. Can you enlarge? Best regards, in awe.

Yes, "treat [sic]"...appropriate slip by Guardian.ng

Afamefuna, thanks for the heads up.

You didnt highlight what must be the most important bit of Eroton's statement:

" {the vandalism}.... is snowballing into an existential treat to the company."

The San Leon story is as intriguing as ever. Decklar announces that it is initiating supplies to a modular refinery in Edo State. It's inland near Benin and 290km away. Fair enough if you are desperate for revenue. Interestingly the same refining company has a similar unit just 87kms away at Watersmith. Oza oil at 23 Deg API is a heavy crude, which means it will have substantial 'bottoms'. Conventionally these would normally be processed through cracking units (not currently available in Nigeria) or used as a base for asphalt/bitumen. That suggests to me that Decklar will take a very substantial discount on its crude. Interesting.

Decklar posted two separate news items in May describing their successful trucking of Oza oil to market via the Umigini pipeline to Forcados terminal. However, their 2Q accounts to 29 June show zero sales revenue!!
Could it be that they are a victim of the Forcados outage and therefore no sale. You would think Decklar would have provided an explanation.

Alaric,
I have never held shares in San Leon and never will I.

Please go back through my posts and produce the evidence of your allegation.

The rest of your post is a lot of words to say nothing.

Now off you go and produce that evidence....