Member Info for G1lo

After reading McGrath and Lombard comments, if Barryroe is not been given the go ahead for development this year then it never will. Someone will have to tell Ryan eventually what common sense and compromise means : develop your renewable projects but in the meantime use your own safe local ressources so that you can afford to pay for your big green plans. https://www.thecork.ie/2022/03/20/goverment-senator-says-ireland-must-have-honest-debate-on-energy-security-including-exploring-the-potential-of-our-own-natural-resources/

If the situation in Ukraine deteriorate dramatically Europe might have no choice but stopping all hydrocarbons imports from Russia whether they like it or not. Still a better option than a full blown up war in Europe and beyond. Ryan will have then to rethink his immediate green plans and stop thinking only of himself.

Thanks Calla. Still Oisin, especially as one of the Eroton Board of Directors, must know if and how much money has been generated? Also SLE can't be going for a larger stake completely blind? Would make no sense. Martin Hughes seems to be a patient man and goes along with Oisin plan and as been for many years so must be worth it. The share price will eventually give us the answer.

If that great deal goes through I am looking at 80p minimum, anything less I won't be happy. Otherwise what s the point of striking that deal (going from 10 to 40% of OML18) and being suspended for almost a year? And if it doesn't goes through, we re due $100 million plus to start with so large dividend at the least.
One thing I don't get and never heard anyone mentioning (by Oisin and others) is where is the money and how much we are due by Eroton (so total accumulated since 2016) for our 10% stake in OML 18 production. Must be £100 million + so not négligeable but complete silence about it. What I am getting at is what is the point of having a stake and now even bigger one if we are never paid for any oil produced anyway? 6 years is a long time and having never heard the company mentioning it is baffling.

https://twitter.com/ProvidenceReso/status/1490392621193302018?t=wERm3P8KeaxxmT1blWF4gA&s=19

We get 10% ish of Eroton's production since 2016. They haven't been paid SLE a penny for it in 5 years.. There s never been a mention whether by OF, Eroton or any other sources of the total amount of the back payment due to date nor when it will be paid. Why? Tens of millions at stake here which would amount to a pretty hefty one off dividend. This information wouldn't come amiss.

Great article indeed updating and confirming their previous tip of 2021 (see other 2d link below)
https://www.investorschronicle.co.uk/ideas/2021/03/19/priced-to-hit-pay-dirt/

Also from a month ago, best clear and in depth analysis of the company San Leon I have seen so far in years ; great read for any potential investors currently sitting on the fence ; long gone are the unsuccessful shale gas projects San Leon heavily invested in , this is real money coming in now. 6p dividend (circa 30% yield!) distributed last year (and easily got the Irish tax back too), personally looking at a bumper 10p this year. Added substantially on the first IC tip, proved itself being a good move so far. DYOR
https://www.investorschronicle.co.uk/ideas/2021/02/04/bargain-shares-for-2021/

Looks Iike the deal is still on indeed otherwise why keep on promoting it like this. With all these sudden recent successive tweets sounds like Providence (AL) is telling people that things might be progressing slowly but nevertheless coming...Monday for farm out announcement imo but it s really anybody s guess.

Interesting to hear your views mc. Plus I believe Oisin has a seat at the Eroton's board so he should know but it is the lack of communication on this subject that I find bizarre They always talk about everything else Inc new deals etc but never about the revenue from our share of OML 18. Also I understand that the dividend from eroton is on top of the 50% return dividend Oisin already mentioned for next year. So basically more than double it. Would make his 100 million share buy earlier this year a lot of sense and a lot of money.

Has anyone ever heard from the company/Oisin when the company expects to finally receive the dividend for their 10% ish of OML18 ? 5 years of production must equal to at least £100 Millon +? (rough conservative figures 5000 barrels x 365 x 5). They must have an idea otherwise why would be the point to have a share of a producing field if one will never get paid. 5 years is a long time and still nothing. How much longer? Oisin doesn't seem to worry about it though but would be nice if he gave more details during his PR exercises interviews like the ones with Malcom for example. The dividend should be huge if/when it happens.

Redeye- first ask your broker for the dividend certificate and fill in "claim for refund of DWT" form (NOT V2A form) from Irish revenue (send both to the address on the form). They will write you back. Also fill in the V2A form (name, NI, signature), send it to
Pay As You Earn and Self Assessment
HM Revenue and Customs
BX9 1AS
They will certify the form (there s a box for them just under your details on page 3), they send it back to you (took 4 months for me but should be quicker now they cleared the backlog) and then you email the completed V2A form to "refunddwt@revenue.ie". Two days later the 25% DWT was paid back to me and into my account...finally. Sounds complicated but actually quite straightforward (ish)

They must be back at work, received an email from them too today. Yep, indeed require that V2 form or certificate of residence. Send my V2 to Hmrc 6 weeks ago. Rang them and said form should be sent back to me end august. Palaver indeed and got be patient but as long as I get tax back I ll be happy. Would be nice if San leon d registered also in uk if as Oisin said he wants more retail investors to get involved, that would help.

The 25% deduction at source was indeed a surprise and is a bother. Still, a nice problem to have if you think about it. I don t mind having the same issue to deal with every year than no dividend at all. Mine in an ISA with ii. They actually been very good, quick to reply and very thorough. I contacted them and they sent the dividend statement through the post the same day. I also sent the DWT claim for from the Irish Revenue to HMRC (PAYE and Self Assessment department, address on website) to be certified by them (to certify British residency). Phoned them today again and they said that it should be dealt with by...the 24/08, lol. Still better late than never (a bit like making money from SLE shares really). Then you send that form along with the dividend certificate to Irish revenue et voilà, money in your account at some point. Personally not bothered if it can get back into the ISA or not, would just be happy to receive a few grand back whenever it is. So yes, a bit of a palava but well worth it plus we ll all know what to do next time (ii confirmed that it is not possible to apply for a waiver of deduction at source from Computershare ireland if shares are held in nominee account, otherwise it is possible, as also explained on Sle website) . As for the 25% non claimable if held in a Sipp, that sounds like a bit tough especially as the sums involved are usually larger than with Isa. Might be worth talking to a HMRC agent for further explanation, they were very helpful with me this morning. Anyway, I m looking forward to an even bigger dividend next year. Oisin seems confident and has delivered this time round.

gazza, good infos on San Leon website
https://www.sanleonenergy.com/investors/shareholder-faqs/

Dividend just been paid into ii account. 1st one. Time to celebrate.

ii broker replied to me this afternoon that as it is San Leon s first dividend it will be paid to them by cheque and due to the current circumstances cheques from ireland are taking longer than usual at the moment hence the delay in crediting my account of the dividend due which normally would have been done by the next working day.

Good morning all. I am a dividend virgin so thank you everyone for your very valuable input, this is very much appreciated. It shows how a bulletin board can be useful after all by sharing informations between investors and not just a place for arguing as it is unfortunately far too often the case. I will contact my broker on Monday and have a look through the forms from the Irish revenue mentioned. I have been invested with San Leon since 2011 and have had my share of up and mainly downs over the years but looks like the company has finally turned the corner with this first dividend distribution. I am confident now and personally will be reinvesting some of the dividend in San Leon ; I am looking forward to the next one hopefully the 10p mentionned. The company proved that they do what they say now. Well done Oisin. Thank you all again, have a great week end and enjoy your well deserved dividend!

From my ii broker today
"With dividend from overseas incorporated, such as San Leon, we do not prefund the payment as we do with standard UK equities. As a result we will only credit the dividend once it has been received from the company which can lead with the dividend to be credited later than you would ordinarily expect . At present we are still awaiting receipt of the funds from the company"
Humm, not panicking (yet) but payment on time to the broker if not shareholders would have been nice though as they be had plenty time to plan for it.
But it gets better : "The dividend due will be based on 6 p per share held as of the ex date 07/05/20 less 25% Irish Dividend Withholding Tax (as San Leon is an Irish company)"
Well that wasn t planned! Anyone knows of possibility/process for UK investors to claim a refund of this rather steep tax? A quick online search looks like it is possible but far from straight forward.
Any thoughts welcome. Thanks.

Has anyone any idea of the sum owed by Eroton to Sle since 2016?
I can t remember of any figures ever stated by Sle
My (very) rough calculation :
OML 18 production : 50000 bpd
Sle 10% ish : 5000 @ £30 x 300 days x 4 years = £180 million
Am I working out that right ? Because Sle 50% back to shareholders policy would represent a substantial dividend when Eroton eventually pays up

Phoebus and Santé to you! Hope it gets opened this week!