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I get these daily updates, thought I would share on here if anyone is interested as from a Crude Oil Price perspective, this is historical....

📉 Oil plunged 30% overnight: a historic collapse

The price of Brent crude fell from $119 to $83.92 per barrel in less than 24 hours — one of the sharpest declines in market history. In the morning, prices corrected to $92–93. The reason was Trump’s statements about the imminent end of the war with Iran and the US taking control of the Strait of Hormuz.

🇺🇸 US eases sanctions against Russia

The Trump administration is considering a partial lifting of restrictions on Russian oil to curb the rise in world prices. This further drove down prices.

🏛️ G7 prepares emergency release of reserves

The G7 countries are discussing the release of 300-400 million barrels from strategic reserves. IEA head F. Birol held consultations with Saudi Arabia, India, and Brazil, but no final decision has been made yet.

🛢️ Saudi Arabia cuts production

The world’s largest exporter has joined Iraq, Kuwait, and the UAE in cutting production due to overflowing storage facilities amid the blockade of the Strait of Hormuz.

🇶🇦 Qatar warns of global consequences

The Qatari Foreign Ministry said that attacks on energy facilities in the Gulf would have serious consequences for the global economy. LNG production in Ras Laffan has been halted.

🇷🇺 Putin: Russia is ready to work with Europe

The Russian president has declared his readiness to supply gas and oil to European buyers if they ensure long-term stability without political interference.

📊 Strait of Hormuz: an unprecedented crisis

Experts warn that a prolonged blockade of the strait could cause an energy crisis of unprecedented scale, with production halting in half of the Gulf countries.

BS, regarding your last AI post, the Share side of it, not my business, but I am sure it will all work out for you more positively now, but just to clarify your latter comments and this is why you shouldn't read to much into AI, ELI no longer own the vessel, the SPM/Plem/Riser Works were never completed, nothing is attached to it apart from an SPM which I think was stopped part way through as that was Century's scope and they didn't get paid . More importantly, there is not a single metre of pipeline laid to it anywhere in the 3 phases. Some onshore works were done, but i believe these were now handed over or sold to Sahara, whatever type of deal was struck. The pipe is sitting in a yard in PHC (Driven past it many times in the last 5 years), This pipe in my professional opinion will not be used for any subsea project, it has an anti-corrosion coating which has weathered sitting in the wonderful Nigerian UV for many years, if it were to be used offshore shallow water, it may most likely need recoating. But more importantly Eroton don't have any operator licence for OML18, they are a partner in the block and whatever happens, pending their financial position improving over time, then its up to NNPC and other shareholders to decide Erotons operational involvement. Your comments around $220m required for the ships recertification, you said last week it was going to auction or could be sold for scrap, the scrap value for a ship like this is probably around $10m if that. I really don't think someone is going to spend $220m on it for a re-cert, but equally It won't be scrapped, it will be repurposed by whoever for whatever. The pipeline is not substantially complete! The pipe never got wet to begin with. You will note my earlier post regarding the new crude grade, that in part comes from the processing facilities onboard the other FSO Cawthorne. They are high-tech systems that allow for advance processing and blending.

I don't want to burst the AI bubble, but as Red says, it only reads and finds whats out there in the public domain and its unfair to put misleading info on a board like this.

The refinancing, when it comes by whichever party will clear down all the legacy debt, interest and costs, I know that will be a pre-requisite by NNPC and NCDMB as we like many other creditors have petitioned this, to ensure local contractors and parties have been made good.

Let due process take its course, there is so much to do when the refinancing comes, but the first step is securing the funding, second step settling all debts, third step resolving any and all equity issues, then they can all decide on what happens with involvement their after. The important thing is that this dispute is settled, that creates the enabling environment to start fixing things.

Just replying to RE and BS - It is unfortunate that SLE agreed to take on the debt on a Joint & Several basis, they are still very much on the hook for this debt today. i have spent all day with lawyers yesterday and there is currently a mad rush by creditors everywhere as a result of this judgement in London. SLE agreed to pay the debt on behalf of ELI, they didn't volunteer, they signed a legally binding agreement that would always come back to haunt them if the worst case scenario happened, I understand this was done in the spirit of the TRAM deal closing in 2023 and that $187m would be paid.

ELI paid a portion of the debt, as did Eroton, SLE paid $5m in August 2023. The part I don't understand here is why do that? Eroton lost operatorship of the block in March 23, NNPC18 took over, yes they contested, but it was always a losing argument for them. In August 23, there should have been a realisation that Eroton/ELI and Co were psbly never coming back in any operating capacity in to OML18, they would just have been a shareholder rather than operator, which has been the position for the last nearly 3 years alongside SLE and other indirect investors through Eroton. SLE had great spirit in doing what they did at the time, I just think they were ill advised about the future. Today BW has both SLE and Eroton on the hook for the remainder of this debt, Eroton now in the hands of receivers lose all revenues via profits, dividends, cash calls in OML18 as do those related to Eroton until the debt is repaid with an 8% interest added per annum plus receivers fees etc until full and final settlement. With the frequency of cash calls, it is estimated this could take 2 to 3 years to repay this debt, not ideal at all for those parties and I doubt BW will wait that long, they will make a lot more money no doubt. I was told yesterday that the best solution here is that Eroton/SLE find this cash ASAP and pay of the debt soonest, sort their affairs, equity and differences and sit back as shareholders and await the returns. Whilst on the surface SLE look to have a reprieve, sub surface, its as volatile now as it was 3 years ago and the London Judgement, just awakened sleeping dogs. Between them they need a cash investor/funder, dilute if necessary, sort the debts (not just talking about BW) but everyone else as well, because they will come. Talks, discussions over the last couple of days have been all about creditors getting fully repaid or taking discounted offers of settlement when they come, the London case was just the tip of the iceberg here. The sad thing is as I said earlier, all intentions were honourable and meant in good spirit at the time these agreements were made. Its not the win/win everybody wanted, but with work to do, it will just be a different type of win/win. We are not happy, but eventually we will be repaid either by a discounted early debt settlement or we ride it out on instalments, that is just not interesting to us at all. Positive Dr

Redeye - Built on Sand Lol...... Just stating the facts and the reality here, I respect your position as a SH, we are a creditor, but here in Nigeria we know a lot more than you do and I mean that in a nice context not condescending one. ELI is a name today, the Akaso was confiscated via a court order, no longer belongs to ELI, it is being managed by Century, it needs work, it has a crew onboard to keep the vessel ticking over and when I say maintenance I am not talking about painting duties. The permits have all gone, cancelled, but more importantly and this is the context you are missing, Eroton no longer have a contract to operate, terminated by NNPCL, ELI have nothing, some work was carried out a CWC2 and 3, hence BW are chasing for payment and no doubt late payment interest, just like many others ourselves included, hence this recent news is great for SLE if it comes off. I agree with BR that I don't believe BW will issue the Winding Up Order, but if you are going to have any meaningful content to post, please make sure its factual, I appreciate you want this fixed and back to normal, that normal doesn't exist anymore, the new normal is SLE will get additional equity, we do believe that, but the new pipeline is being constructed and FSO Cawthorne already up and working, that is down to NNLCL, Sahara and the Federal Government. The two years I as talking about regarding regulatory and legal and permitting, they no doubt started this process back in late 2022 or early 2023. As a business we have a small team inhouse here to deal with our permitting, regulatory and legal, it is a minefield, so we fully understand the process good and bad. Trust me there is a lot that is built on sand and a lot that is not, but regarding this project the creditors who have not been paid since 2020/21 have fought hard for a resolution, there may be light! I promised to only state fact on here and help with information flow if its in the public domain out here as sometimes we get to see and hear things before you guys do and I will continue with this in support of everyone working to achieve an outcome good for all. PS, I don't want you to eat your hat, bad diet ideas!! There is no magic switch on the old project.

On a different note, BS, not sure where you are now getting this info posted today, assume its AI again. There is no judgement on that case at this time, but (Creditors) expect it to favour SLE.

BS - Firstly, I have just read your post from the from a couple of days ago about Bluerill, I have to say I am somewhat dumbfounded by what you said on a public board about Bluerill and the accusations that were made, in my professional opinion you owe Bluerill an apology and nothing short of that.

I appreciate very much that the SLE debate is very much heated at present given recent news, both positive and negative, however as shareholders you have to stay in there until there is no further end game. If they succeed in this court case, they are very much cash positive, you all benefit as do the project creditors. But honestly this is a place for sharing meaningful information in the hope that it has a positive outcome not slandering other posters.

For the record all construction on what was ACOES has stopped along time ago, the ongoing efforts are for the new pipeline which in major part has taken a different onshore routing, then it will head offshore to the FSO Cawthorne. Some of the original contractors have moved over to the new project, not sure about BW, whether they have or not, but there is not many companies in Nigeria with the pipelay barge capability that BW has. So they might be involved, but from what I have heard they are not at this time. What happens with ELI Akaso if SLE succeed is honestly a million dollar question at this time.

Whilst I embrace AI totally as we use it in the business, I think your absorption of information from Gemini in the whole is incorrect, AI can also create narratives that are not there in reality and don't exist.

If I hear anymore about whats going on with the court case and personalities and its public, I will share as all of us have the same hope in the end which is to have SLE back in the game in some capacity. As I said the other day, my only concern here is a long drawn out court case in 2026, leading up to an election in Feb 27, because the court system can get bogged down in Political cases pre an election and post an election as is always the case in this country, that saga is already starting to play out. For contractors in this community, we believe that SLE will eventually win this case, it was always a spider web of parties and securities and guarantees between those parties, but SLE must have some smart people to insured an outcome if it went wrong. They should never had agreed guarantee the payment to BW on behalf of ELI, but whats done is done. There will be an outcome positive in my opinion but like I always said it wont be what the original plan or intent was. Irrespective of Eroton's loss of operatorship of the block, they are a significant shareholder with political power, that much is very important to SLE's current position. There is always a risk with the legal system in Nigeria, but it appears the documentation is robust enough to ensure a positive outcome from the people that I have spoken to, therefore that is good news at this point in time.

Hi BS, a few interesting posts and I sincerely do not want to get caught up in the cross fire here as there is clearly a front line in progress. So from being in Nigeria perspective, having discussed with colleagues very close to this situation last night, there is no court ruling yet as we understand it, otherwise it would have appeared in court releases and the press, especially given the parties and personalities involved on this one, there is some major people behind the aforementioned companies, that type of noise would be public by now, but there is nothing public issued by the courts at this time.

On the vessels you are correct, the FSO Cawthorne is fully operational and receiving crude oil at present via barges until the new pipeline is completed which will be circa May/June, its on time and in progress. The Akaso was siezed by the courts nearly 2 years ago, it no longer belongs to ELI, it was taken with a view to sell and repay creditors and mounting debts, however somebody stepped in to prevent that sale and it was put into the custody of Century, who up to now have been managing the vessel, the small crew, logistics and security associated with it. Last I heard it needs a lot of work in terms of maintenance as it has been sitting on station for a what nearly 4 years now. The revenue being generated on OML18 now is with the operatorship of NNPCL and Sahara, obviously Eroton and Bilton are shareholders in this as well and other indirect parties i.e. SLE etc. So I really hope SLE win this case, which as I previously said will increase their equity position, but ACOES is dead, Eroton were removed as operator, yes they contested, but the FG stepped in to ensure OML18 was producing and significant investment was made to make that happen and it did, the FG also need it to be revenue generating. Eroton are a shareholder holder, sub parties to Eroton are shareholders, but Eroton owe so much money that I am sure when all the legal disputes are resolved, they will directly or indirectly have a position of liquidity, but they will never be the operator again, that contract was cancelled, all federal permits, regulatory permits for ACOES have all ceased, even if it was to come back to life as a pipeline and FSO the permitting would take from scratch about 2 years, before any construction, hence the other project was made to happen.

I truly hope SLE win this case, they certainly have the balls for the fight given the personalities involved and I like that, but my fear now is its 2026, for those that are not aware, there is an election in Feb 2027, electioneering happens everytime the year before the election, projects slow, some stop as all efforts politically, financially lend themselves to this process. Then it takes nearly a bloody year after that to start anything constructive again in the industry, this is repeated every election cycle, if APC lose this, whao no end of delays, we are already seeing the signs of slowing and its only February

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