Member Info for GetTheJobDone

Well, what a flurry of activity, sorry been away on a business trip for nearly 2 weeks, and didn't look in on this board. Where does one start with all of this. Well the ruling is fair in my opinion, it had been looming for a long time, it all depends on the appeal and what Brightwaters do as a next steps, they had no option like other major creditors to cover all bases, there is a lot of money owing plus interest and legal costs.

Its Ironic that the funding article appeared within a few days of the court announcement, however it was also clear that fund raising was an ongoing effort, so if SLE have pulled this off, then kudos for that, but it has to cross the line. That funding will go along way to paying creditors off. I don't know enough about the 2016 loan note being called in that would enable them to increase equity, I am assuming that would be in Eroton as ELI is a defunct company now, so there is no point increasing shareholding in that entity as it literally has nothing.

If that equity increase goes through, good news indeed, SLE will have increased their position within Eroton's equity share of OML18, that is about where it stops, it would just be an increased equity position.

OML18 is now under the operatorship of NNPC and Sahara, who have invested heavily over the last 4 years to get OML18 producing and it is indeed producing through their effort, with a new pipeline, new FSO in location. Obviously there is a equity return/dividend/etc due to Eroton from this and I know those discussions have been going on for sometime as they are an equity participant now. That said they are at this time very much a name, with small office and not very many staff and many legal rulings against them, albeit they are challenging the loss of operatorship of OML18 which honestly speaking will not get anywhere, due to the sheer investment and work put in to the block by the other shareholders to date.

Solvency v insolvency, an interesting question, only SLE know this, they are defo due some payback via the equity in Eroton and any increased equity in Eroton, how much is that, well we can only wish for a magic wand, but if this fund raise takes care of debt issues and permits them to increase equity participation, then I can honestly see some daylight here for you guys so fingers crossed.

I wouldn't get excited about building a pipeline and operating an FSO as that contract is terminated and dead and its never coming back to life hence my comment on ELI, I said this before the block doesn't need 2 x FSOs and 2 x Evacuation Pipelines.

My advice to SLE on their fund raise, increase is to clear the debts, get into the good books and increase that equity position, but look for a less abrasive investment elsewhere in surrounding blocks and invest a chunk on the same or similar concept, those blocks do exist.

But like I said a few weeks ago, if there was anyone who needed good news it was you guys and if this deal comes off, I shall raise

AMG, I meant every word of that and still do as you are in the dark and have been for along time. But spare a thought for the creditors, small, medium and large. The large ones had all bases covered and still do interms of recovery. The smaller and medium creditors couldn’t do that. That’s one heck of a legal bill over what 6 years. Please don’t disrespect my genuine concern and thoughts for you all. We all suffered but on different journeys.

On your side here, but whilst some of you waffle on a lot admission or re admission docs etc and loan notes, did any of you know that any form of agreements existed here? No i suspect not, so how many more agreements exist??? But why do they exist?

We get nothing, the other project replaced this, century owed a tonne of cash, Petrolex and many more.

Lots of companies contracted with ELI but some ensured if they couldn’t pay, it’s Nigerian thing that there was a default solution, in steps a parent or a parent to be, who knows🤷🏻‍♂️

BW are strong and have good backing. They had resolve. Not sure what type of agreement but the ruling refers to a contract.

I appreciate you may not listen to me but as shareholders I sincerely feel for you. Honestly given what we lost I am NOT gloating. Was actually reading BRs responses when the first post landed this morning.

There are no winners here except for lawyers.

I had heard this case may exist, but this is the first public confirmation of that.🤷🏻‍♂️

Https://ww2.courts.ie/viewer/pdf/9048f357-d889-4d62-be0a-ae4f07d3b3f7/2026_IEHC_1.pdf/pdf#view=fitH

Read the Judgement, as Bluerill keeps saying and I agree, read the paperwork and documents. Once you have read it you will see the Parent was bound by contract to pay the creditor. The Judge clearly says this.

Irish High Court Judgment – San Leon v Brightwaters (13 Jan 2026)

Debt confirmed

The Court found that San Leon unconditionally committed to pay Brightwaters US$16.65m. The obligation was not conditional on TRAM funding or any third-party refinancing. TRAM’s failure is irrelevant to Brightwaters’ right to payment.

No genuine dispute

The Court ruled there is no bona fide or substantial dispute over the debt. San Leon’s arguments were rejected at this stage. As a result, Brightwaters is treated as a legitimate creditor of San Leon.

Winding-up petition allowed

The Court held that Brightwaters is entitled to present a winding-up petition. The existence of an arbitration clause does not prevent a creditor from exercising statutory insolvency rights. Bringing the petition is not an abuse of process.

Insolvency concerns noted

The Judge recorded prima facie evidence that San Leon may be insolvent, including the fact that no accounts have been filed for three years, and described the company’s financial position as parlous. Courts should be slow to block creditors in such circumstances.

Outcome:

San Leon’s application to block the petition was refused

Brightwaters is presumptively entitled to its legal costs

San Leon can still defend the petition at the full hearing, but the TRAM argument has already failed

(Judgment: San Leon Energy plc v Brightwaters Energy Ltd [2026] IEHC 1)

So pleased that BW won this one and in the hometown backyard. They like many other creditors, they have spent a ton of money chasing this. Looks like the winding up petition of SLE PLC can now be advertised let proceedings begin. It’s either pay their bill which will open floodgates or declare a position of insolvency and go through that process and hopefully get a % of assets.

Bluerill - just seen your reply to my post, your sounding like some left wing protestor now, just hope you don’t have blue or purple hair. All major creditors had all bases covered. They are owed money. Like to see you talk your way out of this one.

HNY Bluerill, i trust you had a good one and best wishes for 2026. I would very much argue the fact that i was 'Spectacularly offside'. I believe I had mentioned in a previous post that BS may be referring to that these Loan Notes were credit impaired, that was SLE's own take in the RNS Bulletin RNS Number : 8191R - 08 July 2022.

It is not the first time they have mentioned Credit Impairment with regards to the Loan Notes. However I am not the expert, you are, but in our DD, given our own situation, these Loan Notes were very much at best conditional. Based on lots of sets of conditions being met in order to be truly realised and have had payments made back to SLE against them.

I believe some repayments were made in the early days, but so much has happened since 2022 and the landscape changed, not your fault or mine or any shareholders or creditors fault on that note. Look at the later RNS Number : 2530B - 30 September 2022, look under the financial notes, were any of those conditions met? I am not an accountant, although Under IFRS accounting, “credit impaired” loan notes are directly written down on the balance sheet to reflect reduced recoverable value effectively a de facto write-down even if not called a literal “zero write-off.

As you keep saying go back to the document. So the question is were those conditions met, can those conditions be met in 2026, given events of 23,24,25, given the launch of a new FSO on OML18 by Sahara, a new pipeline to that new FSO, court orders against Eroton, ELI pretty much non-existent in its current form with winding up orders hanging over it. Honestly as a non-shareholder, I wanted this to succeed for you and of course all the creditors, who now in reality get ZERO, us included. We have had to write everything off in the last few weeks. An expensive journey, but one we have truly learned from and will not make those mistakes again.

(PS) one of those conditions was the completion of the ACOES pipeline and FSO, connected up and working. Best wishes for 2026 everyone, I really hope you get some good news this year, if there is a group of shareholders anywhere in the world today that needs good news it is you guys, I really pray you get it. HNY 2026

Century defo does not own it, they are the current Guardians until the mess is cleaned up, i believe they built the SPMs for AKASO and were not paid or part paid and are one of many creditors, I would say one of the larger creditors to ELI. There was barging to the AKASO back in 2022, I think, but that didn't last long, not sure why that stopped, but it was Petrolex who were the Charter Party who were chartering those barges to ELI as we understand it. On the loan notes I was wrong, there was a statement made on it but that was about restructuring deal. God knows what happened with that, but if they can recover that cash, then that would be good news for you guys. Nigeria The Land of Opportunity if you have cash to burn.............+

If memory serves me correctly, SLE issued a statement last year about the write down on the loan notes between them, MW and MLPL, I think the statement read that the likelihood of recovery was minimal to zero. I can't remember where I read that, but there was a statement issued either before the delisting or not long after.

The Akaso was taken from ELI last year as part of a court order to repay debts and was going to auction, then some party stepped in to stop its sale at auction is our understanding. Its under the guardianship of Century at the present time. With Petrolex being granted leave for the winding up of ELI Nigeria in May, it will form part of the ELI assets whatever they maybe or look like today. All very messy and an interweaved web of what appears to be complex transactions that didn't work out. It is all very sad no matter which side you sit on. We heard rumours on the Cawthorne late last year, I think i mentioned it on here at some point that another party was looking at building this, but nobody could confirm it, I don't think it turned up out of the blue, this must have been in the planning since late 2022/2023 sometime, all things take time out here. Honestly its a really crappy situation and outcome. As I said last week, the media spin is about looking forward not backwards.

So your telling me, that over 20 Media, Trade Outlets, NNPC, NUPRC, Sahara and Co mislead the world last week? Really?? Its live and working on OML18, its evacuating Crude from OML18. Maybe shake your head on this one as they didn't get it wrong. Hey up to you to keep believing but clearly you didn't read the news last week. I will leave it up to you Sam to tell the investors and project owners on this one that they are wrong! Can you post the response to that email or conversation here when you have had it with NNPC, Sahara, Eroton, Bilton and Co etc.

Oh and can you tell the below news outlets that they are all wrong as well and let us know how that goes?

https://www.reuters.com/business/energy/nigeria-commissions-first-wholly-owned-floating-vessel-boost-oil-output-exports-2025-10-08/?

https://www.sahara-group.com/2025/10/08/oml-18-nnpc-sahara-group-eroton-unveil-2-2m-barrel-fso-to-boost-nigerias-oil-output/?

https://energycapitalpower.com/nigeria-commissions-first-wholly-owned-fso-vessel/?

https://punchng.com/nnpc-sahara-others-unveil-nigerias-first-wholly-owned-floating-vessel/?

https://www.africanleadershipmagazine.co.uk/what-nigerias-new-fso-vessel-means-for-oil-exports-and-revenues/

https://www.thecable.ng/nnpc-sahara-group-eroton-unveil-floating-vessel-to-boost-exports/

SAM245, you are right, the case didn't happen in September as Petrolex were given leave to wind up ELI back in May, ELI didn't challenge it. The regulators are currently evaluating the value of any assets left in ELI that has been ongoing since May, these will ultimately be sold to repay whatever that is to creditors, most likely GT Bank since they were secured. The ACOES replacement was commissioned last week. You will note all the headlines last week which basically states the new FSO Cawthorne was commissioned to over come previous challenges of evacuation of crude oil from OML18, Barging and other challenges, that is reference in real terms to the last 5 years of ACOES.

Press and trade media present Cawthorne as a strategic leap (e.g. “first indigenous FSO”, “reframing Africa’s path to energy security”), not another parallel effort.

The silence in new press coverage about ELI / ACOES in relation to OML 18’s evacuation, when everyone’s writing about FSO Cawthorne matters, the media is treating FSO Cawthorne/Sahara and Partners as the go-forward evacuation infrastructure and solution for OML18.

I know you like to promote the positives and nothing wrong with that, but last week was a reality check, why is there a need for a parallel pipeline and FSO on the same block when Nigeria has many requirements for the same evacuation infrastructure on other blocks.

We have had a few drinks since last week to drown sorrows. But you cannot change past events. NNPC and Co moved on. Was always about Politics and power play.

BS who knows - I must apologise for the layout in my last post I had made it to a table to clearly define the two scenarios, but when posted came out looking crap. https://nairametrics.com/2025/10/08/oml-18-nnpc-sahara-launch-2-2-million-barrel-floating-vessel/?utm_source

NNPC moved on, I am sure there will be a fight over who owes who what to who, but creditors come first if there is anything left to fight about, but companies like us will just spend the same value that we have already lost in trying to get something. There is other parties looking at ACOES, but if I were in their position I would wait to see how this new venture looks, the pipeline in OML18 is not in a bad corridor TBH, but lets see. This new project has nothing to do with SLE, ELI, MLPL, MW, it was funded separately and and backed by FG. As I said, we believe a seed has been sown, but its like an Oak tree will take some time to grow, the block needs another evacuation route, just a new party with the appetite and cash to do it. If I were that party, I would JV with Federal Government, things might move faster.

Well maybe one day, they might revisit ACOES, but I mentioned a few months ago, there were considerable efforts in finding another solution and today there you have it, its now public. We have all known about this for quite sometime, but couldn't disclose, although for those who know, they already knew. It was actually quite a clever evacuation route they have chosen. Thats not to say in the future, ACOES would be a useful addition as the FG are looking at all ways to evacuate crude and increase daily output. I look at it this way, a seed has been sown, some of the ACOES infrastructure was built, but any new investors for ACOES in the future will be sitting back looking at this new evacuation route and determining if it is worth spending the money to ever build ACOES. My sources tell me it will happen in the future, but good luck to whichever party attempts to deliver it. Not a good journey this one for anyone involved. I hope for all you Shareholders SLE get involved in something else and give you a return in time. I said a couple of weeks ago, its politics out here at that counts and power players. Good Luck to you all for future returns and hope something works out for everyone.

Feature ACOES / ELI Akaso FSO Cawthorne

Commissioned Planned 2021 (never operational) October 2025

Ownership San Leon / MLPL / ELI & Co NNPC, Eroton, Sahara, Bilton

Capacity ~2 million barrels 2.2 million barrels

Status Defunct / liquidated Active & operational

Export Route ACOES pipeline → FSO Akaso Direct OML 18 pipeline → FSO Cawthorne

Financing Private, debt-heavy (GTBank) JV-funded, NNPC-backed

Strategic Control UK–Nigeria private consortium Nigerian state & private JV

BR, firstly, your asking me to stop, no issues there, but then your keyboard is on autopilot and I must be living rent free in your head ATM. Please calm down, when it comes to high blood pressure on this one, I am sure everyone has felt the stresses on this journey, clearly you have. Remember we are on the same side..

I don’t accept that I’ve done any damage buddy, quite the opposite. The real harm comes from the project continuing to stall and value being lost while we all argue and none of us can fix anything. My focus remains on delivery and ensuring a return for us which ensures you get a return on your investment.

I like many other creditors today, thats all we are interested in, get the project financed, built and finished. That’s the only conversation worth having. By the way you have never corrected me, but if you fancy that beer more than happy to put the world to rights.....it might be a few beers actually, but first one is on me....Some friendly advice though, websites are not going to fix this problem this week. So here is a serious question, please try and respond in one post, it will provide me and others with clarity and comfort. If the court winds up ELI this week (At this stage its hypothetical) in your expert opinion, what then happens? Honestly would like to have your professional input on this?

BR, you’re starting to sound like Keir Starmer, full of waffle, BS, no substance, and no clue what’s really happening. You’ve got cash in, I get it. But unless this project gets built, none of us see a penny. We’re tied together, whether you like it or not.

Nobody wants SLE or ELI to fail, but the reality is the house of cards is shaking badly. If it goes down this week, creditors like us will be left with nothing. That’s the hard truth.

So drop the Starmer style BS. It doesn’t pay bills, it doesn’t move the project forward, it just makes you look out of touch. What matters is finishing the project, getting paid, and collecting what’s owed. Everything else is just like the Labour Front bench, Clueless. Then you can sit back and get your returns and buy me a beer.

Why not focus on what SLE can do for a change? I have never seen you put any solid ideas out there about how they can recover this. Come on give us a good old PMQs on this subject matter, I for one would love to hear some ideas right now. Brighten up a showery afternoon in Lagos...Now i need to go and get someone to fix the AC again..........

Motive, is simple. We were engaged on this project in late 2020, did a lot of work, purchased equipment for the project and more equipment in readiness for a project start Q1 2021, it didn't happen as it became clear there was nobody getting paid, so the concern was is their project financing after a lot of supply contracts were signed. We are one of many as you are no doubt are aware. Lots of legal fights in 2021 to early 2022, then lots of updates about SLE investing and buying further equity in ELI through SLE ELI, then more complications, barging started, then stopped, then started again then stopped, now we have a dormant 2023, no real updates, no matter how hard anyone tried. I met a shareholder of SLE who said, if you want updates pop onto LSE, as it happened, there was more info here than creditors were getting and everyone on here is their own investigator which is actually good thing, shareholders or non-shareholders. Obviously I have had very little input compared to many others, but more than happy to share when we get some positive or negative information.

That all said, we are extremely concerned about next weeks court hearing. The fact ELI didn't turn up on the last one, the judge seen as an admission the debt was owing to Petrolex. If the courts wind up ELI next week its done. There are rumours circulating out here that GT Bank have beyond realised the debt/Loan is toxic and may well sell it to AMCON, hence the AMCON mention for the purposes of BR.... If that happens and I pray it doesn't as we all lose, AMCON repackage all the assets and sell to a new investor, then we all find ourselves on this side out of pocket and back to sq one. SLE's investment into ELI was through SLE ELI, which is now liquidated, the shares remain in name but they have no control over them.

So I hope that explains the motive. There a many creditors, everyone went legal, some to court, but you have to know when and if to pick your legal fights, out here its just a cash cow. I do know behind the scenes and I have already said this before, there is a lot of really hard work going on involving SLE to make this happen, but in the process of this, debt piles grow, interest on that debt grows as does the legal fees x the many creditors = a hell of a lot of debt that needs serviced. That could be serviced over time if they have the right investor as this pipeline will yield huge returns, but in the current market/climate, that is a big ask. Aside from that the politics especially on this project just have not helped. People here have the money to drag this out for years until they get their way. If you take ZABAZABA Field, awarded in 1998, this is 2025, still fighting, global court cases about ownership rights, 27 years and the field with most likely the largest reserves that Nigeria has in dispute for this long. That was never about money or finance, it was simply politics. Hope that helps...

AGM - Well this week, started in Lagos, Flew to PHC on Tuesday evening, an IOC and Sub Contractor Meeting, back to Lagos Wed evening. Early morning flight to Abuja yesterday morning. NNPC meeting yesterday and a meeting this morning with some industry colleagues. Now having a Friday afternoon beer before i get my Air Peace flight back to Lagos in the morning. Off out tonight to a great Lebanese restaurant here. Great Food!

sorry, didn't get any comments on the City West Office, or forgot. Well being solvent and not paying bills is somewhat strange don't you think? If they have cash reserves, why not pay the Elec bill and Rates, Creditors etc. However the courts can now take what they want since the judgement has been issued. They had loads of time to resolve it before it came this far, wouldn't you agree. The courts just don't issue orders like this before having all the facts.

Here is to next week, lets see what it brings. Apologies if you think I am petron ---ising. Hopefully there is still life in the old dog by this time next week after the winding up hearing with Petrolex and ELI...No Wahala, have a good weekend.

Not what anyone wants to be hearing unfortunately.

https://www.independent.ie/business/san-leon-hit-with-six-figure-sum-in-fresh-debt-judgments-against-it/a219122830.html

Just catching up on the chat below, been a busy week....Have a good weekend everyone...

Sam245 - Who do I work for? I work for me, my business. Any issues with that? Stop waving the BR Flags and wake up to the upcoming reality. Oh its not supposed cash, it is very real and legally documented debt with accrued interest and legal costs, which in all likelihood is long gone now. Are you jealous I only invited BR for a beer, or would you like to join as well?

Stay of the Red Bull, Blue Rill. I run a very successful business here, very commercially literate and since I have more cash tied up than you in this debacle, I also know a lot more than you do. Have you joined up those dots yet? Go figure it out and come back here with an honest appraisal. Be honest with yourself for once.

36800 – point taken. We’ve all put money in here and like you say, plenty of people (creditors included) are millions out of pocket. None of that is funny, and there aren’t really any winners left.

With BR, I am really worried he doesn't get it and has a breakdown, not because of the losses we all share that pain, but because instead of tackling the real questions, he dissects my posts like he’s marking an exam paper. I mention AMCON for a reason, he could connect the dots, but instead he plays cryptographer and tries to unmask me line by line. That’s what why we had some constructive chat yesterday, that yielded no results on his side.

On the serious side, the 25th is huge. If Petrolex win, that’s the end of it. The liquidation of San Leon ELI Ltd already hollowed out the structure for SLE, and AMCON is lurking. There are all sorts of rumours flying around here this week, now in context that is not ordinary, there has been no noise on ACOES for well over a year, but this week, there are a few parties talking about it.

But look, whether it’s a celebration or a wake, my offer stands to BR. Lagos, London, or back home happy to share that beer, raise a glass, and call it how it is. A big couple of weeks coming up. Stay Tuned....