Member Info for GetTheJobDone

Thanks Redeymines and you raised a valid point about my timing and having read back quite a few months, I can see how frustrated everyone is, therefore if I have caused any offence I duly apologise for this, it wasn't intentional. I suppose keeping the faith in this is the best policy.

It was never about creating a bad outlook, just above establishing the facts as there is so much commentary on everything good and bad and somewhere in the middle of that is the truth.

As I said, if I find anything else in the public domain, I shall share it accordingly.

Hi Bluerill, many thanks for the informed response, I would be all glad if you can point me in the direction of the documents and listings you mentioned. As I said, I am not a SH or a troll or some past voice on this board, this is my first time and its about establishing the facts, as I said, I have a good friend whose business has been through the mill on this project, spent alot of money on legals and zero return, so its for him and if I can provide some argument of sanity to hold in there for the prized position of reaching a successful conclusion. I am not taking anysides on this, its clear who the non shareholders are looking back through months of posts, I think it would take me all year to read back on everything, but I also stand corrected as I found a post from June last year, that talked about the reposession of the ELI Akaso, so thats not new info as I thought it was, so apologises to everyone for that, but it does beg the question what has happened to it in that auction. By virtue of the fact its still on location, I see that as a positive, equally that vessel is costing somebody a huge daily rate for fuel, feeding, staff, salaries, permits etc over this time, so whose paying for that, also the security, it must have daily security on it etc.

Regarding the bond, I can see the public information when it was first mentioned, which is great news, my point here and its my opinion that given the time that has elapsed since that announcement, alot has happened in the EuroZone and Germany, thats an observation. But great that you accept that the RNS update, because I believe the answer lays in there somewhere.

So for the purposes of clarity, not here to rub up SH's or Non SH's, trying to establish what has happened and more importantly what the end game is. I have seen a good friend of mine put through the grinding mill on this one like many other creditors and a question I have is how all of these contractors got caught out in the early days 2020/21, when they committed to this project. When this gets built you guys as SH's will do very well and the new administration is certainly working hard to make it a pro-investment eco-system, but also dont forget how badly the Nigerian Economy has become over the same period with the devaluation of the NGN and the country starved of FOREX inflow and tightened restrictions on FOREX Outflow.

Another positive that I have seen so far, is that all the litigation in the courts in UK and Malta and other jurisdictions, has been heard and then re-hearings delayed to next year, to me, that sounds like evidence has been produced that there is a working plan to recover the situation, my take anyway. I cannot imagine the debt interest to creditors, it must he huge and will no doubt take up a considerable amount of any funding.

If you can point me in the direction of any other information that would be appreciated and if I find anything else on my searches in the public domain i will share.

Whao, Bluerill a pleasure, I started reading your responses and thought you sound a lot like me, then I read beyond the copy and paste and seen the difference. Look I am not the enemy here, if anything I am here to help and make sense of events over the last 4 years. I have good friend who is/was a contractor on this project and taken for a lot of money, most likely will not see a dollar/cent of that back again. I promised to help and find out what has happened and only been on this for a few days and have found lots of information that has not appeared on this share chat group at all. I appreciate and take the criticism as I said I dont get offended easily, but facts are facts, it doesnt take much to find out in the Nigerian Eco System what is happening in the public domain. As for Sam, if you want to contact the auction house and find out who has purchased the vessel, please do so, I am sure these things are all about confidentiality and privacy especially in this region, however I stand by the comment that the vessel has not moved, sold at auction or not, but the federal courts seized it and the law stated it should be sold to repay creditors. You can't go 4 years and not pay your creditors for services rendered. I have equally said, there is still a chance here and maybe the guys at SLE/ELI have an illustrious plan about to be played. My guess is that the messy business with Eroton has complicated what is an intertwined relationship of shareholders in ELI and of course there is the OML18 relationship. I have only stated facts which are in the public domain, you chose whether to believe in them or not, but not believing in a public issued court document is somewhat strange behaviour. My statement about the German Bond is my personal opinion, have a look at the political landscape in Germany right now and tell me otherwise, there may well be an increase in the issuance of bonds/bunds in Germany. At a professional level, I do believe SLE and ELI can pull this off, but I believe this entire delay is frustrated by the Political Process in Nigeria and the demise of Eroton and the legals surrounding the operatorship of OML18 which I understand is all being contested in court. In my DD thus far, the one RNS that I think holds the key to unlocking what is happening is this one:-

https://www.londonstockexchange.com/news-article/SLE/termination-of-the-proposed-transactions/16159124

I have previously stated a complex relationship of shareholding and ownership, not sure if anyone will ever get to the bottom of that but this article sort of explains it https://hawilti.com/energy/upstream/nnpc-takves-over-operatorship-of-one-of-nigerias-most-prolific-oil-and-gas-blocks/

So in short with my limited time on this information gathering, its clear to see its complex and during all this time, creditors have not been paid, shareholders have stopped being informed and everyone is awaiting the glory post that the investment is a done deal.

They were made the beneficiary of a supposed German Government bond, which would enable them to raise money against as the bond would act as a security instrument. However if that exists great, but given that the German economy is currently on its knees and not far off collapsing due to high costs on everything and trying to go green and their net zero BS agenda, if I was a betting man, I would say that bond may not be available anymore or maybe reduced in monetary terms. I think it is best to read between the lines on this saga or in this case read the tea leaves.

Hi Sam, not sure whether buyer info is made public at these types of auctions, however the important part to note here is that to be listed in this type of auction it no longer belonged to ELI or SLE. That’s just a simple fact….the only piece of the jig saw that (was) in place. Therefore it begs the question, why was it not referred to in late RNS bulletins in 2023 and again in the first 6 months of 2024. One would think this type of event would have been made public. It’s all in the public domain but by all accounts not in the shareholder domain.

Sorry forgot to add these links to my last post, if you follow the links below, it went auction in late June 2024 as per the court order, no idea if it was sold, but assume it was, no doubt a private buyer, however it is still on location, which could be a good thing, possibly just under different ownership.....maybe a lease back option, who knows, its Nigeria...........

https://etenders.com.ng/bennis-strategic-services-nigeria-ltd-auction-sales-of-a-vessel-mt-eli-akaso-in-port-harcourt/

https://www.naijabusiness.com.ng/2024/06/bennis-strategic-services-nigeria-ltd-auction-sales-of-a-vessel-mt-eli-akaso-in-port-harcourt/

https://etenders.com.ng/bennis-strategic-services-nigeria-ltd-auction-sales-of-a-vessel-mt-eli-akaso-in-port-harcourt/?generate_pdf=137523

Hi Sam, Its already in the public domain please see links below..

https://www.nigerdeltatoday.com/judgement-debt-court-ordersenergy-link-to-forfeit-mv-eli-akaso/

https://metrodailyng.com/court-order-energy-link-to-forfeit-mv-eli-akaso-9164847/

https://authorityngr.com/2023/08/17/energy-link-to-forfeit-mv-eli-akaso-9164847-court-orders/

https://www.latestnigeriannews.com/p/2766172/energy-link-to-forfeit-mv-eli-akaso-9164847-court-orders.html

https://publicprocurement.ng/federal-high-court-port-harcourt-notice-of-auction-sale-of-vessel-fso-eli-akaso-at-the-federal-high-court-port-harcourt/

if you read the background story around this, it was a creditor who was owed money for provision of services, probably the only realisable asset that ELI had was the FSO, they obviously moved quickly. The reports also say there was some degree of stand off when the courts sheriffs arrived etc. It sounds like the court judgement was for the sale and proceeds to the amount owing paid to the creditor or maybe creditors. As I have said severally, so much happens in the background in this region, it may not be reported at all, but dig deep enough, there is always something in the public domain. The court ordered it to be advertised in 3 national papers and online media and has appeared elsewhere. Maybe there was other legal actions in the background preventing this in the hope for funding, who knows. By the time its all said and done, hopefully with a happy ending, its worthy of a movie.....

Hi Sam, to be clear, I have no axe to grind with SLE or ELI or any others, I have worked on lots of infrastructure in this area and others are moving ahead, do I have an interest in those, no I don't. I know a few people affected by the whole saga, however there remains hope, like I said if SLE can get sorted, secure the funding, overcome whatever other obstacles exist and I am sure there will be some, its Nigeria, then get it built the shareholders will do well. My main point in all of this was to share my opinion based on facts and having been on the ground along time as there is lots of guess work by holders and non-holders over 4 years. Obviously it would help if regular updates were provided, but hey you cant ask for everything. This pipeline, if funded early next year, will form a valuable part of the overall evacuation real estate, that can only can only be a good thing, i am sure you would agree....

And Third Post:-), I believe it will happen and just form a wider network of crude evacuation infrastructure, therefore it makes sense. As I said in my first post, I am not a shareholder, however I feel the frustration. If you have not lived and worked in Nigeria, then it may be hard to understand how it all works, but there is wahala everywhere and whilst that is not necessarily a good thing, if you can create no wahala, that means a plan to come out the other side. I think getting this project funded from outside of Nigeria for a start up is very difficult, easier to have it funded from within, but then you really need to understand how the politics works, after my length of time in country and various presidents and administrations, I still have no idea, but the wheels of industry moves, you just don't get to hear about it..... and that is part of the problem on this project, so much is going on in the background, just call it BAU (Business as Usual).....

Good Morning All, whao where to start, didn't think my first posting on here would generate all sorts of feedback, which is a good thing, albeit some positive and negative, i don't get offended easily:-)

The one theme I get amongst all of these posts is frustration with SLE and lack of updates and as shareholders you deserve to know what is happening.

Not sure how many on here are Nigerian, or work in Nigeria and are familiar with the Territory in question, I have worked in this region for a long time, so when I say something it will be qualified or if I cannot qualify it, its hearsay and wont say it, because its 9ja after all and one story can lead into a 6 part documentary spanning years....

I suspect that the problems that SLE face today is the whole ongoing saga with Eroton, I drove past their offices the other week and all locked up, nobody working in there anymore, in fact nobody talks of eroton anymore except on the basis that they are dead and finished, that seems to be the average response. I made a statement about the repossession of ELI Akaso, that is in the public domain and done by a creditor of ELI in court due to non payment of invoices for services. You have to remember that there are multiple creditors that ELI owes and cant pay after this period of nearly 4 years. I also suspect that the operatorship of OML18 which is now an NNPC 18 and Sahara thing is packaged up in such away, that it has just become the new normal day to day operating and they are evacuating their crude like the other operators are. Crude moves by the minute, it is how the bills are paid monthly...and revenue generated.

In the last 4 years as I stated, others have planned evacuation based systems and storage terminals, please find two links below for reference regarding storage terminals:-

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2459406-nigeria-licenses-two-new-crude-export-terminals

https://africaoilgasreport.com/2024/08/in-the-news/geils-750kbd-terminal-at-completion-stages-will-mitigate-the-niger-deltas-crude-evacuation-crisis/

The operator of NCTL is evacuating their crude through barges and as I understand it a new pipeline to be commissioned that will by pass NCTL as they have the much sought after NEMBE crude, a new low sulphur grade which is highly sought after in European and APAC markets. Please see link below:-

https://africaoilgasreport.com/2024/01/in-the-news/nembe-blend-aiteo-plans-alternative-pipeline-west-of-nctl-headed-for-brass/#:~:text=and%20energy%20landscape.-,%27Nembe%20Blend%27%3A%20AITEO%20Plans%20Alternative%20Pipeline%2C%20West,of%20NCTL%2C%20Headed%20for%20Brass&text=The%20Nigerian%20independent%20AITEO%20Eastern,Brass%2C%20in%20the%20Atlantic%20Ocean. All public information, the last reported daily crude volumes reached 1.8m BPLS per day. The business Guys are working around this ACOES project, not because they wanted to, they had to. I still believe that this project may happen.

Been reading lots of interesting comments on this string about SLE, ELI, ACOES project and what happens if, when, maybe, funding or lack thereof etc. I know bit about the project itself and whilst I pray that the shareholders get a return here, my honest opinion is that this project will not see the light of day. Given the 4 year delay so far, all the key off takers in the region, have now proceeded ahead to establish their own crude evacuation systems, ELI may have the support of some smaller producers, when and if they get to first base (Funding). I noticed recently that the pipeline contractor was back in court again with regards to Eroton and the winding up, whereby the winding up of ELI was equally referenced, but now GT Bank have come in at the 11th Hour and positioned themselves as a secure creditor for for N250B against Eroton. This entire relationship upstream of ELI is very messy and convoluted, thats my guess. The grapevine is also very noisy with other players looking at further evacuation systems and now at advance stages of planning and design and quite possibly nearing project execution in 2025, if the rumours are true. First to market is key in this Channel, but I also understand that ELI owe a lot of money to their creditors, pipeline, SPM works etc, but I read an article recently that said they have had the ELI Akaso seized via a court order last year and it now belongs to another party. So if true and no FSO, what happens then? I suppose my point here is that so much is happening behind the scenes in the area, that anything that happens now with SLE is irrelevant or is it? What about the loan notes, money owing by MLPL, where has that gone, did it exist, did MW guarantee it, if the money was real, surely it could have been paid and would have been enough to build the project. How many intercompany transactions actually exist and where did all the initial monies go. I really hope for all the shareholders here there is that pot of gold at the end of the rainbow, but 4 years is a long time in Nigeria, in some parts, nothing changes and in others there is massive changes. The major operators in this area now all have reverted to a Plan B and in some cases a Plan C for crude evacuation, it only takes a little investigation to see that. I personally believe the project has a chance if it were to start in Q1 2025 and be commissioned by mid Q2 2025, beyond that its a dead duck. The part I struggle with the most is the financing, what happened last year and why could this level of funding required to build the pipeline, not be obtained in country. Many major projects are funded within Nigeria and lots are supported by external funding as well, but to build a pipeline back in 2021 couldn't have cost more than $30m for that distance. Praying for the Shareholders to get an update before xmas. No Shareholder should be treated this way as in no updates of information since delisting of SLE on AIM. Praying that you all get a return on this.