Member Info for ManuDave

A few of the old timers out tonight I see!

Great post Papi - seems to make a lot of sense.

Hopefully this will be the last Christmas on this board for the 10 year ‘ers - way too long to have to wait for any light - green or any other colour.

£10 EOW Mr Strap - if only that were to happen! £10 party at Searchers gafff I believe? :)

216k buy at 32.50 (£70k) after the bell there....not too shabby!

Great day for both newbies .......and very long suffering lth too!

Nice to see a bit of volume today on the back of this good news - and the sp going in the right direction for a change.

Over 750k traded so far this morning - 28.7 on the ask.

300,000 sell @ 16.00p = £48K

Lumpy....

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The Company has been informed by Midwestern Leon Petroleum Limited ("MLPL"), that the quarterly Loan Notes repayment to San Leon which is due on or before 1 October 2018, is now expected to be made during October 2018.


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The Company's Irish counsel is progressing a capital reorganisation which is required to enable the Company to return capital to its shareholders. This is expected to complete in October/November 2018. On completion of the capital reorganisation, the Company intends initially to return not less than $10 million to shareholders through a share buy-back Programme. The Programme is subject to market conditions and compliance with all applicable laws and regulations.



Further to previous announcements regarding the November 2016 sale of the Company's 35% interest in TSH Energy Joint Venture BV ("TSH"), the owner of the Rawicz gas field in Poland, the Company was due to receive on 1 September 2018 a final payment of approximately $3.9 million from NSP Investments Holdings Ltd ("NSP"), a BVI registered company that holds a 35% interest in TSH. That payment was not received and the Company and NSP are in discussions regarding new potential payment terms which, if agreed, will be announced to the market. San Leon holds a pledge on NSP's 35% shareholding interest in TSH as security for payment.



In May 2018 SunTrust Oil made various claims against the Company regarding the 2016 OML 18 transaction. The Company, having taken legal advice, strongly believes any such claims to have no basis, and will vigorously defend its position.

Highlights



Corporate



· US$77.3 million has been received to date in relation to the US$174.5 million Midwestern Leon Petroleum Limited ("MLPL") Loan Notes ("Loan Notes"). The Company is scheduled to continue to be repaid against the Loan Notes, whose balance is currently $157.8 million.

· The Company's cash position (€22.6 million at 30 June 2018) has been substantially strengthened over the period, enabling management to focus further on yielding value from its indirect interest in OML 18.

· The Company anticipates future cash flow from continued principal and interest repayments from the Loan Notes, income from the Master Services Agreement ("MSA"), dividends from the Company's initial indirect 9.72% economic interest in OML 18 (once Eroton is in a position to pay such dividends), and through the potential income or sale of the Company's 4.5% Net Profit Interest in the Barryroe oil field (offshore Ireland).

· The Company intends initially to return not less than $10 million to shareholders through a share buy-back programme (the "Programme"), once it has completed its capital reorganisation (expected to complete in October/November 2018).



Operational



An update on OML 18 activity during the first six months of 2018 is provided below.



· Workovers using cement packers have been performed on five wells, and are continuing. Gas lift has been installed in seven wells (with further wells to be added). Both activities are increasing production rates, and the gas lift installation is enabling the wells to restart production more rapidly after any production upset.

· Three of the five planned Lease Automatic Custody Transfer ("LACT") units are now operational in the field (on Alakiri, Krakama and Cawthorne-1 production areas), with units on Cawthorne-2 and Cawthorne-3 expected to be operational around the start of Q4.

· Eroton expects a drilling rig to arrive in OML 18 within the next month to drill the first new well of Eroton's operatorship, with others planned to follow. It expects the well to spud by early November, have a duration of approximately 60 days, and will be an infill well in the Akaso field.

· The Buguma field is still planned to be brought online by Eroton, and awaits permissions before the operational work is carried out.

· The proposed new dedicated export system for OML 18 (which is expected materially to reduce downtime and pipeline losses) is forecast by Eroton to be online during 2019.



Production has continued to be affected in the first half of 2018 by Nembe Creek Trunk Line ("NCTL") pipeline downtime and allocated pipeline losses (although the installation of the LACT units is expected to reduce these). In addition, there has been a decline of more than 4,000 bopd in production from the Awoba field (of which the OML 18 partners have a 50% equity share) over the 12 months to 30 June 2018. Average production before pipeline losses for th

11 September 2018

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GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)Â

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Prefeasibility Study for

Further Mine-Mouth Power Plants

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GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, is pleased to announce that it has agreed with Sinohydro Corporation Limited ("SINOHYDRO") for SINOHYDRO to undertake a prefeasibility study and other due diligence on proposed mine-mouth coal fired power plants which would generate up to 4,000MW at the Phulbari Coal and Power Project site. These power plants would be in addition to the existing 2,000MW power plant proposal.

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SINOHYDRO is the international flagship company of Power Construction Corporation of China, Ltd ("POWERCHINA") which is a State-owned Key Enterprise of People's Republic of China. POWERCHINA is a world-leading integrated engineering construction group that provides one-stop services covering planning, survey, design, construction, construction management, investment and operation in energy & power sectors, such as water conservancy & hydropower, thermal power, new energy and power grid, in water resources management & water environment projects, and in infrastructure fields. POWERCHINA claims its power development (in planning, design, construction, etc.) capacity and performance tops the industry worldwide. In 2018, POWERCHINA ranked 182nd among Fortune Global 500, 41st among Top 500 Enterprises of China; came 6th in the list of the world's 250 largest global contractors and placed 2nd among top 150 engineering design companies worldwide according to Engineering News-Report.

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The Executive Chairman of GCM, Datuk Michael Tang PJN, stated "We are delighted to have attracted POWERCHINA's interest in the Phulbari Coal and Power Project. The Company has a strategy to partner with large credible engineering firms to package together a combined mine and ultra-supercritical thermal power plants generating 6,000MW. The agreement announced today is another step in that direction. POWERCHINA is one of the largest and respected engineering and infrastructure development companies globally and we are looking forward to working with them for the benefit of all parties including the people of Bangladesh."

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This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

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For further information:

few buys coming in....

“Coal policy, which will ensure proper guideline regarding the usage of this resource for the economic development of the country, is yet to be finalised.”

I remember waiting for this to be finalised about 9 years ago........pish up in a brewery come to mind!

One day Rodney........... :)

Dizzy heights of 24.3 paid !

".....and to solicit further internationally recognised strategic partners for mine development and/or further power plants, and thus significantly enhance the Company's prospects in achieving its objectives. To this end the Consultant has recommended a number of large credible parties who have expressed interest in partnering with GCM. "

Datuk Michael Tang PJN, Executive Chairman stated "I would like to express my appreciation for the valuable work undertaken by Dyani Corporation Limited for the benefit of GCM. The CGGC relationship is an important part of a broader strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic partners, and thus delivering a practical power solution that is amenable to the Government of Bangladesh."







For further information:

GCM Resources PLC

Power Plant Consulting Agreement - Update



RNS Number : 2293T

GCM Resources PLC

02 July 2018



2 July 2018



GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)



Power Plant Consulting Agreement - Update



GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, is pleased to provide an update in regards to the consultancy agreement ("Agreement") announced on 18 May 2017 with Dyani Corporation Limited ("Consultant") which expired on 30 June 2018.



The Company advises that discussions are ongoing with the Consultant to either extend or enter into a new agreement subject to achieving satisfactory terms. The intention of such agreement would be to facilitate the advancement of the Company's relationship with China Gezhouba Group International Engineering Co. Ltd ("CGGC") and to solicit further internationally recognised strategic partners for mine development and/or further power plants, and thus significantly enhance the Company's prospects in achieving its objectives. To this end the Consultant has recommended a number of large credible parties who have expressed interest in partnering with GCM.



The Company recognises the valuable contribution made by the Consultant to-date. GCM has achieved a strong strategic partnership with CGGC, for the proposed 2,000MW mine-mouth thermal power plant at GCM's proposed coal mine in North-West Bangladesh ("Power Plant").



CGGC is the main international business company of both China Gezhouba Group Corporation and China Energy Engineering Co. Ltd ("Energy China"), of which both are State Owned Entities of the People's Republic of China. CGGC is a leading implementer of China's 'Belt & Road' Initiative and seeks projects that are in line with this initiative and that promote social progress.



As previously announced, after completing a technical pre-feasibility study on the proposed Power Plant in July 2017, CGGC and GCM have since agreed the roles and responsibilities between the two parties:

· CGGC has been awarded the right to engineer, procure, construct, and commission ("EPC") the proposed Power Plant, subject to a definitive EPC contract;

· CGGC shall procure the financing for the development of the proposed mine mouth power plant with GCM's assistance;

· CGGC (or its affiliate or investment partner) shall invest up to 30% in the power plant, subject to approval by Chinese authorities; and

· CGGC shall assist the Company in pursuing the necessary approvals from the Bangladesh authorities for development of both the proposed coal mine and Power Plant.



Datuk Michael Tang PJN, Executive Chairman stated "I would like to express my appreciation for the valuable work undertaken by Dyani Corporation Limited for the benefit of GCM. The CGGC relationship is an important part of a broader strategy of combining the Company's mine prop

San Leon Energy PLC

Final Results



RNS Number : 0200T

San Leon Energy PLC

29 June 2018







29 June 2018

San Leon Energy plc

("San Leon", "SLE" or "the Company")

Final Results

San Leon Energy plc ("San Leon" or "the Company"), the AIM listed oil and gas exploration and production company focused on Africa and Europe, today announces its audited final results for the year ended 31 December 2017.

Highlights:

· 2017 was the first full year of the Company's involvement in OML 18, onshore Nigeria, and the first year of cash flow from the Company's OML 18 investment. $39.6 million was received by the Company in 2017, with an additional $30 million received in H1 2018 up to 28 June.

· The Company's cash position (€17 million at 28 June 2018) has been substantially strengthened compared with this time last year, enabling management to focus further on yielding value from OML 18. While the financial results show 31 December 2017 figures, continued Loan Notes payments in 2018 have enabled significant additional improvement in creditor and cash positions.

· As of June 2018 the Company anticipates future cash flow from:

1) Principal and interest repayments to the Company from its $174.5 million Midwestern Leon Petroleum Limited ("MLPL") Loan Notes which were issued as part of the Company's OML 18 investment (balance as of 28 June 2018 is $165.4 million).

2) Dividend payments as a consequence of the Company holding an initial indirect 9.72% economic interest in OML 18. Delays in dividend payments to date are discussed below.

3) Income from the provision of rig-based drilling and workover services, and production services, to the operator of OML 18 under a Master Services Agreement ("MSA").

4) The Company's 4.5% Net Profit Interest in the Barryroe oil field, offshore Ireland, through potential income or a potential sale.



OML 18, Nigeria Operational Highlights

· While Krakama Field was brought onto production in early 2017 and a number of wells have had work performed on them, several operational issues constrained OML 18 performance during 2017.

· Underlying production from the assets has been steady at approximately 50,000 bopd. However, as previously disclosed, a number of operational issues, mostly external to the asset, have resulted in average OML 18 oil sales of approximately 26,000 bopd for 2017.

· 20% production downtime in 2017, primarily caused by third party terminal and gathering system issues, has impacted annual production. This issue is being addressed by the planned implementation of the new export pipeline and FSO project, and is also expected to improve overall well performance by removing the requirement to restart wells following any shut downs.

· 35% pipeline losses allocated to all operators by the Bonny Terminal operator are much higher than was anticipated in the 2016 Admission Document. Allocated losses are being disputed by Eroton Ex

Polo Resources Ltd

AWARD OF SHARE OPTIONS



RNS Number : 7370S

Polo Resources Limited

27 June 2018

Polo Resources Limited

("Polo" or the "Company")



AWARD OF SHARE OPTiONS



Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, announces the award of a total of 27.5 million options over ordinary shares in the Company ("Options") to its management, including its Executive Chairman which is consistent with the Board's authority in accordance with the rules of the Company's Share Option Plan as approved by shareholders on 25 January 2017.



The Options are exercisable at 4.5 pence per share, representing a premium of 20% over the closing price on 25 June 2018 and may only be exercised in three tranches as set out below:

· as to one third from 1 July 2018;

· as to one third from 1 July 2019; and

· as to one third from 1 July 2020.






Number of options

Exercise price Expiry

Datuk Michael Tang PJN 20,000,000 4.50p 1 July 2028


Mei Ling Yeung 7,500,000 4.50p 1 July 2028






Following the grant of the Options, the total number of options over ordinary shares outstanding is 27,500,000 representing approximately 8.82 per cent. of the Company's issued share capital.



The Directors of the Company, other than Michael Tang, consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the grant of Options to Michael Tang are fair and reasonable insofar as shareholders are concerned.



For further information, please contact:

The book has changed dramatically today....now 166 v 72 - yesterday it was circa 150 v 390 Could be the blip we had with the stock exchange of course...

The London Stock Exchange has failed to open and trading in shares is currently suspended. Trading normally begins at 8:00 each weekday. An LSE spokesperson said the opening auction had been delayed because of an issue with pricing data. Trading is now expected to begin at 09:00.

San Leon Energy PLC Update on Dispute with SunTrust Oil RNS Number : 2447P San Leon Energy PLC 24 May 2018 24 May 2018 San Leon Energy plc ("San Leon" or the "Company") Update on dispute with SunTrust Oil San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, has been provided with a copy of correspondence between SunTrust Oil ("SunTrust") and the Nigerian Department of Petroleum Resources ("DPR"). The correspondence relates to a requirement under Nigerian law for the Minister of Petroleum Resources to consent to any assignment of interests in oil and gas assets in Nigeria and the fact that such consent was not obtained prior to the purchase by the Company of its indirect interest in OML 18. San Leon obtained legal advice prior to the purchase which confirmed that, owing to the way that the transaction was structured (and specifically the nature of its indirect interest in OML 18), it was not necessary for Eroton to obtain prior consent from the Minister. Furthermore, San Leon and its partners have today re-confirmed with their legal advisers that this position is correct and the DPR will be notified accordingly. As previously announced, the Company remains of the view that the purported allegations by SunTrust are without any foundation or merit. The Company will provide further updates in due course. Enquiries:

San Leon Energy PLC Comment on News Article RNS Number : 7982O San Leon Energy PLC 22 May 2018 22 May 2018 San Leon Energy plc ("San Leon" or the "Company") Comment on News Article San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, notes a media article in the Nigerian press which makes reference to a summons having been served on the Company and certain other entities by SunTrust Oil ("SunTrust") in relation to a purported claim by SunTrust over the purchase by the Company of an indirect interest in OML 18. San Leon can confirm that none of the Company, its subsidiaries or legal counsel have received any such summons to date and neither are they aware of the existence of any such summons. Having taken legal advice, the Company is of the view that the purported allegations by SunTrust are without any foundation or merit whatsoever, the 2016 OML 18 transactions having undergone extensive due diligence and documentation. The Company will provide updates as and when appropriate in due course, and will vigorously defend any such claim received. Enquiries:

few buys coming in now i see....