Member Info for PC01

So, that is part 1 to the jigsaw... The Company's cash position (€22.6 million at 30 June 2018) +$18.6mm leaves us comfortably at $40mm. So I think we can now expect the second part of the jigsaw to be announced next - eg the stock buyback of $10mm which they have discussed. At 29p (where I have just left a bid for 50k more shares) the market cap of the co is c $185mm, so c 5% of the outstanding stock or 25mm shares or so.
I'm surprised we are not rallying further on this news but time and patience of which I have plenty might be needed.

San Leon Energy plc (the "Company"), the AIM listed company focused on oil and
gas development and appraisal in Africa and Europe, announced on 25 September
2018 that it had been informed by Midwestern Leon Petroleum Limited ("MLPL"),
that the quarterly Loan Notes repayment to San Leon which was due on or before
1 October 2018, was expected to be made during October 2018.
The Company confirms that it has now received a total of approximately USD
$18.6 million in full satisfaction of payments due for Q3 2018 under the MLPL
Loan Notes (details of which have been described in previous Company
announcements).
A balance of USD $146.1 million of principal remains outstanding and payable
to the Company as of 31 October 2018. Interest continues to accrue at 17% per
annum on the outstanding principal, in addition to this balance.

Yes all our comments were wiped out yesterday when referencing our friend on ADVFN...I actually wished him all the luck with his short position and attempt to drive the mkt down....if we don't get the info needed to help the SP up, then he'll be right and able to gloat accordingly! I did perhaps suggest that the opposite also holds true!!

Is anyone on this board aware of the importance of November 5th re litigation cases? Just a comment that came up when talking to a fellow investor who had heard the company make reference to that date with specific mention to litigation? Is it the date that mediation must be settled before it goes up to court? Just wondering...

I think its a Monday morning yawn - touch seems to be 27.60 - 28.90...which is still a 3-4% bid/offer...we continue to wait for news!

Because the language used by S8 implied a certain correlation between Afren and SLE without ever actually saying it. It (S8) (as we have no idea who or what he or she is) very clearly insinuates the board of SLE could be no different than the one at Afren. So I think a certain touchiness is allowed.
And if someone can plse explain to me why it (S8) remains invested in SLE that would be great...it’s post the other day how it had averaged down and needed a rally to 140p to break even stands at completes odds with all subsequent posts. I mean why waste more precious £££ and then spend your time attacking the board. Makes no sense to me. But them I’m a simple lad.

I use a charting system called 'E-Signal' - the monthly chart shows a low in 12.15 of 19p and a high in feb 2017 at 58p ....then a new low of 17p in Sep 2017 and a post suspension high of 35p in April '18...hope that's of help.

That's an easy one to answer...a gap up on monday (or anyday in the near future) would mean one of the material game changers we've been blathering about for a while has come a step closer to fruition...thereby de-risking further the investment...it may well be a much better and safer buy at 50p than it is here...which might seem somewhat counter-intuitive...at 28p the mkt is saying 'mmmm, maybe...'...at 50p it will be saying 'for sure'...so after the initial round of inevitable profit taking, i think we probably add....

I love this examination of who owns how many? I have far too many if it goes down and not enough if it goes up...the ongoing question that Mclean 91 keeps asking re stop losses i think has to be swept under the carpet...AIM stocks, especially frontier mining ones can and often do have huge moves on any given day...and a drip lower on no news as a few small investors sell can easily make you run the risk of being out of the market when the long-awaited (jam tomorrow) news comes...I would much rather recommend that investing in SLE and other such investments is done in the full understanding that you may (and for some have) lose/lost a vast majority of what you invest...eg, don;t invest what you cannot afford to lose. And if losing 75% of your initial investment is going to cause severe financial embarrassment, then shares of SLE and others are really not for you!

For lawd's sake, this company has been in existence since 1990! It hasn't just started granting options this week and nor have directors just started 'sexercising' (sale and exercising) them just to spite you today! Grow up.

There is some nonsense spoken on this board - OS what on earth do you mean ' But with CPX at a critical stage of its development (and not yet in profit) this to me sends the wrong message and that message is that ultimately all BODs look after themselves first'...if you OS invest in shares, you de facto believe in capitalism...are you really saying that a director isn't allowed to make some money to pay bills but you are? The BoD are human beings just like you and me, with mouths to feed and bills to pay. You have absolutely no idea what causes someone to sell (or buy) shares on anyone day...and for you to have a strop because someone has the temerity to sell a share that you think is deeply undervalued tells me you really shouldn't invest in equity markets at all. Let people do what they do, for the reasons that they do it. If the company is a good one, and to repeat the mantra, it makes money then the SP will rise. The board exercising options and - maybe - selling some some shares is purely just one flow on any given day.

Children - enough (as I might shout in the cars the bickering reaches new heights!)....This is such a circular argument - to wit I do have a degree of sympathy with both sides. However, we cannot keep harking back to 3-5 years ago when SLE was a completely different company from the one it is today. I was fortunate not to be invested then. I am invested now. The company I am invested in has a quarterly cash flow (well, it should have, I would like at some stage to see October's turn up, please!), no debt and 3 decent assets, one of which in Nigeria, whilst frontier mining of the most risky sort is undeniably a world class one.
There simply isn't any point in banging on about the past - unless it makes you feel better, but perhaps you might find a slightly different arena to vent your spleen? - all we care about, today, this week, this month, the next 3 months is a regular quarterly dividend and a share buyback. If we can add to that any positive news re Nigeria / Poland or future +ve thoughts from BarryRoe then the SP will look after itself.
As I have said ad nauseam, if these quarterly flows are interrupted, whether the security we get on a default is a good one or not, the SP will fall as there is no other cash flow for the company at the moment. It just so happens I think those cash flows are secure and the delay this time is more likely due to some sort of corporate action going on - we will see. Now, lets watch these stock mkts crumble further....sigh.

There is (in)discriminate selling of decent co's with decent outlooks - one look at a few of the investor darlings such as :
Blue Prism £26 - £15 (42%)
Burford £20.5 - £16 (22% with a £100m placing at £17 just 10 days ago)
Fevertree £40 - £26 (35%)
Wandisco £12 - £4.5 (62%)
suggests that its not just CPX that's having a rough day or 2...investors who maybe invested in any of the above or others may well have to sell a broad spectrum of their favourite stocks...the key is, as ever, to maintain discipline. If you need the money you have invested next week, then this isn't the place for you. If you can bear to see the SP fall a further 50% to 5p (god forbid but not impossible if we get a proper US rout) and you believe the longer term outlook, then relax, don't check the SP every minute of every day...in that way insanity surely lies.
We all know the potential positives, the SP will look after itself once the money / contracts / law suits are in / settled and revenues start to rise above break even.

There she is - hasn't been seen for a while...the great naysayer in all her finery...I think the 'band' are at one and have been truly consistent over the past few weeks and months...and to continue to be so very boring as to reiterate -
A) If we get the ongoing quarterly payments
B) Then we shall get a share buyback
C) There aint no stock about
D) Therefore the SP will rise to a level where the company can find some sellers

if there is a delay to the quarterly repayments, then concern will grow and the SP will fall. Even if, as Alaric has oft suggested, that the terms of the loan may well mean a default will be good for SLE's share of Eroton (I am not completely au fait with those terms)

The fact that the SP is sticking at these levels (which is a decent outperformance vs the broader mkt over the past few months) would suggest that no one wants to sell for fear of missing out on parts B-D mentioned above. However, the continual desire to hark back to SLE 1.0 and a SP at £4 still misses the point as to why investors are buying here. The investment, in OUR view, has been de-risked. There is no debt on the balance sheet and an income stream due that is worth the current SP alone. There also happens to be a variety of assets, whether it be OML 18, BarryRoe or Polish shale that may well add a little certain 'je ne sais quoi' to the SP.
One final point - its interesting you point out GK as a similar example...I very much hope it is...what £4.50 in feb 2012 to almost bust in 2016 and back to £2.15 as it starts to make money...proving as ever that investing, like all things in life, is all about timing.

Haha - ideally of the Gucci variety :-)

There is a great deal of nonsense spoken about market manipulation...Newuncle, you are suggesting that private investors are forced by low prices to sell and those great and wonderful institutions mop up their shares...no one forces you to do anything...it is all FOMO - Fear Of Missing Out...all investing is driven by fear and greed...if i dont sell here (say 10p) and it goes to 8p I'll lose 20% and I can't afford that...bang sell it...then look, stock trades up at 11p, bu55er, its going up again, there must be news, it might be the big one, i have to buy because I know the story and I will be so upset if this is the big news...i would advise all and sundry...always keep an eye on the Bid/Offer spread...most the time on CPX for eg it 0.5p, thats 5%...that is a huge spread, as you are automatically 5% offside if you buy it...to put into perspective...your bank a/c pays you c 0.5%...so paying the bid/offer means you are paying 10yrs interest effectively...so wait for the bid/offer to narrow (there were times yesterday when the spread was 0.1p, 1%)...and only invest if you can afford to lose X%...that is your mental stop loss...and then ignore everything else...as I tried, badly, to suggest yesterday, and maybe supported by some decent sized buying over past 24 hours, the company has been doing the rounds and telling the story. This board more than most I read seems to have a huge insight into what this company does and might achieve..if we can ignore the daft (its a 10 bagger) type comments, keep a sense of proportion and ignore the daily fluctuations, then I hope we will all find investing in this company a pleasant and profitable experience. It might well be a 10 bagger, but back of an envelope calcs that would require revenues of say £80mm, profits of 20mm and 10x rating to make a £200mm company...revenues and profits are a wee bit short of that for the moment!
And finally, please let's stop this 'private investors get fleeced nonsense'! There, got it off my chest....

I don't know a huge amount tbh - lumpy long-term holders meeting management... don't think anything 'inside' at all...but tone was upbeat, lots of focus on the patents...think that is probably key to cashflow in short term?

Afternoon all - another (unhappy with last few days price action) long here - really just for info sake and being 'above board' I understand the company was in London yesterday presenting. I was aware of a likely meeting and made sure the 'cash raising need'' question was asked - and as per answered succinctly by IWGROD and IWT1 , and its very clearly in yday's release, cash in the bank and R&D rebate do cover the cash burn...it was my own excuse for the recent SP move...what is obvious is that the Allenby report is a factual rather than excited version of events...we know this is a company with huge potential, but what drives SP appreciation is the validation of that potential thru contract wins and real visible cash flow. More deals, decent return from the lawsuits and these current levels will look good. FWIW I added plenty more this am (and as usual rather prematurely it wud seem!)...

Been out for a couple of days - but as ever enjoy the banter on the board. Alaric, you mentioned a reversing into SLE by Eroton. I have heard this as well, as we know despite all its short-comings an AIM listing in London is a bit like buying a London property under UK law...its a good place for a Nigerian entity to be able to gain access...
re share price moves, as I have tried to point out, there is no liquidity in the market at all. The bid-offer is often 1.5p so 5% which doesn't act as a great incentive to trade. What will move the price on from here is the safe arrival of the quarterly $18mm (its quite late now!) and the share buy-back. An RNS proving both will see an uplift, a RNS saying 'not sure what happened, but the $18mm hasn't turned up' will cause a drop back to the lows of 20p...and plenty of ammunition for the pessimists to get their teeth into...you can see them, hoping...a bit like my labrador as he awaits his dinner, drooling ....
I remain optimistic!

GOSH S8 you are quite something - not a day after 'I've doubled down and need 140 to break even' back comes the vitriol...2 things - market making ain't what it used to be...cost of capital is extremely expensive for small brokers...I reckon Cantors will charge their market-makers no less than 10% for stale positions (positions typically held over 1 week or 1 month) and maybe as much as 50% for a 3-moth one...and there is absolutely no chance on god's green earth that one of SLE's market makers would be allowed to hold a such a sizeable position because of their VAR limits...so let's leave the machievellian market-manipulating nonsense to John Le Carre - the share price will be what it is, driven by fundamentals of demand and supply...and there isn't much of the latter it would seem.
On your more interesting point re Tosca, who knows what their end game is...they have undeniably invested huge amounts of time and capital in SLE and will want to ensure a decent return if they can. There is every chance they could decide to take it private, tho I think more likely is a trade sale of their position to the company that ends up owning SLE. And there we private investors do have a problem...as we get taken out of our stock at a premium to where it trades today but maybe not at the final resting price where we would like to see the SP reach. In that case we have the board to hold our hand...which for some of you might not be the best thing you'll read today given your view! I think there will be much more clarity for all of us over the next 4-6 weeks.