Member Info for quelfromage1

The assignor is ST ... And as stated in the DPR letter it is the assignor who should apply for ministerial consent.

I guess they are happy with the 5.96% drop ...

I suspect this is the target price for US ADRs which are a bundle of 5 shares traded in the US:
"After the Share Capital Reorganisation, the ADR ratio was adjusted such that each ADR now represents 5 San Leon ordinary shares."

http://www.sanleonenergy.com/investors/shareholder-information/adr.aspx

81p for a standard ordinary share seems a more reasonable target.

QF

CJ Yes but the defendants legal team reponse is that the transaction didn't require permission ... so somebody is wrong. QF

Mmm, you know it makes sense!

Alaric, much appreciate your insights not least because they are thought through. I would say that the original deal is highly complex and I suspect most pi holders do not understand it. At the same time most pis invested before the Nigeria deal arose. I hope you are right that this is all over quickly once something actually happens. QF

" might have taken legal advice " They did take legal advice it says so in the rns. "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." But yes have to agree that none of this is good for SLE. QF

The Thisday headline is misleading in itself "Court Orders Suntrust Oil to Serve Processes on Kachikwu, San Leon Energy" implying the court perceives a wrong doing. While the text itself says "Justice Sule Hassan of the Federal High Court in Lagos has granted leave to Suntrust Oil Company Nigeria Limited to serve writ of summons and other processes in a suit filed against San Leon Energy Plc and others on the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at the NNPC Towers in Abuja." The last part of this doesn't make sense either. And where is this writ of summons? As said by others there is no evidence it has been served. If so, why not? If SLE received legal advice stating that the transaction was correctly carried out but this turns out to be incorrect then there would appear to a basis to sue the legal firm giving the advice. The very fact that the MPR and CAC are named defendants suggests ST have an uphill battle on their hands and is likely to be a very long drawn out process over many years. ST are even trying to block the MPR from giving post hoc permission for the transaction. Stepping back, if the writ is not served then nothing can happen anyway. But who knows? QF

Likewise.

Jacko, no really. No one knew that ...

22nd May not August

Seems to be all based on pipeline prospects ...

Yes Russ very surprising, caught me out!

Alaric well said whatever it is you are replying to.

Starting to oblige now 21.48p to buy

Dear sid and mms, you'll need to drop the price further if you want buyers.

Another tiny sell to justify a sp drop.

Hi olbutnowisa Maybe wise short term and I may sell a portion to lock in some gains but long term the prospects look very good indeed given the breadth of the pipe line. Btw what do you consider safe and boring? Compared to some of my aim investments (gambles!) AZ is safe and boring. QF

Grayling, Well today's rise alone accounts for 2/3 of the dividend - and we'll see what happens to the sp tomorrow - so I would expect the sp to hold all the gains at the time of your post and more once it goes ex-div.

... not reached its potential. Agreed.