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What I am suggesting is that Nigeria is a very high risk and volatile country right now torn between on one hand the World Bank and IMF driven by US influences which currently has the upper hand, or alternatively a change of direction towards China and the Brics nations which is gathering pace with every passing day as the world splits between the pro West and pro East.

If the population decides enough is enough then destabilisation is heading Nigeria's way.

Top slicing is definitely on my agenda, whereas if this was a stable jurisdiction then I wouldn't consider it, it's ironic as Sepl goes from strength to strength to country certainly isn't.

If Nigerian economy collapses due to this fuel subsidy being stopped then imo it will be reinstated in some form or other out of necessity.

Politically the Brics might seem appealing to many in Nigeria be interesting to see how this plays out.

We have had a fantastic run of late sp wise and long may that continue, however the removal of the petrol/fuel subsidy in Nigeria is having a huge impact on the population I can't help but wonder if it should have been reduced significantly rather than stopped. Seems like a IMF type of stipulation to me.

Can't help but think that this won't be the end, and they need to introduce something to help the population or any growth they were hoping for internally will slump into contraction and recession which ultimately will not be good for Sepl making large profits while the population is struggling.

Link is one idea to assist, if do a search there are plenty of alternative opinions out there about what should be done.

My takeaway is although Sepl is undergoing a revival Nigeria itself is going though a fundamental change, I hope the government will be able to deliver.

https://www.vanguardngr.com/2023/07/fuel-subsidy-fg-should-encourage-utilisation-of-gas-as-substitute-naee/

Profit down 49% from Q3, in Q4 Rh average $6750 now down around $4k, cash balance very healthy, rebound in Rh prices would be welcome.

Doesn't make sense the Rh price so low demand from ice manufacturers is picking up, suggests over supply which from everything I've read it isn't unless there has been a dump from somewhere to reduce prices, at some point that will be worked through with demand forcing prices higher.

Watching for PGM price movement.

Every confidence in management to sort out all the current issues at Blanket to get us back on track, they have over years encountered every issue you could possibly think of yet still managed to progress and develop the current mine.

Bilboes is where maybe their experience will be tested the most, this is something away from their usual everyday routine, but it is the most interesting, nice to see the sp stable I thought it might be more volatile than it has been due setbacks at Blanket and Bilboes, although as stated the earthworks need to be shifted in any event it's just a shame they couldn't make money doing it.

Can you not read, because if you could you would see that there is huge capex expenditures regarding Akatara, plus the infill drilling campaign, we all know about the Montara disaster and loss of revenue.

So what's the I am so surprised at the situation here reaction.

Capital expenditure: US$110-140 million, with the majority to be spent in the second half of 2023 due to the timing and phasing of spend on the Akatara development project and the East Belumut infill drilling campaign.

I listened the presentation what came across to me was that the gas project is the most significant driver but also the biggest risk, being designed and built from scratch there are numerous things that could throw a spanner in the works thus delaying production, it's rare for a project to hit the ground running without teething problems so that's what I am expecting.

With oil on the move upwards, production now normalised/stable and the shuttle tanker due to end it's charter all should help ease the financial burden on the company even though we are hedged for a fair proportion of production.

Yes, kmr always seem to put a dampener on whatever update they are reporting some caveat as to why the future looks gloomy, we've had all the excuses, prices weak, possible recession, barge in for planned maintenance therefore hitting revenues in quarter, waste of cash when we had the tender offer but also debt, the rps project cost a bob or two but we haven't seen much from it up to now. I will let them off with lightening strike, slimes problems as though it was something unexpected, thus hitting production.

The list is endless for a mine with 100 years of life going forward it's as I have stated before it's almost as though they do it by design, to detract from what superb asset this is.

Experience here has taught me to trade this which is against my usual nature, great asset but there's always something .

A while back I mentioned selling out on a high and wait for the next wcp move to be completed which is what I have done with half my holding I was tempted to buy it back since it's been drifting lower perhaps it's heading a little lower now.

Considering all that's gone on with the mud slinging at Sepl they are now recognised as being an example to others you couldn't make it up, to top it off Roger Brown is personality of the year.

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE) has emerged as the winner of the ‘Excellence in Energy Leadership Company of the Year 2023’ award at the Excel Africa Excellence in Corporate Enterprise and Leadership Awards.

Its Chief Executive Officer, Mr. Roger Brown was also named the ‘Energy Personality of the Year 2023’.

The company was said to have delivered an excellent performance for the period under review, with strong cash generation enabling significant value creation for its stakeholders.

Great update again, very nice cash position plus hefty position for use with indigenous population, more wells to be drilled, just hope they will be able to sell all they produce.

Amazing how they manage to bob and weave through most of the problems that face them and come out in front never a dull moment here although expect your heart to miss a beat now and again.

i stand corrected on your statement of near break even on current pgm prices just looked at my *** packet calcs and missed a decimal point i had them at £27m for a full year but it is £2.7m, that's a shock old age and all that.

hope i am wrong i'll look again.

Postponing or cancelling the buyback programme is a certainty under current

conditions, when they officially announce that in conjunction with a significant dividend cut i expect the sp to respond accordingly downwards.

That imo is a buying opportunity in a rising inflationary world a company still making money with no debt is a good company to be in.

I note your comments on payments which would be wise to change, I don't however see them at close to break even at current PGM prices they are doing better than that.

One thing I didn't mention was the dividend unless slp are happy to see the cash pile dwindle away, which I feel they won't want to do expect a dividend cut at current PGM prices it's unsustainable.

Just watching the PGM prices it's possible this is not the bottom, if a recession hits perhaps the p/e might fall to 3 so in the sixties seems reasonable then patience with leeway to average down.

However even at low PGM prices slp is still making money you can't ask more than that in todays environment were reducing losses is seen as good form.

Sorry Bangrak I don't agree, by my workings at current PGM prices and 72k production I have profit of about £27m earnings 10p a p/e of 4 gives about 40p share price plus cash balance of roughly 37p so at today's lowly PGM prices 77p seems reasonable.

I don't hold at moment but I am watching how far this falls, all the forecasts for PGMs are higher than current prices and with car production increasing from the lows of the chip shortage and pandemic something doesn't add up.

Huge stockpiles by the car manufacturers to work through maybe, increase in supply from somewhere Russia maybe, forecast recession in the West depressing prices maybe.

At these prices only the low cost producers with a hefty cash balance are feeling comfortable.

Why does reading the RNS seem like window dressing?

Bringing in a couple of new neds is hardly breaking news neither is our largest shareholder wanting a seat on the board which to me is the most significant.

Oh and that last statement about being more upfront with shareholders informing us of news, truth be told that is were trust has been lost.

Plus to my cynical mind it was done by design keeping stum and not informing shareholders of what's going on, noway was it an oversight, hence the our new investor relations officer who has form on that front.

Anyway the Odey situation had made a bad situation worse hopefully in twelve months time we will be looking back and thinking what an opportunity that was when Odey was selling out.

Why does re

Changing times in Nigeria with the abolition of the fuel subsidy will imo put pressure on the new president to deliver on his promises of better infrastructure education healthcare etc, his measures have for now made ordinary people worse off, I hope he has the full backing of the population otherwise he could be in for a rough time.

https://www.france24.com/en/africa/20230614-a-necessary-sacrifice-nigeria-ends-almost-50-years-of-fuel-subsidies

Another farce reaches its logical conclusion, at least it seems that if you follow the legal procedure you get there in the end.

Interesting view of the Saudi oil cuts why they are doing it and the economic effects.

https://youtu.be/5pDSoHslVFo

It's surprising how things work out and why, some time back Phil Corbett was appointed as investor relations officer, and with that posts from investors from his previous job at Hurricane Energy which were damning about his character I remember pondering why JSE would go for such a chap.

He his very good at bending the truth withholding information and some accusations of outright lying so the accusations went.

What I know now he is good bloke as far as the company is concerned when the sh*t hits the fan, I wish I had heeded my gut instincts at that point.

Knee jerk reaction is that placing business is going to be fine for the large investors with their cheap warrants.

How things change in twelve months debt free, buy backs to this, some things have been out of management's hands but others things haven't I think they have played us small investors like a fiddle by not giving us any information of what was likely or intended with the revenue lost from Montara.

It may all end well but from here I am hugely dissatisfied with information coming from JSE management of late.