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"there is Prima Facie Evidence" to suggest that SLE may be insolvent and trading unlawfully.

A spokesman for San Leon strenuously denied that it is insolvent, and said that the firm is planning to appeal the High Court Judgment.

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."the company shall be filing an appeal of the judgment to the court of appeal" said the statement.-

----The spokesperson described the judgment as a "serious inaccurate assumption" and said there was no evidence referred to by Justice Kennedy "showing such insolvency"

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-Who cares what some group of lawyers think about a ruling, if the ruling itself is flawed and based on inaccurate assumptions.---Lets wait and see the outcome of the appeal.

Mank...think her rationale was always about money....somewhere along the line she gravy train linning her bank accounts. I've always thought it was about keeping Barra alive..as phulbari would have made that underground mine instantly redundant.

.Those statements she made always came after she had her operation running and had nothing to do with helping the people and keeping her word.

Very strange how both the BNP and the Jamat / nap are all using the same language of

..."visible development of the areas mineral resources"

..maybe just Bangla reporting again.... if not, then all roads lead to Rome.

At present we generate about 5,000 mw from coal ---that will rise to about 10,500 mew----or an increase of about the proposed production from our 5000 mw at phulbari

Let's hope it's a little more than an "outline", and that he puts some meat on the bone, as to how he will sort the country's energy problem.

......Just mention coal...that's all you need to say for now Tarique.

No chance with Searcher, ..tightest man on the planet..

..lol

...

"The real challenge is ensuring dependable, fuel-secure and efficiently generated electricity over the long term.”

...

....got no idea how they can do that.....lol

This is a powerful statement from the BNP. The comment of

...."energy security has become more important than food "..... draws a picture.

..this is the first time I've seen a comment that gives priority to energy.......Is this the end of the argument to protect the farming land over digging up the coal.

They are making all the right noises...but .with Jamaat failing to give any detailed policies, will the BNP feel intnecessary to stick their neck out and talk about coal directly.

-----"nor for its management accounts (which are ready to be audited and filed shortly)."

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-So it looks like SLE accounts are all up to date and ready to audit.-----I'm sure that the delay has been down to getting the Nigerian end accounts finalised, and this I understand is nearly complete.

-If the above is true, then it looks like Mr Justice Kennedy may have seriously overstepped his remit and made unsubstantiated comments in his judgement about SLE being insolvent. Those assumptions could have been highly damaging to the company, and I hope the company takes some sort of action to demand a retraction.

A lot has been said and reported about the recent court case involving SLE and Brightwater.-----Much has been quoted from the Judge's summing up and those comments were widely reported in the press.

....What has been missing, is the Company's response to the Judge's summary,----- so here are some replies given to a reporter from the Sunday Independent. ----- I cannot find a link to this newspaper so I will have to quote directly from it.

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.......... A High Court Judge said

..."there is Prima Facie Evidence" to suggest that SLE may be insolvent and trading unlawfully.

A spokesman for San Leon strenuously denied that it is insolvent, and said that the firm is planning to appeal the High Court Judgment.

-..The Irish oil firm "is at an advanced stage of a funding round, and the company is disappointed at Justice Kennedy's assumption of insolvency, given there was no financial documentation sought by him" said a San Leon spokesperson in a written statement to the Sunday Independent in response to queries on the matter.

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-..."the company shall be filing an appeal of the judgment to the court of appeal" said the statement.-

----The spokesperson described the judgment as a "serious inaccurate assumption" and said there was no evidence referred to by Justice Kennedy "showing such insolvency"

------ In his ruling, Justice Kennedy said San Leon was " evidently in a parlous financial position" and referred to the fact that it had not filed any accounts for three years"

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---Referring to the Brightwater action,it said that "Justice Kennedy's remit was only to determine whether or not San Leon's injunction should stand"---

--"SLE would, of course, accept his decision on that issue" said the spokesperson "however we are shocked that Justice Kennedy then went on to make an assumption of insolvency (which was not the subject of these proceedings)-

--...."SLE was never questioned about or asked to explain its solvency, nor asked for any figures or documentation relating to same, nor for its management accounts (which are ready to be audited and filed shortly). These would clearly show that the company is not insolvent. there was no "evidence (that the judge refers to) showing such insolvency" said the statement.

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--"this is a serious inaccurate assumption that the judge has made in the judgment that should only be regarding the lifting of the injunction" it said.

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-.Fanning or his legal team were "not asked if the company was solvent, but he can confirm categorically that the company is solvent" it said.

-"In fact, it is owed approx $400 mill which is on the company balance sheet, and it would have been clear to see by the judge, if the lawyers had been asked for this. There was no evidence presented in court that could have led to this suggestion (of an insolvency)" it said.

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There is an article in the Irish Sunday Times today, and it's worth a really close read.

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-I'm not sure where the article originally intended to end up, but it looks like it has got slightly side tracked by the recent court case, the action brought by Brightwaters, and the judge's hasty assessment of SLE financial position.

-Bearing in mind that the action had no reference regarding the SLE solvency position, and no request was made for documents or accounts, ----the judge's conclusions were wholly unsubstantiated and will be the subject of an appeal.

---So lets ignore that side of things (an appeal will take 6 months) and look at the meat of the article.---

---------what a different picture that is painting

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--Refinancing to the tune of $200-300 mill

--SLE gaining 50% of EROTON

--SLE gaining 48.5% of ELI ------* (see below)

--SLE being owed $400 mill

--Oil flowing again from OML18

--

-- *--given ELI's current position, i expect SLE will be going for much, much more than this 48.5%, and that we will almost take complete control----this would explain why Brightwater hoped that we should adopt Eli's debt.

-https://www.thetimes.com/article/c1127b95-52b0-477a-8f12-02de4e758e29?shareToken=89d192380d3571ad662b0bc037adf708

That's at least a couple of articles in the Bangla press reporting on the call by the CPD (me neither), who are calling for a change in the energy policy regarding the use of coal, and coal fired power stations.

-----The interesting bit is that they keep mentioning 6000MW of proposed new CFPP.

I thought, when I first read it, that they were just re-hashing the original GCM plan to build to build those 3x2000 mwpp, because I honestly thought that life, and events, had superseded those plans, and that they were no longer part of our proposal.

-But maybe im wrong.-----Maybe they are still in the picture, and are part of the current Energy Plan.

-If The energy policy does say that it wants to have Own coal and 6000 MW of PP as part of its plan for the future, then Phulbari must be centre stage.

-The CPD (No idea) can moan all they like, but a policy that has been looked at in detail, and worked on for over a year, is not going to be changed at the last moment because some Green activist group don't like the conclusions its come to.

https://thefinancialexpress.com.bd/trade/interim-govt-urged-to-halt-energy-master-plan-before-polls

Fyg...see my reply to you at 11.37 this morning

Oh dear.

Yes that was my takwe on it GP,...how suddenly in 2019/2020 the shareholders in PR seemed to hold nothing and PI held everything, is a mystery.

.Those shareholders got nothing when the co was disolved...and that may not be going down well with the BVI authorities....just my guess.

.

...you are correct GPB.. the company, Polo Resources, is who wo owe money to, not the current Polo Investments..

...on another occassion we can talk about how these co have split the assets, but maybe not today.

.At this stage Polo Resource does not exist, and therefore neither does our debt.....If they can get reregistered then our loan/debt will become live again...if not then we owe nothing.

.They have been trying to get reregistered since mid summer, so must be having problems.

Another lot of fat fingered typing, but hope you get then jist.....the can sell a few below 6p to still acheive a 6p average.

I say that because thats more like what it is...... not a placing.

..They neex to sell that stock on the "bookbuild" at 6p or above to make a profit.

...... but that is their AVERAGE price.

.havinh sold a lotcat 7p and downwards, they could easily take below 6p for a few mill.