Member Info for redeyemines

So it looks like BidCo issued �57.5 mill Loan Notes to SLE and we used these to buy the remaining shares in Martwestern held by Sun Trust. - -Sun Trust agreed to take SLE shares instead of the Loan Notes (about 97 mill shares), and having sold some of these shares around the 54p level, they are still holding about 80 mill shares. ---I'm sure that when the SP was around 54p they could probably sold the lot for at least 45p and got all of the payment in cash-. -They sold some @54p and got greedy with the rest, ----now they want SLE to underwrite them @ 45p - -Shall we form an orderly cue ----lol--------i don't think so.

That sounds exactly right JAX.---They were happy enough when the SP was around 54p--------------Now they are still holding the shares and are nursing a paper lose.-----Perhaps they thought that SLE had underwritten the SP @ 45p, in which case this has been an expensive lessen for them.

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 relating to a claim by SunTrust Oil ("SunTrust") in respect of alleged payments due for the sale of their shares in Martwestern. The Company confirms it has received an application from SunTrust seeking leave (asking for permission) from the High Court Nigeria Holden to serve a petition outside the jurisdiction of Nigeria in respect of alleged amounts due. Having taken legal advice, the Company believes the claim has no foundation (there being no outstanding liabilities to SunTrust from San Leon following the issue of San Leon shares to SunTrust in September 2016), and additionally the Nigerian courts lack jurisdiction for any such claim. The Company confirms it has instructed its Nigerian solicitors to file objections restraining the applications of SunTrust. This would have the effect of striking out the applications. Enquiries: San Leon Energy plc

Here's something i find "funny" - ---you disappear of the face of the earth, and then re-appear and are the first with this story---------funny old game eh - -who feeds you your info ???

....Would be funny if they got BHP to do the extraction----------better than sending Tang and Gary off to B$Q to buy some shovels -lol

That says it all Searcher, ---importing coal is just not going to be viable in the future (something all of us on here have always thought )--------------Even TATA cant make it work, unless they get their own domestic coal. -Its Phulbari or bust. - ----"According to Buckley, a written-down plant can be reconfigured to be viable, particularly if cheap ($20/tonne) domestic coal can be procured in proximity to the plant without exorbitant rail freight costs."

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-----There's a big question mark in my mind over Kilkenny -------------------WHO ARE THEY ??? - -They appeared out of the blue and bought tranches of stock that were being sold by Griffiths---nothing else. - These tranches were spread over about a year and a bit (if my memory serves me right), and yet they bought nothing else in between, ---no venturing into the mkt when the SP was depressed------just taking those big lumps and nothing else.------------Now it looks like they have picked up another 700/- from somewhere, and I'm guessing, that one way or another, these have come from the recent placing (did they participate in the underwriting ??)-so what is their game.? - -All they have succeeded in doing, is denying the chance for anyone else to get their hands on these lumps of stock. - -Maybe, just maybe, they are keeping this stock out of the hands of run-of-the-mill shareholders, and garaging it for an end game player.

----One of the biggest problems with open pit mining has always been the underground water, and I had always suspected that this would have been the sticking point. -I wouldn't have been in the least surprised to see the GOB commission yet another committee, to produce yet another report into the problem, and so just kick any decision making into the long grass for another year, but maybe not. -It now seems as though even the GOB has had enough of further reports and committees, and have finally decided to act on one of their earlier findings, and it now looks that at last they are happy that a solution has been found, and that things can move forward. - -A water problem solved at Barakapur, is a water problem solved at Phulbari, and if the Bara Co can get "the nod" from the GOB to proceed, then there is no reason why GCM should not now stand up and start really pushing it's case. - - ----"The company placed a report in a meeting on April 15 with state minister for power, energy and mineral resources Nasrul Hamid in the chair, claiming that a study carried out by the state-run Institute of Water Modelling in 2014 said that the open-pit mining was possible as the area�s groundwater table was manageable." - ----"The company obtained verbal approval from the state minister to advance with the plan," - -we're over the water hurdle and off to the races.

i was just going to post about all the new power plants using LNG----17.8 MW-that's huge-and there was no mention of coal - ---but - -then this sprung up -----OPEN PIT at BARAKAPUR-------that IS PULBARI-just the western edge -if they OP BARA then its game on for PULBARI

...I must be getting old-----just checked back on the dates of those conversations------Christ---it was back in 1999.

Making decisions has never been the strong point in Bangladesh. Forming committees and commissioning reports has always been their way of kicking tough choices down the road. -All the problems regarding the need for power, Hospitals, Schools, and standards of living have been staring them in the face for years, and to any outsider the solution has always seemed simple-just use your own natural resources --ie your coal, ---but that would mean making a decision. -Six or seven years ago, I talked to the CEO of Bangladesh Steel Rolling Mills, when they were being encouraged by the Gov to build a private enterprise coal based power plant. They declined to go ahead as they could not get any firm commitment from the Gov as to where the fuel was going to come from, and i remember him saying to me, that the Gov were "incapable of making a decision"----has anything really changed ? Maybe the pressure from the Chinese Money will be enough to galvanise them into action at last, or maybe they will commission one last report (possible on the underground water), and put things off again until the next Gov term----i hope not--but they have history in that direction.

OK Bees-I see where you're coming from now------ ------------personally i'm not too sure that the GOB will be strong armed into anything just because a private company has arranged a few things, ------Hasina's hesitancy has always been about the displacement of people and the effect on both the ground water and local agriculture ---"saving the coal for future generations" ---as she put it a few years ago. ---Although having said that, recent developments in Rampal and elsewhere would suggest she's now not to concerned with the environmental issues, and maybe the "money" will bring the issue to a head. -----But ----I'm still convinced that she will leave this on the shelf until after the next elections in April 2019-----but i'll be very happy to be proved wrong.

-----"because they have been inform by there own lawyers they must reimburse us,,, hope the june dead line rings true," - -----Bees i seem to be a bit out of the loop as far as this angle is concerned -----what is this "June deadline ", and reimbursing all about ? - -Ive heard all the talk in the past about compo if we NEVER get the GL, but iv'e never heard this June Deadline anywhere-what am i missing please.

must admit BSwan, i read that over and over trying to see what i'd missed-seemed you had 173%-------thanks for the correction. -Your guesswork could well be very close, but we'll just have to wait and see.

I think it's fairly true to say, that with the exception of TF, the City has not been our greatest fan.-- -With no income to speak of and prospects always just over the horizon, institutions have generally withdrawn to the side lines, and at best left us on their "watch list", with only a very few risk funds prepared to put some cash on the table. -So it's been down to the PI's to try and show some faith, leaving many locked deep underwater. With no II interest the SP has been at the mercy of all sorts of chicanery, and an orchestrated bear mkt has been allowed to almost take us to the brink. No income and a huge debt (Aveb) hanging over us, left us wide open, and the bears quite rightly have had a field day. - -Many have doubted as to whether Nigeria was the right place to do business, and would we ever really see any money, but seeing has to be believing.-Now we have a guaranteed income stream, with $36 mill already paid, another $19 mill prob paid yesterday and $19 mill coming every qutr for the next two and a bit years. -Add to this our share of OML18 via our 9.5% interest, which will come hopefully sometime in the very near future, and we are already a very different animal to the one that went into suspension back in Nov 2017. - ---Now we also have the very real prospect of Barry finally getting off the ground over the next couple of years, and our 4.5% NPI could produce a very large and stable income stream for years to come, --something we have never had. - -The prospects from any RTO cannot be over stated. A larger stake in OML 18, and/or stakes in many of the other assets held by MW, could boost our income and future prospects to levels we had never envisaged . - -Prospects and income will inevitably lead to a return for SH, and this is what the City have been waiting for. -No longer will the ii's sit on the side lines, watching and waiting. Their fund structure will mean they have to include SLE in their portfolio, and with ii needing to take a stake, the days of the bear mkt are over. - -The devil will always be in the detail here, and we will have to wait and see how these talks on a RTO pan out, and if a deal can ever be done ,, but the City however, will now view us very differently,---- as income is king. If the RTO does go ahead and we get even just an "OK" deal, then our fortunes could draw the attention of large sections of the Institutions, and SLE will have a long solid future as the ii's slowly build up holdings. - -Spikes and troughs, certainly, but as we had in the past with the SP on a downward march, now we should have a long steady climb back up. - -GLA

Yes Frus, SLE thought an awful lot about this prospect and how to capitalise on it.--They also thought about how they were ever going to be able to pay their 30% share of any costs, and so switched their 30% of one licence for 4.5% of the WHOLE FEILD at NO COST. - -That's called great business----------and still you're not satisfied--------i wonder why ?? - ------"San Leon announced, on 23 December 2011, that the Company has assigned its 30% working interest in Standard Exploration Licence 1/11 to Providence in exchange for a 4.5% NPI on the full field. San Leon Energy will not pay any further appraisal or development costs on the Licence and is not paying any costs towards the 48/24-10 well."

That's brilliant news, ---something we have waited a long time for----this is worth 20p a share to SLE on its own - -now what price on the re-listing.

------And another $19 mill coming in 5 days time---------unless a RTO changes the whole structure of the Co. - -No debt and $ 58 mill income so far-----------enough to start paying Divis back to SH soon. - ---------It's all there in the RNS's - -Still why let a little thing like FACTS get in the way eh B7/Frus---------------lets just keep regurgitating ancient history. - -Makes it sound like you have an ulterior motive------surely not.

If the GL was ever given, then GCM would probably sell out to a big miner, for about �300-�500 mill---so somewhere around �3-�5 a share.-------------------- -but don't hold your breath, ----been waiting for the GL for ten years plus now, ---can't see why Hasina would play with this hot potato before her next re-election (April 2019 ish)