Member Info for S7ein

Paying a dividend is not mentioned. Reviewing the policy is. That does not guarantee any payout.

Hi bond, Eland actually have a 49% ownership stake in ELCREST with an option to raise that by another 10% for $10m (Or at least they did) This is an old research note but it demonstrates the ownership structure of OML 40 on page 10 in an easy to understand format. http://research.panmure.com/PGResearchDocuments/5852923.pgrd It is unclear if the UBIMA licence holds the same ownership structure or not, but Elcrest has a 45% share. I have said before that I believe Eland will make some acquisitions moving forward and I still believe they will soon.

Hi bond, Eland actually have a 49% ownership stake in Encrust, with an option to raise that by another 10% for $10m (Or at least they did) This is an old research note but it demonstrates the ownership structure of OML 40 on page 10 in an easy to understand format. http://research.panmure.com/PGResearchDocuments/5852923.pgrd It is unclear if the UBIMA licence holds the same ownership structure or not, but Elcrest has a 45% share. I have said before that I believe Eland will make some acquisitions moving forward and I still believe they will soon.

Daysleeper, I wasn't debating the potential evaluation of Eland, I was simply saying that I doubt they will ever pay a dividend. I don't know much about Seplat to comment but ill certainly use it as a PEER alongside Lekoil moving forward

Eland are a growth company with an end game of selling up as quick as possible. Its unlikely they will ever pay a dividend.

Stuart, If this is to spread risk then Hurricane is a good choice, however I find your move strange to say the least. Hurricane is not all about Geology as its risk has been significantly reduced through successful well tests, however an extended one is still required. It is now about Project Delivery Hurricane will not produce in 2019 and will be lucky to in 2020. FPSO deliveries are on average 20 months late with 100% cost overruns and I doubt Lancaster will be an exception. There is a good 2 years before Hurricane moves substantially. They are also wildly overvalued. https://www.ogauthority.co.uk/media/3380/oga-lessons-learned-from-ukcs-oil-and-gas-projects-2011-2016.pdf The Niger Delta Avengers are not interested in Eland.

The tax system was changed in Nigeria in 2017 alongside their new petroleum policy as far as I know. Royalties in Nigeria are 20% but for marginal fields they are staged between 2.5% and 18.5% for production up to 25,000BOPD, therefore Eland will pay 20% on OML 40 Tax is now 50% for petroleum operations under Production Sharing Contracts (PSC) and 85% if it is a JV with the NNPC. Eland do not operate under a JV, but are definitely under a PSC of 45%-55% with the NNPC. JV�s and PSC�s are uniquely different in how costs are shared and reclaimed Eland had also applied and were granted for the Petroleum Profits Tax (PPT) incentive, meaning no petroleum tax due in the first 5 years. There has been no mention of that changing but that was granted in 2014 Company income tax is then due at 30% on profits, but Eland may be eligible for 20% under the small company�s rates. I need to look into this change in the tax system in more detail. http://pwcnigeria.typepad.com/files/pwc-tax-data-card-2017.pdf

Eland are a growth company therefore it would be doubtful if they were to buyback their shares so soon, but you never know Companies dont keep money more cash in the bank than necessary. It simply doesnt provide the same level of return as investing it somewhere else. I can also see Eland maybe venturing back to their original plans of a seven well drilling campaign in Opuama rather than these continuous workovers.

Been here since 2012 Stuart. Wont be going anywhere soon. If all goes well in H1 2018 I believe there will be an acquisition of some sorts in H2. Be that acerage or a smaller producer. All in my opinion.

Bye Luck I'll miss your garbage posts. Such as this one: "I am well aware and have run the numbers - my initial tranche was sold for over 100% profit" The shareprice never dipped below 30p in May 2016. Do the maths

Hughesleisure I’m far from the protagonist here. I assume you have missed all of luckcounts posts that he has removed. My issue? His valuations are nonsense and when he is called out, he retorts to name-calling, but hey, I’m the childish one right? Thanks for your biased opinion though

"No buying whatsoever and share seems clearly manipulated" "Only a minor seller dragging this share down on pitiful volume" For every seller there is a buyer.....Good to see the MM's trying to stimulate the market by reducing the price "I am going to double my position post drill news" - Interesting. Why after? Why not now? "Ivy league financier"

"think the bod will look to exit Nigeria n in to other areas with more stability" Have you even conducted research on the BOD? Nigeria is their speciality, no way in hell they are exiting

Munchbox, The price has dropped with the oil price Simple

"hence why ELA are getting 45% initially of all production" Eland get 45% of all production because of the PSA with the Nigerian Oil Company Any debts are paid off from that

Elland, I have plenty positive things to say about Eland, however I prefer to leave the BOD do their job than sit on a discussion board debating things that is out of your hands, while projecting airy fairy figures of valuations I do however find it insulting that you think that I do not hold just because I do not post frequently and in a positive manner, but let me update you; I first purchased shares in Eland soon after they listed and I have a considerable holding and I continue to add. Does that make me more important than you? As for the institutional investors - that information is on their website http://www.elandoilandgas.com/investor-relations/shareholder-information/

"The Institutional Investors are not really aboard as yet" Whatttt? Over 70% of the companies shares are in the hands of institutional investors Some of the posts on this board is borderline ridiculous

Trustlie, Thats the second time I have seen you state those numbers, however not once have you mentioned the NNP's cut under the PSC. Why?

The NDA have called a ceasefire, hence the move. Will still be a couple months before Forcados reopens, therefore it will retrace in the meantime. Good time to top up though

Incorrect That value Ubima, Opuama. Opuama is bigger