Nigerian junior Eroton E&P, operator of OML 18 in partnership with the Nigerian National Petroleum Corporation, is pre-qualifying contractors for flowline and pipeline construction services.
The workscope covers procurement, fabrication, construction and installation of flowlines and pipeline work and will run for two years, with a one-year extension option.
The infastructure is needed as part of a campaign to drill 36 new and workover wells over the next three years to boost production from the swamp licence.
Responses are due by 6 June.
Heard a lot of talk about all the money San Leon is building up in oil revenue to be paid out one day, so how much has San Leon built up over the last 2 years?
Assuming OML-18 produces 30,000bopd, 30% loss due pipe lines etc, oil at $50 per barrel it equates to San Leon's share being £50 million or worth about 10p per share.
Being more optimistic and OML-18 produces 50,000bopd, loss of only 10%, oil at $90 per barrel and equates to £205 million or 41p per share. I have excluded revenue for gas condensates, well work overs and other promise/hypothetical sources of revenue.
As OldGeo raises the question why is the share price does not reflect this revenue, well it might have something to do with all the past promises of riches that San Leon has issued in the past and they prefer to see concrete evidence of the money i.e sitting in San Leon's bank account and not in the 'government coffers' in Nigeria.
No one is disputing your case that there are some very nasty people who waste a lot of time posting about SLE, but I think you're over-focussed on them.
Results are what really count. That is the only thing that is going to shut them up. Every time SLE promise another milestone to be reached 'early next quarter/year' and then fail to deliver (or forget to turn up for a court date, or miss their accounts deadline etc), it just gives detractors all too much ammunition.
Any company that does any of the above and then fails to explain themselves adequately is going to be criticised and mistrusted and rightly so, especially when they have never, ever delivered anything.
Getting some positive-looking accounts in on time this year would be a good start to turning around the way they are perceived.
Joe read the article of mr Gary carp who posted constant defamation against a listed company then read continual defamation from the likes of chart trader dishonestsi bro7 etc etc on the sle threads it takes no working out that sle is being played by this/these non holders they have even stated so .. It's your investment they are playing withe!!.. So sorry I defo disagree with your thinking!
Note change in subject title. I believe this is the offending article referred to, which someone posted on LSE board yesterday. What to make of all this? Sun Trust's recent behaviour has been erratic and there is a feel of financial desperation around these stories. But we must wait and see. Good to see categorical refutation of all this stuff from Sam Leon.
RNS Number : 7982O
San Leon Energy PLC
22 May 2018
22 May 2018
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 which makes reference to a summons having been served on the Company and certain other entities by SunTrust Oil ("SunTrust") in relation to a purported claim by SunTrust over the purchase by the Company of an indirect interest in OML 18.
San Leon can confirm that none of the Company, its subsidiaries or legal counsel have received any such summons to date and neither are they aware of the existence of any such summons.
Having taken legal advice, the Company is of the view that the purported allegations by SunTrust are without any foundation or merit whatsoever, the 2016 OML 18 transactions having undergone extensive due diligence and documentation. The Company will provide updates as and when appropriate in due course, and will vigorously defend any such claim received.
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
David Porter (+44 207 894 8896)
Nicholas Tulloch (+44 131 257 4634)
Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
We need to see accounts for year ended 31st December 2017, these will help otherwise the stock will be suspended again from July 2nd.
Maybe they cannot get auditors to sign them off as a going concern!!!
I've posted why I'm still here many times as have many others. You should do some of your own reading sometimes instead of just taking a lead from the (mostly transient) cheer leaders.
Or is it that you just can't be bothered to read objective, alternative views?
By the way, you don't have to hold the stock to have a valid view or to share it. Dismissing all views out of hand , especially when the facts back them up, is just dodging what is staring you in the face.
You totally miss the point of my questions. You are so obsessed about the other people that post on these boards that you cannot see the forest for the trees. I seriously doubt anything posted on this or any other SLE board has any effect on the share price, now or ever. It is nothing but noise. Sometimes interesting, many times boring and always without effect on the share price.
I made a rather large investment in SLE a number of years ago. I believed in their prospects and the properties they held. That large investment is now worth very little, so like a fool I set and hope that it will at least come back part of the way.
I would love to see SLE and the stockholders do well. I would love to see the company do well enough that I might exercise my stock options issued years ago that now have an option price of 37 pounds.
My question was and still is, "Why does the market not see the value perceived to be in SLE?" With all of the problems now behind SLE and everything looking like smooth sailing ahead, why is the share price not skyrocketing higher? There are many other oil and service stocks doing quite well at the moment.
Well people should do some of their own work for once and I've posted why I'm here many times. But here's a little something for u and it's not the only reason this share is trading well below any rational valuation. as of 2 weeks ago, LiP, u didn't even know who Sun Trust were. Now u do. They are a significant shareholder and if u believe the Nigerian press they are now suing just about everybody involved in this deal including the Govt. So much for their winding up of sle and smacks of desperation to me but I don't care whether people view that as good bad or whatever. U can make your own minds up. This is a high risk stock in a high risk sector in Nigeria. What I don't get is if you dont like all that stuff, why you're still here? None of you guys ever answer that one.
joe there are a number of posters who post information etc and have no hang ups here!..but there are more posters who are not holders who wish sle to cease and post the way they do! one has even stated wanting sle finished and shareholders to be wiped out!! same guy stated playing a part in sp manipulation and running a tirade against sle..your mate charttrader on advfn..so the answer to your question should be aimed at them.. so why don't you ask them why they want your investment to fail as I do not want that to happen but you have a problem with posters such as myself as they do!!..very strange!!
Indeed this board does seem to have its fair share of Mister Men in analysing San Leon's investment potential. The contributions over time from Mr.Silly, Mr.Wrong and Mr.Nonsense always provide amusement, although for the most part Mr. Miserable seems to capture the popular imagination. If I didn't have some reasonable idea of the answers to the questions you pose, Oldgeo, I wouldn't hold this stock - I am curious that you still do?
Can anyone explain to me why the SLE stock is languishing in the 30 pence area?
Oil prices are going up, Nigerian production is going up and the rhetoric from Nigeria about increasing the cash payments to the independents is going up. Apparently all of the skeletons are out of the SLE closet and they are essentially debt free.
It appears that the future is bright for SLE with note payments and potential distributions. Does the market not see this potential as genuine? Do the major investors in SLE not see the potential here? I have not seen one RNS that indicates the major holders are adding to their positions nor selling for that matter.
There has to be some logical reason why the market and investors do see the potential in SLE. My guess it has something to do with the storied past of the company, but most investors are able to see beyond that and look at the future.
There are a number of contributors on this board that at least purport to be well read about the company and indicate they know what the future for the company holds. Perhaps they could share their opinion as to why the stock has not gone up since the relisting and has actually gone down a little.
Oil price may hit $100 in coming months Total CEO
May 18, 2018
The CEO of French oil giant Total said Thursday he would not be surprised to see the price of a barrel of crude reach $100 later this year.
We are in a new world. We are in a world where geopolitics are dominating the market again, Patrick Pouyanne said at an event held by a Washington think tank.
Oil prices have risen steadily since the summer as producing nations attempt to rein in supply and amid fears of geopolitical instability. Toward 0950 GMT, a barrel of North Sea Brent briefly passed $80 for the first time since November 2014.
Market ripples from Venezuelas economic distress and President Donald Trumps decision this month to exit a joint sanctions deal on Irans nuclear program have pushed prices higher.
Economists warn that rising oil prices pose a danger to the current economic expansion and could dull the effects recently enacted US economic stimulus.
OPEC and Russia have been implementing their policies efficiently, Pouyanne said, referring to the Organization of the Petroleum Exporting Countries efforts to clamp down on supply.
OPEC and Russia have held to production limits since early last year to boost prices.
And on top of it, you have the announcement on Iran, which is pushing the price up, said Pouyanne.
So I wouldnt be surprised to see $100 per barrel in the coming months.
Pouyanne said Iran had raised production by a million barrels a day after sanctions were lifted under the 2015 Iran deal.
But this increased production was now in doubt due to the looming re-imposition of US sanctions, he said.
On top of it you have Venezuela, said Pouyanne. The situation is catastrophic and the production is declining.
Venezuela, which has the largest proven oil reserves in the world, has seen production plummet amid the acute economic crisis that has left it unable to conduct maintenance or expand output.
That has been exacerbated by legal rulings against Venezuelas state oil company PDVSA, including in favor of ConocoPhillips, which last week enforced a $2 billion award at four PDVSA facilities in the Caribbean.
-See Bonny Light is up around $80. Maybe we will see that $100 oil that was forecast in the prospectus-------seemed a long way off a few months back, but now looking a distinct possibility.
-At some stage SLE has an awful lot of $'s coming it's way, and remember that 3rd qtr starts in just 6 weeks time----any time this year will do.
-"We have assurances from our National Assembly that by early Q3, 2018 there will be light at the end of the tunnel. Its passage is important to help unlock billions of dollars of investments, which have been held up due to the uncertainty of its passage. Permit me to use this opportunity to commend our legislature for their commitment to delivering on this very important national assignment, he said.
"Lots of people have said that over the years so one thing I have done - besides talking to Toscafund directly - is watch their other interests. E.g. their REIT. One of just two that have lost money over the last year or two of the dozen or more that I follow/own."
What relevance is a uk property fund to SLE?
heh Eadwig, you really shouldn't have...i mean no need man...sticks and stones etc. you're right though in one respect there's something about your prose style that gives my attention span the brewer's droop. i think this may have something to do with your most recent tolstovian rendering of the great Avobone saga ' the end of Oisin ' which frankly made the IcelandIc sagas look like penny dreadfuls. i jumped to the end though seeing my name ( shallow I know) only to be disappointed again. anyway maybe this one ends better for you than the Avabone saga did.
If you've said it before, before saying it again Mr Eadwig, then you're already twice wrong. Tosca's interests are thoroughly aligned with our own, as I explained in a lengthy earlier post, which you obviously lacked the ability to read all the way through. If you want to ask any specific questions, by all means ask away, but as you seem to be more interested in bluff and bluster, let me offer you a warning of my own: Take me on and you might just learn something. And wouldn't that be lovely?
GPback, "So you are saying TF are wrong and you are right? Im going with TF and their 50p plus average. "
Lots of people have said that over the years so one thing I have done - besides talking to Toscafund directly - is watch their other interests. E.g. their REIT. One of just two that have lost money over the last year or two of the dozen or more that I follow/own.
I mentioned trading the stock (SLE) previously and was even giving BUY recommendations at around @41p after the @45p placement. I thought that was very easy money at the time, despite the 1% stamp duty which people may remember me being annoyed about when posting the trades.
Turns out that if I had got stuck with just one of those trades priced at say @41.xp I'd be looking at a loss of 30% right now, wiping out all the trading profits I had previously made.
Still, you seem to think TF are doing very well with a holding average of '50p plus' (and, my word, that is a big 'plus', by the way) so its easy to see why you would be so gung-ho about your own holding and strong buy recommendations.
I've said it before and I'll say it again as you perhaps haven't seen it. What is good for TF in this situation does NOT automatically translate into being good for private holders. This was particularly underlined last year when the auditors refused to sign off SLE as a going-concern. Frankly, I'm amazed that SLE managed to pick auditors with that much integrity. I didn't think there were any left.
You surely have to wonder why TF and 'The Rottweiler' haven't fired OF?
Although he doesn't have the attention span to read this far I've removed Alaric's name from the subject line of the thread as it seems a bit unfair to keep 'shouting' it at him when responding to specific questions from your good self.
I hope it works out for you, but don't say you haven't been warned.
NNPC Report: Nigeria Produced More Oil in 2017 from PSC Models
May 15, 2018 4:47 pm
By Chineme Okafor in Abuja
The Nigerian National Petroleum Corporation (NNPC) has indicated that more oil were produced by Nigeria in 2017 from the Production Sharing Contracts (PSC) it has with international oil companies (IOCs) in the country.
According to the latest monthly operations and financial reports of the NNPC for January 2018, which was released in Abuja and obtained by THISDAY on Tuesday, the total oil production of the country in one year, between January and December 2017 was 690,011,529 million barrels (mb), out of which PSC contributed 305,811,278mb and represented about 44.31 per cent.
Following closely, the report stated, was production from Joint Venture (JV) arrangements at 212,850,712mb, which represented 30.84 per cent; Alternative Finance (AF) contributed 92,652,391mb which was 13.42 per cent; while production from NNPCs upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) for the period was 34,302,513mb which represented 4.97 per cent.
The NNPC report also indicated that outputs from independents for the period was 44,394,635mb which represented 6.43 per cent.
NNPC explained that while crude oil production in the country was reported a month in arrears and still subject to further reconciliation with the Department of Petroleum Resources (DPR) and the IOCs, the country however produced an average of 1,890,443 million barrels per day (mbd) of oil.
Also for the period under consideration, NNPC said a total of 3,054.33 billion cubic feet (BCF) of gas was produced. It said it represented an average daily production of 7,709.89 million standard cubic feet per day (mmscfd) of gas.
It added that the percentage of gas production from JVs, PSCs and NPDC were about 69.42 per cent, 22.58 per cent and 8 per cent respectively.
To fund the JV operations for the year, the report stated that: Total export crude oil and gas receipt for the period January 2017 to January 2018 stood at $4.02 billion. Out of which the sum of $2.97 billion was transferred to JV cash call as first line charge and the balance of $1.05 billion was paid into Federation Account.
15 May 2018, Sweetcrude, Lagos The price of Nigerias crude oil grade, Bonny Light, increased by $5.70 between March and April this year, statistics from the new-released Organisation of the Petroleum Exporting Countries, OPECs, Monthly Oil Market Report, MOMR, for May has shown.
Nigeria investing $7bn in oil JVs annually NNPC
May 14, 2018
The Nigerian National Petroleum Corporation (NNPC) has said that Nigeria is investing about $7bn annually in joint ventures in the oil and gas sector, The Punch reports.
In a report presented by the corporation at a recent stakeholders workshop organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) on oil sector validation, the NNPC stated that it had been managing 14 JVs for the country. It stated that 12 of the partnerships were actively producing, while two were greenfield investments that would mature next year.
The Group General Manager, Crude Oil Marketing Division, NNPC, Mele Kyari, explained in the report that it was the duty of the corporation to manage the countrys interests in the oil and gas industry. On Nigerias investment profile, he said the NNPC managed all upstream investments on behalf of the state, adding that this included the 14 JVs, nine production sharing contracts and one service contract.
where is freddie the french on all this and his guise!! eh..so easy to see where the production deal cost $2.2 per barrel and at the time of the start of proceedings oil was @ $26 per barrel!! in 2016..nowt posted on the truth..but a big blurt of a scam.. out comes the fred the hand of french tries to make something sinister out yet again with sle!! yet his ghost holding here..is nowt!!.. crazy horses!!
The ck not the or!!.. If you honestly do not understand that a game has/is being played here by not investors but by character /s against your investment ie to drive sp down you are clearly the one with rose tinted glasses and only seem to read what is being posted on iii..Read the case of Gary carp!! and read the claim and accusations of chart trader brotherseven honestsid and the Ceteris Paribus guy who seems very much so to be chart trader/ freddie..
Defamation by investors - defamation against a company
In a case that is believed to be the first of its kind in the UK concerning online defamation by investors against a company, online defamation and social media specialist solicitor firm Cohen Davis won damages for its PLC client, a gold mining company Red Rock Resources (RRR) after the company was defamed on social media by one of its small yet vocal investors.
The defamation by the investor against the company was so intense that some legitimate investors actually started to take the false allegations seriously and the matter began to attract a degree of undesirable social media attention on investors online forums.
Over a period of 3 weeks RRR and its lawyers tried to resolve the matter with the disgruntled investor amicably but after other investors started to complain about the potential fall in the value of their investment the company had no choice but to file a claim for libel in the High Court in London in order to protect the legistimate interests of its investors. The defaming shareholder, Gary Carp of London, admitted to have used Twitter, online investors forum Proactive Investors and email to spread defamation against the company. He agreed to avoid trial and pay the company undisclosed sum in damages, which the company donated to its charity.
Bank of America says $100 oil is possible. Crude is at risk of $100 per barrel next year due to the declines in Venezuela and the potential losses in Iran, according to Bank of America Merrill Lynch. The bank sees Brent hitting $90 per barrel in the second quarter of 2019, but that could be conservative since it assumes that OPEC increases production. That is why $100 is a viable scenario, the bank says.
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