all in all Ripley sle are suspended due to a proposed rto with Midwestern which if it comes off could see a reformed company which could be worth multiples of sp!..so all still to play for. .at the mo sle with its working interest of 5.4% already gives the company production which it is owed through dividends..SPAngel have stated 2970bpd from sept/oct 2016 onward..that production has gained and wained daily through 2017.. but on the whole sle are due that oil production in the form of dividends in which nnpc hold the key..though they themselves have stated paying 2015/2016 off by 2018!.. we will see..most of erotons cash calls have been met 2017/2018.
39m of loan payments have been met with another 19m due before/during april 2018.. with each quarterly payment back to sle the deal they made with the consortium for the production agreement on oml18 sle basically has the deal for free!
No if about the loan payments GPb they are guaranteed plus a whopping 17%pa until they are.. The rto completely agree with you it's could be massive and a main listing IMO could also be on the cards..we will see!.
Can this be true - are you finally questioning the reliability of promises relating to the world of SLE?
After SLE's failure to deliver profits from any of their activities in Poland, Turkey, Spain, France, offshore Morocco etc. are you just a tiny bit sceptical of their ability to make money from their enterprise in a place like Nigeria?
We have to pay our arrears of about $6 billion that were incurred pre-2016 and we are also paying up a tranche of about $1 billion 2016 arrears. We started in April 2017 with the payment of $400 million and we will pay the balance before the anniversary of the first payment.
The NNPC in December 2016 got a discount of $1.7 billion from the $6.8 billion it owed its JV partners as cash call obligations and was asked to pay $5.1 billion instead. This is however in addition to the $1.2 billion cash call debt owed the partners in 2016, for which $400 million was paid in April.
Baru, however, explained in the statement that the NNPC would seek to balance the outstanding debts before April 2018.
" It was learnt that as at January this year, NNPC owed the IOCs cash call arrears of $5.5 billion, while their indigenous counterparts are being owed $1.1 billion, and an estimated $400 million that would have accrued between January and now"
contact NNPC tell them your predicament!..Im sure them believe in ghosts too!
" I saw one poster on here recently admit that they didn't hold but argued that was a plus as he was therefore more unbiased in his views - he has posted quite regularly over time I think. I mean what kind of weirdo does that and why?"
Thanks for the compliment (I take it you have been talking to my wife?) but this weirdo HAS skin in the game (and is down about 48% ATM) which, if nothing else, apparently allows me post as many asinine comments as I wish on the SLE board. Yippee. My point was a general one. I presume Rex Tillerson is not an SLE holder (......) - despite being a non-holder, now that he has time on his hands I would greatly welcome his independent and unbiased views on the future prospects of SLE (etc etc).
In the meantime I would appreciate if, at a minimum, the suspension was finally lifted. Are you listening, Oisin - give us a St Patrick's Day surprise.
whilst talks are still on going a deal is still on the table..the actual makeup of these two coming together would make a the beginning of a very profitable organisation that will in turn want financial houses to invest.
Indeed one has to think this is a major plus for JO here, that and restructuring his debt and clearing the San Leon oml 18 loan at a stroke. This would be hugely empowering both in terms of field development and projects like the pipeline. So we end up say as equal partners or more in the resulting newco. fascinating prospect and opportunities, so I just hope they can get the thing agreed.
denknees!!..you post like an old woman!!..many had from 40p/£40 to sign out to profit from 8p/£8 yet it looks like you held tight and now complain as if its not your own fault ..aim its dirty knees!!..
Oldgeo - thanks for clarifying your position and am encouraged that you clearly see the big potential and significance of OML18 and even that SLE and its principal shareholders may even have been quite clever in 'deal making and financial transactions ' here, as you put it. Pleased also you see significant dividends, although i probably measure the future here in shorter terms than you. so I think, having spent a career spanning 40 years splitting hairs professionally, that maybe semantics can be overdone. we may not agree on every last detail but the bigger picture here is becoming clearer for all to see now and it is a mighty nice one.
in this video OF states sle partnering eroton..no matter how you put it sle are partners of a producing oil and gas field..being a partner and actual shareholder makes you a producing company hence san leons statements..
First let me say that I have never said the OML 18 deal was bad for San Leon. Even with the sketchy history of Nigeria, it does have the potential to be a cash cow. SLE does not have a good track record in exploration or field operations, so perhaps it is best that they stick to deal making and financial transactions.
Perhaps I am lost in semantics, but I am trying to make the point that SLE does not have reserves and is not a producing oil company. The key words in this release are indirect interest. SLE has no control over the operations of the fields nor are they responsible for the capital investments or operating costs of the fields. They have an indirect economic interest that may well pay out significant dividends and/or distributions at some point in the future.
It is interesting that they have been asked to be advisors on the operations. The idea of them providing drilling, workover and seismic services to Erotron may be complicated by potential conflict of interest and insider advantages.
Indeed all quite shocking linksdean. I saw one poster on here recently admit that they didn't hold but argued that was a plus as he was therefore more unbiased in his views - he has posted quite regularly over time I think. I mean what kind of weirdo does that and why? I think we have a mix here of those who have invested badly here and lost so have an axe to grind and those who are deliberately targetting SLE for specific reasons either as disgruntled former employees or perhaps supporting short holders. I suspect SLE will know who some of them are.
Oldgeo - i'm struggling to get your drift here or i suppose i'm thinking so what? because of the quite complex structure here and matrix of contracts, you're drawing i think a distinction between us having a full economic interest in the field and a direct share in ownership? if i've got that wrong please advise though. but you still acknowledge that we might get significant gains from this interest in due course - yes? from my perspective and am deffo not an oil man, i am just interested in growing revenues coming through, so am i or should i be bothered by these distinctions?
i guess your insinuation is that somehow this is other than good news, although you persevere with your belief that Tosca will buy the company for a song, so i assume you say they can grab more of the riches for themselves but why would they want to if the deal Oisin did is as bad as i think you suggest it is? and will they treat Capital and other instos as shoddily? and will they somehow squeeze all this in before the rto with JO? please do enlighten us.
Alaric..as a shareholder here I am attacked for my positive position and research by mainly non holders who post nothing but propaganda against sle..you have to ask why they do it and why they are actually here!!..
they go out their way to get you banned from sites so to block out any such information found and also threaten families and wanting to find you or want meetings for obviously one thing violence!!....as I say you got to ask why.. as no other company blog I have read has this sort of barbaric behaviour from people you have never met before..imo san leon should sue these people as they are out to harm shareholders investment..
before I take my wife out for a nice mothers day afternoon..here is something found in minutes of looking!..
The completion of the acquisition of OML 18 in Nigerias Delta State is significant as its valuation contribution not only dwarfs the rest of its portfolio, but also provides it with near term opportunities for growth, in both production and reserves. Furthermore, the asset provides the Company with access to further opportunities in country and regionally.
OML 18 Acquisition a Game Changer
The acquisition of OML 18 represents a sea change for the Company in not only does it make the Company a producer.
Upon completion of the OML 18 Production Arrangement, the Enlarged Group will benefit from an initial 9.72 per cent. indirect economic interest in OML 18, held through an indirect 20 per cent shareholding in Eroton;
Through the ownership of MLPL and other commercial agreements, SLE is an
indirect shareholder of Eroton, and the Company holds an initial 9.72% economic interest in OML 18.
Eroton is the Operator of OML 18 while San Leon has a defined partner role.
The OML 18 Production Arrangement represents the entry by the Company into the Nigerian onshore oil and gas production industry, one of the largest oil producing countries in the world.
Oisin Fanning, Executive Chairman of San Leon said:
This is a transformational transaction representing the progress that we have made in delivering against our strategy of securing production and near-term operational cash flow. The OML 18 field in Nigeria is a world class asset currently producing more than 50,000 barrels of oil per day and 50MMscfpd of gas and containing substantial 2P reserves. San Leons interest in OML 18, secured through an initial 9.72% indirect holding, provides material production, cash flow and significant expected returns to our Shareholders.
In 2016, San Leon Energy delivered what it had promised in last years Annual Report:
The OML 18 deal was approved and completed, moving San Leon into production.
Thus, 2016 was Year One of OML 18, the year when San Leon became a company partnering in exciting production assets, focused on Nigeria.
With the 2016 OML 18 deal, exciting opportunities and perspectives opened up for San Leon in Nigeria, starting with production, workover and drilling service opportunities to EROTON, OML 18s operator.
San Leon Energy plc Annual Report and Accounts 2016
CHIEF EXECUTIVE OFFICERS STATEMENT
Chief Executive Officer
2016 was Year One of OML 18, Year One of the new San Leon.
We are now more of a production, asset-management company,
with a solid base our indirect interest in Eroton provides us
with exposure to a world-class Nigerian oil and gas block,
OML 18, over one thousand square kilometres of energy
resources and infrastructure, rich with production, workover
and service opportunities.
There you go again Links. If you cannot make a logical argument you attack the other party personally.
I have worked in the oil and gas industry my entire career. I am old and I have experience. I can recognize a smoke and mirrors person from a mile away. I seriously doubt you have any experience in the industry.
I have several ORRIs in producing wells, but I cannot say that I have oil and gas production or reserves. I own stock in a number of oil companies and MLPs and I receive dividends and distributions, but I cannot say I have reserves and production.
If I was a working interest partner in an oil well and shared in the costs and the profits, I could say I have reserves and production.
If Barryroe becomes a big success and SLE has income from their NPI, they will make some money, but they will not be able to say they have reserves and production. They will have a revenue stream from an investment, and that is a totally different thing.
I do not have a problem with you personally. I do have a problem with your very bad habit of attacking personally anyone that dares to disagree with your positions. I also have a problem with you pretending to know more than you really do and trying to make your point by cutting and pasting articles that many times are not germane to the argument.
I will say it one more time for clarity. SLE does not have reserves and it does not have production. They may at some point receive dividends and/or distributions from their investment, but unless they actually become the owner or part owner of the O&G fields, they will not have reserves and they will not have production.
Can you show me one place in an RNS or financial statement where SLE states they have reserves and production? The companies they have invested in have reserves and production. SLE has loans and investments.
Now to change the subject, how much do you believe Tosca is going to pay us for our shares? They are in this to make money, and when this investment is a success and SLE starts receiving distributions and/or dividents , they will take us out at the lowest price the law allows.
Cruncher/Oldgeo - you guys really do seem to have a problem with linksdean and am not sure i can help you there. he posts a lot of actual fact and research to back up his positions, so perhaps you should address the facts not the person? as for your views on OF, well he's only there because our principal shareholders want him there and maybe that just has a little to do with his relationship with Jite Okoloko? as linksdean hints at below, if Oisin hadn't pulled off OML 18 for SLE, we would perhaps have been down the Swannee some while ago...
a long time ago sle went from 8p to 41p before the downturn, aul went to 90p before the downturn and sle stupidly took their licences, but a nice £25 mil of their cash and of course the avobone carbuncle!! ..3legs went to over a quid!..went bust!!..
I made big on sou and petromarco due to sle..aim.. you have to understand the beast or the beast eats you..looks you have had your arris bitten!! due to no understanding.
and if OF was ejected..oml18 wouldn't have happened as OF knew OO..where would have sle been then! at least sle are still in business due to OF which could lead to a recovery of shareholders investment in time..
old geo..your old and don't understand that the deal includes sle in production of oil&gas.. the rest below should take you a while to understand too!
A timely reminder of San Leon's new scale, according to SP Angel
Broker SP Angel described todays update as a timely reminder of the new scale and direction of the company as a result of the Nigerian oil deal.
Its acquisition of up to 9.72% interest in OML18 will not only provide it with access of up to 5m bpd of production and ~47mm bbl of 2P reserves on completion, SP Angel said in a note.
SECTION 14. EVALUATION OF THE EXPLORATION PROSPECTS
This section focuses on the review of prospects and leads in the OML 18 block originally identified by SPDC and to review further prospects not previously recognised by SPDC. 21 out of the 36 SPDC leads have been reviewed at a scoping level.
Some leads, not identified by SPDC, were also noted during the review and where time permitted a rapid evaluation was carried out. Of particular interest is the possibility of significant reserves in stratigraphic pinchout traps within the larger rotated fault blocks.
It should be noted that at least 15 other identified prospects remain to be evaluated and it is anticipated that additional new prospects will be identified in future work..
At the time of the Eroton acquisition a reserves report by RPS Energy
attributed 2P reserves of 407mmbbl and 3Tcf of gas to OML 18.
A more recent CPR by Petrovision has increased reserves by over a third to
OIL & GAS FLASHNOTE 26 August 2016
576mmbbl and 4.2Tcf reflecting the strong production performance.
Additional contingent resources are estimated at 203mmbbl and 1.6Tcf, while
there is also considerable exploration potential (471mmbbl and 1.6Tcf are
attributed to the top 20 ranked prospects on a risked basis).
Importantly, San Leon negotiated the acquisition on the basis of the old reserve numbers so will immediately benefit from the reserves upgrades.
Alaric, my problem is not with the interest income and return of capital from the Mart deal, although the funds for those loans came entirely from dilution of the stockholders by the deal with Tosca. I sincerely doubt Tosca will allow any of these funds to be distributed to the stockholders.
My problem is with Links continually touting the reserves and production held by SLE. That is simply not true. They have no bookable reserves and no production or revenue from production.
The interest in OML18 may be worth a fantastic fortune at some point in the future, but today it is not adding one penny to SLEs income or balance sheet. It will be interesting to see how this interest is booked in the next annual statement. If and when the SLE stock is readmitted, it will also be interesting to see how the market responds to their new debt free, cash rich status.
Thank you for your reasoned response Alaric & I genuinely hope that your investment proves profitable for you. Sadly for me, my investment in SLE is so far underwater that just breaking even seems to be beyond hope - I suspect that a fair number of others are in a similar situation.
As for my flippant post of fanatically blinkered that was not aimed at you but solely at Links due to his/her ceaseless defence of everything SLE/OF related throughout its roadcrash history (am borrowing your phrase there). I have occasionally wondered about what is the real reason for Links ceaseless devotion.
am sure you do Cruncher but many others here patently don't (read the facts, that is - i can quote some of their asinine spouting if required but they might be embarrassed or maybe not).
i make no apology for the roadcrash history of this stock, its appalling share performance or for that matter Oisin's previous pay deal, which was excessive. but i am only interested in one thing and that is if SLE is an investible proposition as at today or at its last traded price to be more specific? you can see that i and a number of others clearly believe that it is not only investible but offers very significant upside potential and particularly because past disappointments and news have so damaged the SP. we do give reasons and provide references for those beliefs and i suppose we feel that those who disagree could do likewise. that would raise the intellectual bar on this site but not holding breath. (Btw. fyi i don't consider what Oisin got paid a couple of years back to be overly relevant in context to the likely success or not as the case may be of SLE from here).
Links, since you have chosen to mention share price performance, you seem to have glossed over the fact that SLE's share price has fallen by 51.7% in last year and by 99.3% since its peak (I am aware that SLE's share is currently suspended).
In deference to your apparent interest in the other company that you mention, the corresponding negative figures for that company are 50.9% and 57.1% respectively.
In relation to your reference to the number of shares in issue you may recall that SLE had a 1:100 share consolidation in July 2015, without which its current 500 million total number of issued shares would equate to 50 billion shares.
Alaric, while I can't speak for others, I have read the majority of SLE's published documents, & that includes the multitude of RNS's which, in many cases, promised much, but subsequently failed to deliver.
In 2015 SLE had a complete change of strategy - despite the previous strategy being potentially "transformational" - which was accompanied by the posting of a Euro 213m loss. Ordinarily such a 'clearing of the decks' event would be accompanied by the resignation/dismissal of the person at the helm, but no, not in planet SLE, where Fanning's renumeration totalled Euros 1.29m for the year.
I really hope that betting the farm on the OML/Nigeria financing venture proves to be successful for SLE, but IMO, Fanning should be ejected regardless.
'sle are being paid their initial loan back from the oml18 deal every quarter.. which in turn means we got our 9.72% of a producing field for nowt zilch nothing!! Plus 17%pa on top plus production back pay of oil and gas which will be paid!!.. and you cry about what OF does for sle!..the deal was brilliant business..'
couldn't agree more linksdean - this must be on of the great deals done by any hydrocarbons company on AIM in the last few years. but there you go again quoting actual facts, which won't play well with a certain readership on this board. perhaps you could try faking it up a bit?
Linksdean - one point I would pick you up on is that expecting some folk here to read actual published documents and available research is waaay too optimistic. their intellectual preference for fake news, insinuation and pure invention suggests to me that you need to rein in on the ACTUAL FACTS. just a thought.
Crunch how is sou doing!.. Nowt I hear since last year and nowt for a number of months this year sp there has dropped over 50% over a billion shares now and jp draws his wage and options!! Now That's Fanatically blinkered!!..
ghouls eh!!..sle are being paid their initial loan back from the oml18 deal every quarter.. which in turn means we got our 9.72% of a producing field for nowt zilch nothing!! Plus 17%pa on top plus production back pay of oil and gas which will be paid!!.. and you cry about what OF does for sle!..the deal was brilliant business..
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