San Leon Energy Share Discussion Threads

[alaric7] 17/4/2024 11:42

usual bunkum from Junkie who can't have read the rns properly. does he imagine for a moment that ELI'senior lenders are going to consent to this :-)

[callasjunkie] 11/4/2024 15:44

Ocean Pearl are being advised by one of the top firms of lawyers worldwide. I assume Ocean knows what it's doing and seems to be a vote of no confidence in funding coming about.

[wsm812] 11/4/2024 12:21

Sounds costly either way!

[plasybryn] 11/4/2024 12:07

RNS:
11 April 2024

San Leon Energy plc

Response to press speculation

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the comments in today's Irish press about a petition by Ocean Pearl Maritime SA ("Ocean Pearl") to wind up one of its subsidiaries, San Leon ELI Limited.



On 10 October 2023, San Leon announced amongst other matters its proposal to acquire a further 13.5 per cent. of Energy Link Infrastructure (Malta) Limited's ("ELI") existing shares from Ocean Pearl for US$12 million. This proposal was part of wider series of investments in ELI which, when completed, will make San Leon the majority shareholder in ELI. Furthermore, this proposal had been successfully negotiated down from the indicative price of US$15 million as set out in the Company's admission document published in July 2022.



It is self-evident that the acquisition from Ocean Pearl was conditional on completion of San Leon's refinancing. Furthermore, as all shares in ELI are pledged to ELI's senior lender, completion of any transfer of shares requires the consent of the lender. The agreement with Ocean Pearl requires the parties to work together to secure that consent. However, to date, Ocean Pearl has made no offer or representations in this regard. Instead, Ocean Pearl has lodged a petition for the winding up of San Leon ELI Limited, which is the member of the San Leon group that contracted with Ocean Pearl.



San Leon considers the petition to be both aggressive and vexatious in nature. The directors of the Company believe that it will have no bearing on the speed at which funding can be put in place and is arguably detrimental to Ocean Pearl's own interests if prospective funding partners object to Ocean Pearl's approach. San Leon has strongly advised Ocean Pearl to withdraw its petition and instead work constructively with the Company towards an expedient completion of the acquisition of its 13.5 per cent interest in ELI. If Ocean Pearl does not withdraw its winding up petition, then San Leon has retained legal advisers to robustly defend and overturn the petition.

[outsizeclothes.com] 29/3/2024 13:31

Just an update on Decklar. But the lights haven't been switched off - yet!!!!!!

[undertaker] 25/3/2024 01:35

hopefully news by end of this week!

[pastyman3851] 20/3/2024 09:21

https://uk.movies.yahoo.com/movies/shell-sells-nigeria-oil-fields-110356974.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAFz_STlPElc2vj0AwV8xeRi9C7ZIqPGRV-JL4wCe5vk0mwk8PyhwAYPhA32atykuE-OIJAQCEGCB_bLOtTEyDt2ySIswlGg-bEVak9L1Go6__4l10864nJm6kgMh3FRNpFCDMktMtSu2wBCtYUpaw_NUppCMxFt-nSHOKiGHYqQQ

[kaos3] 11/3/2024 14:20

Why would tosca not help.being largest investor? And invest relative small summ to bring it over the finish line? After committing large.funds and patience before.

Why go fishing elsewhere and hinting it could not happen for sure.

It makes.no sense to me....

It does if.i start thinking in a legal.appropriate but less ethical terms...

All built - just before the wall of.cash starts we get hints - it is not 100 % sure we will bring it over the finish line.

Qui bono?

[plasybryn] 11/3/2024 12:10

I'm excited by what has been communicated today. Ok not going to be fully sorted till end of June/July, but at least there is light at the end of the tunnel and it looks like we should pull this off. Surely the Creditors will allow till end of March. Madness to take action when the release of funds is now so close. Or do we think this is expectation is being naive? We will see. I'm glass half full.

[yohoho] 11/3/2024 09:35

Lights off. Good night.

[kaos3] 11/3/2024 08:36

Not really imho. As it is about survival if after a loooong time nothing emerges.

Do i want part tosca and die?

Or survive.and deal with tosca later

Biteing the hand that feeds you. How much of the total capital tosca.is.providing ? Rhetorical

[pastyman3851] 11/3/2024 08:34

Probably sick of it, the world class asset of oml18 which was touted to us as a 100k barrels a day asset is now ramping up to 10k, and that's before the pipeline losses (which should decrease soon) of 65%The loan is still outstanding from MidwesternWe're on the hook for this decommissioning, never heard of that before, and to try and claim the money back from island. Good luck with that, if they're not paying the government, what are our changes.

[wsm812] 11/3/2024 08:31

The current Tosca deal is what we are trying to rid ourselves of. The 10% loan is killing profit margins and has previously not been at all flexible.

[kaos3] 11/3/2024 08:18

Imho it is bad news. They are advertaising administration.

Tosca could lend them 25 or 40 in a minute.

But they do not.

Why?

[pastyman3851] 11/3/2024 08:13

Still jam tomorrow, hopefully. The bit that concerned me was, by the end of March and the 2 months to provide the 2022 final results and interim 2023, by which time a month later 2023 final need to be submitted or we'll be suspended again, and that's if they keep.to their own deadlines, which isn't a quality I've seen of SLE in my 13 years here

[wsm812] 11/3/2024 08:04

I am satisfied with the recent RNS today. My remaining grumble is the lack of updates by Oisin. Even if not regulatory, it would have been respectful to keep us investors involved with progress....or am I just being naive?

[pastyman3851] 08/3/2024 20:43

Some news over on logp on the barryroe issue, know it doesn't mean much to sle, but a win could help a little

[yohoho] 21/2/2024 10:22

Tick tock. Come on Fanning. Time to fess up.

[bones698] 08/2/2024 02:11

The money isn't coming . Game over

[yohoho] 07/2/2024 13:19

It's all gone ominously quiet. Is that a death knell I hear?

[wsm812] 08/1/2024 08:52

Not sure if the RNS is encouraging or detrimental to the future of SLE! All rumours are still on the cards.

[bumpia] 05/1/2024 03:25

Seems TRAM got conned by tingo and decided to stay away from Nigeria all together. Wonder if head will roll in NY

[callasjunkie] 04/1/2024 14:45

WsM812, in a full winding up and if the company was insolvent, ie its creditors exceeded its assets, then it would have extreme ramifications for SLE.
MidWestern's shareholdings in both SLE and MLPL would have to be sold.

However,taking a winding up petition is usually a last resort tactic to get payment. If MidWestern hasn't the funds (and in this situation is extremely unlikely to borrow them from another banking source) Jite Okoloko might stump up. The amount at issue is less than $20m in naire. I think Jite though might have his own problems...Eli Infrastructure, Eroton and Notore all have major finance difficulties and his wife (ex wife?) is pursuing him through the US law courts for a substantial settlement.

A mess is something of an understatement.