San Leon Energy Share Discussion Threads

[o1lman] 18/11/2016 09:55

when u deduct the payment owed to Avobone, looks as they have made just better than two toffee crisp wrappers and a half eaten mars bar.
lucky it was the biggest gas field discoverd in Poland etc., and a step towards making Poland self sufficient in gas. On the bright side there should now be enough cash to pay the BOD's next year.

[o1lman] 18/11/2016 09:52

Oisin Fanning, San Leon Chairman, commented:

"I am delighted to be working again with John Buggenhagen, former Exploration Director of San Leon, who knows these assets as well as anybody. PNR bring a team of US based industry experts who have the expertise to maximize production and ultimate recovery from these significant gas fields. The receipt of the up-front cash payments, and the execution of work programmes on Rawicz and Siekierki to target early production, put San Leon on a strong footing and will provide a basis for continued production growth throughout the Company's portfolio."


..............

oh dear, oh dear.

[linksdean2] 18/11/2016 09:50

another great deal and does not touch our cash flow from oml 18 which will be massive compared to rawicz...

have we heard that rawicz is connected...no!...overall sle got in total $29 million and still retains 10% of seikeirki npi for free..

avobone half paid!!..wot did you prik stik no!!..nowt!!..ha haa...sle just larf at you figa!..as you are and prove day in your a no nowt....and in time sle will get you!!...then shareholders here will...

cream on weighanchor!!...sle still in business and now producers of oil&gas!!..

[o1lman] 18/11/2016 09:49

frus
Posts: 1,810
Off Topic
Opinion: No Opinion
Price: 43.625
FromToday 01:57Linksdean fri iii ...."If things go well the project will have paid back by 2018 and if things work out the asset should throw off cash flow from there.".....And from Alaric on iii...."So this deal will cost SLE nowt....zilch...but once repaid they still have 5.4 working interest for free. Great business by OF and the BoD"???.............I thought we had an indirect economic interest. Not a working interest.
So the 9.72% is only temporary and we haven't even received anything yet. And no cash flow until 2018. So if all this is correct, just when is the share price expected to rise and why? It all looks like normal service has been resumed to me. Can't see anything but further decline of the share price in the foreseeable. Are we to end up in the same boat as the Mart sh who after 2 failed attempts to sell..Finally sold to us and got a pretty poor deal.

[czar] 18/11/2016 09:43

linksdean2 just filter him and ignore, that's what I did ages ago.

[linksdean2] 18/11/2016 09:36

you really have a problem with your lying 30% gain here scum as your war here proves you never made!!..in total sle have made $29 million from this deal..they have no other payments to be made plus have an npi of 10% of seikeirki..no worries..

but you do! for a feked non vested prik stik..you are an oddman!.. and as I said you no nowt about nowt here callous junk fig he hee!!..

Sle are in business..producers of oil&gas..your a feked figa!! ...half of avobone paid for and a field yet not connected...fekin great deal!!

[o1lman] 18/11/2016 09:34

chi
Posts: 333
Off Topic
Opinion: No Opinion
Price: 44.25
RE: SLE/Palomar/PolandToday 09:15In the complicated, murky world of SLE, nothing is quite ever what it is hinted to be...

Can we ever believe a word Oisin Fanning or this Company say.

Shareholders are a complete nuisance to be treated as mushrooms.

[o1lman] 18/11/2016 09:29

CHART TRADER 4 Nov'15 - 14:08 - 211 of 270 0 0 edit

Production will come sooner than the proposed early 2016 time JB stated as they have been already talking to gas tie up companies....regarding cash...this a proven field otherwise why state it is now a development field.
Linksdean


so looking good for first production gas early 2016, as they promised.
Dandeman100

Xmas? by SloppyJoe
Mon, 05 Oct 2015 12:55:06 GMT

Sorry if I misled anyone. A month to wait for spud, another to drill and then for some reason we will need to wait a month for results. SLE to have commercial production by 5th Jan 2016 apparently. Sorry everyone.


Rawicz by mallorca
Mon, 05 Oct 2015 08:03:41 GMT

Looks as if things are starting to get underway. No mention of production facilities, but there would be no sense in drilling this second well if these weren't going to be in place in the near future. . . Production in early 2016 was the plan and it looks now if that will happen


>>>>>>>>>>>>

all dishonest because when a honest poster makes a mistake, the mistake was believing fanny, they would come on to the board and correct their mistake.

[o1lman] 18/11/2016 09:22

CHART TRADER 4 Nov'15 - 14:08 - 211 of 409 0 0 edit

production will come sooner than the proposed early 2016 time JB stated as they have been already talking to gas tie up companies....regarding cash...this a proven field otherwise why state it is now a development field.
linksdean


so looking good for first production gas early 2016, as they promised.
Dandeman100

Xmas? by SloppyJoe
Mon, 05 Oct 2015 12:55:06 GMT

Sorry if I misled anyone. A month to wait for spud, another to drill and then for some reason we will need to wait a month for results. SLE to have commercial production by 5th Jan 2016 apparently. Sorry everyone.


Rawicz by mallorca
Mon, 05 Oct 2015 08:03:41 GMT

Looks as if things are starting to get underway. No mention of production facilities, but there would be no sense in drilling this second well if these weren't going to be in place in the near future. . . Production in early 2016 was the plan and it looks now if that will happen


>>>>>>>>>>>>

all dishonest because when a honest poster makes a mistake, the mistake was believing fanny, they would come on to the board and correct their mistake.

[o1lman] 18/11/2016 09:19

o1lman - 06 May 2016
Poland was going to be the making of the company
before that it was the USA
then it was Ireland
then it was Holland
then it was Iraq
then it was back to Poland
then it was Turkey
then it was Morocco
then it was Poland again,
meanwhile Ireland which was going to be a company maker has been hived off with a JV.
then it was back to Turkey until that was a dead duck
then back to Morocco offshore twice, both dusters
then Albania offshore
then Morocco shale was abandoned after around 7 mill euros wasted
then Poland Shale gas, then Poland shale gas and conventional..
then just the conventional which most of has been hived off
then Morocco shale but not the same shale as before
then Poland two dusters so the third well wasn't drilled
then Poland (Rawicz)
then Poland again (Rawicz and Siekerki)
then Poland just Rawicz
Now we have gone full circle it's back to Morocco, not shale but an entirely new
strategy.
then Rawicz again
but not Siekerki
then Albania
then Rawicz15
then Nigeria.
not Rawicz
then Siekerki NPI
then Nigeria.

[o1lman] 18/11/2016 09:17

Witheco - 17 Aug 2016 - 16:21:05 - 41847 of 43063 San Leon Energy - SLE
Yep, the past is the past, history never repeats but it does rhyme....

SMART Telecom, Astley & Pearce, MMI Stockbrokers ......

o1lman - 06 May 2016
Poland was going to be the making of the company
before that it was the USA
then it was Ireland
then it was Holland
then it was Iraq
then it was back to Poland
then it was Turkey
then it was Morocco
then it was Poland again,
meanwhile Ireland which was going to be a company maker has been hived off with a JV.
then it was back to Turkey until that was a dead duck
then back to Morocco offshore twice, both dusters
then Albania offshore
then Morocco shale was abandoned after around 7 mill euros wasted
then Poland Shale gas, then Poland shale gas and conventional..
then just the conventional which most of has been hived off
then Morocco shale but not the same shale as before
then Poland two dusters so the third well wasn't drilled
then Poland (Rawicz)
then Poland again (Rawicz and Siekerki)
then Poland just Rawicz
Now we have gone full circle it's back to Morocco, not shale but an entirely new
strategy.
then Rawicz again
but not Siekerki
then Albania
then Rawicz15
then Nigeria.

[o1lman] 18/11/2016 09:14

everything now depends on Nigeria, GL with that.

[o1lman] 18/11/2016 09:12

yep, I wonder what they will spend the one euro on.

[o1lman] 18/11/2016 09:10

The actions that you should take to vote on the Resolutions, and the recommendation of the Board, are set out in sections 8 and 9 of this letter.
2. BACKGROUND TO AND REASONS FOR THE PLACING AND STRATEGIC OPPORTUNITIES

Existing Operations

Barryroe NPI (4.5 per cent. net profit interest)

Over the last two years, the Company has received a number of expressions of interest in its 4.5 per cent. net profit interest in the Barryroe field in the Celtic Sea, offshore Ireland. Providence Resources is the operator of this field and has conducted extensive farm-out efforts over the past two years, led by their advisors, Rothschilds. Currently there has been no confirmed offer to farm in to the Barryroe field. Rather than accept any offer that may be received for the Barryroe NPI, which in the management's view, considering current energy market conditions, would be considerably below its worth, the Company has determined to retain the Barryroe NPI and conduct the Placing in order to retain shareholder value and access the considerable expected cashflow from the Barryroe NPI which is estimated to commence in 2018.

Rawicz (35 per cent. interest)

In February 2015, the Company and its joint venture partners, Palomar Natural Resources ("Palomar"), made a significant gas discovery at the Rawicz field in Poland, capping over five years of exploration efforts by San Leon in one of the highest-priced gas markets in Europe. This is expected to be the largest gas development in Poland for 20 years, and first gas is expected by early 2016 thereby forming the Company's first material cash flow.

Siekierki (35 per cent. interest)

Operational work on the Siekierki field, also in partnership with Palomar, is expected to begin in the coming months and is intended to form the second cash flow stream from existing assets located therein.

While well activity in 2015 on both assets carries no up-front cost to the Company in accordance with the terms of the carry agreed with Palomar, modest investment is required for facilities and pipelines unless otherwise funded by the expected debt financing. Well activity on three wells will be carried by Palomar and envisages workovers on existing wells (such as Trzek-1, Trzek-2H and Trzek-3H) based upon the results of the geotechnical evaluation programme of each well.

[o1lman] 18/11/2016 09:10

("San Leon" or the "Company")

Sale of Polish Assets

San Leon Energy, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that on 17 November 2016 it signed and completed sales agreements for its interests in two Polish onshore assets, principally the Rawicz and Siekierki fields in the Permian Basin, to Palomar Natural Resources ("Palomar").

San Leon has sold its 35 per cent. interest in the Rawicz gas field for a cash consideration of US$9 million, and the release of certain San Leon liabilities. These liabilities include loans which were advanced by Palomar to the Company as a temporary carry of the drilling and testing costs of the Rawicz-12 and Rawicz-15 wells, and amount to approximately US$3.0 million.

The Company has sold its 35 per cent. interest in the Poznan assets (largely the Siekierki field) for a consideration of EUR1 plus a 10 per cent. Net Profit Interest ("NPI") in the Poznan assets. The NPI removes any further cost exposure to San Leon, while providing an interest in any future profits made by Palomar on the Poznan assets.

The first US$2.2 million will be payable on closing, the next US$2.3 million by 30 November 2016 and the remaining US$4.5 million is due to paid to San Leon on or before 01 October 2017. An interest charge of LIBOR plus 5% will be applied to any sum not paid by February 1 2017.

The current book value of the assets being disposed of is approximately EUR12.1 million. The losses attributable to the assets in the last financial year were EUR0.

Chief Executive Officer, Oisin Fanning, commented:

"The sale of certain Polish assets is a natural further step in focusing the Company's financial and management resources on the world-class OML 18 asset in Nigeria, as per the Company's stated strategy. The sale price achieved is very similar to the carrying value of those assets in the latest audited financial statement, after the liabilities release is applied, and is considered by the Board to be full and fair. It also reduces overheads costs through a downsizing of the Polish office, and no further licence fees or overheads on the assets sold."

[welsh2] 18/11/2016 09:07

Is this rns Saying that the 10% npi does not apply to rawicz gas discovery ?

[o1lman] 18/11/2016 09:03

no wonder Eroton are willing for SLE to provide services in Nigeria, the J/V partner
NNPC are not paying for their share of expenditure, so anyone providing services have to carry their 55% and get paid back in oil at a later date.
welcome to SLE world where everything is never as it seems.

[o1lman] 18/11/2016 08:59

valued at 54 million euros in the annual accounts, what a load of cobblers this company tells their shareholders.

[czar] 18/11/2016 08:57

Great news, now we can concentrate on the massive profits and cash flows from Nigeria!

[o1lman] 18/11/2016 08:56

the largest gas field in Poland for 20 years, what a load of sh1te.

[o1lman] 18/11/2016 08:46

LONDON-- San Leon Energy PLC (SLE.LN) agreed the sale of two Polish assets, the Rawicz gas field for $9 million and its Siekierki field for a million euros ($1.1 million) plus a 10% interest in future profits to Palomar Natural Resources.
Shares at 0831 GMT, up a penny, or 1.4%, at 44 pence valuing the company at GBP196 million.

[ianio5691] 18/11/2016 08:37

RNS.... Polish assets sold to Polomar....

[stockriser] 18/11/2016 08:35

Wakey wakey ;-)