San Leon Energy Share Discussion Threads

[triple seven] 02/1/2017 21:26

Sad very sad

[triple seven] 02/1/2017 16:05

Derampers talking to themselves on a Bank HolidayVery sad indeed.

[o1lman] 02/1/2017 10:38

most probably a relation.

[o1lman] 02/1/2017 09:24

as it's the new year a good time to look back at the outcome from the guidance from the last placing.

Headline: DJ San Leon Energy PLC Proposed Conditional Placing -2-
Date/Time: 01/06/15 07:01:30-BST ▼

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 (the "Barryroe NPI"). 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 an offer 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.

Other high-impact assets, and in particular the Baltic Basin shale licences in Poland, continue to attract material farm-in interest despite the challenging industry environment.

Morocco and Albania

Morocco and Albania are both attractive assets for the Company, and carry work commitments. In order to meet these work commitments a well will be drilled on the Tarfaya licence (onshore Morocco, 100 per cent. paying interest), and one on the Durresi licence (Albania, drilling from an onshore location to an offshore target, 100 per cent. interest).


.........

cashflow from Barryroe 2018 > whilst it was never likely or probable, it's a miss.
Rawicz > ditto
Siekierki > ditto
Tarfaya > drilled
Durresi > money spent elsewhere
Other high-impact assets > looks as they were low impact assets

[o1lman] 02/1/2017 09:07

SloppyJoeSat 12:09 The value of SLE past failings represents a possible tax saving in excess of 30% of the current MC.

The loan deal, providing huge amounts of income, is worth more than the other 70%.

The interest in OML 18 is on the books for free at the current price, as is the development contract on the Nigerian fields, the interest in Barryroe and the remaining Polish assets, in addition to cash.

It's a hugely attractive prospect for any potential buyer and is deeply undervalued at the current price, with the likelihood of a firm bid for the company in the near term.

Any past failings are irrelevant - Tosca are planning to realise value from their investment and that's all the company now represents.

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

oh dear, best to not to mention the 53mill costs of the placing and the cash raised that didn't even pay all the outstanding debtors, then the 12 months costs.
how many more months costs will there be before any dividend payments by Eroton ?
There will be no cash payments by NNPC, not strange that SLE never mentioned that ?
of course the one thing that is of interest is how many months payments have been accrued in the RBL fund, u can take it the news isn't good otherwise it would have been spun.

[o1lman] 02/1/2017 09:01

jotoha231 Dec '16 - 17:05 - 29376 of 29385 0 0
No amount of trying to derail Oilman is proving any good to you two rampers, again he has been proven correct, no divi payments and poor old Tosca trying anything they can to get their money back , and they are supposed to be pros, a typical 10 ten year old could do better. This company clearly wins hands down for the duffers prize .

[o1lman] 02/1/2017 09:00

Elrico - with respect, why should I let it go? Any potential PI should be afforded facts from the bear point not just the ramp spin by the usual suspects, or do you not think the bear points are valid? They have been proven correct thus far, this cannot be disputed.

[o1lman] 02/1/2017 08:59

elrico - 28 Dec 2016 - 18:39:18 - 276 of 278 Avanti Communications (AVN) bid five times market cap - AVN
Weatherman - with respect, why should I let it go? Any potential PI should be afforded facts from the bear point not just the ramp spin by the usual suspects, or do you not think the bear points are valid? They have been proven correct thus far, this cannot be disputed. I take you are OK with the CEO ramping his stock while selling it.

I am unsure what you mean by "wasting time on negative emotions." I have never been emotional about any investment or bear trade.

.......

oh dear.

[triple seven] 01/1/2017 20:34

Mail on Line,saying £1.25 a litre of petrol by end of January 2017. And before any mug derampers say it can't ,go to the money section read it for yourselfs

[elrico] 01/1/2017 19:55

I should worry about Genel if I were some of you troublesome little irks. Bottom fishing is not a key to successful investing, especially when the so called undervalued company is slap bang in a less than stable area of the middle east. Yup, it could recover, it could be held hostage to fortune, hell, given the history of Iraq, Genel staff could have their heads lobbed off.

SLE must have the longest filter list I have for any forum. Full of multi ID's all with the same agenda and all because they had their pants pulled down.

Live, learn and get over it and bloody grow up!

[jotoha2] 01/1/2017 17:33

Both top guy's have not performed , and it's about time both walk the plank .

[triple seven] 01/1/2017 15:14

Jotoha2 slagging off on pvr site aswell. Why and for what reason.

[triple seven] 01/1/2017 10:01

Don't you worry about me. I'll carry on loading up and I'll tell you when I do sell out.

[jotoha2] 31/12/2016 17:49

So you have loads , do please tell how many , and your average , so that we can congratulate you once you have 6 bagged , as this figure was quoted for certain by your sidekick , will send you a bottle of Bolli when it hits £3 , should be easy with this quality management.

[jotoha2] 31/12/2016 17:05

No amount of trying to derail Oilman is proving any good to you two rampers, again he has been proven correct, no divi payments and poor old Tosca trying anything they can to get their money back , and they are supposed to be pros, a typical 10 ten year old could do better. This company clearly wins hands down for the duffers prize .

[o1lman] 31/12/2016 12:56

happy new year.

[o1lman] 31/12/2016 12:48

TOSCA

248,258,829
Total (56.03%)
=========================== =================

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

they have exceed 0.05% will they be requesting another waiver or bidding for the company ?

[o1lman] 31/12/2016 12:46

The participation by the Concert Parties in the Placing would result in the Concert Parties beneficially
owning 54.4387 per cent. of the then issued ordinary share capital of the Company (assuming that no options or other convertible securities are exercised prior to Admission) and therefore would result, within
a period of 12 months, in an increase in the percentage of the issued ordinary share capital of the Company held by the Concert Parties exceeding 0.05 per cent. In that situation, absent a waiver from the Irish Takeover Panel, the Concert Parties or such one or more of the members of the Concert Parties as the Irish Takeover Panel may direct would also be required pursuant to Rule 9 of the Irish Takeover Rules to make an offer for the remaining issued ordinary share capital of the Company not already held by the Concert Parties. Such a Rule 9 Waiver has been granted by the Irish Takeover Panel, subject to inter aliaits approval by the Independent Shareholders at the EGM.

[o1lman] 31/12/2016 12:38

here are the figures for the oil sold (total lifting) after NNPC have deducted their share, the actual amount deducted by the NNPC varies greatly by the month but I guess by the end of the year they will balance.

Jan 263,880
Feb 1065,970
Mar 582,701
Apr 473,445
May 562,757

it appears the shortfall in liftings in Jan was remedied in Feb.
if we take an average production figure for each month 550k barrels.
Eroton has the right to 23% of total production, lets say 50% of remaining production, so their oil sold for the month is 275k divided by 30 = 9.1k bopd.
Sle have the rights over nearly 50% of that, looks like a major task for the operator to increase production to make up for natural depletion whilst free carrying the NNPC and paying back their various interest and capital on their loans.

[o1lman] 31/12/2016 11:51

Current liabilities
Trade and other payables 9 16,481
Drawdown facility 10 6,748
Provisions 11 1,840
25,069
----------------------------- ------ -----------

Total liabilities 58,278

...........

so from the interims they owed 58 mill euros, the provisions have now crystallized,
add on the losses for the last six months, they have raised HP cash from Rawicz and from the placing. back to running of fumes and the clock starts ticking next week on more cash being sent to money heaven.
guess they will be in no hurry to apply to the court for permission to pay dividends, not strange they didn't update on that then.