San Leon Energy Share Discussion Threads

[1historyman] 09/10/2018 20:17

I was looking for a post by 3links but he seems to have been eviscerated from this thread anyone know the reason why ?

[1historyman] 04/10/2018 11:16

chart trader2000
2 Oct '18 - 15:51 - 46050 of 46097
0 0 0
30 September 2016



Eroton continues to accrue cash from OML 18 operations into the Debt Service Reserves Account ("DSRA") attached to the existing Reserves Based Lending ("RBL") facility. Cash flow to San Leon will begin once sufficient funds have accrued in that account, whereupon the Company will initiate its policy of returning 50% of Nigerian free cash flow to shareholders. The Company is well-advanced in reviewing the steps required to effect a capital reorganization which is required to allow such distributions.


23 Apr 2018

Accordingly, the Company is now able to progress with the capital reduction, subject to the confirmation of the High Court in Ireland, which has already been approved by the shareholders, to allow capital returns to shareholders.


29 June 2018

The receipt of the MLPL Loan Notes payments and the conversion of the loan facility from
Toscafund into shares has put the Company in the financial position whereby many
creditors at the year-end have now been settled. The Company is therefore able to
progress with the planned capital reorganisation, which upon completion is anticipated to allow returns to shareholders



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it appears either the management don't know what they are doing or are spinning, maybe both. It will be interesting to note if they announce the share buyback before the end of November.