San Leon Energy Share Discussion Threads

[1historyman] 27/6/2019 08:54

oil production.
2017 53kbopd
2018 45k bopd.


After pipeline downtime 30k bopd. Eroton share just over 7.5k bopd.

SLE must have a different idea of ' World Class'.
as always plenty of jam tomorrow no jam today.

[1historyman] 27/6/2019 08:51

"As of 26 June 2019,
$16.5 million of principal and interest remains outstanding and payable on the
amount due as of 01 April 2019.

………;…

what part of that don't u understand ?

[echoridge] 27/6/2019 08:30

You are truly Trumpian in your moral and financial corruption. That 'warning' has been in every annual report since the company did the OML deal (2016 and last year) and is simply KPMG covering their asses in case of an armageddon scenario of Jite simply calling up one day, refusing to pay, etc., which he clearly has not done as he has remained current - and even early - on every payment due to us, now totalling near 100m. In addition, this declaration is deemed an 'Emphasis of Matter', which is a far less serious designation than say, a Going Concern. Shame, shame, shame on you.

[1historyman] 27/6/2019 08:24

13. EQUITY ACCOUNTED INVESTMENTS CONTINUED (i) During December 2015, the Company made a decision to exit the South Prabuty and Olesnica concessions. The Company’s investments in the South Prabuty and Olesnica and joint ventures were fully impaired at that time. South Prabuty LLP and Olesnica LLP were dissolved on 5 June 2018 and 11 September 2018 respectively. (ii) During 2016 the Company acquired a 40% non-controlling interest in MLPL as part of the OML 18 transaction. Full details of the OML 18 transaction are set out in Note 17(i). The movement during 2018 partly reflects an exchange rate gain of €2.6 million (2017: €9.0 million loss) as the underlying investment is in US$’s which strengthened against the Euro. Further a share of the loss of MLPL being administrative costs of €2.0 million (2017: €1.0 million), net finance costs of €45.8 million (2017: €4.8 million), profit on investment of €0.1 million (2017: €0.8 million) and a tax charge of €6.9 million (2017: €2.1 million).

[1historyman] 27/6/2019 08:10

Independent Auditor’s Report TO THE MEMBERS OF SAN LEON



Emphasis of matter – uncertainty relating to valuation of investment in Midwestern Leon Petroleum Limited (“MLPL”) We draw attention to notes 13 (ii) and 17 (i) to the financial statements concerning the uncertainty associated with the assessment of the Group’s investment in and related Loan Notes due from MLPL. The Group’s investment in and related Loan Notes due from MLPL are underpinned by the OML 18 oil field in Nigeria. Notwithstanding the performance of the Loan Notes in the year, there remains significant uncertainty in relation to the quantum and timing of future cashflows, and this uncertainty in turn impacts the value of Group’s investment in MLPL and the recoverability of the Group and Company’s loans due from MLPL. The consequences of the significant uncertainty in relation to the Group and Company’s Loan Notes due from MLPL, impact on the Group and Company’s assessment of their ability to continue as a going concern

[1historyman] 27/6/2019 07:44

2018 was the second full year of the Company's involvement in OML 18, onshore Nigeria, and saw continued cash flow from that investment. EUR56.4 million ($66.2 million) was received by the Company in 2018, with an additional EUR9.4 million ($10.7 million) received in H1 2019 up to 26 June, bringing the total received to date from the Company's OML 18 investment to EUR100.1 million ($116.5 million).

[1historyman] 27/6/2019 07:34

Olderandwiser
Posts: 8,977
Opinion:
No Opinion
Price:
38.70
RE: San Leon results :
Today 07:24
"As of 26 June 2019,
$16.5 million of principal and interest remains outstanding and payable on the
amount due as of 01 April 2019. Receipts to date have been paid on behalf of
MLPL due to the existence of guarantees to the Company under the Loan Notes
instruments..."

So, does this mean that $16.5mn of the Loan Notes are technically in arrears at this time? Again!

And who is paying the principal and interest "on behalf of" MLPL?

[alaric7] 26/6/2019 06:08

ha ha, loser, as u said ignorance is bliss. and a little knowledge is a dangerous thing. like so many others on the boards, u don't really know any law.u wouldn't know an insider if u walked into one. and as for opining on wrongful conversion cases a la Sun Trust, oh deary me.

[1historyman] 25/6/2019 17:01

Tim but dim, I do hope u aren't suggesting that he is an insider trader ?

[echoridge] 25/6/2019 16:30

tell me more about NATURAL DEPLETION (!!!!!), you dissembling moron

[1historyman] 25/6/2019 15:40

I said akaso 16 is 'likely' flowing as the workover is being completed as that's what the RNS is implying and if it weren't showing promise, the rules would have required a statement to that effect.

smurf

they are not doing a 'workover', first they have to run the tubing and see if the well flows. whilst ignorance is bliss, there are times when it is best to keep quiet.
I could recommend a good book for u.

[1historyman] 25/6/2019 15:31

1historyman - 20 Dec 2018 - 12:52:14 - 46428 of 47610
San Leon Energy - SLE
Akaso, AKOS - 005S when drilled produced at it's peak 1549 bopd.
Eroton share around 25%, if a similar result will not even replace this year's natural decline let alone next years.

GL

………;…

producing from 2 different resevoirs, so slightly a better result but of course the well will decline at twice the speed.

[1historyman] 25/6/2019 15:25

what ramp up in production ? have any of u heard of natural depletion ?

[divmad] 25/6/2019 15:08

I suppose Mid Western had an inkling of the ramp up in production at Eroton, as they increased their stake. Or maybe they are Muppets like the rest of us.

[echoridge] 25/6/2019 14:12

You certainly don't let ignorance get in the way of good troll, do you Jabba? 5k bbls/day from the first well we've drilled too good even for you to say something moronic about? I said akaso 16 is 'likely' flowing as the workover is being completed as that's what the RNS is implying and if it weren't showing promise, the rules would have required a statement to that effect. Meantime, a third drill is underway and a fourth soon after. Since the shares still trade near cash owed to end-2020 on the original loan notes and the NPCC all but caught up in its arrears payments to eroton, what do you think a substantial increase in production, along with our own pipeline going into service - whether later than we'd hoped or not - are going to do to the share price? Make it go down??? Muppet

[1historyman] 25/6/2019 12:38

and Akaso 16 likely flowing as well, though steady state flow rate not yet announced.

Smurf


The Akaso PMMO-1 well (which will be known as Akaso-16 after completion) is awaiting completion using a hydraulic workover unit.

SLE

going to make quite a mess then.

[1historyman] 25/6/2019 12:37

bluerill
Posts: 336
Opinion:
No Opinion
Price:
38.60
RE: rns
Today 12:23
Well, better late than never and all that. Good that we are finally well along the announced 4 well program with well 1, Akaso 15, producing at near 5k bbls/day, which is pretty impressive, and Akaso 16 likely flowing as well, though steady state flow rate not yet announced. Rig moving on to 3rd location as slow-off-the-mark program seems to be gathering some pace. Hopefully, full year results in a few days will provide added details on production and now, oil and service revenues, and future drilling plans as well.

[divmad] 25/6/2019 12:03

Is today's news good - the well tested at 4800 bopd - or not so good - this week try was supposed to have been completed in March but still more export pipeline issues?

[divmad] 24/6/2019 19:47

Anyway, the timing of this most recent purchase by Mid Western, shortly before the Final Results come out, is very interesting .