Share Name Share Symbol Market Type Share ISIN Share Description
San Leon LSE:SLE London Ordinary Share IE00BWVFTP56 ORD EUR0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50p -7.69% 18.00p 17.75p 18.00p 20.25p 17.75p 20.00p 1,080,865 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.3 3.0 2.9 6.0 81.00

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Date Time Title Posts
21/9/201716:31San Leon Energy - The New Positive Thread33,945
14/9/201721:32San Leon Energy43,600
24/3/201716:48San Leon Energy Thread7,983
24/3/201715:53san leon energy47
24/3/201715:50San Leon612

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San Leon (SLE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:38:5918.0050,0009,000.00O
15:37:4618.005,000900.00O
15:35:0418.0013,3692,406.42UT
15:29:4817.754,200745.50AT
15:22:5817.813,414608.12O
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San Leon (SLE) Top Chat Posts

DateSubject
21/9/2017
09:20
San Leon Daily Update: San Leon is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SLE. The last closing price for San Leon was 19.50p.
San Leon has a 4 week average price of 17.75p and a 12 week average price of 17.75p.
The 1 year high share price is 59p while the 1 year low share price is currently 17.75p.
There are currently 450,025,720 shares in issue and the average daily traded volume is 1,153,456 shares. The market capitalisation of San Leon is £81,004,629.60.
16/9/2017
12:23
chart trader2000: I previously wrote about San Leon (SLE) here and at that time in September my opinion was this was a BUY, with a preliminary target of 65p. At the start of this week things got interesting, a number of rumours were published by ‘reputableR17; news sources and subsequently confirmed by San Leon. Why then have the shares failed to respond anywhere close to the price? What’s was the background? On Sunday, the Irish paper the business post published the following rumour which suggested San Leon were in discussions with an unnamed Chinese bidder to acquire the entire share capital, but no price was mentioned. San Leon very vaguely confirmed the rumour before market on Monday here, but stating as is normal in a bid situation that ‘there can be no certainty that an offer will be made or as to the terms on which any offer might be made’. The shares opened up 23% higher, but quickly ran out of steam shedding 10% from the highs of 53p, back down to 49p. The share price had another boost on Wednesday lunchtime when Sky News suggested a price of £485m has been tabled and suggesting the counterparty to be Geron Energy. The article also stated this equated to an indicative offer of 80p. San Leon after hours on the same day confirmed this here, confirming the details of the deal but caveating that ‘Talks are at a preliminary stage and there are significant uncertainties as to whether or not the matter will proceed further. A formal offer would only be made following due diligence’. The share price currently though sits at a 37.5% discount at 50p to the tabled indicative offer of 80p. So what’s going on? Why has the share price failed to react? The market does not believe this offer will materialise and hence is heavily risking the likelihood. The first issue is the bidder, Geron Energy Investment. Anyone heard of them? There is not much of a record of them on the internet, the only presence I could find is at www.geron-invest.com, but I’m not convinced this is the party named. So no real clarity and given the recent case where Fitbit was subject to a fake bid from an unknown Chinese investment company I can understand the market being cautious. The press articles also look heavily like they have been placed by an insider. Unsurprisingly Sky News does not put much work into investigative journalism around a unpopular small cap oil companies. My bet would be therefore that someone has fed Sky the story ‘word for word’. I think the market is questioning, who and why? San Leon also has a long history of failing to deliver and letting down shareholders. Whilst it did appear to get a good deal in Nigeria and the fundamentals look solid we still have not yet had a substantial trading update on the asset despite the deal completing at the end of September. There is a deep mistrust of the management and good news just fails to stick at San Leon. ShareInvestors
09/7/2017
13:39
o1lman: San Leon fractured at oilfield Gavin Daly July 9 2017, 12:01am,  The Sunday Times San Leon cast its net wide in the early years as a plc, scooping up licences in places such as Poland Sixteen kilometres south of Port Harcourt, in the mangrove swamps of the Niger Delta, lies an area with the inauspicious name of OML 18. The OML stands for oil mining licence, and OML 18, which spans more than 1,000 sq km, is considered one of the best oil and gas areas in all of Nigeria. OML 18 has produced more than 1bn barrels of oil since 1970, and is estimated to hold another 500m barrels of oil and 4.6 trillion cubic feet of gas. Experts estimate there are hundreds of millions more barrels of oil under the mucky soil, in reserves that are not fully verified. In 2015, OML 18 caught the eye of Oisín Fanning, the ebullient chief executive of San Leon Energy, an Irish-registered exploration group listed on the Alternative Investment Market (AIM) in London. Eroton, a consortium led by a Nigerian company, had paid $1.1bn (€965m) to buy 45% of OML 18 from oil giants Shell, Total and Agip — and there was an opportunity to get a slice of the action. Through a complex $200m deal that occupied San Leon for eight months of 2016, the company gained a 9.72% economic interest in OML 18. It was a “transformational transaction”, said Fanning, pledging to pay handsome and quick dividends to San Leon’s shareholders. Chief among those is Toscafund, a £2bn (€2.3bn) British asset manager headed by Martin “the Rottweiler” Hughes, nicknamed for his sometimes aggressive approach to deal-making. After supporting the OML 18 deal and continuing to snap up shares in San Leon this year, Toscafund owns 59.5% of the company, prompting speculation on bulletin boards that Hughes scented a big payday. Less than a year on, extracting money from Nigeria has proved more difficult than extracting oil and gas. Shares in San Leon have been suspended from AIM for the past week after it missed a deadline to file its 2016 accounts, and a quick resolution seems unlikely. On Friday, San Leon said the delay was caused by the complexity of incorporating results from Eroton and its partners, involving “several jurisdictions”. Even when the results are compiled, audits and “technical review matters” must be completed before the figures are published and San Leon shares can trade again. At the same time, the company is fielding a buyout offer from China Great United Petroleum that values it at 67p-76p a share, or a maximum of £339m. Despite the promise of OML 18, the shares are frozen at 34.4p, way below the potential offer and just a third of a £1 share price target set last year by share price Angel, a London investment bank that San Leon’s broker. On shareholder bulletin boards, San Leon investors swing between deep despair and wild optimism. A common question emerges: what is going on at San Leon? A well-known figure in Irish business circles, Fanning was chief executive of MMI Stockbrokers, which collapsed in 1999. He then founded and floated Smart Telecom before leaving in 2006 amid discord with Brendan Murtagh, the Kingspan co-founder, who bought Smart for €1 after it lost out on a 3G licence. In the following years, Fanning faced court actions with IBRC over personal and business debts but bounced back by joining forces with San Leon in 2007 and taking it public on AIM in 2008. Founded by geologist Philip Thompson, a 25-year veteran of the oil and gas sector, San Leon had exploration assets in Holland, US and Morocco. Fanning’s oil and gas credentials, according to the San Leon website, include being “closely involved with the restructuring of Dana Petroleum plc in the early 1990s” and being “a major supporter of Tullow Oil plc in its early growth phase”. San Leon cast its net wide in the early years as a plc, scooping up licences in Italy, Poland and Albania. There was an oil venture in Texas and project work in Iraq. In 2010, the company bought Island Oil & Gas in a £13.6m all-share merger, and gained a 4.5% net profit interest in the Barryroe oilfield off Cork. It brought in a big partner, Talisman, in Poland, and bought Realm Energy, a Canadian group, sealing its position as a big shale gas player. OML 18, which is 45% owned by Eroton and 55% by the Nigerian National Petroleum Corporation (NNPC), represented a big change of focus, scale and risk. share price Angel notes Nigeria has experienced “pipeline vandalism, kidnappings and militant takeovers of oil facilities in the Niger Delta”. Incidents of oil theft and sabotage have recently risen. Fanning appears to have been undeterred by the local risks, or the complexity of the deal. Toscafund initially put up a loan for San Leon to buy into a Mauritian company involved in OML 18, and San Leon then sold more than 378m shares at 45p each to repay Toscafund. Fanning told shareholders San Leon would have three revenue streams from OML 18: the repayment of the loan to the OML 18 company, with 17% interest; dividends from the oil company; plus a deal to provide oilfield services at OML 18. By late last year, OML 18 was producing about 61,000 barrels of oil a day, and everything seemed rosy. Brandon Hill Capital, a London broker, said the Nigerian deal could generate $530m of cash flow for San Leon by 2020, with the company pledging to give 50% of that to shareholders. In research titled Game Changer, share price Angel noted that an “unrisked̶1; valuation of all San Leon’s interests was $9.5bn, the equivalent of more than £14 a share. In the real world, San Leon shares were trading around 50p last December when the firm said it had a buyout bid from a Chinese group, Geron Energy Investment, at 80p a share. In a statement at the time, Toscafund said it had asked the San Leon board to engage with the potential bidder “to reach an amicable and speedy resolution”. As the months ticked by, however, San Leon kept radio silence on the bid but flagged issues with cash flow from Nigeria. Eroton is itself waiting for overdue payments from the NNPC, which it needs to complete its 2016 accounts and make payments to its shareholders and San Leon. By April, San Leon was owed $58m of principal and interest payments, but had received just $5m. Fanning has brushed off concerns, saying the NNPC has started paying cash calls to oil groups since the start of the year and San Leon has protections in place to ensure it is paid. “Any issues . . . are being addressed and overcome,” he said in April. Nonetheless, Toscafund has taken matters into its own hands, appointing a London investment bank, Hannam & Partners, for a “strategic review” of its options in relation to San Leon. The cash squeeze has brought other issues into focus in recent weeks, forcing San Leon to reschedule the payment of €23m it owes an exploration group, Avobone, following a court action. If it misses payments, Avobone can enforce a court order it has secured over San Leon. San Leon is also evaluating its non-Nigerian assets “with a view to monetisation and/or cost reduction”. China Great United, meanwhile, is doing final due diligence and expects to be in a position to make a formal offer within 45 days, it said on June 30. San Leon said it would announce any developments, even as its shares remain suspended. Hughes told The Sunday Times that OML 18 was “widely regarded as one of the best onshore sites in Nigeria”, and said Eroton was working on an updated report on reserves there. “The resources update will provide shareholders of San Leon with a key valuation metric in order to judge the suitable value to put on the San Leon equity,” he said. “Toscafund is comfortable that the board of San Leon will only recommend an offer that is in the interests of all shareholders.” On the bulletin boards, small shareholders wait and wonder. “When SLE [San Leon Energy] relists, as it surely soon will, then we can focus again on the real and exciting endgame now unfolding,” wrote one hopeful poster last Friday. Times
06/7/2017
14:01
chart trader2000: linksdean9 Feb '11 - 21:35 - 951 of 32718 0 0 lizzie 2 you gave a good share price recommendation a few days/weeks ago on a billion barrels of oil at $8 a barrel and as we know it is a lot more than that at present so your recommendation was conservative and you did say you would give a conservative rational approach, and it was very well executed and fair BUT we have to hit it first and if tarafaya comes in that it just works share price will be over broker price, if not,, it will retrace to the 20s maybe less,but as you truely said it is still there,what will be will be and san leon have many billions of barrels of oil and trillion feet of gas mostly prospective and at the share price as it is, it is cheap and a great investment..going back to your price on a billion barrels ie £6 something a share...500m barrels £3 something..just 250m barrels.£1.50p a share and this is at your low barrel price of $8 (what is the true price ?)..I have a large holding in san leon and next week I will be buying more and intend to hold these for 3/5/10 years as this company is a millionaire maker make no dowt a bowt it..but you have hold come the highs and lows it will be so..regards to all links
06/7/2017
13:22
chart trader2000: 6. SHARE CAPITAL REORGANISATION The Company's share capital now comprises 2,535,589,975 Existing Ordinary Shares each with a nominal value of EUR0.05. The Existing Ordinary Shares have for some time been trading on AIM at a price below their nominal value of EUR0.05 per share. The issue and allotment of new shares by an Irish incorporated company at a price below their nominal value is prohibited by Irish company law and accordingly the ability of the Company to raise funds by way of the issue of further equity has been restricted. In addition, as a consequence of having a very large number of Existing Ordinary Shares, with a very low share price, small movements in the share price can result in large percentage movements and therefore considerable volatility. The Share Capital Reorganisation will reduce the number of shares in issue and result in a commensurately higher share price that will be at a level that the Directors believe is more appropriate for a company of the Company's size and should be more attractive to a greater number of potential investors. Assuming no further Existing Ordinary Shares are issued between the date of this document and the Record Time, the Company's issued ordinary share capital will consist of 61,809,052 New Ordinary Shares after the Share Capital Reorganisation and completion of the Placing and the issue of the Adviser Shares. Impact of the Share Capital Reorganisation It is proposed that the Share Capital Reorganisation will consist of the following steps: (a) each Existing Ordinary Share in issue will be sub-divided into one Intermediate Ordinary Share of EUR0.0001 each and 499 Deferred Shares of EUR0.0001 each; (b) every one hundred Intermediate Ordinary Shares in issue will then be consolidated into one New Ordinary Share of EUR0.01 each; (c) each authorised but un-issued Existing Ordinary Share will be sub-divided into five (5) New Ordinary Shares; (d) no shareholder may hold a fraction of a share and accordingly fractional entitlements arising out of the consolidation under sub-paragraph (b) above will be aggregated into New Ordinary Shares and will be sold in the market after the Share Capital Reorganisation has become effective; and (e) amendment of the Company's Articles to set out the rights and restrictions attaching to the Deferred Shares. Following the Share Capital Reorganisation, although each holder of New Ordinary Shares will hold fewer New Ordinary Shares than their holding of Existing Ordinary Shares prior to the Share Capital Reorganisation, each Shareholder's proportionate interest in the ordinary share capital of the Company will, save for minor adjustments as a result of the fractional entitlement provisions set out below, and save for the dilution attributable to the Placing and the issue of the Adviser Shares remain unchanged. It is only the number of ordinary shares in issue and the effective nominal value of such ordinary shares which will have changed as a result of the Share Capital Reorganisation and, other than this, each New Ordinary Share will carry the same rights and entitlements as set out in the Company's Articles of Association that currently attach to the Existing Ordinary Shares. The New Ordinary Shares will rank equally with one another. As further detailed below, the Deferred Shares will have no valuable economic rights. Additionally, the Share Capital Reorganisation will not have any impact on the Company's net assets as no material change in the total aggregate nominal value of the Company's issued share capital will occur. Following the Share Capital Reorganisation and Admission and assuming no further shares in the Company are issued after the date of this document, the Company's issued share capital will consist of 61,809,052 New Ordinary Shares and 1,265,259,397,525 Deferred Shares. Application will be made to AIM for the New Ordinary Shares to be admitted to trading. The last day of trading on AIM for the Existing Ordinary Shares is expected to be 15 July 2015, with trading in the New Ordinary Shares expected to commence at 8.00 a.m. on 16 July 2015.
03/7/2017
16:06
chart trader2000: hpcg - 01 Sep 2011 - 22:52:19 - 2879 of 32647 San Leon Energy - The New Positive Thread - SLE Whoohoo I've just seen I am an identified deramper. I now officially have the power to move share prices, investors buy and sell at my every word. RROARR! So New Tech, the simplified version of my stance, just for you: *I am long SLE. *I am long shale gas outside US in general - I think it will be the worlds next major source of energy. The Shell deal in Ukraine today is yet another indication. I'm looking out for opportunities which may arise in Argentina and or China. *I think SLE could get to a market cap of over a billion pounds in not so many years, but only via shale gas. *I like the Realm deal. I think early developers will make most of the money and the merger gives us a lot of choices. Over time prices where shale gas is in ample supply will tend towards Henry Hub and margins will be small. I even think the French licenses are worth something if they are awarded. Whilst "France bans fraccing" made headlines at the beginning of the year there was less publicity for the 22 April government report which could have been titled "hang on a moment, let's not be too hasty". *I did not think the Realm merger would be well received (they rarely are) and was expecting some weakness allowing me to pick up more shares at a lower price. In the end I got a few more at just over 18 but my lower bids did not get filled. Some you win some you lose. *I am not against the conventional exploration but that is really just incremental to the share price and doesn't have the multiple upside like the shale gas. *I don't like the shale oil, I think the energy equation is against it. Tar sands are a no no for me for the same reason. I don't think there is much in the price at this level but there probably was when we are in the 30s. *My investment case here is theme based rather than model or NAV based. So for example I don't have a risk discounted target for Barreyroe and I might just trade out on sentiment if the share price goes up a lot during drilling there, which I hope it does of course! I'm happy to miss upside there if I also reduce downside. Right now I'm looking for read across from any shale related results in Poland. Even in the short term if 3legs or BNK start flowing gas I think its still too early to build sensible acreage based NAV models until we know drop off rates. Success elsewhere will probably see us on the up anyway and I will aim to add into momentum early on. The confluence of projects will make it harder for me to make sensible decisions than those running risk discounted models but I don't have enough of my portfolio here to justify the effort. Well that was cathartic for me, though deadly dull for anyone suffering to read it. How was it for you on the ramp - deramp scale NT? ............. it all looked so promising once.
30/6/2017
13:30
evil_doctor_facilier: RichinMineralsToday is in denial. The share price is at 32p not due to some mystical clandestine force manipulating the share price down, Rich doesn't offer a reason why anyone would wish to do this? Is it not the case that the share price is at 32p because normal minded people have formed the opinion that issuing a takeover RNS on the same day that you tell shareholders the accounts may not be signed off in time to avoid suspension is somewhat a strange coincidence.Furthermore Yorkville have 6 million shares to unload that they got handed to them at 32p just days ago. Moreover the reason the price is 32p is down to the lack of belief that any offer for 66-67p will every material whilst suspensions probably will. all imho
30/6/2017
13:17
linksdean2: RichinMinerals Posts: 36 Off Topic Opinion: No Opinion Price: 31.25 View Thread (2)Good Bye San LeonToday 12:46I think you will find that this will indeed be the last available day to trade San Leon shares. It is clear for all to see (including the FCA) that the share price behaviour this morning and mornings previous is manipulation of the highest order, this is clearly a deliberate attempt to drive the share price down one final time as those with open bets are forced out by the instigators of the manipulation. IMHO a deal will be recommended and agreed by the largest shareholder whilst in suspension and those lucky enough to be able to buy at these prices will be rewarded handsomely. It is an unfair World we live in when previous non shareholders to this morning (including myself) can buy disproportionately cheaper than shareholders that have held these shares for years. The disingenuous here amongst us will blame Mr Fanning and Co, when the real culprits are the providers of bets within the City and their cohorts who then manipulate the price accordingly. Its happening all around you and its not just confined to AIM, the whole stock market and the financial participants are involved in one big organised orgy of relieving ordinary folk of money via stocks and shares. Good luck and so long Sa Leon Energy. Regards Rich
30/6/2017
13:01
chart trader2000: RichinMineralsToday 12:46 I think you will find that this will indeed be the last available day to trade San Leon shares. It is clear for all to see (including the FCA) that the share price behaviour this morning and mornings previous is manipulation of the highest order, this is clearly a deliberate attempt to drive the share price down one final time as those with open bets are forced out by the instigators of the manipulation. IMHO a deal will be recommended and agreed by the largest shareholder whilst in suspension and those lucky enough to be able to buy at these prices will be rewarded handsomely. It is an unfair World we live in when previous non shareholders to this morning (including myself) can buy disproportionately cheaper than shareholders that have held these shares for years. The disingenuous here amongst us will blame Mr Fanning and Co, when the real culprits are the providers of bets within the City and their cohorts who then manipulate the price accordingly. Its happening all around you and its not just confined to AIM, the whole stock market and the financial participants are involved in one big organised orgy of relieving ordinary folk of money via stocks and shares. Good luck and so long Sa Leon Energy. Regards Rich
24/4/2017
11:48
chart trader2000: Sat 00:39 Re: morocco Cruncher1 perhaps you'd be good enough to enlighten the "downtrodden masses" about : The successes to date of SLE's history in: Poland? Albania? Turkey? Morocco? (I accept that the jury is still out on Nigeria) why none of the many 'jam tomorrow' RNS's have delivered any jam yet? (read through historic RNS's - if you can't be bothered I'll post some). how the results & losses (e.g. 213m in 2015) to date over so many years justify Fanning's annual salary of 1m? Your take on SLE management's performance in the light of the current share price being 44p when compared to some of Fanning's share options which were granted at £35. Do you think that a share price that has fallen from a (price adjusted to reflect consolidation) peak of around £39.50 to £0.44 has been a pleasurable experience for loyal long term shareholders? Should they be applauding Fanning for his management? Should they be happy that Fanning has been paid millions whilst the value of their shareholding has been trashed? should they be surprised that Fanning hasn't been sacked? Can't speak on behalf of anyone else, but in answer to your question about why I'm maintaining an interest in this stock, I have two answers: 1. Hope that SLE will be bought out at a higher price than today; and/or 2. Selling my remaining SLE shares to offset capital gains elsewhere. As a long term SLE shareholder I have ZERO faith in Fanning.
23/3/2017
11:52
eadwig: chart trader, "what's your opinion on TOSCA's intentions ?" I think Tosca are going to make a lot of money, or at the very least get back their previous losses plus some. When they already own the company, buying just because they are is a not necessarily a good idea. |I think lots of other people think that too, otherwise the price would be right up around the @75p (somewhere near the reported stated interest). What's good for Tosca, who can do whatever they like with the vehicle that is S.L.E., isn't necessarily good for other shareholders. I have no idea what their intentions are. There's some big losses on the books that could be very valuable to them (but not to anyone else who is a shareholder). I don't think they'll screw-over the larger investors who they got on board for the OML 18 deal. They'll let them out with a reasonable return on the cash put up at a minimum. That might mean they have to treat everyone else holding shares the same, but if they don't, and have taken the company private, how many of us would throw more money in to take them to court? Plus, giving people a fair return on @45p over a year or 18 months or 2 years ... well, it isn't likely to do me any good holding @669p, is it? So, I hope SLE actually pay out some dividends, as is laid out in the Nigeria plan, if they ever get any cash off Eroton, and they stay on the open market. In that case the shares should go up a bit, I'll get a few pence per share dividend or two, and I might get out with an 80% or 70% loss rather than my current 92% (something round there when I last looked). SLE have other revenue streams supposedly too, I'm not sure they can really work out until the Eroton cash comes through ... I had a good handle on it at one point, but I have too much else going on to retain it all in memory given the actual amounts involved. I wrote this stock off a long time ago, so if I get anything back at all it will be a bonus. An 80% loss or 'better' would start to be a result at this stage. I could sell in the open market now, of course, but its neither here nor there in the overall scheme of things. Ultimately, realising the losses and putting them against tax might be worth more than the value I get for selling the shares at the current price. I think Tosca may have something similar in mind. That's why when I was trading the stock, I wouldn't pay over the @45p placement price. Which I did explain at length in a post elsewhere at the time I was doing it. It was still a risk anyway, because if news came out that the interest @80p was finished, then the price prior to that was about @41P, so even buying @45p there was quite a loss you could be looking at with the spread to take into account as well. Tosca do have to maintain a reputation ... not that it seems to make much difference with goings-on at Speedy Hire or whatever that company is. But that's a bit different, trying to kick a CEO off a board, well, that's what 'activist' hedge funds do. I mean, if they were to take the company private and NOT give money back to shareholders with a reasonable return to those who put up in the placing or bought since, then they might find it a lot harder to do deals in future. That seems to be about the one protection long time shareholders have. Why Tosca haven't got rid of O.F. is a complete mystery, given the situation mentioned above. I did make a hint in a previous post, and I'll leave it at that. I don't blame Tosca for what they are doing or whatever happens, by the way. But I wont ever go near another company that has O.F. on the board though. If he comes out of this still being allowed to be a director, that is. Even if he is just totally incompetent, there's no excuse for the salary that he has pulled down. FTSE 100 level stuff, never mind a company that has never had profits or even revenues to speak of. As you can tell, I doubt he was behind the OML 18 deal. If he was, he did a fantastic job selling it to a notoriously tough hedge fund, after having run SLE almost totally into the ground. You'll gather that I don't place much value on their other assets either. They did prove up some good stuff in Poland ... and then sold it off to a company set-up by an ex-SLE board member, if I remember correctly. I believe that's happily producing now, though I haven't kept an eye on it. Linksdean may be able to tell us. Barryroe; I pretty much believe deep offshore stuff is dead in the water . Morocco; A disputed area where mineral exploitation has been prohibited by the UN. Poland; They're obviously going to sell what's left and worth anything as soon as someone makes them a bid, and that'll just be swallowed by the scale of the OML 18 stuff and outstanding debts. Is there anything else left? They were on about France at one point, which has a ban on fracking and they're never gonna lift it. Nuclear lobby is too strong. That was always ridiculous. Albania? - more offshore stuff. I'm not sure the license didn't lapse or something, they certainly let some go. The whole thing just became an exercise in buying up real estate with a few seismic surveys and no real plan of ever producing, as far as I can tell. Still, no use crying over spilt milk, is there? So we just get on with it and try and learn from our mistakes. Like checking board salaries on exploration companies that have never earned anything yet. That's a lot easier than it used to be, and outlandish slaraies are far more likely to be challenged now than they were just five years ago. If I'm completely wrong and cash starts rolling in at some kind of reasonable level, well, I'll happily admit I was wrong. I doubt I'll ever get my cash back though, let alone a return on it for all the years it will have been tied up for. A couple of pence a share on my old holding isn't going to be worth a lot - it will move the share price though if a dividend ever gets paid.
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