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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| San Leon Energy Plc | SLE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 16.50 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 16.50 | 16.50 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 02/7/2024 22:41 by callasjunkie Simon Thompson of the IC, San Leon sycophant, advises investors to 'hold'. My goodness he has a wry sense of humour...those invested have no choice but to hold (as they cannot trade) with no end in sight. |
Posted at 01/7/2024 13:02 by wsm812 Investors Chronicle - 30 mins ago:Shares in Nigeria-focused exploration and production company San Leon Energy (SLE) have been delisted from trading on Aim after being suspended for more than six months, pending the publication of the 2022 annual accounts, 2023 interim accounts and an Aim admission document in relation to a further investment in Energy Link Infrastructure (ELI), a midstream infrastructure group. However, all is not lost. That’s because the board expects to finally complete a refinancing later this month, which will not only enable San Leon to settle all outstanding trade creditors ($25mn of liabilities) and take majority control of ELI, but be in a position to publish its accounts within two months of receipt of the funds. Furthermore, it is the board’s firm intention to undertake a listing, either in the UK or on an international stock exchange, in the second half of 2024 to restore liquidity for its shareholders. At that point, the directors expect San Leon will be fully funded as well as being ELI’s majority shareholder. ELI is the operator of the new subsea 100,000 barrels of oil per day (bopd) alternative crude oil evacuation system (ACOES) export pipeline within the Niger Delta OML18 acreage and a 2mn barrels of oil capacity offshore floating storage and offloading (FSO) vessel. Once commissioned, the ACOES is expected to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line to below 10 per cent. Refinancing arrangements Last month, San Leon became a beneficiary of a €500mn (£424mn) German government bond which it plans to use as security to obtain finance from a third party (although the legal ownership of the bond will remain with the owners). The company is in negotiations with a “well-known international finance institution” in respect of a third-party finance arrangement. San Leon is also in advanced discussions with Midwestern Oil & Gas Company (Midwestern) in relation to a reorganisation of the two companies' holdings in Midwestern Leon Petroleum Limited (MLPL). San Leon owns 40 per cent of MLPL's issued shares, with Midwestern owning the remaining 60 per cent. Since 9 October 2023, San Leon and Midwestern have sought to align their interests, noting the $140mn of outstanding loan notes due from MLPL to San Leon (which are guaranteed by Midwestern). The revised agreement between the parties will involve San Leon swapping a portion of the loan notes for a cash payment of $15mn, alongside a further $5mn bridging loan if required. The second stage of the transaction involves Midwestern transferring certain of its interests in Eli to San Leon. The documentation in respect of the proposed transactions with Midwestern is at an advanced stage. Timeline for new listing Clearly, the cancellation of the Aim listing is not ideal, but as chief executive Oisin Fanning notes "it makes no difference to the activities we are undertaking to complete our refinancing – and, in many respects, may simplify some of the processes.” He has a point as there is little change to the work stream as San Leon still needs to publish an admission document and release its delayed accounts before trading in the shares can be restored. Moreover, the completion of the refinancing and resolution of the outstanding loan note debtors will bring much-needed clarity to investors, who will then be able to focus on a profitable and cash-generative project from which San Leon expects substantial upside through its majority ownership following completion of the proposed further investments in ELI. In the meantime, the directors plan to keep shareholders fully informed of all developments during the period the shares are not listed. So, although shareholders in San Leon have had a roller coaster ride since I selected the shares, at 27.5p, in my 2021 Bargain Share Portfolio, hitting a high of 57p in the summer of 2022 before sliding below my entry point shortly before they were suspended, there is light at the end of the tunnel. I expect a profitable outcome on the holding in due course. Hold. |
Posted at 11/3/2024 14:20 by kaos3 Why would tosca not help.being largest investor? And invest relative small summ to bring it over the finish line? After committing large.funds and patience before.Why go fishing elsewhere and hinting it could not happen for sure. It makes.no sense to me.... It does if.i start thinking in a legal.appropriate but less ethical terms... All built - just before the wall of.cash starts we get hints - it is not 100 % sure we will bring it over the finish line. Qui bono? |
Posted at 11/3/2024 08:04 by wsm812 I am satisfied with the recent RNS today. My remaining grumble is the lack of updates by Oisin. Even if not regulatory, it would have been respectful to keep us investors involved with progress....or am I just being naive? |
Posted at 26/12/2023 19:33 by horndean eagle New investors were a bunch of shysters. Shared a stage with Tingo. Some very red faces for having been taken for a ride. Obviously needing to work hard on a plan B now. |
Posted at 17/12/2023 13:54 by dead duck resources They can say the money's no longer there but can never take the interview on Malcy'sblog away from us. It was the highlight of the year for long-term San Leon investors. |
Posted at 10/10/2023 10:03 by philby1 Malcy's view:This is a spectacularly good deal from SLE that way exceeds any expectations I had ahead of the news. Obviously it is a complicated deal as it encompasses TRAM funding SLE and then SLE injecting much needed money into ELI and other opportunities. TRAM will become a shareholder in SLE at 30p plus warrants at 60p. The Canadian background to the investors means that they are expert in the pipelines business and can see the substantial potential rewards available through San Leon’s position in Nigeria. The ending of the RTO is clearly very good news and shareholders could see the quote restored within a matter of weeks. I have spoken to Oisin Fanning and will add more tomorrow, I am interviewing him in the morning so we should all get much more detail then and be able to put serious flesh on the bones of this fantastic deal. |
Posted at 15/6/2023 14:08 by paulbutcher1999 Investors chronicle sorry … |
Posted at 15/6/2023 14:07 by paulbutcher1999 Simon Thompson of interactive investors thinks the fact it is worth on 5x current share price (plunging on tiny volumes in last few days) will be the deciding factor in the end. Recommends holding. |
Posted at 14/6/2023 15:40 by philby1 MGW today says:CEO Oisin Fanning is right to be disappointed with this further delay in the refinancing but by the very nature of it it has been a ‘frustrating&# Whilst this has meant a delay in the results and subsequent suspension operationally, things are actually going pretty well in Nigeria. Once ELI gets its permit renewals to allow the start up of full terminal operations, which will enable crude oil exports and generate cashflows due to San Leon followed by repayment of loans. So, whilst the suspension is indeed a disappointment, there is nothing here that makes me think that investors should throw the baby out with the bathwater and will indeed be richly rewarded if they exercise patience and hang on in there. |
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