San Leon Energy Share Discussion Threads

[glavey] 10/11/2024 10:35

Are HMRC recognising losses on this? If so, in which tax year?

[witheco] 07/11/2024 05:44

This thing was set up to consume but never breathe. Alas, it is no more, and probably sends Fannny into retirement with a handsome pension pot. Thanks for playing, folks.

[glavey] 31/10/2024 11:17

Is this thing still breathing?

[callasjunkie] 28/10/2024 23:42

Alaric, Kempton...let's hear it for your hero Fanning....

[callasjunkie] 26/10/2024 09:39

Non-exec Chairman Sunmonu resigns.
Alaric and Kempton will no doubt point out how exceptionally positive this is, following the huge benefits of being kicked off AIM.
Ask not for whom the bell tolls, it tolls for thee.

[kemche] 20/9/2024 18:59

So that no one here is in any doubt, what this rounding error of a poster is babbling with that word salad might at times have some tangential connection to spread bet trading in Vodaphone or some other megacap, but absolutely sweet fa to do with trading in San Leon. Anyone, anywhere who tried to log onto to any spread bet platform to try and put a short 'bet' on in a name like sle recently in any size above molecular scale, would have been immediately refused and then required to call a real human being at the spread bet broker who would explain that either such a trade is likely just outright rejected, or - a tiny possibility if the client is important enough - a stock borrow would be required to initiate the trade. And since Tosca + management have a massive super-majority of the shares locked up and very much un-borrowable, good luck to afake's mystery short seller(s) finding enough shares to borrow in order to put on a position of more than a couple thousand quid short (I don't know, perhaps that impresses some down the pub). Sure, the odd IG or PLUS 500 may have a client or 2 who are already long San Leon that they might considering 'netting' against a new short position, but even then they would probably require sourcing an adequate borrow as SLE is too volatile and too event-driven and, at the moment anyway, too illiquid, for the risk models of any of the spread betting firms to even consider accepting. In other words, what all that serves to demonstrate, is that the idea of some kind of huge bet against SLE shares, somehow hidden on the books of spread betting firms put on by punters who are simply allowed to 'bet' against the share price, is the fantasy concoction of the type of person who thinks its funny to troll a Nigerian-based company by creating an avatar that 'speaks' in pidjun English. Bottom line, trying to short San Leon at a spread bettor versus a traditional broker is effectively, a distinction without a difference.

[kemche] 07/9/2024 07:53

echoridge - 27 Nov 2023 - 08:07:52 - 52361 of 52452 San Leon Energy - SLE

Actually, I reckon the money likely IS coming one way or the other, otherwise the NOMAD would have compelled the Company to say so. I admit that it's been nearly 2 months since the original deal with TRAM was announced, but that's kind of the point. Given the time they've had to investigate, if there weren't a credible reason for the delay or evidence that the funds were in fact sent in the first place, I reckon the NOMAD would never have allowed a statement like this morning's to go out in this massively overly cautious AIM reg environment. Therefore, the most likely scenario is that there IS evidence of the funds having been dispensed and, for some reason that cannot be disclosed yet, they are stuck in the settlement system (notice I wrote 'most likely'. I am certainly not discounting other, more negative explanations, and that also doesn't mean my partial explanation won't end in tears), and thus we will likely get a further update reasonably soon.

[witheco] 06/9/2024 17:10

How's it going linkies? Your children must be all grown up by now so no hand me down. Perhaps you can transfer the asset to your great grandchildren,maybe SLE will be a NFT by then? ?

[white swan] 03/9/2024 11:59

Eroton - What no money - maybe Fanning can explain the situation to us as he "boasted" in his last talkie interview ( Sorry I can't be bothered to track it down - it was the one where the interviewer was in South Africa at the time) that he was in effect running Eroton accounts and assured us all was well!

[callasjunkie] 02/9/2024 19:18

Bye, bye, Eroton.

hxxps://www.vanguardngr.com/2024/08/court-directs-firm-to-advertise-winding-up-of-eroton-exploration/

[infra15] 16/8/2024 08:36

I see the PTR (Pre-Trial Review) hearing is going ahead today in London. Clearly with the recent resignation of J. Tedder and the fact there is no formal update of any kind, and appreciate today is part of the procedural aspect to the petition, I would expect SLE to make an announcement after today, as the actual Trial may well be within a couple of months from todays PTR hearing. Either they have something positive to say or there is no light at the end of this tunnel on this one. The PTR is to establish if both sides are in a position and ready to go to trial. At least thats my understanding.

[glavey] 16/8/2024 07:02

Cheer up, things could be worse...

[callasjunkie] 14/8/2024 17:25

See that Julian Tedder resigned as a director of all San Leon's UK subsidiaries on 19 July.
San Leon's website cutback and now little more than a shell.
German Bond...deafening silence.
Litigation against Tri Ri for breach of contract..zilch.
Accounts for 2022 or 2023...the what?
No doubt you will interpret all this as outstandingly positive, Alaric

[1kempton] 18/7/2024 18:31

All gunna happen Alaric by the RNs, junkie know jack.....

[alaric7] 18/7/2024 18:23

hi Junkie, delisting from AIM is a major positive. AIM is no longer the exchange it once was and it's liquidity is now impaired. there are much better exchanges with better liquidity for a micro oil company like us.i'm sure Oisin Fanning will be carefully considering the options. that's all Junkie it's pretty obvious when you think about it :-)

[callasjunkie] 17/7/2024 20:34

Alaric, aren't you the guy who thinks delisting is a positive?

[alaric7] 16/7/2024 08:58

can't be surely-not black swan? the telltale is agreeing with Junkie on finding supposedly disappointing news :-)

[white swan] 16/7/2024 01:46

CJ - Thanks good find although disappointing news.

[callasjunkie] 15/7/2024 16:54

To keep San Leon company, Decklar had its licence to trade on the Canadian stock exchange revoked on 11 July for not filing its 2023 Annual Accounts and 1Q 2024 Interims.

Its hoping to file its accounts by 4 September (now there's a sense of urgency!!) and thence apply for relistng. Not good news regarding SLE's loan to Decklar.

[plasybryn] 15/7/2024 14:48

San Leon have to drop out of ISA Accounts due to the de-listing.

[callasjunkie] 02/7/2024 22:41

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.

[wsm812] 01/7/2024 13:02

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.

[wsm812] 01/7/2024 12:53

Thanks Undertaker, very reassuring from oisin....but isn't it always! Some light at the end of the pipeline at last.