San Leon Energy Share Discussion Threads

[echoridge] 27/6/2019 12:27

My subsequent post made the thread, but not the main board, so at the risk of repeating myself: I believe, even on a silly message board, that accusing a company and its regulators of concealing a material issue like a loan default - even if the default is a creditor to the company and not the company itself and all the available evidence is contrary to that conclusion - is almost certainly actionable. (Oh, and a quick walk down memory lane: Jabba has - like with virtually every correction one makes of his dissembling and outright falsehoods - also conveniently forgotten to mention the fact that SanLeon have consistently informed shareholders that their loan protections are substantial and iron clad and now, with only under half the original loan due to end2020, that FACT is even more reassuring).

[1historyman] 27/6/2019 12:26

Smurf, SLE are not in receipt of a loan, they made the loan to Eroton, whilst it is true that they are not in receipt of the 16.5 million

[1historyman] 27/6/2019 12:21

Alaric
Posts: 440
Opinion:
No Opinion
Price:
38.30
RE: Something is a foot
Today 09:38
as we approach the Report and likelihood of updated news and with the appearance of some big buyers yesterday, to remind what we're getting excited about:

- Output from OML18 likely to surge by a third on completion of new pipeline (before end 2019)
- Billion barrels of oil, trillion cubic feet of gas
- No creditors
- heaving bank balance c.$50m
- $170m more cash by end 2020
- Strategy of continuing cash back to shareholders
- negotiations with NNPC re acquisition of bigger interest in OML18
- service revenues


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by Tim but dim. oh dear, oh dear.

[alaric7] 27/6/2019 12:16

more displays of ignorance and dissembling from our resident troll. No surprises there as desperation sets in for him and his kind now with continued great news from san leon. thanks to echoridge for clarifying and exposing this charlatan for what he is.

[echoridge] 27/6/2019 11:47

sorry. 'liable', not 'libel'

[echoridge] 27/6/2019 11:46

'....we know, well some of us, that the loan is in default....'

The only thing in default here is any remaining credibility that you might hope to claim. A loan default would by its very nature require immediate disclosure and significant remedial actions. Actual human beings at our auditors and NOMAD would be personally libel for any material non-disclosures on such a major issue for this company, yet you seem to think (here's where the moron in you competes with the villain) that for the sake of a couple hundred grand/s worth of fees, these human beings would for a single second sanction covering up even the possibility of difficulties with Eroton/Midwestern's ability to repay (115m and counting by the way), let alone a 'default'?!?!? You are beneath contempt. Oh, and don't forget, a moron too....

[1historyman] 27/6/2019 11:43

"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.

page 104 Annual Accounts.

[echoridge] 27/6/2019 11:28

Sorry. Did I forget to say you're a moron as well as corrupt, shameless, and libellous? Go on, tell us more about well depletions....

[1historyman] 27/6/2019 11:13

better than being stupid. anyway, enough of last year, for the time being anyway.
let's look forward to the interims and see what has happened this year.
we know, well some of us, that the loan is in default.

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7 May '19 - 12:11 - 47534 of 47641
0 0 0
Emmanuel Addeh in Yenagoa

Nigeria’s oil exports have suffered another setbacks as Aiteo Eastern Exploration and Production Company has again shut down its 150,000 barrels per day- capacity, Nembe Creek Trunk Line (NCTL) less than 24 hours after reopening the facility.
The company said yesterday that after repairs of identified leak points occasioned by activities of oil thieves, two new leak points were reported along the same line near the Awoba Riser Manifold.

“Our emergency response process was immediately activated, and containment boom deployed to limit oil spread on bodies of water whilst efforts to identify cause of the incident/repair have been initiated.
“Consequently, all injectors have been advised in accordance with NCTL shutdown procedure to shut-in production into the NCTL immediately. Appropriate Oil Leakage/Spillage Notification Report will follow shortly to DPR/NOSDRA” the company said in a statement issued by its spokesman, Mr. Matthew Indiana.
Hours before the latest incident, the indigenous oil giant, had restated its commitment to its host community after a section of the Nembe Community, Bayelsa State converged, without prior notice, and barricaded the entrance to the company’s logistics base.
Ndiana said the incident interrupted normal work operations even after the intervention of the state’s security task force.
He said that following a protracted engagement with them, they agreed to disband, while leaving behind representatives to present their demands to the company.
“These disturbances disrupt our operations and lead to production deferment, which affects not just the company but revenues accruing to the government and people of Nigeria.
“Aiteo reiterates her commitment to continuing to work with her host communities to achieve an amicable relationship. Moreover, the Nembe community provides most of the supply, logistics and security contracts going into our local operations.
“Apart from encouraging community participation in this manner, the company has, in addition, continued to provide considerable amenities and services directly to the community in a most beneficial and impactful way.
“Hence, we remain open and are committed to constructive dialogue for the development of both the nation and the community” the company added.
Aiteo reiterated that it takes several layers of engagement to get key deliverables to the community as the asset is operated under a joint venture with NNPC, noting that key decisions must be made upon due consultation with all stakeholders.
“We appeal to our host communities, our partners in development, to patiently await the final outcome of ongoing processes initiated to implement sustainable development for all parties” the company added.
The Aiteo-operated NCTL and the Trans Niger Pipeline (TNP) are the two major pipelines used by oil companies operating in the eastern Niger Delta to evacuate crude oil to export terminals.
Aiteo had shut down the NCTL located around Oil Mining Lease (OML) 29 on April 21, following a fire outbreak, and Shell declared force majeure on exports on Bonny Light grade of crude oil on April 25 due to the closure of the pipeline.
The pipeline was reopened on Friday before the latest incident occurred.

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two production outages in the first six months, anyone who think that Eroton is close to paying a dividend shouldn't be trading shares let alone SLE shares.

[echoridge] 27/6/2019 11:00

I'm not in the habit of quoting myself as you seem to enjoy doing. See my comments and Cantor's comments below. The company is pro-forma 2019 cash rich, with no material debts owed, with service revenues now coming in, and near-term prospects for production dividends, and a deal-rich environment to exploit. Oh, and you're a shameless dissembler.

[1historyman] 27/6/2019 10:48

• Income from the provision of drilling technical and management services of €5.3 million (US$6.0 million) during 2019 and 2020. • The successful Tender Offer by the Company for 50,475,000 Ordinary Shares which were acquired for a total cost of €26.8 million ($US30.5 million) on 23 March 2019. • Ongoing exploration and administrative expenditure from the Group’s existing activities are in line with current expectations and commitments. • The cash flow forecast reflects the on-going activity across the Group's exploration asset portfolio which is now substantially reduced but does take into account licence commitments and technical team costs where relevant, administrative overhead, other financial commitments and its available financial resources from existing cash balances. The strategy of the Board is to continue to mitigate risk on the Group’s exploration portfolio by monetising certain assets through outright/partial disposal of interests or securing farm-in partners on certain projects. The Directors are engaged in on-going discussions with third parties on the potential disposal of a number of the Group’s assets which they expect will generate cash resources to assist in financing the Group's activities. Although there is potential for further cash inflows from monetising certain assets through outright/ partial disposal of interests or securing farm-in partners on certain projects, the cash flow projections do not include these supplemental cash inflows.

Given the Group’s well understood cost base, the principal uncertainties relate to the quantum and timing of receipt of interest and capital repayments on the Loan Notes with MLPL. It was originally envisaged that the quarterly Loan Note payments due to the Group would be sourced by MLPL from the receipt of dividends through its indirect interest in Eroton via Martwestern. These dividends have not been received and consequently MLPL has entered into loan arrangements in order to be able to make Loan Note payments to the Company. In the absence of the dividend payments MLPL will be reliant on further advances under the loan arrangement and in turn being able to make quarterly Loan Note payments to the Company.

The Company has no obligation arising from the loan arrangements entered into by MLPL.

The Directors have concluded, that whilst any quarterly Loan Note payment, if delayed or not received, represents an uncertainty, the receipt of any further Loan Note payment(s) is not required given a cash balance at 24 June 2019 of €11.5 million (US$13.0 million) and the other cashflow forecast assumptions including the €5.3 million (US$6.0 million) from the provision of drilling technical and management services. Based on its consideration of Group cash flow projections and underlying assumptions outlined above, the Directors have a reasonable expectation that the Group and Company will have adequate resources to continue in operational existence and to discharge its debts as they fall due for the foreseeable future and for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the Directors continue to adopt the going concern basis of preparation of the financial statements for the year ended 31 December 2018.

[1historyman] 27/6/2019 10:45

In 2019 the Company has received total payments under the Loan Notes of €9.4 million (US$10.7 million). €14.7 million (US$16.5 million) was due on 1 April 2019 under the terms of the Loan Notes and is outstanding

[echoridge] 27/6/2019 10:34

And now Cantor's assessment of the results:

Positive – SLE continues to receive significant cashflow via its loan notes, and while operational issues have continue to beset Eroton, the gradual addressing of these should see the coy also begin to receive dividend income from its equity interest.

What? No mention of 'debtors' or problems at Eroton/Midwestern in or alien invaders?? They've even been duped into flagging the near-term prospect of dividends from its equity interest, to go along with service revenues and continued loan note payments. Don't these guys see the truth???

[echoridge] 27/6/2019 10:19

'....cash held EUR11.5 million, debtors of ??. so the cash will not see the company to the end of the year.....'

Absolutely, completely shameless. A statement of such bold-faced ignorance and corruption as to not even require a correction. Likewise you're continued inanities on how Jite is making good the loan payments. You are a truly bad actor

[echoridge] 27/6/2019 10:12

That last claim by Jabba, posted while I was writing - about MLPL and its ability to pay SanLeon is not just clearly wrong as I have already articulated, as well as ignorant as to the current payment mechanisms, but truly libellous. This is simply the desperate effort of a shameless operator

[1historyman] 27/6/2019 10:11

cash held EUR11.5 million, debtors of ??. so the cash will not see the company to the end of the year.

[1historyman] 27/6/2019 10:09

are simply the result of late lifting by Shell
SMURF

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all payments are made direct to Eroton, none go to MLPL, u clearly do not understand the set up.

[echoridge] 27/6/2019 10:02

Once and for all, for any and all that listen to this troll: 115m+ of principal and interest - well over half the original loan amount - have been received in full and on time. The company has monthly board meetings and is in constant contact with its partner. If there were absolutely ANY risk of non-payment or financial distress, the board and then the NOMAD and auditor would be duty bound to take appropriate steps (this AIM in 2019 people. To say the AIM board demands all parties err on the side of extreme caution is a greater understatement than Jabba is an ethical abomination). The fact that the OPPOSITE is in fact the case - e.g., that the company is NOT being obligated to announce the receipt of ever quarterly payment - is testament to the health of both our balance sheet and our partner. Any payment delays, such as the calendar Q1 - of which I understand the lion's share has in fact now been received - are simply the result of late lifting by Shell or as with the first quarter of 2019, huge commitments on our partner, which he flags in advance, and then makes good always, if a bit late. Our company is swimming in cash, with no significant costs, looking to a 2nd half of 2019 of big increases in production and big decreases in pipeline losses, with service revenues already coming in, and new drilling ongoing. End of.

[1historyman] 27/6/2019 09:52

for the truly stupid.
Eroton haven't paid any dividends, the MLPL have been borrowing the money to pay SLE, it would appear they haven't been able to borrow anymore, so haven't been able to pay SLE. If u are thinking of buying here it may pay to understand who the shareholders in MLPL are.
GL, after all it's only money.

[1historyman] 27/6/2019 09:47

"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 ?

[1historyman] 27/6/2019 09:25

2018 During 2018 San Leon received total payments under the Loan Notes totalling €56.4 million (US$66.2 million). The payments received during 2018 represent principal of €27.6 million (US$32.2 million) and interest of €28.8 million (US$34.0 million) on the Loan Notes was repaid. MLPL also entered into loan agreements with third parties to enable it to make the repayments during 2018.


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MLPL also entered into loan agreements with third parties to enable it to make the repayments during 2018.

[1historyman] 27/6/2019 09:19

Such receipts to date have been paid on behalf of MLPL due to the existence of guarantees to the Company under the Loan Notes instruments, as dividends have yet to be received by MLPL. The Company has a future receivable profile of €46.7 million (US$52.9 million) for the remainder of 2019, with further quarterly payments through 2020, and the board, having assessed the risk of non-payment, anticipates that MLPL will continue to make Loan Notes repayments, noting that San Leon has various guarantees and a share pledge in place which provide some security for payments due to the Company under the Loan Notes. €14.7 million (US$16.5 million) was due on 1 April 2019 under the terms of the Loan Notes and is outstanding as mentioned on page 39.


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Smurf, google outstanding and invest in a calendar.