San Leon Energy Share Discussion Threads

[1historyman] 26/7/2019 10:02

The abridged history of the company.



Poland was going to be the making of the company
before that it was the USA
then it was Ireland
then it was Holland
then it was Iraq
then it was back to Poland
then it was Turkey
then it was Morocco
then it was Poland again,
meanwhile Ireland which was going to be a company maker has been hived off with a JV.
then it was back to Turkey until that was a dead duck
then back to Morocco offshore twice, both dusters
then Albania offshore
then Morocco shale was abandoned after around 7 mill euros wasted
then Poland Shale gas, then Poland shale gas and conventional..
then just the conventional which most of has been hived off
then Morocco shale but not the same shale as before
then Poland two dusters so the third well wasn't drilled
then Poland (Rawicz)
then Poland again (Rawicz and Siekerki)
then Poland just Rawicz
Now we have gone full circle it's back to Morocco, not shale but an entirely new
strategy.
then Rawicz again
but not Siekerki
then Albania
then Rawicz15
then Nigeria.
then Rawicz was sold
then Albania wasn't drilled
then Nigeria
then Morocco licences surrendered or confiscated
then Poland licences hived off
now Nigeria
the Polish shale licences returned
now Nigeria
...............

There was a mountain of ramps posted about the above assets, the outcome was a 200 mill plus loss whilst the share price unsurprisingly fell from the equivalent of £40.00 to 25p, the investment of the decade, for shorters that is.

[1historyman] 26/7/2019 09:47

CJ. I note u have had a relatively quiet week with linksdean being on ' holiday '
I wonder if he has learned anything from his suspension, it would of course be a first.
The OML18 gas is insignificant as the MD said as it's sold in local currency they actually lose money on the sales.

[callasjunkie] 25/7/2019 23:54

Historyman, like you, I think that the half-year results will be interesting but before that we should have the quarterly results from Notore Chemicals. Interesting company, which spends 5 times as much on Director's Fees than the paltry amount spent on Repairs and Maintenance. Could this be the reason why plant performance has plummeted?
Major turnaround planned. If it happens what will Eroton do with the gas?

[alaric7] 25/7/2019 22:02

marmite on mine please

[echoridge] 25/7/2019 19:53

you're toast, jabba thats what it means. numpty

[echoridge] 25/7/2019 15:40

And risk getting rid of you? Never. Having you around makes me feel smart. and righteous. And sane. And not evil. And respected. And smart (so true, its needs repeating). And, and, and.....[FILL IN THE BLANK]

[1historyman] 25/7/2019 15:03

how about all the nobs, matching my offer ?

[1historyman] 25/7/2019 15:02

1historyman - 02 May 2019 - 10:36:17 - 47445 of 47847
San Leon Energy - SLE
I have told posters repeatedly, if they post about me and not SLE, I will reply with a post from SLE's history.
with the share falling from the post consolidation price of £40 to 38.5p, it's not likely I will run out of items to post in the near term.
now if fellow posters read those items as being negative, I guess it's down to them.

………;..


I also repeat my offer. If the pipeline is built before the end of this year I will not post here again

[1historyman] 25/7/2019 15:00

historyman. quite a big clue there.

[alaric7] 25/7/2019 14:12

i take by 'nobs' you mean actual shareholders in San Leon, unlike yourself History. you're now telling us to focus on our equity accounted holding (something i believe all true shareholders understand as the company has always been entirely transparent about the nature of its interests in the Niger Delta and anyway so what?). previously you've told us to focus on such diverse things as tubing, cash, Avobone, licence renewal and Sun Trust and then they mysteriously and suddenly drop off your focus list. with so many things to focus on over time, no wonder shareholders here are deeply sceptical of your motives, which are far from transparent, although you telegraph them rather too obviously.you should focus on that.

[1historyman] 25/7/2019 13:40

so in 2016 they raised in a placing 221 mill u$ and 2019 returned 30 mill u$ to their shareholders, whoppie doppie hardly makes them the oil company of the year.

[1historyman] 25/7/2019 10:35

The Directors recognise that the future realisation of the equity accounted investments is dependent on future successful exploration and appraisal activities and subsequent production of oil and gas reserves.

………;……̷0;..

that's the part all nobs really need to focus on to understand the current position.

[1historyman] 25/7/2019 10:34

3. 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).
The above interests are accounted for as equity accounted investments as San Leon does not have control over the entities, which are governed under Joint Venture Agreements requiring the approval of both parties to the Joint Venture Agreement in respect of all operating decisions.

The Directors recognise that the future realisation of the equity accounted investments is dependent on future successful exploration and appraisal activities and subsequent productionof oil and gas reserves.

[1historyman] 25/7/2019 10:33

yep, u don't clearly understand the reason for the 46p price.
whatever the company was valued at before the tender was announced is the price the market thought the share was worth. after the tender the value hasn't changed although the trading price has.

[echoridge] 25/7/2019 10:30

couple more things (you truly are the moron that keeps on giving):

- a 60% tender at 46p, especially during a particularly torrid time for small cap E&P was pretty good jam tomorrow today. Num num (numpty)

- and what is this obsession with Eroton's financial disclosure? I've noticed its part of your long con, to periodically imply malfeasance (again with no evidence) because YOU aren't satisfied with their level of disclosure. Let me explain: Eroton are a PRIVATE company and therefore the required level of PUBLIC disclosure is limited, just like it would be here in the UK. As an example, say you are gifted private shares in the London Mental Health Clinics in recognition of your long and devoted custom. In that case, even you would probably only receive a one-page summary of the company's financial position, which would certainly not include any cost breakdowns, like how much the company spends treating you and your fellow Shameless Narcissistic Rageaholic Disorder sufferers. Understand? Meanwhile, back in the real world, SanLeon shareholders have to satisfy themselves with REAL evidence of Eroton's financial health like its massive debt reduction and favourable loan balance restructuring, their having paid us back largely our entire loan principle already, initiating a successful well drill program, and commencement of divi payments into MLPL. Oh and that board seat sle hold at Eroton? That not only gives us a first-hand understanding of their financial situation (which you site as some kind of negative. Of course), but would even more clearly obligate sle to discloses ASAP any hint of financial difficulties at Eroton. #ohdearohdearohdearyoudope