San Leon Energy Share Discussion Threads

[wayo] 29/8/2020 11:30

Conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

They said that with the production cost hitting 46 per cent, it was inevitable for the oil sector stakeholders to meet with a view to fashioning out the way out.

Kyari said since there was need to cut down production, it meant that the industry had to reduce its activities which would translate to downsizing the workforce.

The NNPC boss said since oil production cost currently stands at $35 and a barrel sells for $45 , it means that the industry actually earns $10 per barrel.

Kyari said that as Nigeria cannot raise production it is clear that fewer hands are required for production.

He said: “At a point, you can take a barrel of the Canadian mb and be given a cheque of a dollar. That means take it free and I will give you a dollar. And we also sold below $10 at the end of March and early April.

“So, when you sell oil at less than $, and when your HR cost, just one element of it, it will cost you $7 to a barrel, you know you are in trouble. So, there is no way you will continue to meet your HR customers and continue to meet your operations.

“Even as we speak today, we are selling oil $45 /barrel. That is not any company’s expectation. Most economics analyse or forecasts by industry players, are anywhere above $45 per barrel.

“So, today, the average cost of production is about $35/barrel across all aspects. So, when it costs you $35 to produce average, and you are selling at $45, it means you only have $10 to pay taxes, pay royalties. So, we won’t survive under this situation. So, what do we do ?

“We will engage our partners. We must do something. When you have this kind of situation you have to reduce your cost and increase you revenue. Increasing your production has its own consequences.

“We there is oversupply in the market the price goes down. So, you cannot even maintain the $45. So we all agreed that in the OPEC engagement that we will cut supply.

“That means that from the high level of 2.9 we were maintaining, when in April we had to come down to 1.7million barrel to meet with the conforming situation. That means we had cut close to 600 barrel to survive. Hence it will be like selling water which is like selling it for free.

wayo

[1kempton] 29/8/2020 11:28

Same ct same wayover reaction.

[wayo] 29/8/2020 11:24

Nigeria is preparing for an extended period of low oil prices, Muhammadu Buhari, the president of the biggest oil producer in Africa, said at an energy event on Friday.

Nigeria should diversify away from oil, on which it is heavily reliant for foreign exchange income, the president added. Africa’s top oil producer, which is also the biggest economy on the continent, needs to develop non-oil sectors to diversify its revenues, Buhari said, as quoted by Nigerian media.

The oil and gas industry continues to be a significant contributor to Nigeria’s economic development and economic growth, representing some 10 percent of gross domestic product (GDP), the president added.

Nigeria, like other oil-producing countries, is suffering from the double whammy of the coronavirus-related economic slowdown and the oil price crash.

The collapse in oil prices and oil demand, and the new OPEC+ production cut deal – with which Nigeria has yet to comply fully – have crippled Nigeria’s government revenues, more so than in some other countries, because crude oil is Nigeria’s largest source of revenues.

In the second quarter of this year, Nigeria’s economy shrank by 6.1 percent year over year due to the low oil prices and the lockdowns in the country to curb the spread of the coronavirus.

wayo

[1kempton] 29/8/2020 08:42

Wayo - 26 Aug 2020 - 19:47:29 - 51071 of 51111

grrrreat as I own them as well.

....

With your recent trash regarding Barryroe, nope I really cant see you holding these with your timelines.

[alaric7] 29/8/2020 05:00

Interesting discussion on the hydrocarbons market over the coming year in this artcle from oilprice.com


hxxps://oilprice.com/Energy/Energy-General/Heres-How-Oil-Could-Skyrocket-By-138.html

[witheco] 28/8/2020 19:32

Turned out nice again

[echoridge] 28/8/2020 16:15

oh yeah, and throw in a 'that's what I'm talking about!' for the huge uplift in the Barryroe NPI value. Go team!

[echoridge] 28/8/2020 15:05

Assets are cheap and cash is king. New pipeline and fso evac system build managed through the covid crisis so revenues will increase dramatically in a few months even if oil prices fall. Competition around the world is undermined, supporting commodity prices in the medium term even if growth is sluggish. Cash receipts in the short-term will be substantial even without the coming improvement in production revenues, so bring on the fire sales from government acreage to those weakened private companies looking to monetise something, anything (check it: the credit worthiness of those massive receivables coming by y-e 2021 from Eroton is so solid, we were able to use $5m of them in buying our 10% of the pipeline/evac system, so the $15m price tag only took 10m out of our immediate cash pile, as the majority owner ELI will now collect 5m from Eroton in Oct out of the 10m owed to us. #moreofthatfinancialengineeringplease!). Yo. It is all GOOD IN THE HOOD, BABY!

[wayo] 28/8/2020 12:51

The LCCI said, “We also note that the economy experienced stockpiles of unsold crude cargoes particularly in April and early May, due to collapse in crude demand from Asia and Europe.

“In addition to these, the steep contraction was also fuelled by weakening oil prices witnessed in the quarter. We note that oil prices averaged $33 per barrel in Q2 2020 compared to $51 per barrel in the first quarter.”

[wayo] 28/8/2020 12:43

Barryroe NPI*:
Forecast cashflow : $10mm (2018), $23mm (2019), $19mm (2020), $90mm by 2022


...........

so how much of the 90mm will they have earned by 2022 would it
be nothing.
of course if it is ever produced the price of oil was a lot
higher when this was released, so first cash 2029 depending on the
oil price or the 30th Feb just add the year, any year will do
as it's not likely to happen, anytime soon.

[ceteris paribus] 28/8/2020 12:26

Zip-a-Dee-Doo-DahZip-a-Dee-Doo-DeeHappy Days are here again. Loving shorting this pack of trash.

[wayo] 28/8/2020 12:25

Headline: San Leon Energy PLC Barryroe Licence
Date/Time: 23/12/2011 7:00:23 ▼



Oisin Fanning, Executive Chairman of San Leon commented:

"We see this as an excellent agreement for both parties. While we see potential in the Barryroe Licence, we are concentrating our resources on other core assets. We have increased our interest in our Durresi Block, offshore Albania and this agreement allows us to develop that and other assets while retaining a risk free interest in Barryroe for our shareholders."


.............

Dunces cap and the naughty step for u
it's the last man standing and it's not even
been appraised.
Durresi still looking for an unicorn.

[wayo] 28/8/2020 09:31

and 4.5% of nothing is err nothing.

[echoridge] 28/8/2020 08:48

yep, I see it now. the utterly unearned arrogance, the towering levels of projection - particularly as it pertains to his grasp of facts and figures - the sloped forehead, the slack jaw.....jabba all over (p.s., kempton is right and you have less than no idea how the company's npi is structured)

[1kempton] 28/8/2020 08:46

Ct/ct2k!1historyman/o1lman now wayo inc!..it is still 4.5% over the whole field including the new licence extension..x bless

[wayo] 28/8/2020 07:18

Other assets

San Leon holds a 4.5% NPI over the whole of the Barryroe oil and gas discovery, offshore Ireland. An NPI structure means that San Leon has no costs whatsoever with regard to Barryroe but has a right to a share of profits from the asset once Barryroe equity holders' costs have been recovered. Providence Resources plc (the operator of Barryroe) continues to seek a farm-in partner to progress appraisal and potential development.

Jun 2020

just when it appears u couldn't get any more stupid u still manage to.
dunces cap for u until next week.

[1kempton] 27/8/2020 21:53

This is what it states in this article. 2014 not 2011

wayanchor just stick to playing with yourself as whenever you come here you make a mess of yourself!..


Providence Resources extends Barryroe licence; adds Newgrange seismic to survey

2014-08-07

Providence owns 80% of the Barryroe project, alongside partner Lansdowne Oil & Gas (LON:LOGP) which has the other 20%, while San Leon Energy (LON:SLE) (formerly a partner) retains a net production interest of 4.5%.

www.proactiveinvestors.co.uk/companies/news/60658/providence-resources-extends-barryroe-licence-adds-newgrange-seismic-to-survey-71078.html

[wayo] 27/8/2020 20:55

23 Dec 2011

San Leon Energy Plc

("San Leon" or the "Company")

Barryroe Licence

San Leon Energy Plc is pleased to announce that it has signed an agreement with Providence Resources Plc ("Providence") to exchange its working interest in Standard Exploration Licence 1/11 ("Licence" or "Barryroe") in the Celtic Sea, Ireland, for a Net Profit Interest ("NPI").

&&&&&&&&&&&&&&&

DUNCES CAP FOR 1K.

[witheco] 27/8/2020 17:50

Turned out nice again.

[ceteris paribus] 27/8/2020 15:34

Cheers Guys. Looking promising.

[imabigturd] 27/8/2020 15:21

FROM THE SAME SOURCE FOR THE OTHER MUPPET: Year on year San Leon Energy PLC had net income fall 564.35% from a loss of 5.81m to a larger loss of 38.61m despite a 34.34% increase in revenues from 198.00k to 266.00k. An increase in the cost of goods sold as a percentage of sales from 47.98% to 55.64% was a component in the falling net income despite rising revenues.