San Leon Energy Share Discussion Threads

[alaric7] 29/6/2021 12:19

gary i think you have to assume that's right as things stand today.(apologies as i failed to pick up on the impairment on my first speed read of the finals).however i do think we all need to read through this to our knowledge that an rto with Jite is now being negotiated in earnest. san leon hasn't i believe yet granted a deferment on this secured debt to Jite,so if anything is going to drive the rto it will be this. a more likely scenario imo will be that they now await the commissioning of the ACOES before announcing all together and i'm sure Oisin will not have forgotten his commitment to paying a dividend

[gary hindsight] 29/6/2021 11:05

Is my interpretation correct in that as the loan notes are impaired as the expected date has slipped / unknown I am assuming the promised special dividend will not be paid before October as expected?

[1kempton] 29/6/2021 09:49

Sle going forward ..fantastic prospects,earning,dividends..

[alaric7] 29/6/2021 09:33

hpcg - i would say you got your timing spot on! unfortunately there was nothing 'legit' about these trolls but that's all history now. and the stars have indeed come into a nice alignment for san leon. with cash in the bank ,no liabilities to speak of and secured 10s of $millions due to us before year end, this is no ordinary AIM oil company

[hpcg] 29/6/2021 08:55

alaric - I only recently bought in this year. Oil has been a bad place to be most of the time since 2016 so anyone with a negative commentary would have been legitimate for most of that time. Equally companies can find a new purpose and this is what has happened to San Leon. The new exit pathway for OML18 will be transformational and at just the right time for demand to recover and Opec+ to ease restrictions. At the same time capital has dried up for onshore US and the, ahem, pipeline of offshore conventional projects is running at a trickle. So by the time the pipeline + FPSO combo comes online conditions should be good and improving. Per the FY released today $14.8m cash with $8m readily available. All we can do now is rest relatively easily and await events on the corporate side, and depending on how long that takes absorb the operational news as it comes along.

[rimau1] 28/6/2021 15:39

Agreed, you only have to look at SAVE who have the same strategy and across the pond, JSE. Oil majors are offloading oil assets at depressed valuations in the quest for ESG acceptance leaving small and medium sized operators to pick up these assets and benefit from $70-$90 oil over the next decade

[hpcg] 28/6/2021 13:49

Taking good quality but non-core / too small assets off Super Majors is a great business model just about anywhere.

[alaric7] 28/6/2021 13:14

i believe that the kind of shareholding structure, we might reasonably envisage here after an rto, with Tosca no longer the major position will be much healthier for them and indeed good for us. they would for example have much greater latitude to trade the stock. the biggest plus for jite imo is the easy access to capital and equity markets that a London quoted platform would give him and us. why is that so important? the opportunities appearing now in the Niger delta, with the Nigerian government maintaining its privatisation strategy and Shell continuing to reduce their holdings,are now substantial.

[hpcg] 25/6/2021 10:04

Everything depends on Martin Hughes and colleagues given how much of SLE they hold. They were happy to exit at 21p a year ago but times have changed. A smaller holding of a bigger group suits them a lot, but equally the forward investment case is so strong now with the lack of new oil developments worldwide. The ensuing simplification would also help. Midwestern should also pay a premium to get a listing. Timing is also propitious given where we are in the cycle. So we'll see. Yes I would expect it to take a while.

[a0469514] 25/6/2021 09:29

It is described as temporary but looking at the details, it seems to be a complex deal which could take a while to resolve. It is also difficult to predict, for me anyway, what effect it will have on the SLE share price. I don't suppose they would be looking to do a deal if they did not think it would be beneficial to share holders.Xylos

[carcosa] 25/6/2021 09:18

'Temporary' could be a very long time given the complexities involved

[a0469514] 25/6/2021 09:10

No, it is temporarily suspended.

[badgeman] 25/6/2021 08:57

Is this still trading today, it's not showing on my Interactive Investor portfolio?
Edit- I see it's now suspended.

[alaric7] 24/6/2021 22:49

interesting question dj. there has always been so much positive upside from the proper partnering up of Jite Okoloku's interests with ours, not least access to liquid capital and equity markets to fund growth into the fabulous opportunities now opening in the Delta, that i wonder the ultimate timing has had more to do with the personalities involved than anything else. some significant egos between Jite, MH and Oisin (although to give him his due Oisin i believe is very good at handling that side of things), so maybe it's just taken time for the penny finally to drop that they all stand to gain hugely more together with respectively smaller shares of a much bigger whole. a question i've got is how Sahara fit into any new equation on OML18?

[rimau1] 24/6/2021 18:47

The lawyers must love SLE, our deal structures are never straightforward!! Maybe its Nigeria because SAVE is similar.
So, SLE buys out Westerns OML stake in its opco funded by SLE issuing so many shares to Western that Western end up as majority owner of SLE so we effectively reverse into Western? I guess the obvious question that no one can answer is - will the share price rise?

[bernieboy] 24/6/2021 13:25

Such an interesting day for sle!

[djderry] 24/6/2021 11:14

There was no need to blow the whistle,ref,the match was just starting.
On a more serious note,what has changed to make it a more appealing deal from the one proposed in 2018? The company is better capitalised,they have the 17% coupon on the loan notes to Eroton and the export pipeline is full-speed ahead.

[carcosa] 24/6/2021 09:52

Suspended.... Thanks 1kempton :-)

[plasybryn] 24/6/2021 09:30

Reverse takeover offer? Will they have to issue an RNS?

[undertaker] 24/6/2021 08:49

3 important updates we need....

1) Status of OF's Share purchase/Financing - we were told this was to be resolved quickly ( a few months ago!)

2) Status of Company Domicile change fro ROI to UK, so we don't get hit by the Irish 25% withholding tax on Divs. (this was announce last year!)

3) Next Div please

[tygwyg] 24/6/2021 08:15

So that's a delay to ACOES then.

[undertaker] 24/6/2021 08:13

when do we get the next divi?

[1kempton] 24/6/2021 07:57

Interesting

www.thisdaylive.com/index.php/2021/06/24/midwestern-oil-makes-reverse-take-over-offer-to-san-leon-energy/

[rimau1] 24/6/2021 07:35

Excellent unexpected news, and plenty of value enhancing newsflow still to come. In July we should get flow test results at Ezo and then the 45 trigger buy option and a first loan note payment from Eroton.