San Leon Energy Share Discussion Threads

[janekane] 21/9/2021 08:22

Suspended 24th June we are half way to being kicked out of Aim
Finally, when it comes to AIM, should the securities of any company be suspended for six months, the securities will be be cancelled from trading unless an extension has been granted.

[janekane] 20/9/2021 15:12

Liquidater sharpening their pencils ✏️

[undertaker] 13/9/2021 08:27

Any thoughts on a relisting date?

[kaos3] 06/9/2021 07:49

on the first glance there are problems - but I see it as an opp. for SLE

our partner can not afford the hoped for needed consolidation. so SLE let it lapse - to strengthen its negotiation power - reducing own exposure risks and gain more out of it in a new variant hopefully - that is negotiated

[plasybryn] 06/9/2021 07:16

Anyone care to comment?

[hpcg] 01/9/2021 19:13

As per today's RNS a reminder to read the RNS from 1 year ago today. The conditions to conclude the deal would seem to be:

The Subscription Agreement provides for certain conditions precedent to be confirmed prior to finalising and issuing the Loan Notes and Decklar Shares, including entering into an agreed form of shareholders' agreement in respect of Decklar and the restructuring of certain historical indebtedness by the owner/operator of the Oza Oil Field, Millenium, to the satisfaction of San Leon at its sole discretion and the approval of the transaction contemplated by the Subscription Agreement by the TSX Venture Exchange.

I guess the 45 day clock mention in that RNS has started.

[1kempton] 01/9/2021 15:20

"Oza-1 Well Re-Entry and Testing Update
 
·    The initial flow testing of the L2.6 sand resulted in a stabilized flow rate of 2,463 barrels of oil per day ("bopd").
·    Testing of the individual sands identified on well logs will continue for the two remaining target zones, after which the well is expected to be put on commercial production with a dual-tubing string completion.

[hpcg] 01/9/2021 14:43

Deklar up 7% at the open in Toronto. Pretty reasonable results on the test thus far.

[1kempton] 01/9/2021 14:20

Fab..

1 September 2021

San Leon Energy plc

("San Leon" or the "Company")

 

Update on investment in Oza Field, Nigeria

 

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement made today by Decklar Resources Inc. ("Decklar Resources") in Canada.

 

San Leon has entered into a conditional subscription agreement with Decklar Petroleum Limited ("Decklar Petroleum"), the local subsidiary of Decklar Resources, which entitles San Leon to purchase US$7,500,000 of 10% unsecured subordinated loan notes of Decklar Petroleum and 15% of the enlarged share capital of Decklar Petroleum. In addition, Decklar Petroleum and San Leon have entered into an option agreement which, at San Leon's sole discretion, entitles San Leon to purchase an additional US$7,500,000 of loan notes and further Decklar Petroleum shares representing an additional 15% of the enlarged share capital of Decklar Petroleum.  Further details of these conditional investment agreements can be found in the Company's announcement of 1 September 2020.  This transaction is still awaiting final conditions precedents to complete.

 

Part of the text of Decklar Resources' announcement is set out below:

 

"Oza-1 Well Re-Entry and Testing Update

 

·    The initial flow testing of the L2.6 sand resulted in a stabilized flow rate of 2,463 barrels of oil per day ("bopd").

·    Testing of the individual sands identified on well logs will continue for the two remaining target zones, after which the well is expected to be put on commercial production with a dual-tubing string completion.

 

Calgary, Alberta -- Decklar Resources Inc. (DKL-TSX Venture) (the "Company" or "Decklar") is pleased to announce the following update on the Oza-1 well re-entry at the Oza Oil Field in Nigeria, being performed by the Company's wholly owned Nigeria-based subsidiary, Decklar Petroleum Limited.

 

The Oza-1 well has been re-entered successfully with the old tubing and completion equipment successfully being removed, all well maintenance performed, the deeper zones cemented off to isolate them from the target reservoirs, a new wellhead installed, and the site prepared and production testing equipment installed for and re-completion of the target zones in the Oza-1 well.

 

During the initial flow testing of the L2.6 sand, the zone produced at multiple choke settings ranging from 16/64 inch to 32/64 inch over the 116 hour testing period. The L2.6 sand is the deepest target zone of the re-entry program on the Oza-1 well and has 21 feet of gross hydrocarbon pay thickness. The testing of the L2.6 sand yielded a stabilized flow rate of 2,463 barrels of oil per day ("bopd") of 22 degree API sweet crude oil on a 32/40 inch choke setting and flowing tubing head pressure of 450 psig during the last three hour period of the 22.5 hour flow test at this choke setting. In all tests there was less than 0.05% basic sediment and water ("BS&W") and no gas production.

 

The foregoing test results should be considered as preliminary. Readers are cautioned that the test results herein are not necessarily indicative of long-term performance or of ultimate recovery.

 

The perforation and testing of the two other target zones is on-going and expected to conclude in the coming weeks. The Oza-1 well is expected to then be completed using a dual-tubing completion string to produce from the best two zones being tested and put on commercial production. The Oza Oil Field has significant export and production capacity through processing facilities and infrastructure already in place and operational, which is anticipated to allow for the immediate export and sale of crude oil from the Oza-1 well."

 

[alaric7] 31/8/2021 10:28

nice one kempton. see Brent's up again this morning at over $72. so Bonny Light will be about the same

[1kempton] 29/8/2021 10:32

oilprice.com/Energy/Oil-Prices/Oil-Could-Be-Primed-For-Up-To-50% Rally-Strategist-Says.

[undertaker] 22/8/2021 09:45

Are we nearly there yet?!

[1kempton] 16/8/2021 14:00

Great news

[1kempton] 16/8/2021 14:00

hxxps://www.bnnbloomberg.ca/nigeria-s-buhari-signs-bill-to-overhaul-oil-industry-into-law-1.1640687

[bernieboy] 16/8/2021 10:16

A big hitter indeed. :-)

[alaric7] 16/8/2021 07:36

mportant at times like these to have a chairman like Mutiu Sunmonu. this is his profile:
'Mr Sunmonu has led the Company as Non-Executive Chairman since the purchase of our indirect economic interest in OML 18 in September 2016. Mr Sunmonu is a former managing director of Shell Petroleum Development Company and was country chairman of Shell companies in Nigeria from 2008 to February 2015. He led Shell’s multibillion dollar operations in Nigeria employing over 4000 direct staff with revenue contribution to the Nigerian Government of ~$70 billion dollars during 2009-2013. He has worked in the industry for over 36 years in Nigeria, the UK and the Netherlands. His strategic vision, proven track record and deep knowledge of Nigeria, brings valuable Nigerian operating experience and relationships to San Leon Energy Plc.'

[alaric7] 14/8/2021 17:33

very interesting article, kempton, confirming much of what we know already about Shell's sell off of their OML interests. also good to see professional comment on the effect of the new petroleum law :“Importantly, the recently passed Petroleum Industry Bill (PIB), which has still to be signed into law, will offer materially lower royalties and taxes for oil.” i believe this just needs President Buhari's final sign-off now

[1kempton] 14/8/2021 13:56

www.energymixreport.com/shells-nigeria-sale-offers-value-but-bidders-need-to-do-their-homework-woodmac/

[rimau1] 12/8/2021 20:13

Decklar are up 19% today, Oza is going to be a fantastic long term investment and It sounds like SLE may eventually swallow or merge with Decklar.

[alaric7] 12/8/2021 09:26

this is just guesswork you understand but we know they've got agreed heads of terms on the RTO from at least a month ago and the latest on commissioning of the ACOES is September/October...what better way to kick off the restructured venture than with 50000 bopd reaching market immediately from OML18? OK there'll have to be an EGM but shouldn't take long

[red5] 12/8/2021 08:06

My question is when will it come back on for trading?

[undertaker] 11/8/2021 13:13

same for me too...all in my SIPP

[bernieboy] 11/8/2021 10:39

Mine are in my pension for the next ten years at least anyway. :-)