San Leon Energy Share Discussion Threads

[djderry] 25/1/2022 15:59

Really.I'm an investor.I do due diligence on the companies in which I invest.A key criterion for me is the quality of management and the fiduciary controls in place.

[alaric7] 25/1/2022 14:51

not really djderry. it's a civil case by the sound of it. yawn

[djderry] 25/1/2022 09:12

If accurate,that's extremely disturbing.

[atossa] 25/1/2022 00:17

Our CEO lost his appeal today to avoid paying £250,000 tax on his property in Mayfair.

The court filings said the £5,000,000 property price plus £200,000 of furnishings were paid with a £4.9m mortgage from the bank and a loan for the rest from San Leon Energy.
"Mr Fanning said San Leon assisted him with the purchase by lending him £300,000"

That loan however seems to have been reported as a 'fee'; "The Company paid Mr Fanning £300,000 in relation to an option to buy a property from him"

Place your bets for the next annual report to include mention of another fee (£250,000)

[alaric7] 21/1/2022 12:24

indeed. i see bonny light broke $90 yesterday for the first time

[leopoldalcox] 21/1/2022 12:17

Would be great to see this relisted with the current oil price. Very interested to see what the market makes of this once we have confirmation and clarity on final details

[1kempton] 11/1/2022 09:49

Certainly will..as every barrel that runs through that pipeline is charged at around $5pb and that's everyone inc eroton. .all has to be paid in advance, so if sle pick up 25% of this, its massive upside to sle from all who use the pipeline, there are already 3 companies wanting to use it as sle has stated in an rns and I beleive many more will follow..

[alaric7] 11/1/2022 09:01

sure is a lot of FCF and a lot of FCF means big dividends for the foreseeable. thanks rimau1 - excellent pos.

[leopoldalcox] 11/1/2022 00:49

Thanks - had missed that

[rimau1] 10/1/2022 22:44

Yes Leopold - transaction expected to complete by the end of Feb per the update RNS issued on 24/12. Not long now until we take an owner/operator majority stake in OML18 and the pipeline. 1bn of 2P resources is a lot of FCF at $70-80 a barrel….I only now appreciate the masterstroke of Eroton significantly reducing production during H1. Once the pipeline is operational during Q1 oil loss reduces overnight from 25-30% to under 10%.

[leopoldalcox] 10/1/2022 01:25

Do we have any idea of the timeframe?

[1kempton] 08/1/2022 16:28

Only a matter of weeks now till we know if rto was a success or not..fingers crossed for success.🤑

[alaric7] 06/1/2022 06:34

'I had discovered the Eroton CEO died at the end of last year and has not been replaced - hardly a confidence booster.' ha dogsbody you'd better call Afreximbank as they must have missed this in their due diligence on the $750m facility they signed for Eroton recently. i don't know but you can't seem to get the lawyers these days! wow and they seemed to have missed the Nigeria country risk factor as well. you say that only emerged last year though, so maybe they could be forgiven for missing that? jeez dogsbody who are you trying to kid here? you're part of the lth losers club i see - no surprises there.

[caniscorpus] 05/1/2022 17:38

While I appreciate the efforts of those who tried to help me on this board, I'm afraid I still do not understand this over complex company re-organisation. The message I am getting is that don't worry all will be OK once we have our increased stake in Eroton and OML 18. We are always told DYOR so I looked up Eroton's website. All I find is boasts that production has been boosted sixfold. There are no published accounts. Where is the evidence of the current revenues one would expect? I realise these comments will excite the members of the Caniscorpus knockers club of which Alaric seems to be a prominent member. Let's hear more as such comments always give me a laugh and we all need a bit of humour these days.
I posted the above on LSE and got the predictable reply from Alaric. I forgot to mention that I had discovered the Eroton CEO died at the end of last year and has not been replaced - hardly a confidence booster. Plus I seem to remember a statement last year that Nigeria is probably the world's most corrupt country. I invested here some years ago when there seemed to be some prospects of shale gas in Poland and then just stayed on for the ride. Another of my many decisions I regret.

[alaric7] 05/1/2022 09:25

ah there you are red5. you got lots of answers to your stupid questions about AIM deadlines and bluerill's excellent post on the previous rns but you have singularly failed either to acknowledge these or thank the posters concerned. in future posters on this 'discussion' board may be wary of bothering with you.

[red5] 04/1/2022 14:39

cid:3320CC6F-34A9-4733-9540-5AD988477AFF

[alaric7] 04/1/2022 09:54

cometh the hour...
'Further to the announcement on 1 December 2021, San Leon has agreed with MLPL, Midwestern and Martwestern (as defined below) to a further extension of the Conditional Payment Waiver to 31 January 2022 or, if sooner, the termination of discussions or the signing of an agreement to effect the Potential Transaction...
As at 31 December 2021, the Extended Conditional Payment Waiver relates to US$99.3 million, being a principal amount due of US$82.2 million and total accrued interest due of US$17.1 million, which will be payable 90 days after such expiry, save for, inter alia, if there is an event of default.'

[alaric7] 30/12/2021 20:55

just noticed that caniscorpus failed to acknowledge let alone thank the excellent well researched responses from Gary and Rimau he got to his asinine questions about the last rns. he hides his approach under the guise of being a 'simpleton' (his words).although he was correct about that, he's clearly just another boring troll. end of.

[1kempton] 30/12/2021 15:50

$79pb Brent today so fantastic deal..

[alaric7] 30/12/2021 07:08

and btw i don't believe for a moment that Midwestern are remotely interested on bidding for the whole company even if they could. and anyway the price Tosca and Oisin would demand would be prohibitive. it will be really fascinating to reevaluate the company's interests in OML18 and the ACOES after the RTO and with our then fully functioning pipeline. when Oisin originally put us into OML18 with Martin Hughes' backing, the oilprice was 27 bucks!

[alaric7] 29/12/2021 16:01

i'm happy with any price Martin Hughes will take or for that matter Oisin for his 9.5m shares. and forget any ideas of a squeeze out (a very old chestnut on this board btw). they'd need a lot more than 50% for that

[cd27idw] 28/12/2021 22:27

Re Midwestern holding more than 50% of the enlarged shareholding; doesn't that then means Midwstern has the right to make a bid for those shares it doesn't hold, i.e. the rest of the company? Assuming Toscafund gets an acceptable return via a combination of the dividend on its preference shares plus any offer for its holding, it would mean the end of SLE as a public listed company.