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lse:sle

#202

#203

As it stands today bonny light is $66 pb…sle production deal was taken when oil was $29pb 2016…sle are owed multi millions in back production/dividends…

Bonny Light
66.09
-2.11
-3.09%
(1 Day Delay


#204

with this oil usually goes up!


#205

something to ponder on…" what are san leon owed with their 10.5% owing since 2016. if eroton have paid off $265m off their rbl since 2015…

" An announcement last month of the refinancing of the Reserves Based Lending Facility should provide yet more cash for the operator to deploy in field work and a subsequent boost in production numbers and ultimately inaugural dividends to San Leon from oil revenues."


#206

Anyone with SLE shares held with ii received a copy of the tender document or any buyback associated corporate action?

I’m abroad and SLE have managed to ensure I cannot log into my account so far this week. There was nothing up to Friday.

I can’t find anything on the SLE website about the details of the tender process either - not in terms of actually filling out a form to apply.

Any help appreciated.


#207

Exellent post from blueril lse

Today 07:16 Price: 35.35
bluerill 232 posts
pretty confident
not often you see a company put a well right into production. sure, the steady-state production rates may not quite come up to predecessors, but who here is going to claim that this share price was discounting ANYTHING out of this well??? Not only is it flowing, but it’s doing so sufficiently that Eroton is able to hook it right into production. At a minimum, I’d say that qualifies as ‘better than expected’. Oh yeah, and they’ve moved the rig on to drill the next well. Just like a real O&G company…

http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20190228:nRSb3497Ra


#208

28 February 2019

San Leon Energy plc
(“San Leon” or the “Company”)

Akaso-15 Well Completed, Rig Moving to Drill New Well Akaso PMMO-1

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa, announced on 10 December 2018 that Eroton, the operator of the OML 18 licence, onshore Nigeria, was preparing to spud the new well OSMU-1 in the Akaso field. The Company is pleased to announce that the Akaso-15 well (known as OSMU-1 prior to completion) has been drilled and completed, and connection of the well to the pipeline system is anticipated by Eroton to finish this week. The well is expected to be brought onto production during the first half of March 2019, and a well test will be performed once the well has achieved stable production.

The rig will now move to drill the next new well, Akaso PMMO-1.

Oisin Fanning, CEO, commented:
“I have previously stressed the importance of increasing oil production at the wellhead, which is what Eroton is doing with its drilling campaign. I look forward to providing an update on the second new well in due course in addition to advising on the production rate from Akaso-15.”


#209

BusinessDay : News you can trust – 19 Oct 18 4

To ensure gas supplies, we have made strategic acquisitions, says Eroton E&P CEO

Eroton E&P currently boast of seven oil flow stations with capacity ranging from 10kbopd to 60kbopd, a 120 MMscf/day capacity non-associated gas (NAG) and three associated gas gathering.

What have been Eroton’s biggest developments over the past few years?
Since 2016, we have been working on rigless activities that have allowed us to grow our production to about 65,000 barrels per day at peak. When we took over the asset, production was at about 10,000 barrels per day, and currently we are at about 57,000-59,000 barrels per day. We recently completed a workover intervention using a hydraulic workover unit on two wells, and now we are trying to do gas lifting within those wells to see if we can derive more volumes.

Our projections in terms of production goals are essentially to be the number one hydrocarbon producer in the country and the region in the nearest future. Since acquisition we have been able to ramp up production progressively via rigless activities and field re-entries from a rate of circa 10 kbopd to circa 50 kbpod of net oil production. We see ourselves doubling this production within the medium term time frame via our infield drilling campaign which is set to commence next month (October 2018).

" We see ourselves doubling this production within the medium term time frame via our infield drilling campaign which is set to commence next month (October 2018)."


#210

nice to know that if there were any problems with getting oil to bonny terminal eroton have various lines of evacuation apart from NCTL…

The TNP consists of three parts:, a 12.5km 30” pipeline from Ogale to Eleme/Ogu Bolo over land terrain;a 25.5km 30” pipeline from Eleme/Ogu Bolo to the Cawthorne Channel Junction Manifold, and a 2.4km 8” pipeline from Alakiri to Ojikirispurline, both over swamp terrain; anda 20km 30’’ pipeline and a 20km 24” loop pipeline leg from Cawthorne Channel Junction Manifold to Bonny Oil and Gas Terminal, both over swamp terrain.

hxxp://africaoilgasreport.com/2018/02/in-the-news/tnp-reopens-after-46-days-shut-in/


#211

The $30m tender is great news from sle , but sle are to receive another loan payment of $20m end of this month so effectively sle are paying the $10m originally stated… Great business $80m on loan repayments alone this year…plus any dividends from eroton…service contract payments and that upfront payment!!

“The terms of the OML 18 transaction also allows the Company the right to provide oilfield services to the operator of OML 18. The projections assume that the Company will receive an up-front payment on completion of the agreement to provide these services with further income streams arising on the roll out of these services”.


#212

San Leon Energy PLC
Holding in Company
RNS Number : 9534R
San Leon Energy PLC
06 March 2019

6 March 2019

San Leon Energy plc

(“San Leon” or the “Company”)

Holding in Company

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa, was informed on 5 March 2019 that funds managed by Toscafund Asset Management LLP held 336,171,927 ordinary shares in the Company, representing 66.46% of the issued share capital of the Company, following the purchase of 24,350,000 ordinary shares on 4 March 2019.


#213

Clearly tosca sees value as mentioned in the business times …


#214

Maybe Tosca are also after making a quick buck, buying on 4/3. Somewhere in the region of £243500 if they bought that tranche in the mid 30s. (10pps profit) They may well be taking a limited part in the tender offer despite previous doubts.
TP


#215

Who knows the mind of tosca tp!!, but you may be right, that or wanted some beer money!! Ha!..


#216

From blue rile lse this morning

Tosca bought Capital’s shares, not Suntrust’s. In fact, Capital’s selling has the been primary cause of underperformance of this share for well over a year or more as the primary fund manager at the time was forced to divest his fund of ALL positions in smaller cap companies (probably an arbitrary cutoff of anything below $500m market cap. In other words, the divestment had nothing whatever to do with the quality, or not, of any particular position, sle or otherwise). We know this has been going on because Capital, which originally held just under 40m shares, have periodically announced material reductions in their holding. Funnily enough, these reductions occurred right around a major announcement by sle, which then inevitably led to cries of ‘why doesn’t this share do better considering how good the news is…!’ or something equivalent, often by squirrels who would love to use the seeming underperformance as evidence that crazy bulls of the share were well, crazy. The reason Capital would initiate their selling around announcements however, was likely for a much more innocent reason; namely that when major announcements are made, it tends to expand the investor base and create more liquidity. Furthermore, because we now know Capital chose to sell their balance BEFORE a tender that would very likely have allowed them to get a very material portion of their holding away at a price (46p) almost 40%(!) above where they have sold to Tosca, proves just how irrational and therefore damaging to our share price they have been for some time. The removal of this particular player is an important uplift to the very foundations of our share price full stop. [I would go further: I believe that Capital’s decision a couple of years (or more?) ago to reduce/divest holdings based soley the company’s market cap and/or the share’s daily turnover, has been a cause of stress on AIM generally, but thats for another day and another forum].

For the record, I agree with the comment that Tosca buying this stake reduces further the possibility that it will tender.


#217

Another informative post by blueril lse

bluerill
Posts: 251
Opinion: No Opinion
Price: 40.00
RE: Holdings RNSToday 08:25’we’ is a shorthand for all those on this board who are doing their homework based on published information, nothing more.

As for Tosca’s holding pre and post tender, while they may lie near a ownership level which would allow them - as you say - to table special resolutions, if you could paint for me please, a single scenario where say, de-listing the company would benefit them - as they would immediately have to suffer a massive mark-to-market loss, deal with investors would would doubtless eviscerate Hughes for that, then have to deal, I assume, with selling/running(?!?) a now private company in Nigeria, etc, as opposed to leaving it as a public entity, with limited retail free float, escalating capital returns, the potentially parabolic share price appreciation that that combo would suggest, while leaving himself free time to do other things like running his fund (!) - because I would love to hear it.


#218

glad to know the other line is the TNP which has a loop line which eroton can hook up to from crawthorne channel junction manifold…

The TNP consists of three parts:, a 12.5km 30” pipeline from Ogale to Eleme/Ogu Bolo over land terrain;a 25.5km 30” pipeline from Eleme/Ogu Bolo to the Cawthorne Channel Junction Manifold, and a 2.4km 8” pipeline from Alakiri to Ojikirispurline, both over swamp terrain; anda 20km 30’’ pipeline and a 20km 24” loop pipeline leg from Cawthorne Channel Junction Manifold to Bonny Oil and Gas Terminal, both over swamp terrain.


#219

Very nice for seplat…Great to see that eroton also paid off $270m from their RBL through production, just goes to show how much they have made and how much is owed to sle as they have 10% of oml18 production oil and gas!! since 2016 in the form of dividend from eroton.


#220

Ive just been adding up suntrusts shares came to 71,487,179…midwestern took 47,243,590 leaving…24,243,589… Tosca just bought…24,350,000… mmmmm I wonder!! if sun has now gone!!.. its just a thought!.


#221

Interesting report…