Could be interesting!



Ha Haa eadwig… just news gleamed! from Gleaner!! and no not on hols…Yet!

finals soon if no hold ups!!unlike last year!..would have thought some decent reading and good outlook with what they were talking about at the show a few months ago!..


Yes, I was hoping to have bought back in at mid 30s before they’re released, but looks like I may have missed my chance to get in that low with the new impetus to oil prices.

What’s the betting there is some news about the next buyback along with the final accounts release (in the forward guidance bit, that is).

I can’t imagine them missing the deadline again, but they’re cutting it close.


the word is ‘gleaned’ by the way - see lots of people using ‘gleam’ instead.

Hence the name of the Daily Gleaner. N.B. NOT the Daily GleaMer!


yes I was looking to put a shine on it using that word!.ha…

all will be revealed eadwig… but sle at 38p is still cheap! as midwestern is proving!!..


news on our oml18 licence no doubt will be in the news!! $82 mill aitoe paid for theirs…eroton paying theirs will prove oml18 is very profitable!!



good post from bluerill lse…

Posts: 336
No Opinion
RE: rns
Today 12:23
Well, better late than never and all that. Good that we are finally well along the announced 4 well program with well 1, Akaso 15, producing at near 5k bbls/day, which is pretty impressive, and Akaso 16 likely flowing as well, though steady state flow rate not yet announced. Rig moving on to 3rd location as slow-off-the-mark program seems to be gathering some pace. Hopefully, full year results in a few days will provide added details on production and now, oil and service revenues, and future drilling plans as well.


" 36 new and workover wells within a three year period (2018-2021)





Sun has gone down… Great news


Always nice to have such nonsense out of the way.


some interesting facts from the finals…1st bit very interesting!!

The Company’s strategy is to become a leading independent exploration and production company in Nigeria. We are seeking to achieve this by securing and developing high potential opportunities, and generating near-term operating cash flow through a portfolio of sources, yielding value to shareholders.

A new update…

The 2016 Competent Person Report (“CPR”) by Petrovision illustrated the scale of the reserves applicable to OML 18 partners. A summary is provided in the table below.An updated CPR is being prepared by Petrovision.

cash coming in…

7mill profit…

€56.4 million (US$66.2 million) received in cash from OML 18 investment in 2018, transforming San Leon’s financial position and outlook

San Leon holds an initial indirect 10.58% economic interest in OML 18

Sahara Field Production Limited Effective 16.2% stake was part of Eroton’s original 45% purchase…….not 18% as it was!!.

the start of full drilling activity on OML 18 augurs well for income under the Master Services Agreement with Eroton

San Leon will provide certain services for heavy well workovers and new well drilling on OML 18, through a new service entity under its control. The budget for services for increasing production from OML 18 via such operations is hundreds of millions of dollars, illustrating the potential for services income under the MSA.

During 2018 San Leon entered into an agreement with Eroton for the provision of drilling technical and management services with estimated consideration for the services of $6 million until the end of 2020.

The Company’s 4.5% Net Profit Interest in Barryroe oil field, offshore Ireland, provides a zero cost potential future cash stream that has a carrying value of €44.7 million

San Leon welcomes this significant step forward in the appraisal and development of the asset, and considers its 4.5% NPI over the whole of the Barryroe asset to be of significant potential value.

The Company’s Chief Executive Officer and other executive directors are responsible for shareholder liaison. They hold regular meetings with major shareholders and analysts to discuss the Company’s strategy and performance and maintain a dialogue between the Company and its investors.

Private investor events and investor roadshows are organised by the Company’s brokers and public relations consultants, where the Chief Executive Officer and other executive directors meet with current (and potential future) institutional and retail shareholders and brokers to update them on the Company’s progress.

The entire Board receives feedback following these meetings and any issues raised are discussed. Any significant reports from analysts are also circulated to the Board.

The non-executive Chairman and independent non-executive directors are available to meet with shareholders if required.



The Red Sea Is Not A Hormuz Alternative

If you think the Strait of Hormuz is not that important to oil - think again. We doubt that the Trump administration fully understood the significance of Iran blocking the Strait when it started down this path of conflict. And while, yes, Iraq, Kuwait and Bahrain, for starters, are preparing (unlikely) alternative routes, largely all through Iraq, which is not feasible given the situation with the Kurds, blocking the Strait could take nearly a quarter of the world’s oil off the market. There is no indication that Iran would go this far, yet. But there is a clear indication that the Trump administration is concerned that it could.

That has come in the form of Trump backing down over some very hawkish moves of late, including over his response to Iran’s shooting down of a surveillance drone, and his backtracking on ordered airstrikes. He was given a thorough report on what could potentially happen here, and now he needs to consider the consequences. This was all when the Bilderberg Group was meeting in Switzerland. If the Strait is closed, at stake is a market value of derivatives contracts in the heavy trillions, if not much more. It would crush global trade, in other words, and wreak serious havoc on the global financial system. It would mean potentially $200 oil.

This is where Trump has begun to diverge significantly with the likes of Pompeo and Bolton, who continue their warmongering. Certainly, the elite of the Bilderberg Group are concerned about what is going on. Trump, now, is looking to talk to Iran, and the pressure on him to undo the damage done is mounting in the back corridors of power.

In the meantime, the Saudis are claiming that they can keep crude oil flowing normally by redirecting it through the Red Sea. What the Saudis are talking about here is Aramco’s 5MMbpd pipeline that carries crude across the country, to either the Gulf or the Red Sea. So there are options for diverting one way or the other, but not fully. This capacity leaves 2 MMbdp unaccounted for. Nor is the pipeline safe these days: It was targeted by the Houthis recently and temporarily halted flow. Once it gets to the Red Sea, there are other risks.

In the Red Sea, Saudi crude goes through the Bab al-Mandeb shipping lane. In July last year, shipments through this lane were halted as well due to Houthi attacks on oil tankers. To bring this into clearer focus, the Bab al-Mandeb shipping lane is not a viable alternative in a conflict with Iran:




No mention of further buybacks? Or dividends?


That is true eadwig but it does say this…

The Company’s strategy is to become a leading independent exploration and production company in Nigeria. We are seeking to achieve this by securing and developing high potential opportunities, and generating near-term operating cash flow through a portfolio of sources, yielding value to shareholders.

Plus the fact nnpc are looking to reduce their % in these oml blocks, so it looks to me that cash coming in may might be used or these hence no mention…just my opinion!!


I know, I saw that bit. Personally I’d be happier if they stuck to finance. That’s the only thing they’ve shown any talent for previously.

They were genuine questions, by the way - I haven’t actually read the document (yet). its odd they haven’t at least underlined their intention to continue with the buyback programme. I think I will re-lower my limit order from @37.5p back to @35p… I must make time to actually look at the end of year results too!


Brill news!!