We just need the SLE extension now, up for review in 2020 if I remember correctly?
I think you will find eadwig there is only one licence and it has been extended which is great news for all concerned…
Oisin Fanning, Chief Executive Officer, commented:
“The OML 18 licence renewal is excellent news for San Leon’s investment in Nigeria, securing Eroton’s rights to develop the fields in OML 18 for another 20 years.”
“Saudi Arabia is doing its best to achieve oil prices at $70 per barrel despite what Trump wants. But they haven’t accomplished that even with Iranian and Venezuelan oil exports dropping. And the reasons for that are weak demand and U.S. shale growth,” said Gary Ross from Black Gold Investors.
The United States, the world’s largest oil consumer, is not a member of OPEC, nor is it participating in the supply pact. A jump in oil prices might lead to costlier gasoline, a key issue for Trump as he seeks re-election next year.
Brent rose as much as $2 on Monday towards $67 per barrel as traders cited OPEC’s resolve to curb output.
Note, it secures EROTON’s rights, not those of SLE. The 2016 agreement with Eroton had a 4 year initial timespan. I’m sure I remember that, with SLE having ‘first refusal’ for renewal assuming they had fulfilled their side of the deal. They haven’t, but through no fault of their own. Once cash started flowing, things have moved forward. The fact that was about 2 years behind the agreed schedule was not SLE’s fault. Natural justice suggests that the agreement with Eroton will be renewed.
Perhaps I misunderstood it and it was always about Eroton’s license. If so, how come O.F. isn’t underlining the good news for SLE as well as Eroton?
Eroton must be in a good financial state as aitoe paid $82 million for their licence…
The lease for OML 29 will expire on June 30, 2019, while the operator of the oil block (Aiteo) had commenced renewal formalities by payment of $82 million to the Federal Government,
I think your question was regarding loan payment finalised by march 2020 in the aim doc…but because payments were late starting it has been put back to oct 2020…
" The Loan Note has a term of four years and expires on 22 March 2020. The repayments have been guaranteed by Midwestern and Mart (a wholly-owned subsidiary of Midwestern), and the Loan Notes are secured via the Pledge, subordinate to the RBL."
…the date has been changed to Oct 2020…from brandons posted in feb…
Perhaps even more so given the Company confirmed it is still owed a further US$167.1M under the MLPL Loan Note repayments.
" This outstanding balance is to be paid quarterly and in full by October 2020," we understand with a balancing bullet payment at the end. Given Loan Note repayments have been taking place on a regular basis since 2017, investors should feel comfortable these outstanding amounts will also be paid when they fall due.
Thanks for that. I think I’ve got a few things mixed up in my mind and this definitely explains where I had the fixed idea of 2020 in my head, and possibly the 4 year length too.
“At the moment, we do have our development plan, which has been submitted to our joint venture partners, JV, and because the government is exiting the cash call situation, we are negotiating an alternative finance package to be able to fund about 5billion dollars of investment.