Could be interesting!



Been doing some research on my old stomping ground, frackers for (mainly oil) and gas in USA.

Every OPEC+ cut is just more market share to them.

USA now the biggest oil producer by far. Texas on its own is the third largest global producer after Saudi and Russia.

I’m worried about over-supply so far as SLE go. Another 2016 would not be good for cash flows!




" The 2019 approved budget public presentation obtained by our correspondent revealed that President Muhammadu Buhari had directed that immediate action be commenced to restructure the JV oil assets “so as to reduce government shareholding to not less than 40 per cent and that this exercise must be completed within the 2019 fiscal year.”



Good news…

PROVIDENCE RES. Providence Resources P.L.C. - Update On Barryroe Farm-Out
08/07/2019 7:00am
UK Regulatory (RNS & others)




Dublin and London - July 8, 2019 - Providence Resources P.l.c. (PVR LN,
PRP ID), the Irish based Energy Company (“Providence” or the “Company”),
today provides a commercial and operational update in relation to
Standard Exploration Licence (“SEL”) 1/11 which contains the Barryroe
oil accumulation (the “Barryroe Project”). SEL 1/11 is operated by
EXOLA DAC (“EXOLA” or the “Operator”, 40%), a wholly-owned Providence
subsidiary, on behalf of its partners, APEC Energy Enterprises Limited
(“APEC”) and Lansdowne Celtic Sea Limited (“Lansdowne”, 10%). The area
lies in c. 100 metre water depth in the North Celtic Sea Basin and is
located c. 50 km off the south coast of Ireland.


On June 5, 2019, the Company announced that it had agreed certain
amendments to the Farm-Out Agreement (the “Updated FOA”) for the
Barryroe Project with APEC Energy Enterprises Limited (“APEC”) and,
together with EXOLA and Lansdowne, the “Barryroe Partners”, including a
revised backstop date with APEC for receipt of the US$ 9 million loan
advance to June 14, 2019. On June 17, 2019, the Barryroe Partners
agreed to a further extension of the backstop date to no later than July
5, 2019. Pursuant to the terms of the Updated FOA, this US$ 9 million
loan is to cover the costs associated with front-end well-site survey
operations and pre-drill well consenting.

Receipt of Remittance Notification

Providence has received a HSBC remittance notification dated July 5,
2019 from APEC’s funder for the transfer of US$ 10 million in favour of
Providence’s bank account in Dublin with a payment date of July 9, 2019.
Of the US$ 10 million, US$ 9 million is to cover EXOLA front-end and
pre-drill costs with US$ 1 million to cover APEC costs. Therefore, a
backstop extension to July 10, 2019 has been agreed with APEC to allow
for the receipt of funds. A further update will be provided in due


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.

This is worth a fortune on success to sle and its shareholders if that’s the carrying value!!..


looks like eadwig may/might get his wish with sp down!!



I already bought a tranche today. I’ve left room for another if it drops further, but I’d rather it didn’t from here on in!

Buy posted live in a new thread somewhere.


here in fact:


Still no obvious sign SLE is moving with the oil price anyway


well done… and good luck though I think you will do well…



I’m rather relying on them doing TWO buybacks per year - and we’re starting to approach 6 months since the announcement of the first one which was Feb 20, I think.

Shouldn’t be any need for messing about in court before proceeding this time either, and there should be a similar amount of cash to distribute, I calculate.

Pfff. If it all goes within the parameters I laid out I will finally be at break-even with my SLE holding, so fingers crossed.

No, i wont be back to break-even, actually, but somewhere more sensibly close at least after clawing back with trades bit by bit and the last buyback which was very good for me. I was forgetting this wont be so good, I bought @28p for the last one, which was a big percentage gain selling 72% @46p (never did figure out why I got 72% not 62% as announced!).


Im sure you will and hope you get there!..


_11 July 2019 San Leon Energy Plc _

Director/PDMR Shareholding

San Leon Energy Plc (“San Leon”) announces that on 10 July 2019 Oisin Fanning, Chief Executive Officer, purchased 270,000 ordinary shares in the Company at 37.09p per share. Following this purchase Mr Fanning holds 9,495,864 shares in San Leon representing 2.08% of the Company’s share capital.

Not sure if I should be pleased or worried that O.F. has chosen roughly the same re-entry point as me to add to his holding.


Nice eadwig your buy looks good the other day


Maybe. O.F. obviously has some talents that I can’t perceive but that Martin Hughes does. Reading the markets correctly isn’t necessarily one of them though!

It is quite encouraging though, I must admit. There are lots of reasons for directors to sell shares, but only one reason for buying them… to make money.