Nice to see a thread without the lovely CT! Hi Links, been a while.
we’re not that lucky, but anything is a bonus with how the share price has gone the last few years
Tp when sle receive that cash us shareholders will benefit
SAN LEON ENERGY PLC -V- COMPANIES ACT 2019/4 COS
Date Number Title Solicitor
08/01/2019 0 Affidavits Deponent EWEN AINSWORTH
08/01/2019 0 Notice of Court Motion Last Return Date 14/01/2019 COMMERCIAL LIST MOTIONS
08/01/2019 0 Notice of Court Motion Last Return Date 04/02/2019 Chancery Court 6
Looks like things could move fast… Great posts by Alaric and blueril …lse.
Today 10:35 Price: 27.60
Alaric 300 posts
RE: into the future
sorry i cant post this as it is in a pdf clip from the Irish Times on Tuesday 8th January. anyway it’s San Leon’s notice in the classified ads ( same page as the golf scores) of its s.85 Companies Act 2014 application for an order from the HIgh Court in Dublin to confirm its earlier resolution for a capital reorganisation. all very, confident, boring and technical. good to see them cracking on with this process now. so if i am reading this right, following the hearing on Monday we may then only have a few days before the SBB can start.
Today 11:25 Price: 27.60
bluerill 172 posts
Alaric’s find is a bit of a bigger deal than he’s representing, in my view. The court’s requirement, as I’ve written previously, is that before granting a company dispensation to return capital if it does not have a recent run (3 years?) of profitable years and/or possesses a negative capital account - as it is for SLE - the company must first advertise its intentions in local media as a final means of proving to the court that no stray creditors exist with claims against said company. It is essentially a final formality that must be fulfilled before the court’s permission to buy back shares or pay a dividend can be implemented.
Therefore, the fact that San Leon have ALREADY published this kind of notice in the primary local newspaper before the posted Monday court date, is a small, but perfectly formed signal to the market that the company is highly confident of the outcome. In addition, by doing so, it has now gotten a week’s jump on this only remaining condition and therefore will be able, as Alaric says, to enter the market and buy back shares even quicker.
strange what goes round comes round!!
thanks Linksdean. things are finally beginning to move very quickly now and i dont believe there will be many opportunities to buy in the 20s. the fundamentals are now rock solid - £50m in the bank and Jite Okoloko refinanced confirm that. mid Feb is the next big milestone with operational update on the new well etc and commencement of share buyback. if investors wait for these they will surely miss the next significant SP lift.
It’s been a long time coming Al, I hope your right this time.
Alaric is right tp…as sle have the cash for the share buy back, they have the new well underway which looks like their pretty confident about… News update too regarding all things oml18 got to be on the cards and with eroton paying off 50% of their RBL must look like a dividend from them at some stage…all looking good so far here…
Wrong post sorry!! Regarding port harcourt refinery
interesting facts in this pdf…
Total export receipt of $527.70 million was recorded in September 2018 as receipt against $450.24 Million in August 2018. Contribution from Crude oil amounted to $482.95 Million while Gas and miscellaneous receipt stood at $43.88 Million and $0.87 Million respectively.
Of the export receipts, $38.18 Million was remitted to Federation Account while $489.52 Million was remitted to fund the JV cost recovery for the month of September, 2018 to guarantee current and future production.
Total export crude Oil & Gas receipt for the period September 2017 to September 2018 stood at $5.31 Billion. Out of which the sum of $3.94 Billion was transferred to JV Cash Call as first line charge and the balance of $1.37 Billion was paid into Federation Account (See Table & Chart 6.3.1).
very interesting eroton have 50% of this field with newcross…
Newcross Is Excited About Awoba NW-2 Discovery
Section: Oil patch Sub-Sahara · January 21, 2019 · No comments | Tags: featured
By John Ashuks, in Port Harcourt
The Newcross Group, a Nigerian firm of E&P independents, is excited about the results of Awoba NW-2, reporting over 400 feet of pay more than encountered in Awoba NW-1, the discovery well drilled by Shell in 2001.
This is the first well the company would drill as operator of Oil Mining Lease (OML) 24, which it purchased from Shell, TOTAL and ENI in 2015.
Awoba NW-2, drilled with the Chinese rig Sheng Li-4, successfully appraised multiple reservoir complexes, “through a focused, highly deviated well trajectory that targeted spatially diverse pools because of complex geology”, the company reports.
The well discovered four new hydrocarbon accumulations. Total footage was 450feet Net Oil Sands and 520 feet Net Gas Sands (True Vertical Depth).
The NNPC/Newcross Joint Venture currently averages about 30,000BOPD in OML 24.
“OML 18 is located in Rivers State in the Southern Niger Delta. Comprising part mangrove swamp, the concession covers 1,035 km2 and contains nine existing fields; Akaso, Alakiri, Asaritoru, Awoba (straddling OML 18 and OML 24 - governed by an interim unitisation arrangement dividing production from this field between the OML owners on an equal basis),”
Reading between the lines eroton are involved with the area that straddles oml18 but this well is in the nw which doesn’t … But is very encouraging as this well is just next door to our licence and proves oil and gas is in abundance… Looking forward to the update!..