Eadwig
29 Nov 2019
New Buy Back Oct 2019 theprior: Then when SLE became financiers I thought “ what could possibly go wrong?†Alaric says I think the management are crap, which is mostly true. However, I also said that i thought they’d done a masterful job gaining finance at a difficult time to pull off the OML18 deal. The one thing they’ve done well and made money at. I have suggested more than once they should drop the ‘exploration and production’ stuff from their RNSs and just concentrate on financing deals like this. But then my posts are nuanced and give credit when its due. Not an unremitting, rose-tinted view about everything coming good eventually and standing in profit as things are anyway (not specifically referring to any individual here, but it has been said more than once from more than one source). The fact there hasn’t been a lot of credit to give to SLE isn’t my fault. So I come over as a harsh critic. SLE hardly help themselves with a vastly over-paid CEO (including bonuses!) and private loans on the company for $17.6m houses (I think it was) when most shareholders are well underwater and waiting for something to happen. Plus getting involved in controversial claims in Western Sahara , running court cases down to the wire, accounts auditors refuse to sign off on, dubious deals in Poland, selling off the only profitable wells to ex-directors (or employees, I forget) … the list goes on and on. I wonder if Alaric has investments anywhere else? He sounds like a young man so has time to make mistakes and still recover, but time flies as us older people know and sometimes you get hit with a 20% pay cut you just couldn’t anticipate E.g. result of the Brexit referendum for those of us living or with financial commitments abroad. My position here is about 3% of my overall stock portfolio value (less if you take current value and not book cost of my position) and stocks make up less than half of my assets. So, I can afford to take a hit here if it comes to that, although I no longer have any income to speak of, so I’d rather not! In fact I always find losing money really boring. But I’m still hopeful that this bleedin seller may run out soon. No blocks of 100,000 the last two days, or yet today, so who knows? The buyback started really well in terms of raising the stock price and would take off again if this seller runs out of stock, despite it only being a far too small amount in terms of market cap under most circumstances. SLE’s circumstances are far from standard, as we’re all to well aware. If I have to hold over into the next tax year with these tranches that would be bad and a drag on my annual target of 15%+ across my whole portfolio. As I believe I said in one of my previous posts, if I wanted to hold an oiler for dividends, I’d go with Shell, not SLE.
theprior
29 Nov 2019
New Buy Back Oct 2019 Forgive me for butting in but my reason for buying many moons ago was the polish potential. My reason for keeping was a probably vain hope that things would get better. Then when SLE became financiers I thought “ what could possibly go wrong?†I sold a good portion of my holding in last years offer but held on to some, just in case the likes of Alaric and LD saw something I’d missed. But here we are, getting older and poorer with SLE shares despite all the unfulfilled promises. No divi, no offer, just a miserable buyback program which appears to be going nowhere fast. Lost faith a long time ago! Just hanging on ‘in case’ sentiment changes. Thankfully I’ve had better results elsewhere TP
Eadwig
29 Nov 2019
New Buy Back Oct 2019 Alaric: so why do you own san leon? sure i believe this is a massively undervalued play. and i’ve given my reasons for that and i hold my position. you don’t agree and i have absolutely no problem with that, (other than you don’t really ever give any reasons. sorry but past history per se doesn’t do it for me). but you’re still here and by your own account adding to your holding. how so? (you have to admit Eadwig, it’s a pretty simple question). In fact I did give my reasons for each buy. It is hardly my fault that you haven’t read them or forgotten. I bought the first tranche on 9th July in the hope that the next buyback announcement was due and that it would be another version of the tendered buyback like the first. Obviously I was disappointed. The second and third tranches were after the announcement of this actual buyback and are two of the last three posts on this thread Buy-back Basically, my thesis was that as the price was down to about @25p at that point that there would be very few sellers prepared to realise a loss and simple supply and demand should raise the price, perhaps to mid @30s, plus the chance of the official dividend announcement coming along and also boosting the price. I had/have a target to make 15%+, without waiting for the actual divi payout. (After the 3rd buy I did incorrectly give my holding average @30.55p when it is @30.055p by the way. Not a big error, but best to be right if you’re going to post these things at all.) Clearly, so far anyway, it looks like I badly misjudged that situation. I’m still surprised and perplexed that someone is selling at this low level the price is currently at. Why would someone sell who must surely be underwater when a dividend announcement is perhaps just around the corner, and might yield as much as 20% on a price of @25p? That’s all from memory, but check my original posts if you wish. I only scanned them for that average holding price. They’re not hard to find on ii these days, especially if you know the dates. You say I should ‘get a pair’. Well, there you are @Alaric , my thesis and buy prices and average almost 20% underwater all posted live for you to mock and criticise and laugh at all you want. I still do hold my original shares from years back about 97% underwater @669p but I have long since written them off to zero in my books and taken that hit. I could add them to the 3 tranches above at zero value and take my holding price down to about @29.25p. If I see 15%+ return on the transaction I will be selling the whole lot as I have capital gains offsets to make on that account this tax year. Sales of Facebook @700% profit, a position built at the same time as the original SLE position (also posted live). I wont go into the obvious ‘if onlys’ … I can’t dodge it, I can’t pretend I haven’t done it. I can’t kid myself I’m making money when its there for all to see. Its not the worst aid to discipline in the world to stick with. Mock all you like.
Alaric
29 Nov 2019
New Buy Back Oct 2019 so why do you own san leon? sure i believe this is a massively undervalued play. and i’ve given my reasons for that and i hold my position. you don’t agree and i have absolutely no problem with that, (other than you don’t really ever give any reasons. sorry but past history per se doesn’t do it for me). but you’re still here and by your own account adding to your holding. how so? (you have to admit Eadwig, it’s a pretty simple question).
Eadwig
29 Nov 2019
New Buy Back Oct 2019 It puts you in mind of ‘the war will be over by Christmas’ doesn’t it? And the retort, yes, but which one?
Sh1torBust
23 Nov 2016
Guys, with all the great talk about how lucrative the OML deal is, the SP is stagnant. When, if ever, is it going to rise ?
ChartTrader
23 Nov 2016
what is the figure is that represents "sufficient funds" that need to be accrued before private investors get a return via dividends or other reward. Or perhaps more importantly why this figure is not in the public domain. Why would it bee kept a secret, as it seems to be? It seems very strange that no-one knows this extremely important figure that will undoubtedly affect our investment and surly the uncertainty of it will put off any potential private investor until they know what it is. It may be millions upon millions and take years to pay back before we get any reward for being shareholders.
ChartTrader
23 Nov 2016
so have they sold 450 miilion, less 10%, say $400 mill of gas for one euro ?
ChartTrader
16 Nov 2016
By Rafiu Ajakaye LAGOS, Nigeria Militants in the Niger Delta attacked three major oil pipelines, they said Tuesday, as they continue to target Nigeria’s oil and gas resources. The Niger Delta Avengers (NDA) said they had blown up the Nembe pipelines operated by Royal Dutch Shell, Agip and Oando in coastal Bayelsa state following a military clampdown in the region. The attacks on the pipelines, which have a combined capacity of 300,000 barrels of oil a day, were the latest blow against oil production, which has more halved since the militant campaign resumed in January. “This is in response to the so-called Operation Sharkbite, an act of terrorism commissioned by the tyranny of the Nigerian Navy establishment and orchestrated by some elements of the ruling political class to continuously undermine any effort to addressing the legitimate demands of the people of the Niger Delta,†NDA spokesman Mudoch Agbinibo said in a statement. The group said the bombing campaign would continue until the government responds to demands from local leaders.
ChartTrader
10 Nov 2016
TOSCA will soon own all the company at this rate.
ChartTrader
10 Nov 2016
By Tife Owolabi and Libby George LAGOS/LONDON, Nigeria (Reuters) - Royal Dutch Shell has shut down an Escravos crude oil flow station in Nigeria's Niger Delta after villagers demanding aid staged a protest, the firm and residents said on Wednesday. In another blow to the oil major, the Niger Delta Avengers (NDA) militant group said it had attacked the Forcados crude export line. Shell said the flow station on the pipeline operated by its joint-venture partner SPDC was no longer processing crude oil, but the impact on Escravos exports, which can run via other routes, was not immediately clear. Protest leader Shyne Edema said his group was demonstrating at the facility, shutting down power and water supplies as well as crude production, to press Shell into providing aid. This is a common refrain in the neglected region that provides much of Nigeria's oil output. "Today is the eighth day of the protest," he said. "We have laid siege at the facility from dusk to dawn since then. We are there now as I speak." He said the protesters complained about Shell's "neglect of its social responsibility of providing good roads, water and electricity for its host communities where none of these things exist."
ChartTrader
08 Nov 2016
Blast hits oil pipeline feeding Forcados terminal in Nigeria's Delta Tue Nov 8, 2016 3:16pm (Adds NNPC comment) By Tife Owolabi and Alexis Akwagyiram LAGOS Nov 8 (Reuters) - A blast on Tuesday rocked a pipeline operated by Nigeria's state-run oil firm that feeds the Forcados terminal in the southern Niger Delta energy hub, a spokesman for Nigerian National Petroleum Corp (NNPC) said. The explosion occurred while the pipeline was being repaired following an attack last week, NNPC spokesman Garba Deen Muhammad said. A week ago, community leaders from the restive region, the source of most of Nigeria's oil, met the president and asked him to pull the army out of the energy hub, order oil firms to move headquarters there and spend more on development to end militancy in the region. "Militants bombed major contractors' equipment at Eresigbene along the Trans Forcados Pipeline," said Muhammad, who added that the attack took place shortly before 12:30 a.m. (2330 GMT). The NNPC spokesman said some equipment used by the contractors - including a barge and crane - had sunk. The repairs were being carried out following an attack at the same location, near the southern city of Warri, last week. Last week's attack forced the closure of the Trans Forcados Pipeline, the main contributor to the Forcados crude stream, cutting the OPEC member's oil production by at least 200,000 barrels per day (bpd). "There was a serious fire and most people working narrowly escaped being shot by the gunmen, who opened fire on them," said a community leader, who did not want to be identified, describing the latest attack. He said the attack happened because "the boys claimed they were not happy" that repair work was being carried out.
ChartTrader
08 Nov 2016
Hedging after costs $91.50. 2 months left this year at 215k barrels and 12 months at 236k. I'll leave u to do the maths.......should read 2 months at 236k and twelve months at 336k.
ChartTrader
08 Nov 2016
In April 2016, production levels at OML 18 were approximately twice that originally forecast when the hedge and RBL were put in place and as such it is expected that Eroton will meet the covenants and repayment profile of the RBL. At a meeting of the lenders of the RBL, it was agreed that 60 per cent. of available funds after payment of interest and repayments can, subject to certain conditions, be distributed as dividends to Eroton's shareholders. Such conditions are expected to be satisfied by the end of Q1 2017.
ChartTrader
08 Nov 2016
The findings of the Court of Arbitration were received by the Company on Saturday 23rd May 2015, and provide for a total payment by Aurelian Oil & Gas (a subsidiary of San Leon plc) of approximately GBP13 million including costs........ An expensive argument to lose.
