Thursday, January 28, 2010

The Seychelles Column - By Christopher Gill

Seychelles Oil Sleaze or Slick?

Recently Reuters announced to the World that Seychelles will be tendering another 70,000 square km of its ocean sea floor for oil exploration. This announcement was made by Guy Adam, long time boss at Seychelles Petroleum Company (SEPEC) and close confidant-relations of France Albert Rene and now James Michel.


The STB staff with the Ephelia management team
Mr. Guy Adam in sunglasses- Centre of picture
SEPEC has already tendered 38,000 square km to private firms, PetroQuest Incorporated and Dubai based East African Exploration (EAX). Recently, SEPEC bought a 10% share in EAX parent company called: Black Marlin Energy LTD. The price for the shares, cost the people of Seychelles US$ 6 Million.
Guy Adam says that “this purchase will give us influence in decision making and provides great revenue in the event of an oil strike.....(Adam added) the move entailed inevitable financial risk”. This means a public company as SEPEC owned by the People of Seychelles can possibly lose all US$ 6 Million, just like that. Well, if oil is struck we may lose more. Mr. Adam asserted the US$ 6 Million came from profits of SEPEC (US$ 16 Million), a company who had a turnover of some US$ 4 Billion. Do the math yourself and you will see that this is not a great return on investment.  Surely this is not a well run company but I will let you judge the results for yourself.  And do remember when you do make your profitability calculations that SEPEC has been overcharging Seychellois customers at the petrol station at about US$ 8 per gallon of fuel when they import fuel for no more than US$ 2 per gallon!  With a monopoly for simply selling fuel at the petrol stations, any businessman could make US$ 16 million plus per annum. Furthermore, the Seychellois people have to repay the loans on 6 tankers that are losing money faster than a bankrupt Seychelles can pay back!

Who Is Black Marlin Energy Company
Black Marlin Energy through its subsidiaries ,operates as an oil and gas exploration company in East Africa. Black Marlin was incorporated in 2001 in the British Virgin Islands and is currently headquartered in Dubai, the United Arab Emirates.
Its address is Office 1008, 10th floor, Fortune Tower, Jumeirah Lake Towers, Dubai, UAE, for any Seselwa Rasin who wants to know and their website is Pay them a visit when you are in Dubai as they are very interested in our oil. The CEO is named Mr. Richard Schmitt and the founder of the company is named Mr. Jeff Hume. The Chief Financial Officer is Mr. Manoj Agarwala and its Chief Operating Officer is Mr. Mike Watson.  In January, the company announced that it had appointed Mr. Terry Nilsen as the country manager for Seychelles.
Black Marlin East African E&P map
Black Marlin Energy map
Undisclosed Merger in November 19th, 2009 to People of Seychelles
In August 2009, Black Marlin and a Canadian Company called Kristina Capital Corporation, signed a Letter of Intent where the terms of merger were set out. The proposed transaction includes the asset sale, the consolidation, the names change, the continuation, and the acquisition of Black Marlin Energy shares by Kristina. Kristina is to incorporate a subsidiary under the laws of the British Virgin Islands, not Seychelles.
Marketwire November 19th,2009 Exposes An Empty Bag
Cited as Calgary, Alberta,and Dubai, United Arab Emirates----Not For Distribution to U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Kristina Capital Corp, and Black Marlin Energy Ltd. are pleased to announce that Black Marlin has entered into an agreement with a syndicate of agents...wherein the syndicate has agreed to act as agent for and on behalf of Black Marlin to sell....a minimum of US$ 30,000,000.00 of subscription...and a maximum of US$ 50,000,000.00 of Subscription Receipts of Black Marlin at a price of $0.50 per Subscription Receipt. Proceeds of the financing will be used by Black Marlin to fund its proposed oil and gas exploration activities in Africa.”
Basically, SEPEC bought shares in a company Black Marlin, parent company of EAX, that does not have the money for oil exploration in the quadrants they have acquired from SEPEC through Seychelles National Oil Company (SNOC). They were only raising the money last November 2009.
To put this into perspective, SEPEC bought 10% of a company at US$ 6 Million and the company did not even have enough money for oil exploration.
It appears that Government of Seychelles money, through SEPEC, was used to capitalize Black Marlin Energy.
Government of Seychelles appears to have gotten 10% through SEPEC, while the remaining 90% was split up with other entities or persons without ever putting any money into the company.
On the surface, this appears to be a very strange and dubious transaction.  However, only an audit by a valid international firm can confirm or deny this allegation. Who retained the remaining shares, really, is unknown to us at this point. But I am quite sure that Mr. Adam could clarify the matter. Had he done so in the first instance, we would not be asking today. After all, Mr. Adam has no restrictions to access of the SBC cameras. If Seychellois own shares in a company, sure the people of Seychelles has a right to know who their partners are?

Now The Second Company Petro Quest
This second company PetroQuest, has been awarded a tender for another quadrant for oil exploration in Seychelles waters.
Petro Quest is a Nevada-based corporation. Its address is One Arlington Centre, 1112 East Copeland Road, Suite 420,Arlington ,Texas,76011, USA.
Its common stock is currently traded on the PINK SHEETS EXCHANGE, the over the counter (OTC) market in the USA. Businesses use this market to raise capital for investors. It is highly speculative and only very high risk companies are associated with the Pink Sheets Exchange.
This means it is high risk and is issuing common stock to raise capital to conduct projects. Hardly a well regarded status for a business in the oil exploration domain. Hardly a company Seychelles should be pegging its future on.
PetroQuest is recapitalized at US$ 45 Million, hardly enough money to conduct one exploration hole, let alone develop deep sea oil fields. Basically, it barely has enough funds to even show up to the quadrant with a crew.
What’s Happening With Our Oil Interests?
Well, the best person who can answer that is Mr. Guy Adam and the International Monetary Fund (IMF).
Speak Up Adam
Mr. Adam has the duty to fully disclose all the activities of these quadrant tenders and company movements to the People of Seychelles. He works for us, even though he has already passed retirement age and spends more time on the golf course than at SEPEC these days.
Apply Pressure on Vein Dr. IMF
Because these transactions do not appear to be conservative, but highly risky, with money and interest of the People of Seychelles, the IMF must be called upon to commission full independent audits of SEPEC, Black Marlin Energy , PetroQuest, to determine the credibility of the investments SEPEC has made on behalf of the People of Seychelles.
These audits and reports must be made public, in order to establish confidence in the efforts at oil exploration in Seychelles. The exploration effort must be credible, free of corruption, free of private benefit to any directors of SEPEC or politicians in Seychelles.
The People of Seychelles, must get not more than what they deserve, but just what they deserve; nothing more and nothing less. The explorers, if legitimate, must get what they deserve, nothing more, and nothing less. Oil is a finite quantifiable resource.
The question that we must ask is if Seychelles has so much oil reserves as Mr. Adam is asserting in Reuters, why has not Mr. Adam engaged companies that are publically listed on the New York Stock Exchange or on the London exchange? Why has he chosen Pink Sheet companies to do the exploring?

Sesel Pou Seselwa. I am sure you still agree with that assertion, Mr. Adam!
May God Bless Seychelles and All Freedom Loving Seychellois!

Christopher Gill


Anonymous said...

Another good post Mr. Gill and I admire you for finding the needles in those haystacks.

Guy Adam is a King on the chessboard of SPPF, manipulating around the little pawns called Seselwa Rasin. He knows what he gets out of the system. Not only SEPEC where they can launder as much as they want, tankers being managed by offshore company, oil being brokered and shipped to all corners of the world, fuel being given duty free to Glenny Savy and all the IDC islands, links to Air Seychelles with David Savy, links to Corvina which includes Lemuria and Ephelia hotels, H.Savy Insurance, Land Marine Limited, Mahe Shipping and many other companies linked back to Mario Ricci, Rene and the Savy brothers. The list goes on and on and Michel is well aware of all of this. That is why Guy Adam is one of "the untouchables". He is a grand blan made from the same mould as gran golan (Albert Rene). They control the island in a mafia sort of way and have their fingers in every pie of the economy.

Under SPPF, we are doomed and unless we start a Seychelles revolution a la French Revolution, guillotine included, we are very much doomed to being slaves and sub-servients of the Adam, Savy, Rene, Michel and all the other gran blanc families. Hello Seselwa Rasin. Our great grandparents told us they were slaves to the colonialists gran blancs. Well, nothing has changed two centuries down the line.

A Very Angry Seychellois Rasin

Anonymous said...

And what did you think you had coming the day Seychelles pumps oil to and FPSO before selling it to whoever is buying? Did you think that all the riches were going to Seselwa Rasin so they would never need to work again? Well think again.

I can tell you that only a fraction of that money will even make it to Seychelles as a whole. The day we start pumping oil I sincerely hope that an oil fund is in place and not least managed by competent people. Guy Adam has previousluy mentioned that the Norwegian oil fund model would be a good one to follow, but let's see who has the final say then.

A question for Chris Gill: Which would you prefer being after 'our' oil? Americans, Arabs or Europeans?

Patrick X

Leonard Francis Gill said...

I congratulate my brother Christopher on a well researched and well written article.

Our goal should not be to select a particular nationality to develop our oil resources as Patrick X suggests. Our goal should be to establish a transparent system of selection to identify any party who is qualified to develop any of our resources, including our oil resources. In that way, we Rasin, can select the best possible development options for our country whether the developers be American, Chinese, French, English, Arab or whoever else. What must be paramount, above all else, at all times, is Rasin interests - nothing else. In short the nationality of the persons who develop our oil interests is irrelevant. What is relevant is that whoever is qualified and selected must be subservient to Rasin interests.

The point of Chris's article is that there is currently opacity in the manner that our potential oil resources are being developed. It is being done behind closed doors in an atmosphere of corruption and/or incompetence. The process appears to have been established to divert our oil resources, should they materialize, to the Rene cronies who conducted the Rene coup.

This nefarious corrupt intent, in my view, is evident by an investment of $6M in a company whose 100% value likely does not come close to justifying this investment, if the investment was placed based on objective principles of valuation, and in the context of an arms length transaction. For instance to justify a $6M investment for 10% of a company's stock, normal investment principles suggest that the recipient company would have to have a market value, at the time of the investment, of at least $60M.

However, with such a relatively large investment in such a small illiquid company, any arms length investor would expect a significant discount to current market value for their investment. In other words the current market value of Blue Marlin should be closer to $125M to justify spending $6M for 10%, constituting a minority interest, of the company's stock. There is absolutely no evidence, that I can see or that has been presented to Rasin, that this company is objectively worth at least $60M much less $125M. In my view, if that is the case, such an investment can only be described as thoroughly incompetent or thoroughly corrupt and not intended to promote Rasin interests and prosperity.

With this $6M "investment", in my view, it appears that once more the dictatorship imposed by the Rene coup is again taking its toll on and subverting Rasin interests. It is also one more piece of evidence that the Rene/Michel coup was not intended as a means of developing our country but rather was intended as a means of plundering it.

The inevitably conclusion to this state of affairs, and the corruption of our voter rolls, must be that we must launch a real revolution where we Rasin rise up and overthrow the Rene/Michel dictatorship and remove all the vestiges of the petty bourgeois privileges they have established for themselves, their family members and cronies at Rasin expense, and bring them to justice for their crimes.

Leonard Francis Gill
Leonard Francis Gill

Anonymous said...

I Reply to A Very Angry Seselwa Rasin

Thank you for your comments and valued input. It provides me an opportunity to highlight the political philosophy of Sesel Pou Seselwa.

Under the definition of a Seselwa Rasin. Guy Adam would be a Rasin as you and I. Similar to Patrick X.

But the difference between myself, you Agnry Rasin and Patrick X and Guy Adam, is that we are Seselwa Rasin -Patriots and they are Seselwa Rasin -Collaborators with a corrupt and criminal regime.

As you put it, Adam may be a King pin on the board.

We no longer have to rely on politics of division that Rene created. We are free from that. Some Gran Blancs,many, oppose this system and the bad deeds. Today, they are Seselwa Rasin-Patriots as well, and I salute them.

Christopher Gill

Anonymous said...

Very good article. Why does not the Opposition work together?

Weekly has good articles at times.

Regar does sometimes. Even Mancham's Review has good content/

But you are all doing your own thing.

If you work together, then you will impact your world.

I think if you are divided each working in different pots, then you lose. You also waste votes.

Obviously these people are corrupt. So let's get on with it.


阿煌 said...

Every why has a wherefore.........................................

Anonymous said...

Hi Everyone,

Again I'm very disappointed and frustrated with people like the Adam, Savy , Rene and Michel for taking us Seychellois for a fool.

A company such as SEPEC is for Seychelles. Can someone please get us some real stats on how much was spent for the tankers, how mcuh we are paying/making. Come on Adam, give us the details and stop covering your ass or others.

Seriously , guys like Adam - playing all cool and calm and byen elve- are the worst kinds. You think they are goodies but at the end of the day, they f**k with you the most, and do it over again and again until your walking with a limp and wondering why.

I agree with what everyone wrote regarding this article. However, i have to be a bit blunt/explicit today. Im just getting sick and tired of all the talking. We need some action and results.

If you are reading this Mr Adam (or if your friends are or even that sorry excuse for a Secretary of State JP Adam - suuposedly educated but with no human principles), please do us all a big favour - get on one of OUR tankers, sail to antartica, get on a raft, and go F**K yourself while the seals watch and never come back . Take those idiot shareholders from Corvina, Land MArine etc with you as well.


Anonymous said...

How is Seychelles economy suppose to come out of depression if fuel is $8.00 per gallon?

How is Seychelles economy suppose to come out of depression if bank loans are 18%?

How is Seychelles economy suppose to recover when officials steal millions then one day the President says , "ah ok, enough is enough", "leave and enjoy your wealth.

This is becoming a joke!

Guess who is the head clown?


Anonymous said...

Can the SNP MNA's anyone of them, say something about Black Marlin?

It will help us sell SPPF at cemetary.
Lera Rosse

Anonymous said...

Can the SNP MNA's anyone of them, say something about Black Marlin?

It will help us sell SPPF at cemetary.
Lera Rosse

Anonymous said...

Seychelles are not what they look like. They claim to meet all requirements on anti money-laundering law, though in fact this is just a lie.

Just have got the news saying that a number of persons working for Seychelles offshore industry regulator (SIBA) are involved in money-laundeing. The source mentions Ms. Wendy (****) from Compliance Department as well as several persons out of SIBA (described as her connections). According to some anonymous sources there is a soon-to-follow lawsuit in preparation, with FATF-experts involved.


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