San Leon Energy pumps out cash as it looks for next opportunity

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  • San Leon Energy highlights progress at Oza Field
  • San Leon Energy’s Oisin Fanning discusses US$15mln investment in Energy Link Infrastructure
San Leon Energy PLC - San Leon Energy finances are in rude health, eyes open for next growth opportunities

Quick facts: San Leon Energy PLC

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San Leon has transitioned from a largely exploration focussed independent to a producing energy company.

It has indirect participation in OML18, a world-class oil and gas block onshore Nigeria, which forms the centrepiece of the company’s portfolio. San Leon also has interests across a number of other assets.

The company is driven by technical expertise, its operational capabilities and industry contacts, and it is secured by close links with governments, partners and the local communities in the territories that it operates in.

15 Jul 2021

() has noted an announcement from regarding the Oza Field in Nigeria.

The Decklar announcement said that the drilling rig and related equipment are set up on location at the Oza-1 well site and have been tested and inspected and are currently pulling existing tubing out of the well.

A cement bond log will then be completed to confirm integrity of the cement behind casing followed by the pulling of 5 1/2 inch casing that is inside 9 5/8 inch casing, running cased hole reservoir well logs, and cleaning of the well.

Following this, Decklar said perforation operations will then begin while running a testing tubing string with straddle packers to test the isolated individual three zones.

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12 Jul 2021

() told investors it has now signed a new heads of terms agreement for the proposed reorganisation and consolidation of the Midwestern Leon Petroleum Limited vehicle which holds a stake in the OML 18 oil assets in Nigeria.

Further to prior announcements, in recent weeks, the agreement sees San Leon take full ownership of the MLPL vehicle, acquiring from Midwestern its 60% in return for outstanding debts owed to San Leon which are due for repayment this year.

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07 Jul 2021

() agreed with Midwestern Leon Petroleum Limited that a payment under a loan note agreement will be waived.

Some US$32mln was due on July 5, as one of three instalments amounting to US$98mln due before the end of 2021.

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03 Aug 2020

‘s () CEO Oisin Fanning speaks to Proactive London after announcing it’s investing US$15mln in Energy Link Infrastructure, the company which owns the Alternative Crude Oil Evacuation System project. The ACOES is being constructed to provide a dedicated oil export route from the OML 18 asset offshore Nigeria, comprising a new pipeline and a floating storage and offloading vessel.

20 Apr 2021

‘s () 2016 acquisition of an interest in OML 18 in Nigeria is starting to generate value for shareholders and provides not only a strong presence in a highly prospective region but also the liquidity with which it can execute a growth strategy optimised in its favour. We have undertaken a sum of the parts (SOP) valuation, which we have “sense checked” against Proactive’s valuation estimates for the principal assets. We estimate the fair value to be between US$459 — 743mln (76 — 121p a share).

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San Leon Energy ‘strengthen position’ in OML 18 Nigeria ‘providing runway to…

Proactive analyst Zac Phillips presents this analysis on San Leon Energy PLC’s (LON:SLE). Phillips explains how the 2016 acquisition of an interest in OML 18 in Nigeria is starting to generate value for shareholders and provides not only a strong presence in a highly prospective region but also…

on 20/4/21

4 min read

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