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

  • San Leon Energy boosted as new Oza field well is set for production
  • 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.

01 Sep 2021

(, , , ) updated on its investment in the Oza field where a re-entry well has flowed 2,463 barrels of oil per day in testing.

The testing operation is ongoing, with two further zones set to be tested, and it is expected that the well will subsequently be put on commercial production.

San Leon invested in Oza via a subscription agreement with Decklar Petroleum through which it is purchasing US$7.5mln of 10% unsecured subordinated loan notes along with a 15% interest in the company’s equity.

The AIM-quoted firm additionally has the option to make further investments into Decklar.

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12 Aug 2021

(, , , ) () has inked a conditional investment agreement to acquire up to 15% of Decklar Petroleum Ltd, which operates the Oza field.

The agreement entitles San Leon to buy US$7.5mln of loan notes, carrying a 10% interest, and a 15% shareholding in the company.

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03 Aug 2021

(, , , ) (AIM: SLE) said its chief financial officer and executive director, Lisa Mitchell, has resigned to take up a new role and that it has started the search for a replacement.

The Nigeria-focused oil and gas company said Mitchell will remain in her position and as a member of the board for the time being while San Leon continues to progress its proposed transactions with Midwestern Oil and Gas Company Ltd and Energy Link Infrastructure (Malta) Ltd.

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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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