San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced a further update in relation to the proposed transactions with Midwestern Oil & Gas Company, its current refinancing discussions, and an Energy Link Infrastructure (Malta) ( ELI ) operational update.
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced a further update in relation to: i) its current refinancing discussions and ii) the proposed transactions with Midwestern Oil & Gas Company and the Company s further conditional investments in ELI (Energy Link Infrastructure (Malta) Limited).
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has entered into a series of agreements with Midwestern Oil & Gas Company. Together the Proposed Transactions constitute a reverse takeover pursuant to rule 14 of the AIM Rules for Companies.
San Leon Energy provides operational update
16 Mar 2021
San Leon Energy, the independent oil and gas production, development and exploration company focused on Nigeria, has provided an operational update.
OML 18
In common with many oil and gas projects, operational activity on OML 18 remains low whilst OPEC quota restrictions are in place. In addition, appropriate budget restrictions have been implemented which are designed to preserve cash. Eroton, the operator of OML 18, anticipates the startup of the Alternative Crude Oil Evacuation System ( ACOES ) project, which is expected to positively impact production, further details of which are set out below.
During the course of this year, San Leon is due to receive, under the Loan Note instrument which governs the loan it made at the time of its investment in OML 18, its final payments of over US$98 million in three equal instalments, commencing in July 2021 and completing by December 2021 . Midwestern Oil & Gas Company, as the g