San Leon Energy raises up to £170.3m, to complete OML 18 production deal

San Leon Energy has raised about £170.3m, with net proceeds going to complete the OML 18 production agreement. OML 18 is a world-class Nigerian onshore oil and gas asset.
The placing was of about 378.4m shares at premium 45p each.

San Leon Energy raises up to £170.3m, to complete OML 18 production deal

Net proceeds were being used to complete the OML 18 production agreement, which would see the company secure an initial 9.72% indirect economic stake.

The funds would also be used for general corporate purposes.

“This is a transformational transaction representing the progress that we have made in delivering against our strategy of securing production and near-term operational cash flow,” said executive chairman Oisin Fanning.

“The OML 18 field in Nigeria is … currently producing more than 50,000 barrels of oil per day and 50MMscfpd of gas and containing substantial 2P reserves.

“San Leon’s interest in OML 18, secured through an initial 9.72% indirect holding, provides material production, cash flow and significant expected returns to our shareholders.”

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