{"id":12418,"date":"2022-07-12T11:31:56","date_gmt":"2022-07-12T11:31:56","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12418"},"modified":"2022-07-12T11:33:12","modified_gmt":"2022-07-12T11:33:12","slug":"nigeria-san-leon-reports-proposed-midwestern-reorganisation-proposed-further-eli-investments","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-reports-proposed-midwestern-reorganisation-proposed-further-eli-investments\/","title":{"rendered":"NIGERIA: San Leon Reports Proposed Midwestern Reorganisation &#038; Proposed Further ELI Investments"},"content":{"rendered":"<p class=\"atu\">Highlights<\/p>\n<p class=\"atz\"><span class=\"atj\">Series of transformational conditional transactions entered into by San Leon today to increase its exposure to OML 18 and the related infrastructure.<\/span><span class=\"atf\">\u00a0<\/span><span class=\"atf\">\u00a0<\/span><\/p>\n<p class=\"aua\"><span class=\"atd\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"atc\">Completion of the Proposed Transactions will consolidate and simplify the group structure:\u00a0<\/span><\/p>\n<p class=\"aub\"><span class=\"ata\">o\u00a0<\/span>\u00a0<span class=\"atc\">San Leon&#8217;s exposure to the world class OML 18 asset increases fourfold to a 44.1% initial indirect economic interest; and<\/span><\/p>\n<p class=\"aub\"><span class=\"ata\">o\u00a0<\/span>\u00a0<span class=\"atc\">the Proposed Transactions will increase San Leon&#8217;s ownership of ELI to c.50%.\u00a0 ELI is progressing the ACOES pipeline project to provide a dedicated oil export route for OML 18, with the potential for third party fees.<\/span><\/p>\n<p class=\"aua\"><span class=\"atd\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"atc\">CPR on OML 18 issued today with 2P reserves of 323 mmboe net attributable to San Leon with an economic NPV10 value of US$1.1 billion (recent consensus long-term oil price and assuming completion of the Proposed Transactions);<\/span><\/p>\n<p class=\"aua\"><span class=\"atd\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"atc\">The Company has today entered into a US$50m loan facility with MM Capital to provide funding to San Leon; and<\/span><\/p>\n<p class=\"aua\"><span class=\"atd\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"atc\">Further Loan Note Waiver granted to Midwestern to allow for the completion of the Proposed Transactions.<\/span><\/p>\n<p class=\"atz\"><span class=\"atf\">\u00a0<\/span><span class=\"atf\">San Leon is proposing a capital restructuring and issue of preference shares to San Leon Shareholders immediately prior to completion with the preference shareholders having a preferential right to the first US$40m of future dividends paid by San Leon.<\/span><span class=\"atf\">\u00a0<\/span><\/p>\n<p class=\"a\"><span class=\"atf\">In addition Eroton, the operator of OML 18, is seeking to undertake a series of transactions to increase its interests in OML 18 and increase its funding facilities.\u00a0 Completion of these transactions (which are yet to be entered into) will be a condition of the Proposed Transactions.<\/span><\/p>\n<p class=\"a\"><span class=\"asy\">Oisin Fanning, CEO of San Leon, commented:<\/span><span class=\"atj\">\u00a0<\/span><\/p>\n<p class=\"atz\"><span class=\"atj\">&#8220;We are delighted to have entered into these agreements to effect the Proposed Transactions.\u00a0 We believe that this series of transactions, when completed, will be truly transformational for the Company and will deliver value to our shareholders. The transactions will not only increase our initial indirect economic interest in OML 18, a world class asset with unrealised potential, but also our interest in ELI and the new ACOES pipeline which we have long considered to be critical to the future success of OML 18 through the expected reduction of pipeline losses and increase in the uptime for export that it is expected to provide.<\/span><span class=\"atj\">\u00a0<\/span><\/p>\n<p class=\"atz\"><span class=\"atj\">&#8220;Going forward these transactions will pave the way for the Company to deliver its strategy of becoming a significant participant in the Nigerian oil and gas market, positioning San Leon to take advantage of further transactional opportunities to enhance and grow our business.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Series of transformational conditional transactions entered into by San Leon today to increase its exposure to OML 18 and the related infrastructure.\u00a0\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Completion of the Proposed Transactions will consolidate &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-reports-proposed-midwestern-reorganisation-proposed-further-eli-investments\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[10581,10583,10582,1749,8030,8029],"class_list":["post-12418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-acoes-pipeline","tag-eli","tag-midwestern","tag-nigeria","tag-oml-18","tag-san-leon","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3ei","jetpack-related-posts":[{"id":13545,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-eenrgy-provides-update-on-proposed-transactions-refinancing-update-eli-operational-update\/","url_meta":{"origin":12418,"position":0},"title":"NIGERIA: San Leon Energy Provides Update on Proposed Transactions, Refinancing Update &#038; ELI Operational Update","author":"","date":"April 4, 2023","format":false,"excerpt":"San Leon announces a further update in relation to: i) the proposed transactions with Midwestern Oil & Gas Company Limited (Midwestern) and the Company's further conditional investments in ELI; ii) its current refinancing discussions; and iii) an Energy Link Infrastructure (Malta) Limited (ELI) operational update. Update on the Proposed Transactions\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/OML-18.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/OML-18.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11249,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-eroton-exploration-and-production-company-proposes-acquisition-of-an-additional-stake-in-oml-18\/","url_meta":{"origin":12418,"position":1},"title":"NIGERIA: Eroton Exploration and Production Company Proposes Acquisition of an Additional Stake in OML 18","author":"","date":"November 29, 2021","format":false,"excerpt":"Eroton Exploration and Production Company Limited has signed a non-binding term sheet with Africa Import Export Bank (Afrexim) for a prospective US$750,000,000 senior secured reserve-based lending facility. The purpose of the proposed facility, in addition to refinancing Eroton's current senior bank debt (of approximately US$196 million), is to provide funding\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13074,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-update-on-the-proposed-transactions-with-midwestern\/","url_meta":{"origin":12418,"position":2},"title":"NIGERIA: San Leon Energy Provides Update on the Proposed Transactions with Midwestern","author":"","date":"January 4, 2023","format":false,"excerpt":"Further to the announcement made on 1\u00a0December 2022,\u00a0the\u00a0MLPL Reorganisation Agreement's\u00a0deadline\u00a0for the satisfaction of the\u00a0condition relating to the New Eroton Debt Facilities being entered into, which had already\u00a0previously\u00a0been extended to\u00a031 December\u00a02022, has now been\u00a0further\u00a0extended to 31\u00a0March\u00a02023\u00a0by agreement\u00a0between the Company and\u00a0Midwestern.\u00a0 As previously announced, the Sahara OML 18 Acquisition Agreement\u00a0will not\u00a0be entered\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13509,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-provides-update-on-refinancing-proposed-transactions\/","url_meta":{"origin":12418,"position":3},"title":"NIGERIA: San Leon Provides Update on Refinancing &#038; Proposed Transactions","author":"","date":"March 24, 2023","format":false,"excerpt":"Update on the refinancing discussions As announced by the San Leon on 20 December 2022, the Company was expecting to conclude a refinancing with a preferred alternative funding partner early in 2023. Discussions have advanced since then, albeit much slower than anticipated, both with this partner and also with a\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-2.jpg?fit=750%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-2.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-2.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-2.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8736,"url":"https:\/\/www.oilnewskenya.com\/index.php\/san-leon-acquires-10-interest-in-new-nigerian-oil-export-system\/","url_meta":{"origin":12418,"position":4},"title":"San Leon Acquires 10% Interest In New Nigerian Oil Export System","author":"","date":"August 3, 2020","format":false,"excerpt":"San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced that it is investing US$15 million in Energy Link Infrastructure (Malta) Limited (ELI), the company which owns the Alternative Crude Oil Evacuation System (ACOES) project. As previously announced, the ACOES is being constructed\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10703,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-eli-loan-repayment\/","url_meta":{"origin":12418,"position":5},"title":"NIGERIA: San Leon Energy Provides ELI Loan Repayment","author":"","date":"August 9, 2021","format":false,"excerpt":"San Leon Energy has provided the following update in relation to its investment in Energy Link Infrastructure (Malta) Limited (ELI), the owner of the Alternative Crude Oil Evacuation System (ACOES) project.\u00a0The ACOES is being constructed to provide a dedicated oil export route from OML 18, comprising a new pipeline from\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/OML-18.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12418"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12418\/revisions"}],"predecessor-version":[{"id":12419,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12418\/revisions\/12419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8737"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}