{"id":13074,"date":"2023-01-04T08:17:44","date_gmt":"2023-01-04T08:17:44","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13074"},"modified":"2023-01-04T08:17:44","modified_gmt":"2023-01-04T08:17:44","slug":"nigeria-san-leon-energy-provides-update-on-the-proposed-transactions-with-midwestern","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-update-on-the-proposed-transactions-with-midwestern\/","title":{"rendered":"NIGERIA: San Leon Energy Provides Update on the Proposed Transactions with Midwestern"},"content":{"rendered":"<p class=\"da\"><span class=\"ce\">Further to the announcement made on 1\u00a0<span class=\"cf\">December 2022,<\/span><\/span>\u00a0<span class=\"ce\">t<\/span><span class=\"ce\">he<\/span>\u00a0<span class=\"ce\">MLPL Reorganisation Agreement<\/span><span class=\"ce\">&#8216;s\u00a0<span class=\"cf\">deadline\u00a0for the satisfaction of the<\/span><\/span>\u00a0<span class=\"ce\">condition relating to the New Eroton Debt Facilities being entered into, which had already<\/span>\u00a0<span class=\"ce\">previously<\/span>\u00a0<span class=\"ce\">been extended to\u00a0<span class=\"cf\">3<\/span><\/span><span class=\"ce\">1 December<\/span>\u00a0<span class=\"ce\">2022, has now been<\/span>\u00a0<span class=\"ce\">further<\/span>\u00a0<span class=\"ce\">extended to 3<\/span><span class=\"ce\">1\u00a0<span class=\"cf\">March<\/span><\/span>\u00a0<span class=\"ce\">202<\/span><span class=\"ce\">3<\/span>\u00a0<span class=\"ce\">by agreement<\/span>\u00a0<span class=\"ce\">between the Company and<\/span>\u00a0<span class=\"ce\">Midwestern.<\/span><span class=\"cg\">\u00a0<\/span><\/p>\n<p class=\"da\"><span class=\"ce\">As previously announced, t<\/span><span class=\"ce\">he Sahara OML 18 Acquisition Agreement<\/span>\u00a0<span class=\"ce\">will not<\/span>\u00a0<span class=\"ce\">be entered into until after the New Eroton Debt Facilities have been entered into and the funds<\/span>\u00a0<span class=\"ce\">to allow the<\/span>\u00a0<span class=\"ce\">Eroton OML 18 Transactions<\/span>\u00a0<span class=\"ce\">to proceed<\/span>\u00a0<span class=\"ce\">are available, and therefore<\/span>\u00a0<span class=\"ce\">the<\/span>\u00a0<span class=\"ce\">MLPL Reorganisation Agreement<\/span><span class=\"ce\">&#8216;s\u00a0<span class=\"cf\">deadline for\u00a0the<\/span><\/span>\u00a0<span class=\"ce\">Sahara OML 18 Acquisition Agreement<\/span>\u00a0<span class=\"ce\">to be entered into<\/span>\u00a0<span class=\"ce\">has<\/span>\u00a0<span class=\"ce\">also<\/span>\u00a0<span class=\"ce\">now been further extended to<\/span>\u00a0<span class=\"ce\">31\u00a0<span class=\"cf\">March<\/span><\/span>\u00a0<span class=\"ce\">202<\/span><span class=\"ce\">3<\/span>\u00a0<span class=\"ce\">by agreement<\/span>\u00a0<span class=\"ce\">between the Company and<\/span>\u00a0<span class=\"ce\">Midwestern<\/span><span class=\"ce\">.<\/span><span class=\"ce\">\u00a0<\/span><\/p>\n<p class=\"cz\"><span class=\"ce\">These extensions bring the<\/span>\u00a0<span class=\"ce\">timelines for\u00a0<span class=\"cf\">the satisfaction of the<\/span><\/span>\u00a0<span class=\"ce\">MLPL Reorganisation Agreement<\/span><span class=\"ce\">&#8216;s conditions\u00a0<span class=\"cf\">relating to the<\/span><\/span>\u00a0<span class=\"ce\">New Eroton Debt Facilities<\/span>\u00a0<span class=\"ce\">and the<\/span>\u00a0<span class=\"ce\">Sahara OML 18 Acquisition Agreement<\/span>\u00a0<span class=\"ce\">in line with the\u00a0<span class=\"cf\">current<\/span><\/span>\u00a0<span class=\"ce\">longstop<\/span>\u00a0<span class=\"ce\">timelines<\/span>\u00a0<span class=\"ce\">for<\/span>\u00a0<span class=\"ce\">the<\/span>\u00a0<span class=\"ce\">completion of the MLPL Reorganisation Agreement\u00a0<span class=\"cf\">and\u00a0the ELI Reorganisation.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Further to the announcement made on 1\u00a0December 2022,\u00a0the\u00a0MLPL Reorganisation Agreement&#8216;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, &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-update-on-the-proposed-transactions-with-midwestern\/\" 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":[10582,1749,8030,9658],"class_list":["post-13074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-midwestern","tag-nigeria","tag-oml-18","tag-san-leon-energy","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-3oS","jetpack-related-posts":[{"id":13509,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-provides-update-on-refinancing-proposed-transactions\/","url_meta":{"origin":13074,"position":0},"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":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":13074,"position":1},"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":13074,"position":2},"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":12418,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-reports-proposed-midwestern-reorganisation-proposed-further-eli-investments\/","url_meta":{"origin":13074,"position":3},"title":"NIGERIA: San Leon Reports Proposed Midwestern Reorganisation &#038; Proposed Further ELI Investments","author":"","date":"July 12, 2022","format":false,"excerpt":"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 and simplify the group structure:\u00a0 o\u00a0\u00a0San Leon's exposure to the world class OML 18 asset increases fourfold to a 44.1%\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":8736,"url":"https:\/\/www.oilnewskenya.com\/index.php\/san-leon-acquires-10-interest-in-new-nigerian-oil-export-system\/","url_meta":{"origin":13074,"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":12215,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-extends-timing-of-its-follow-on-investment-in-the-oza-oil-field\/","url_meta":{"origin":13074,"position":5},"title":"NIGERIA: San Leon Energy Extends Timing of its follow-on investment in the Oza oil field","author":"","date":"May 5, 2022","format":false,"excerpt":"San Leon has announced the following extension to the timing of its follow-on investment in the Oza oil field in Nigeria. On 27 January 2022, San Leon announced certain amendments to the terms of its investment in Oza which included an option to provide a further loan of US$2.0 million\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\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&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\/13074","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=13074"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13074\/revisions"}],"predecessor-version":[{"id":13075,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13074\/revisions\/13075"}],"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=13074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}