{"id":13509,"date":"2023-03-24T09:45:05","date_gmt":"2023-03-24T09:45:05","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13509"},"modified":"2023-03-24T09:45:05","modified_gmt":"2023-03-24T09:45:05","slug":"nigeria-san-leon-provides-update-on-refinancing-proposed-transactions","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-provides-update-on-refinancing-proposed-transactions\/","title":{"rendered":"NIGERIA: San Leon Provides Update on Refinancing &#038; Proposed Transactions"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Update on the refinancing discussions<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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 second potential lender. \u00a0However, the Company is now in final discussions and expects to complete the refinancing in the near term. \u00a0Further announcements will be made as and when appropriate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pending\u00a0completion\u00a0of the\u00a0refinancing, San Leon says it has received only very limited cash inflows\u00a0and as a result continues to take steps to\u00a0manage\u00a0its overheads. These cashflows are contributing towards the day to day running of the business but several creditors remain outstanding, predominantly related to the ongoing transactions with Midwestern and ELI, as described more fully below. \u00a0The Company adds it is\u00a0maintaining a regular dialogue with these creditors and keeping them informed of the expected conclusion of the refinancing. San Leon adds the company&#8217;s creditors are not currently putting the Company under undue pressure and the board of directors is confident that all creditors will be settled following the conclusion of the proposed refinancing\u00a0referenced above.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to the proposed refinancing, and as confirmed in the Company&#8217;s recent announcement on 13 March 2023, San Leon continues to explore a potential sale of its non-core investments in Decklar Petroleum Limited, although the completion of that sale remains subject to the purchaser finalising its own funding arrangements.&nbsp;With documentation substantially agreed, San Leon has been advised by the purchaser that, once the purchaser&#8217;s funding is in place, completion will take place within a matter of days. &nbsp;Nevertheless, the timing is outside of the Company&#8217;s control at present&nbsp;and further announcements will be made as and when appropriate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Update on the Proposed Transactions<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Board continues to believe that the\u00a0Proposed\u00a0Transactions will be transformational for the Company and it continues to work towards their completion. However, the Board notes the recent challenge by NNPC Limited and OML 18 Energy Resource Limited of the operatorship of Oil Mining License (OML) 18, details of which have been announced by the Company on 7 and 13 March 2023. In addition, the Board notes that Eroton is in the Nigerian Law courts challenging the matter and expects the case to be resolved shortly. \u00a0San Leon expects that the New Eroton Debt Facility (details of which were announced on 8 July 2022) is unlikely to be completed whilst the legal action is ongoing but the Company understands that the documentation is in final form and, consequently, expects that completion could follow relatively shortly thereafter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Proposed MLPL Reorganisation was previously expected to be concluded by 31 March 2023 but, in light of the above and the pending conclusion of San Leon&#8217;s refinancing, San Leon now expects completion of the Proposed Transactions to be in the second quarter of this year and the long stop dates of the various underlying agreements, currently set for 31 March 2023, will shortly be extended by mutual agreement.&nbsp;&nbsp;Further announcements will be made by the Company as appropriate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, pending the potential refinancing described above,&nbsp;the Company has not&nbsp;yet&nbsp;been able to progress the Further ELI Investments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-provides-update-on-refinancing-proposed-transactions\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13510,"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":false,"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":[11132,8035,10582,11133,8030,11065,8029],"class_list":["post-13509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-decclar-resources","tag-eroton","tag-midwestern","tag-nnpc-limited","tag-oml-18","tag-oml-18-energy-resource-limited","tag-san-leon","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-2.jpg?fit=750%2C598&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3vT","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":13509,"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":13509,"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":15089,"url":"https:\/\/www.oilnewskenya.com\/index.php\/oando-successfully-secures-375-million-upsizing-of-its-afreximbank-reserve-based-lending-facility\/","url_meta":{"origin":13509,"position":2},"title":"Oando Successfully Secures $375 Million Upsizing of its Afreximbank Reserve Based Lending Facility","author":"","date":"June 10, 2025","format":false,"excerpt":"Oando announces that its upstream subsidiary, Oando Oil Limited, a 20% participating interest holder in the OMLs 60-63 JV and an affiliate of Oando Energy Resources Nigeria Limited, has successfully completed the upsizing of its reserve-based lending (RBL2) facility to $375 million. The RBL2 facility secured in 2019 at $525\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\/2025\/06\/Oando.webp?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Oando.webp?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Oando.webp?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Oando.webp?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Oando.webp?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10703,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-eli-loan-repayment\/","url_meta":{"origin":13509,"position":3},"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":[]},{"id":13354,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-eroton-remains-the-operator-of-oml-18-san-leon\/","url_meta":{"origin":13509,"position":4},"title":"NIGERIA: Eroton Remains the Operator of OML 18 &#8211; San Leon","author":"","date":"February 28, 2023","format":false,"excerpt":"San Leon has denied recent speculation in the Nigerian press about the operation of the Oil Mining License (OML) 18.\u00a0 The Company has been made aware of an article published in Nigeria on 25 February 2023 that alleges that the\u00a0Nigerian National Petroleum Company Limited has taken over the operatorship of\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\/02\/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\/02\/OML-18.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/OML-18.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/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":13509,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13509","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=13509"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13509\/revisions"}],"predecessor-version":[{"id":13511,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13509\/revisions\/13511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13510"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}