{"id":9202,"date":"2020-09-25T11:47:15","date_gmt":"2020-09-25T11:47:15","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=9202"},"modified":"2020-09-25T12:18:32","modified_gmt":"2020-09-25T12:18:32","slug":"san-leon-energy-an-update-on-its-indirect-interest-in-oml-18","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/san-leon-energy-an-update-on-its-indirect-interest-in-oml-18\/","title":{"rendered":"NIGERIA: San Leon Energy an Update on its Indirect Interest in OML 18"},"content":{"rendered":"<ul>\n<li>Eroton completed its three well drilling programme in early 2020, with the final completion and flow of these wells impacted by Covid-19. The recent lower oil price has led Eroton to improve capital discipline and the prudent deferral of the next drilling campaign, now expected to commence towards the end of 2021.<\/li>\n<li><\/li>\n<li>Eroton informs the Company that it has taken all appropriate precautions for its operations and people, with regards to Covid-19.<\/li>\n<li><\/li>\n<li>Oil delivered to Bonny terminal for sales was approximately 25,200 barrels of oil per day in H1 2020 (32,000 bopd in H1 2019) and continues to be affected by combined losses and downtime of approximately 32%. The 2020 figure has also been affected by OPEC oil production quota restrictions. Together, the losses, downtime and OPEC restrictions cause the majority of the difference between gross production when there is no disruption to production, and oil is received at Bonny terminal for sales.<\/li>\n<li><\/li>\n<li>Gas sales averaged 39.1 million standard cubic feet per day (mmscf\/d) in H1 2020 after downtime (34.3 mmscf\/d in H1 2019).<\/li>\n<li><\/li>\n<li>Production downtime of 15% in H1 2020 was caused by third party terminal and gathering system issues. Such issues in the third-party export system are expected to be substantially resolved by the implementation of the new ACOES for the purpose of transporting, storing and evacuating crude oil from OML 18 export Pipeline&#8221;. The Pipeline will run from within the OML 18 acreage to a dedicated Floating Storage and Offloading (FSO) vessel in the open sea, approximately 50 kilometres offshore. Expected timing for the commencement of operations is in the coming quarters.<\/li>\n<li><\/li>\n<li>Pipeline losses by the Bonny Terminal operator have been relatively stable over the past year (30 June 2020: 20%; 30 June 2019: 18%). In the longer term, the export Pipeline and FSO system mentioned above are expected to reduce losses significantly.<\/li>\n<li><\/li>\n<li><strong>Chief Executive Officer of San Leon, Ois\u00edn Fanning, commented:<\/strong><em>&#8216;The Company&#8217;s position and outlook remains strong.<\/em>\n<p><em>&#8216;Whilst the world and the industry has been through turbulent times, we have taken advantage of the opportunities presented by this as well as utilising our cash position to further build our portfolio in Nigeria in line with our strategy. Our investment in ELI will support the reduction in pipeline losses and downtime at OML 18 whilst also providing loan note repayments as well as equity returns.<\/em><\/p>\n<p><em>&#8216;Our strong position is expected to continue in the year ahead as we receive further Loan Note payments and deliver upon our strategy.&#8217;<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Eroton completed its three well drilling programme in early 2020, with the final completion and flow of these wells impacted by Covid-19. The recent lower oil price has led Eroton &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/san-leon-energy-an-update-on-its-indirect-interest-in-oml-18\/\" 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":[8497,637,8035,848,8498,8496,8030,1920,8029],"class_list":["post-9202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-acoes","tag-drilling","tag-eroton","tag-export-pipeline","tag-floating-storage-and-offloading-vessel","tag-fso","tag-oml-18","tag-opec","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-2oq","jetpack-related-posts":[{"id":13354,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-eroton-remains-the-operator-of-oml-18-san-leon\/","url_meta":{"origin":9202,"position":0},"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":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":9202,"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":13398,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-oml-18-jv-partners-appoints-nnpc-eighteen-operating-limited-as-operator\/","url_meta":{"origin":9202,"position":2},"title":"NIGERIA: OML 18 JV Partners Appoints NNPC Eighteen Operating Limited as  Operator","author":"","date":"March 7, 2023","format":false,"excerpt":"The non operating joint venture partners of OML 18 have appointed NNPC Eighteen Operating limited as operator replacing Eroton Exploration and Production Limited. According to a statement from the NNPC the move was to curtail further degradation of the asset and revamp production of oil and gas. The change has\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.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.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18.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.jpg?fit=750%2C598&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13440,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-eroton-emphasizes-it-remains-the-operator-of-oml-18\/","url_meta":{"origin":9202,"position":3},"title":"NIGERIA: Eroton Emphasizes it Remains the operator of OML 18","author":"","date":"March 13, 2023","format":false,"excerpt":"In its press release, Eroton has emphasised that it remains the operator of OML 18 in line with the provisions of the Joint Operating Agreement governing OML 18 and has made the following points: The purported attempt by the non-operators of OML-18;\u00a0NNPC Limited (NNPC)\u00a0and\u00a0Sahara Field Production Limited (Sahara)\u00a0(now known as\u00a0OML\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-18-1.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-18-1.jpg?fit=750%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-1.jpg?fit=750%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/OML-18-1.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":9202,"position":4},"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":9202,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9202","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=9202"}],"version-history":[{"count":3,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9202\/revisions"}],"predecessor-version":[{"id":9205,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9202\/revisions\/9205"}],"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=9202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}