Source - LSE Regulatory
RNS Number : 9256H
San Leon Energy PLC
09 August 2021
 

 

 

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

 

 

9 August 2021

San Leon Energy plc

("San Leon" or the "Company")

 

Update re: ELI Loan Repayment

 

San Leon Energy plc, the independent oil and gas production, development and exploration company focused on Nigeria, provides the following update in relation to its investment in Energy Link Infrastructure (Malta) Limited ("ELI"), the company which owns the Alternative Crude Oil Evacuation System ("ACOES") project. The ACOES is being constructed to provide a dedicated oil export route from OML 18, comprising a new pipeline from OML 18 and a floating storage and offloading vessel.

 

As previously announced by San Leon on 3 August 2020, the Company originally invested US$15 million in ELI. The investment comprised a 10% equity interest in ELI together with a US$15 million shareholder loan with a coupon of 14% per annum over four years, repayable quarterly following a one-year moratorium from the date of investment.  The first repayment installment from ELI, which amounts to approximately US$2.2 million, has recently become due (the "First Installment"). 

 

San Leon announced on 24 June 2021 that it is considering making further debt and equity investments in ELI and reaffirmed that intention in subsequent announcements during July 2021.  The Company has agreed with ELI that, should these further investments be made, then the First Installment will be offset from any investment monies payable to ELI by San Leon under certain of these new arrangements.  Pending any further investment in ELI, the First Installment will continue to accrue interest at 14% per annum.

 

A further announcement will be made as appropriate.

 

 



 

Enquiries:

 

San Leon Energy plc

+353 1291 6292

Oisin Fanning, Chief Executive


Allenby Capital Limited

(Nominated adviser and joint broker to the Company)

+44 20 3328 5656

Nick Naylor

Alex Brearley

Vivek Bhardwaj


Panmure Gordon & Co

(Joint broker to the Company)

+44 20 7886 2500

Nick Lovering


Brandon Hill Capital Limited

(Joint broker to the Company)

+44 20 3463 5000

Oliver Stansfield

Jonathan Evans


Tavistock

(Financial Public Relations)

+44 20 7920 3150

Nick Elwes

Simon Hudson


Plunkett Public Relations

+353 1 230 3781

Sharon Plunkett


 

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