Gulf Oil and Gas accountACCOUNT

San Leon Provides Nigerian Onshore Production Deal Update

Source: www.gulfoilandgas.com 5/24/2016, Location: Africa

San Leon Energy plc, the AIM quoted oil and gas exploration and production company focused on Europe and Africa, is pleased to provide the following update on its production deal on the OML 18 block, onshore Nigeria.

Certain defined terms used herein are set forth in the “Definitions” section of this press release. All dollar amounts or references to “$” refer to US dollars.

As announced on 16 May 2016, in order to complete the subsequent parts of the OML 18 Production Arrangement (collectively the “Remaining Transactions”) which would result in the Company securing a 9.72% indirect economic interest in OML 18, BidCo was required to raise an additional $100 million which was intended to be structured as secured notes (“Loan Notes”) issued by BidCo.

A further $30 million, structured as Loan Notes, issued on the same terms as the previous Loan Notes (i.e 17% coupon), has now been provided by funds managed by Toscafund. BidCo has, through a share buyback of its own shares, completed the second step of the three-step OML 18 Production Arrangement. As a result Midwestern now holds 70.43% of Bidco and San Leon’s share of BidCo has increased to 29.57%, equal to an economic interest in OML 18 of 5.75%.

San Leon’s shares in Bidco remain pledged to Toscafund pending San Leon shareholder and regulatory approvals. Following completion of the third and final step of the Remaining Transactions (requiring $70 million) and of the OML 18 Production Arrangement, San Leon will hold a 40% interest in BidCo.

Oisin Fanning, Executive Chairman, commented:

"The Company is grateful to Toscafund for providing debt funding to secure the second step of the Acquisition, while the Company organises placing funds. As announced on 16 May 2016, the Company is proposing to repurchase all Loan Notes, subject to San Leon shareholder and regulatory approvals, using funds from the proposed placing."

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Nigeria >>

Norway >>  8/17/2019 - Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to acquire a 20 percent interest in PL 891, contai...
Russia >>  7/22/2019 - PAO NOVATEK announced the closing of the sale of participation interests in Arctic LNG 2 Project (“Project”) to wholly owned subsidiary of China Nati...

Brazil >>  7/19/2019 - Petrobras informs that the company Trident Energy presented the best final offer in a competitive process for the acquisition of the totality of the c...
Colombia >>  7/19/2019 - Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces that following the receipt of interest in the Compan...

Russia >>  7/19/2019 - Gazprom Neft and SIBUR have consolidated 100 percent of the charter capital in the Poliom LLC polypropylene plant in Omsk, with the Gazprom Neft—SIBUR...
Brazil >>  7/18/2019 - Ecopetrol S.A. reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.