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LONDON (Alliance News) - San Leon Energy PLC said Friday its cash position is now far stronger following the receipt of first proceeds from the OML 18 asset in Nigeria.
For 2017, San Leon posted revenue of EUR324,000 versus EUR345,00 a year prior. It swung to a pretax loss of EUR71.3 million from a profit of EUR3.5 million due to impairments and a significant swing to a loss on equity accounted investments.
San Leon received USD39.6 million in 2017 from OML 18 in the form of loan note payments, with USD30 million received so far this year to Thursday.
In September 2016, it entered a loan note arrangement with Midwestern Leon Petroleum Ltd, and it issued loan notes of USD174.5 million as part of its OML 18 investment instead of a combination with Midwestern.
Its cash position at the end of 2017 was EUR8.1 million versus EUR1.5 million at the end of 2016, while as of Thursday San Leon had EUR17 million in cash.
Looking ahead, the company expects regular income in future from the quarterly loan note repayments, and it also expects future cash flow from OML 18.
Shares were 5.0% higher on Friday at a price of 23.30 pence each.