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Pin to quick picksSan Leon Share News (SLE)

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San Leon Energy welcomes Eroton refinancing at OML 18

Tue, 08th Jan 2019 14:26

(Sharecast News) - Africa-focussed oil and gas development and appraisal company San Leon Energy updated the market on the OML 18 reserves-based lending (RBL) facility held by Eroton, the operator of OML 18, on Tuesday.The AIM-traded firm first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified debt service reserve account (DSRA) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders, of which San Leon is an indirect shareholder.It said it had now been informed by Eroton that the RBL was successfully refinanced.With a final repayment of $398m, the RBL had been repaid in full and replaced by a new reserves-based lending facility with Guarantee Trust Bank, for the same principal amount, with a number of "notable advantages".The first advantage was that the original RBL had a repayment date in mid-2021, while the Guarantee Trust Bank RBL had a late-2025 repayment date, thus reducing quarterly repayments and freeing cash flow of more than $80m per year until mid-2021, for further drilling and development.It also noted that the DSRA requirement under the Guarantee Trust Bank RBL was reduced to two future quarterly repayments which, combined with the lower quarterly repayment amounts, meant that only approximately $50m was required in the DSRA compared with more than $100m previously.The refinanced interest rate was marginally higher at approximately 11%, compared to the 10% previously."I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have, both unlocking substantial additional funds for operational activity, as well as lowering the DSRA hurdle to Eroton paying dividends to its shareholders," said San Leon Energy chief executive officer Oisin Fanning."This is a further material step in addressing previously-identified operational and financing issues at OML 18 and follows the recent announcements of new well drilling, and of the Nigerian National Petroleum Corporation (NNPC) paying most of their cash call arrears."
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San Leon Energy says Oza production up, in discussions to sell assets

(Alliance News) - San Leon Energy PLC on Friday said production on the Oza oil field in Nigeria was up, while it remains in advanced discussions to sell its "non-core" investments in Decklar Petroleum Ltd.

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IN BRIEF: San Leon notes Decklar's crude oil deal with Edo Refinery

San Leon Energy PLC - oil and gas production, development and exploration in Nigeria - Reports that it is still in"advanced negotiations" for the proposed sale of its non-core investments in DPL. Says that Decklar Resources and its co-venturer Millenium Oil & Gas Co Ltd entered a deal for the delivery of 30,000 barrels of crude oil to the Edo Refinery & Petrochemicals Co Ltd in Edo State, Nigeria. Adds it signed a deal for the delivery of an additional 30,000 bbls of crude oil to a small crude oil refinery in Edo State, following the "successful" delivery of 10,000 bbls.

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23 Dec 2022 14:31

REPEAT: San Leon's DPL seals oil delivery; in talks to sell DPL shares

(Alliance News) - San Leon Energy PLC on Friday said Declar Petroleum Ltd, which it owns 11% of, has completed a 10,000 barrel crude oil delivery.

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23 Dec 2022 14:30

San Leon says DPL completes oil delivery; in talks to sell DPL shares

(Alliance News) - San Leon Energy PLC on Friday said Declar Petroleum Ltd, which it owns 11% of, has completed a 10,000 barrel crude oil delivery.

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28 Oct 2022 11:25

IN BRIEF: San Leon says shareholding Decklar starts loading crude oil

San Leon Energy PLC - oil and gas production, development and exploration in Nigeria - Says Decklar Petroleum Ltd, in which it has an 11% shareholding and to which it has made a USD5.5 million loan, has obtained permits and started loading of crude oil onto trucks at Oza oil field in Nigeria. The crude will be trucked to a processing and sales terminal in Nigeria with which Decklar has entered into an agreement.

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20 Sep 2022 21:47

IN BRIEF: San Leon Energy notes delivery by Decklar Petroleum

San Leon Energy PLC - Dublin-based oil & gas exploration company - Notes announcement by Decklar Petroleum Ltd that it has delivered 7,800 barrels of crude oil to the Forcados crude oil export terminal. The 7,800 bbls are ready for export pending the completion of "certain repairs" to the offshore loading system. Notes that an additional 30,000 bbls has been produced from the Oza Oil Field and are currently being stored in tanks at the Oza-1 wellsite in Nigeria.

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San Leon sees deadline extension ahead of Midwestern merger

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UK shareholder meetings calendar - next 7 days

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Tanfield Group PLCAGM
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Molten Ventures PLCAGM
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John Wood Group PLCGM re Built Environment sale
Sequoia Economic Infrastructure Income Fund LtdAGM
Edenville Energy PLCAGM
RiverFort Global Opportunities PLCAGM
Conduity Capital PLCAGM
Scirocco Energy PLCAGM
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Investec PLC and LtdAGM
STM Group PLCAGM
Starcrest Education LtdAGM
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JPMorgan Global Core Real Assets LtdAGM
San Leon Energy PLCEGM
San Leon Energy PLCGM
Trian Investors 1 LtdEGM re removal of three current directors
Trian Investors 1 LtdAGM
Verditek PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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TRADING UPDATES: Angle hails study find; Eqtec buys plant in France

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11 Jul 2022 14:31

IN BRIEF: San Leon Energy's share suspension lifted

San Leon Energy PLC - Dublin-based oil & gas exploration company - Temporary suspension from trading on AIM is lifted, following admission document being published after the market close on Friday.

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