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LONDON (Alliance News) - San Leon Energy PLC on Tuesday said an operator of its investee Nigerian onshore well OML 18, Eroton Exploration & Production Co Ltd, has refinanced the USD398 million reserves-based lending facility.
San Leon holds 9.7% stake in OML 18.
The AIM-listed oil & gas company said the facility was replaced by a new, same amount reserves-based lending facility with Guarantee Trust Bank, with repayment date extended to late-2025 from mid-2021. However, the refinanced interest rate is marginally higher, at 11% compared to 10% previously.
"I am delighted with the terms secured by Eroton for the RBL restructuring, and the impact which Eroton expects this to have," said San Leon Chief Executive Oisin Fanning.
San Leon shares were trading 2.9% higher on Tuesday at 27.42 pence each.