San Leon Energy PLC - oil and gas production, development and exploration company focused on Nigeria - Announces a further investment of USD5.0 million in Energy Link Infrastructure (Malta) Ltd, which owns the new pipeline and the floating storage and offloading vessel for the OML 18 oil and gas field in Nigeria. The further investment in ELI is being funded by the company taking a USD5.0 million loan from funds managed by Toscafund Asset Management LLP.
San Leon expects to increase its ownership of ELI to approximately 16%. San Leon agrees to a period of exclusivity with ELI through to the end of August to make further investments, of up to USD37.0 million, in ELI. These further investments would entitle San Leon to up to a further 31% of ELI, making it the largest shareholder of ELI with around 46%.
Current stock price: 16.14 pence
12-month change: down sharply from 3,905.00p
By Heather Rydings, Alliance News senior economics reporter
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San Leon (SLE)