San Leon - History Future27 Dec 2025 11:11
The new year is a time for many of us to look back on our shareholdings in San Leon, from the time when everything was going well in Poland, and try to take an educated guess as to what will happen in Nigeria. I became a shareholder in SLE when the company I had invested in, in Poland, was acquired by SLE. My shareholding in SLE at that time, 2012, totaled 144074 shares at a market value of 0.1 GBP / share and a capital value of 14407. oo GBP, The politics in Europe/US changed the Polish market as the EU/US moved their interests further East into Ukraine and direct energy shipments from the US.
SLE, following the restriction placed by the Irish government on the development of one of the largest undeveloped fields in Europe, Barryroe, Fanning decided to move the company's focus to West Africa, Nigeria.
Nigeria has certainly been a tumultuous ride, and at first, Fanning made all the right connections and political moves, but was increasingly obstructed by Abuja local politics and oil theft. The oil is there to be taken, but SLE has been increasingly sidelined by local companies who want control of the onshore fields, to the extent that even the major oil companies have moved to concentrate on offshore development. The next few months will be critical for SLE. Financing is required; however, from whom and where it will come from is currently unknown. SLE could remain a minor shareholder in the OML18; it could retain Eli and offer it for oil storage offshore Port Harcourt.
In retrospect, Fanning has certainly performed well in setting his goals, but to date, he's been defeated in achieving them by international and local politics. The game isn't over yet, and we can be assured that Fanning/Tosca will do whatever is achievable to maintain SLE solvency and our future in the oil industry. Good luck and a happy New Year to all genuine investors.
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