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Polo having a bit of a run this morning I see.......up 35% atm

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San Leon Energy PLC (SLE)
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Monday 03 August, 2020
San Leon Energy PLC
Acquires Interest In Nigerian Oil Export System
RNS Number : 8456U
San Leon Energy PLC
03 August 2020





The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.



3 August 2020

San Leon Energy plc

("San Leon" or the "Company")



San Leon Acquires 10% Interest In New Nigerian Oil Export System



San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces that it is investing US$15 million in Energy Link Infrastructure (Malta) Limited ("ELI"), the company which owns the Alternative Crude Oil Evacuation System ("ACOES") project. As previously announced, the ACOES is being constructed to provide a dedicated oil export route from the OML 18 asset, comprising a new pipeline from OML 18 and a floating storage and offloading vessel ("FSO"). Once commissioned, the system is expected by Eroton to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line ("NCTL"), to below 10%. In addition, it is anticipated that the FSO project will improve overall well uptime.



The investment comprises a 10% equity interest in ELI together with a US$15 million shareholder loan at a coupon of 14% per annum over 4 years, and repayable quarterly following a one-year moratorium from the date of investment. Funds will be provided to ELI in two tranches with the first US$10 million tranche being made by San Leon this week. The second tranche of US$5 million is expected to be made in Q4 2020 following receipt from Midwestern Leon Petroleum Limited of the next repayment of Loan Notes that is due then.



The Board believes that the ACOES will have a significant effect on the operation of OML 18, primarily through the reduction of downtime and losses associated with the existing export route. ELI, through its Nigerian subsidiary, will earn fees for transporting and storing crude oil from OML 18 and potential third parties. As a shareholder in ELI, San Leon stands to benefit from what the Board considers can be a very profitable operation in the medium to long term.



Information about ELI and ACOES



ELI is incorporated in Malta but operates in Nigeria through its subsidiary, Energy Link Infrastructure Limited, owning both the new pipeline as well as the floating storage and offloading vessel, which together comprise the ACOES. Pending commencement of operations, which is expected in the coming quarters, the company is yet to report meaningful financial in

Good day mr strap - long time no speak.

All well on the island mate thanks. We were Covid free on Tuesday but one popped up on Thursday so we just have the one case. Pubs have been open a few days now so starting to get back to ‘normal’....the new normal anyway.

It’s been a long one slog here eh? It’s funny looking back when there was only a few on the board - you, Baxy, Searcher, Stevel, Cloughie and a few others....hopefully it will be done and done in the next few months.....how many times have we said that! :)

Hope all well with you mate.

Indeed I do remember it - a gazillion shares in issue.....with the price plummeting daily....rolls eyes!

Anyway......onwards and upwards here instead eh............rolls eyes again...... :)

I feel your pain on BHR Ricky - I was invested there too....so close and yet.....

San Leon Energy plc

("San Leon" or the "Company")



Directorate Change



San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, announces that Mark Phillips, Non-Executive Director of the Company, informed the Company on 29 June 2020 that he has decided to step down from the Company with immediate effect.



Oisin Fanning, Chief Executive, commented:



"In the four years since Mark joined our board, our Company has transformed and he leaves us as a successful, cash generative oil & gas company. I am very grateful to him for all the support he has given San Leon and I wish him well in his future plans.



"As has been well publicised, our current nominated adviser, Cantor Fitzgerald Europe, will shortly be ceasing its nominated adviser activities and I am pleased to report that we are in the latter stages of the appointment process with our proposed new nominated adviser. Once their appointment is concluded, it is our intention to work with them to review the composition of our board in line with best practice corporate governance. We expect this is a process that will be carried out during the summer and we envisage appointing at least one new Non-Executive Director of the Company as part of it. I will look forward to updating shareholders on this in the coming months."



Mark Phillips commented:



"After a number of years of challenge and endeavour, the business has progressed to a strong financial position and is well positioned going forward. The moment is right for me to step down, and I wish the Company the very best for its future."







Enquiries:

Couple of large trades after the bell:

1,403,796 at 23.70p = £332k
140,187 at 23.70p = £33k

Evening all,

The Chinese and Bangladesh are not stupid, they know they need to start this soon, as although the Chinese are still bullish on coal, eventually the world will one day come to the position where nobody will accept coal fired power stations. The pressure that will be put on these countries in the future will mean some fossil fuels may stay in the ground forever so Phulbari needs to happen soon.

Been in this for 12 years now - can’t see me being in this in 12 more months time, and I believe (that’s not hoping)..... I feel the end game is in sight now. We can’t continue to get funded by Polo ad infinitum, so I think the next few weeks/months is key and this will be brought to a close. I like most lth would prefer us to be taken out at ‘a fair price’ as it’s got more chance of succeeding without GCM/Asia Energy being involved so what price is a fair price?..... 30p is not what I or lth or Polo are looking at I guess- (although Polo will convert their loan to shares at 11p so they eventually will be quids in I believe ). What’s a fair price £1? £2? £4.40 which lth will remember :) Had a bizarre dream we were took out at £1.85 a few days ago so I would take that all day long :) You know when you’ve been in a share too long when you are dreaming about the sodding thing so this needs to end soon!

Would love this board to get back to how it was 12 years ago where we didn’t blame posters for the price not going up (cannot believe posters blame other posters for the price not going up - rolls eyes). Years ago we still had ‘rampers and derampers’ but we discussed it as grown up and discussed it sensibly - we weren’t that sensible tbh!
You bought the share, don’t try to blame any poster for it not going up in price. You want it to go up - I get that......if it goes down you are looking for someone to blame to vent your annoyance that’s it’s gone down! I tell you what....grow a pair.....recognise it’s your fault you bought, accept it and either sell or hold in......its nobody else‘s fault except yours!

Hopefully we will have news soon and we can all sail off into the sunset and look back with fond memories!! :)
Gl all.

I'm with II - and no nothing yet...

18p paid... ‘every journey’ and all that...

Evening Pappi - send my regards to Bees Please if you don’t mind.

Hopefully he will feel better soon as you say.

Nice to see Phulbari actually mentioned - in writing too.....lol.

That would have sent us to a fiver back in the day!

Nice find gp

That he did Goonerpete ;)

I’ll get my hat as well.... :)

“Put an order in for 20k at 16.50 so far no luck”

Stock market closes at 16.30pm glaw - best to try again tomorrow when they’re open ;)

I’ll get my coat......

Last trade was 15.50p Searcher - keep up eh! ;)

Late trade of 150,000 @17p = £25.5k at 5.06pm.

Decent trade at 4.27pm 250,000 @ 25.253 = £63k

Ticking up nicely last couple of days.

27 April 2020

San Leon Energy plc
("San Leon" or the "Company")

Proposed Special Dividend


San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, is pleased to announce that the Board has approved a special dividend of approximately £27 million (US$33 million), or 6 pence per ordinary share.

As at 24 April 2020, the Company had a cash balance of US$73 million (£59 million) and expects to receive further income from various sources as set out in the RNS of 7 April 2020.

To date, including the proposed special dividend, San Leon has returned approximately US$66 million (£52 million) to shareholders via the repurchase of its ordinary shares and now via dividend, which is in line with its 2016 Capital Distribution Policy. The directors note that the Company's business strategy has reduced costs outside its core area of Nigeria, and that visibility of future cash flow is strong. Such future cash flow is expected to include further Loan Notes receipts, income from the provision of technical services to Eroton, and in due course income from the Company's indirect equity interest in OML 18. The directors expect that the Company will continue to have more than sufficient cash to deliver its strategy and business development activities to grow the Company.

The Company intends to pay the dividend on 29 May 2020 to those shareholders on the register on 11 May 2020. The ex-dividend date will be 7 May 2020.

Oisin Fanning, Chief Executive Officer, commented:

"This special dividend demonstrates the Company's continued commitment to its Capital Distribution Policy, and fulfils the undertaking we made on 30 September 2019 to pay our first dividend. We are proud to have returned a total of US$66 million (£52 million) to shareholders so far, including the proposed special dividend. We have a very strong cash position with clear visibility on our healthy future income stream. This has enabled us to propose the special dividend whilst continuing to pursue growth opportunities which are prevalent in the current market. I look forward with confidence to updating shareholders on the Company's growth and progress."





Enquiries:

good to see the website has now been updated:

Polo Resources Limited 29.8% (was 15.6%)
Dyani Corporation Limited 14.1% (was 28.4%)
Oriental Eagle Group Limited 5.1% (5.2%)
Kilkenny Limited 3.0% (3.0%)

Total 52.2% (52.2%)

Percentage holdings not in public hands 44% (44%)

Last updated 15 April 2020

Ready when you are.... :)

actually it's 72,216,815 not 384,005,966 but still 18.81%
apologies