RE: My work is (nearly) done18 Jan 2026 00:54
Thanks for the info and link Blurill.
Thanks also for all your informative posts of the last few months/ years 👍
From the link:
So what does that mean for San Leon’s stake in the oilfield? Well, the ownership of OML 18 is complex. It involves several different parties and a complex corporate structure but the simple version is this: the Nigerian government owns 55 per cent of the field, circa 15 per cent is owned by a company called Sahara Group and the remaining 30 per cent is owned by an entity called Eroton.
The owners of Eroton are, broadly speaking, San Leon and another company, Midwestern Oil & Gas.
As Justice Kennedy noted in his ruling, San Leon held an indirect stake in OLM of just over 10 per cent at the start of the Brightwaters proceedings.
That has since changed. The Nigerian court documents show that San Leon moved in November to secure a further tranche of shares in one of the companies holding shares in Eroton, which now gives it a 50 per cent stake in Eroton — or, to put it another way, a 15 per cent indirect stake in OML.
Meanwhile, the OML prospect has begun producing again, The Sunday Times understands, which means that Eroton, in which San Leon now has a much larger stake, has been generating revenue lately.
However, the project is still dependent on the prospect of funding from a new investor, and Fanning and San Leon have been beavering away busily, attempting to seal a deal to borrow between $200 million and $300 million to develop the field, a new pipeline and a floating storage facility.
According to market sources, the funding deal should be in place within the month. But as the past two years have shown, a month can be a long time
It looks like we may have some exciting few weeks ahead!
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