Independent oil and gas company, San Leon, is expanding its investment portfolio in Nigeria's oil and gas sector. The company has extended the long stop dates for proposed transactions with Midwestern Oil & Gas Company and its conditional investments in Energy Link Infrastructure (Malta) Limited. San Leon is also in discussions to secure a new loan facility and make further potential investments in ELI. The company remains committed to its strategic development and exploration plans in Nigeria.
San Leon, an independent oil and gas production company, is reinforcing its commitment to Nigeria's oil and gas sector with the expansion of its investment portfolio. The company has recently announced an extension to the long stop dates for proposed transactions with Midwestern Oil & Gas Company and its conditional investments in Energy Link Infrastructure (Malta) Limited (ELI).
In a statement released on August 8, 2023, San Leon provided an update on refinancing discussions and outstanding creditors, including a US$5.0 million loan from funds managed by Toscafund Asset Management LLP. The company is currently in discussions with a third party to secure an alternative loan facility of US$50.0 million. Shareholders will be updated once the loan facility is finalized.
San Leon is also in talks with ELI regarding potential investments of up to US$37.0 million. These investments would be conditional upon San Leon successfully completing the alternative loan facility of US$50.0 million. The company remains committed to exploring investment opportunities that align with its long-term strategic goals in Nigeria's oil and gas sector.
To facilitate the proposed transactions, San Leon has extended all long-stop dates, in agreement with Midwestern and other relevant parties, until September 30, 2023. These long-stop dates pertain to the New Eroton Debt Facilities, the Sahara OML 18 Acquisition Agreement, the MLPL Reorganization Agreement, and the ELI Reorganization Agreement as detailed in the Admission Document.
San Leon is currently engaged in discussions with Midwestern to explore potential revisions to the proposed transactions that would allow for completion while accommodating the delays in the new Eroton debt facilities and the Sahara OML 18 acquisition, which are beyond the company's control. However, there is no guarantee that revised terms will be agreed upon.
The company remains dedicated to its strategic development and exploration plans in Nigeria's oil and gas sector. By deepening its investment portfolio and pursuing opportunities such as the proposed transactions with Midwestern and ELI, San Leon aims to contribute to the growth and development of Nigeria's energy industry.
San Leon's ongoing commitment to Nigeria's oil and gas sector reflects its confidence in the country's potential for economic growth and development. With its extensive expertise and experience, the company is well-positioned to navigate the challenges and capitalize on the opportunities in this dynamic industry.
In conclusion, San Leon's decision to deepen its investment portfolio in Nigeria's oil and gas sector demonstrates its strategic vision and commitment to long-term growth. The extension of the long stop dates and ongoing discussions regarding potential investments and loan facilities highlight the company's determination to unlock the full potential of Nigeria's energy resources.
Source of content: OOO News 2023-09-05 News
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