San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced the following significant developments:
1. an investment of up to US$187 million by Tri Ri Asset Management Corp. ('TRAM') into San Leon; and
2. further investments by San Leon in Energy Link Infrastructure (Malta) Limited ('ELI') using the proceeds of the TRAM investment, making San Leon the largest and majority shareholder in ELI with approximately 55 per cent of the company.
Oisin Fanning, Chief Executive Officer of San Leon, commented:
'It is no secret that the past few months have been difficult for San Leon, as they have been for many businesses, but it is testament to the determination and commitment of our team that we have secured one of the largest fundraisings by an AIM oil & gas company in recent years. In addition, and in line with our announcements over the past year, we have aligned San Leon with a strategic funding partner who has been able to commit a greater level of support than our previous proposed lender, through an innovative investment arrangement which includes them becoming a major shareholder of our Company.
'Importantly our partnership with TRAM enables us to fulfil our long-held strategy of becoming the majority shareholder in ELI. It is no understatement to say that the commissioning of the FSO Akaso Terminalis a game changer, not only for OML 18 but for the entire industry in that region. We are confident that the FSO and the ACOES pipeline will be a significantly profitable and cash-generative project from which San Leon expects substantial upside.'
Asad Ali, Chief Investment Officer of Tri Ri Asset Management Corp., commented:
'We are delighted to announce this financial partnership with San Leon which we expect is the start of a long-term relationship. We have come to know Oisin and the team well in recent weeks and their professionalism and understanding of Sub-Saharan Africa is a strong fit for our investment criteria and we are looking forward to working with them in fulfillment of their strategic objectives. We believe that the scale of OML 18 and the efficiencies that ELI's new infrastructure will bring represents a very exciting opportunity for us and all investors in San Leon.'
Click here for full announncement
Source: San Leon Energy
