Receipt by Eroton - Further NNPC Cash Call Arrears

RNS Number : 2006L

San Leon Energy PLC

21 December 2018

 

21 December 2018

San Leon Energy plc

("San Leon" or the "Company")

Receipt by Eroton of further NNPC Cash Call Arrears

San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the receipt by Eroton of cash call arrears from the Nigerian National Petroleum Corporation ("NNPC").

The Company announced on 7 September 2017 that NNPC had begun paying its 2015-2016 cash call arrears to Eroton Exploration and Production Company Limited ("Eroton"), the operator of OML 18, onshore Nigeria, but that $93 million remained outstanding.  The Company is pleased to announce that it has been informed by Eroton that all of the 2015 NNPC cash call arrears have now been paid to Eroton and only approximately $20 million of arrears remain for 2016.  All cash calls have been received for 2017 and are up-to-date for 2018.

Oisin Fanning, CEO of San Leon, commented:

"I consider the payment of the substantial majority of NNPC cash call arrears to be a very positive step in supporting the OML 18 new well drilling activity which began last week and is targeting increased gross oil production."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

Enquiries:

San Leon Energy plc

Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)

Nick Tulloch ([phone])

David Porter ([phone])

Whitman Howard Limited (Financial adviser and joint broker to the Company)

Nick Lovering ([phone])

Brandon Hill Capital Limited (Joint broker to the Company)

Oliver Stansfield ([phone])

Jonathan Evans ([phone])

Vigo Communications (Financial Public Relations)

Chris McMahon ([phone])

Simon Woods ([phone])

Plunkett Public Relations

Sharon Plunkett ([phone]) 

 

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