Update on New ACOES, OML 18

RNS Number : 3552B

San Leon Energy PLC

30 January 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

30 January 2020

San Leon Energy Plc

("San Leon", "SLE" or the "Company")

Update on New Alternative Crude Evacuation and Storage System, OML 18

The Company is pleased to provide an update on the new alternative crude oil evacuation and storage system ("ACOES") on OML 18, onshore Nigeria. As described in the half-year report released on 30 September 2019, ACOES is being constructed for the purpose of transporting, storing and evacuating crude oil from the OML 18 export pipeline ("Pipeline") running from within the OML 18 acreage and down to the open sea to a dedicated Floating Storage and Offloading ("FSO") vessel named ELI Akaso.

The ELI Akaso is expected to arrive shortly into Bonny port. Energy Link Infrastructure (Malta) Limited ("ELI", the third-party provider of ACOES) has informed Eroton, the operator of OML 18, that the following activity is expected.

- All government and regulatory approvals for project construction have been received;

- February 2020: site mobilisation;

- March 2020: installation and completion of the Cawthorne 2 & 3 pig launcher and receiver platforms; and

- May 2020: completion of pipe laying, and commissioning of ACOES.

Oisin Fanning, Chief Executive Officer, commented:

"The operation of ACOES is expected to be a major catalyst for the success of OML 18. We have long described the challenges to pipeline losses and downtime on the existing NCTL pipeline and ACOES is expected to reduce both significantly."

Enquiries:

San Leon Energy plc	+ 353 1291 6292
Oisin Fanning, Chief Executive
Cantor Fitzgerald Europe (Nominated adviser and joint broker to the Company)	[phone]
David Porter Rick Thompson
Whitman Howard Limited (Joint broker to the Company)	[phone]
Nick Lovering
Brandon Hill Capital Limited (Joint broker to the Company)	[phone]
Oliver Stansfield Jonathan Evans
Tavistock (Financial Public Relations)	[phone]
Nick Elwes Simon Hudson Barnaby Hayward
Plunkett Public Relations	[phone]
Sharon Plunkett

 

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