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25 September 2018
San Leon Energy, the AIM listed company focused on oil and gas development and appraisal in Africa, today announces its unaudited interim results for the six months ended 30 June 2018, and provides an update on its indirect interest in OML 18, a world-class oil and gas block onshore Nigeria, and other assets.
To view the full press release, please click here.
Highlights
Corporate
Operational
An update on OML 18 activity during the first six months of 2018 is provided below.
Production has continued to be affected in the first half of 2018 by Nembe Creek Trunk Line (“NCTL”) pipeline downtime and allocated pipeline losses (although the installation of the LACT units is expected to reduce these). In addition, there has been a decline of more than 4,000 bopd in production from the Awoba field (of which the OML 18 partners have a 50% equity share) over the 12 months to 30 June 2018. Average production before pipeline losses for the first six months of 2018 was 38,578 bopd (after downtime), or 46,086 bopd on a producing days basis. Average sales oil for the period was 26,003 bopd (after pipeline losses).
Current trouble-free production (including 50% of Awoba, and before pipeline losses) is approximately 49,000 bopd, with an expectation that it will increase as well activity ramps up in the coming months.
Financial
Chief Executive Officer of San Leon, Oisin Fanning, commented:"With the Company on an increasingly sound financial footing, with substantial cash in hand, I am pleased to see the effects of Eroton’s well work coming through. As that activity continues and is joined by new well drilling, I look forward to updating shareholders on OML 18’s performance. With the installation of LACT units, and the expected new OML 18 export system, Eroton expects a steady improvement in downtime and allocated losses, which would translate into increased sales volumes. I look to the Company’s future with increased confidence.”
Market Abuse Regulation (MAR) DisclosureCertain 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 plcOisin Fanning, Chief Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)Nick Tulloch (+44 131 257 4634)David Porter (+44 207 894 8896)
Whitman Howard Limited (Financial adviser and joint broker to the Company)Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)Oliver Stansfield (+44 203 463 5000)Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)Chris McMahon (+44 207 830 9700)Kate Rogucheva (+44 207 830 9705)
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