San Leon Advances Equity Funding Campaign to Support OML 18 Stake Purchase
Responding to press speculation, San Leon Energy confirmed Thursday that it has advanced a funding campaign to purchase an indirect interest in OML 18, a Nigerian oil and gas producing field.
San Leon received equity placing orders in excess of $200 million at 58 cents (GBP 0.45) per share to complete the acquisition of an indirect interest in the onshore oilfield. Located in the Southern Nigerian Delta, the company expects the asset, which was formerly operated by Royal Dutch Shell plc, to generate significant cash flows.
In addition to the funding news, San Leon confirmed that Mutiu Sunmonu, former managing director of the Shell Petroleum Development Company of Nigeria Limited, is expected to be appointed as the non-executive chairman of San Leon with Oisin Fanning assuming the role of CEO.
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