San Leon Energy plc has conditionally raised approximately $221.4 million through an issue of 378,400,000 new ordinary shares, the net proceeds of which will be used by the company to secure an initial 9.72 percent interest in the Nigeria onshore OML 18 license.
“This is a transformational transaction representing the progress that we have made in delivering against our strategy of securing production and near-term operational cash flow,” said Oisin Fanning, executive chairman of San Leon.
“We are extremely grateful to our shareholders for their continued patience and support. This has been a long transaction, reflecting its scale and ambition,” she added.
OML 18’s estimated gross 2P reserves are approximately 576 million barrels of oil and approximately 4.2 trillion cubic feet of gas and its gross 2C contingent resources are approximately 203 million barrels of oil and approximately 1.6 trillion cubic feet of gas.
San Leon’s placing is conditional on the passing of various resolutions, which are being put to shareholders at an extraordinary general meeting.
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