Nigeria-focused San Leon Energy will stump up $15 million as a loan to secure the completion of the Alternative Crude Oil Evacuation System (ACOES), for exports from its OML 18.
San Leon Energy’s Nigerian production held steady in 2019 as downtime and pipeline losses reduced exports.
San Leon Energy has received $40 million under its loan notes agreement in Nigeria, while changing the terms of its lending.
San Leon Energy expects its new export route in Nigeria to be commissioned in May, following a week where force majeure was declared on its current shared pipeline.
Losses and downtime from Nigeria’s OML 18 have reached 32% of production, San Leon Energy has reported in its half-year results.
San Leon Energy is aiming to raise at least $200million through a share placing priced at a significant premium in order to fund the acquisition of an indirect interest in a producing oilfield in Nigeria.