Oisin Fanning CEO of San Leon Energy Plc (SLE.L) Interim Results Podcast
Sep 25, 2020, 10:28 AM
Highlights
Corporate
Corporate
· Completed the return of approximately US$35.3 million to shareholders during the first half of 2020 delivering on the Company's commitment to shareholder returns.
· Oisin Fanning, CEO, purchased 98 million shares in the Company, taking his interest to approximately 24%, on 7 May 2020.
· Adekolapo Ademola joined the Company as Non-Executive Director on 7 April 2020 as a designate of Midwestern Oil & Gas Company Ltd. Bill Higgs and Mark Phillips resigned as Non-Executive Directors in May and June 2020 respectively.
· The Company entered into an agreement dated 6 April 2020 amending the existing Loan Notes Instrument (the "Amendment") between San Leon and Midwestern Leon Petroleum Limited ("MLPL"). Under the terms of the Amendment, US$40.0 million was received immediately by San Leon, with the remaining balance payable being approximately US$82.2 million plus interest. A further US$10.0 million is expected to be settled on or before 6 October 2020, with the balance of the Loan Notes receivable to be paid in three quarterly instalments, commencing July 2021 and completing by December 2021.
Chief Executive Officer of San Leon, Oisín Fanning, commented:
Chief Executive Officer of San Leon, Oisín Fanning, commented:
"The Company's position and outlook remains strong.
"Whilst the world and the industry has been through turbulent times, we have taken advantage of the opportunities presented by this as well as utilising our cash position to further build our portfolio in Nigeria in line with our strategy. Our investment in ELI will support the reduction in pipeline losses and downtime at OML 18 whilst also providing loan note repayments as well as equity returns.
Our strong position is expected to continue in the year ahead as we receive further Loan Note payments and deliver upon our strategy."