San Leon Receives Funding, Names Non-Exec Chair

Ireland-headquartered San Leon has received equity placing orders in excess of $200mn at 45 pence/share to complete the acquisition of an indirect interest in OML 18, a Nigerian field producing oil and gas, it said August 11. San Leon expects full details of the transaction together with publication of an Alternative Investment Market admission document to be published shortly. Existing shareholder Toscafund came through with loan notes earlier this summer.

On July 1 San Leon said the previously announced OML 18 production arrangement would represent a reverse takeover under London stock market rules, and so trading in the company's ordinary shares would remain suspended until publication either of an admission document by the company or an announcement that the proposed acquisition is not proceeding. 

San Leon also confirmed that former CEO of Shell Petroleum Development Company of Nigeria, Mutiu Sunmonu, is expected to be appointed as non-executive chairman of San Leon with Oisin Fanning, the executive chairman, assuming the role of CEO. Since January, Fanning has been taking only a fifth of his salary, the balance accruing in shares.

San Leon's current executive chairman Oisin Fanning (Credit: San Leon)

The company reported a total comprehensive loss for the year of €213.6mn, compared with a loss of €34.4mn in 2014. Its total assets decreased to €132mn as of December 31, down from €281mn at end-2014.

William Powell