San Leon Energy PLC Comment on press speculation (1169R)
February 27 2023 - 1:33AM
UK Regulatory
TIDMSLE
RNS Number : 1169R
San Leon Energy PLC
27 February 2023
27 February 2023
San Leon Energy plc
("San Leon" or the "Company")
Comment on press speculation
San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, notes the recent
speculation in the Nigerian press about the operation of the Oil
Mining License (OML) 18 ("OML 18").
The Company has been made aware of an article published in
Nigeria on 25 February 2023 that alleges that the Nigerian National
Petroleum Company Limited has taken over the operatorship of the
OML 18. The article also alleges various improper actions by Eroton
Exploration & Production Company Limited ("Eroton"), the
operator of OML 18.
In response to these allegations, Eroton published a press
release on 25 February 2023 confirming:
1. Eroton considers the Nigerian reports to be malicious and false.
2. Eroton remains the operator of OML 18. Specifically the
operatorship of OML 18 is a contractual agreement and is governed
by the Joint Operating Agreement, any change to which can only be
made through a clearly defined process which has not been followed.
Therefore, any purported change by any other party is without any
effect whatsoever. This is despite the attempts of forced
displacement of some Eroton staff from its Alakiri Gas Plant on 24
February 2023 by armed and unknown men who claimed to be
representatives of one the other JV partners, OML 18 Energy
Resource Limited, ("Sahara"). These purported actions were outside
of the due process of law and in breach of the terms and conditions
as stipulated in the Joint Operating Agreement.
3. Any lack of production from OML 18 alluded to in the press
has been primarily due to the unavailability of Nembe Creek Trunk
Line in the last two years and not to any production issues
suffered by Eroton. It also notes that this is an industrywide
problem due to widespread and well known crude oil theft and
sabotage of pipelines in the Niger Delta.
4. Eroton categorically denies any fraudulent acts as stated in
the press and confirms that it is committed to transparency,
integrity and that it continues to operate in compliance with all
applicable laws and regulations.
San Leon currently holds an initial 10.58% indirect economic
interest in OML 18. Further announcements will be made as and when
appropriate.
Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive
Julian Tedder, Chief Financial Officer
Allenby Capital Limited
(Nominated adviser and joint broker to San Leon) +44 20 3328 5656
Nick Naylor
Alex Brearley
Vivek Bhardwaj
Panmure Gordon & Co
(Joint broker to San Leon) +44 20 7886 2500
James Sinclair-Ford
John Prior
Tavistock
(Financial Public Relations) +44 20 7920 3150
Nick Elwes
Simon Hudson
Plunkett Public Relations +353 1 230 3781
Sharon Plunkett
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