San Leon Energy PLC Comment on operatorship of OML 18 (1299S)
07 Marzo 2023 - 9:03AM
UK Regulatory
TIDMSLE
RNS Number : 1299S
San Leon Energy PLC
07 March 2023
7 March 2023
San Leon Energy plc
("San Leon" or the "Company")
Comment on operatorship of OML 18
San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, notes the statement
published in Nigeria on 6 March 2023 about the operation of the Oil
Mining License (OML) 18 ("OML 18").
The Company has been made aware of a statement on the Nigerian
Petroleum Development Company Ltd ("NNPC") website that indicates
that the non-operating partners of OML 18, NNPC and OML 18 Energy
Limited have removed Eroton Exploration & Production Company
Limited ("Eroton") as operator of OML 18 on the basis of, amongst
other things, zero production from the field at present.
San Leon has contacted Eroton who has advised the Company that
this purported takeover of operatorship was done without any legal
or contractual basis and, furthermore, that Eroton considers that
the action is without any legal effect, through both a lack of due
process and a breach of the rule of law. Eroton is currently taking
advice on its legal rights to address the matter expeditiously and
considers that it remains the operator of OML 18.
Furthermore, as previously announced, the 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 production issues suffered by Eroton. This is an
industrywide problem due to widespread and well known crude oil
theft and sabotage of pipelines in the Niger Delta.
San Leon currently holds an initial 10.58% indirect economic
interest in OML 18 which is unaffected by the identity of the
operator. 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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END
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