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San Leon expects that the New Eroton Debt to $1.8bn, up by $892mn, in 2022. Egypt’s LNG Directors of the claimant.
Facility (details of which were announced on exports more than doubled, growing by 140% bna/IntelliNews, 27 March 2023
July 8, 2022) is unlikely to be completed whilst y/y to $8.4bn last year.
the legal action is ongoing but the Company bna/IntelliNews, 28 March 2023
understands that the documentation is in final PROJECTS & COMPANIES
form and, consequently, expects that completion
could follow relatively shortly thereafter. POLICY Capricorn Energy
The Proposed MLPL Reorganisation was pre-
viously expected to be concluded by March 31, Seplat Energy files lawsuit announces plans to
2023, but, in light of the above and the pending
conclusion of San Leon’s refinancing, San Leon against former chairman downsize global ambitions
now expects completion of the Proposed Trans-
actions to be in the second quarter of this year for false representation Capricorn Energy has announced plans to
and the long stop dates of the various underlying downsize global ambitions as it focuses oper-
agreements, currently set for March 31, 2023, Seplat Energy has filed a lawsuit against its ations on actively producing Egyptian fields.
will shortly be extended by mutual agreement. former chairman A.B.C. Orjiako for NGN5bn “The board concluded Capricorn’s near-term
Further announcements will be made by the ($10.86mn) in damages. strategic focus should be primarily on Egypt,
Company as appropriate. The lawsuit, filed at the Federal High Court and to farm down, monetise or exit exploration
In addition, pending the potential refinancing Abuja, accuses Orjiako and his own consultancy concessions outside Egypt,” the company said in
described above, the Company has not yet been firm Amaze Ltd of misrepresentation. a press release.
able to progress the Further ELI Investments. Seplat Energy is requesting compensation After a year of turmoil involving two failed
San Leon Energy, 24 March 2023 due to Orjiako’s alleged unauthorised use of takeover deals by Tullow Oil and NewMed
Seplat’s official letterhead. The usage was not Energy, Capricorn shareholders appointed a
Tlou Energy completes approved by the board and violates its existing new board last month which has come up with
consulting agreement and the Companies and a revamped business model, one that aims to
AUD200,000 placement Allied Matter Act (CAMA) 2020. maximise value from the company’s North Afri-
Seplat Energy has also requested the court to can asset base and cut costs by largely exiting the
Tlou Energy has raised AUD200,000 (about declare that Orjiako’s self-designation as “Pio- exploration game in the UK, Mauritania, Suri-
GBP110,000, about BWP1.74mn) pursuant to a neer Chairman” while signing off the letter was name and Mexico.
placing of 5,714,284 new ordinary shares of no an unfamiliar and deceitful title aimed at gaining The strategic shift espoused by the new board
par value at an issue price of AUD0.035 (about unjustifiable financial advantages. would translate into cost savings through a sub-
GBP0.02, about BWP0.30) per share. Additionally, the claimant has sought a per- stantially reduced headcount to less than 40
The funds have been raised from Austral- petual injunction order to prevent the defend- people in the UK, shedding over 120 staff in the
ian based sophisticated investors and will go ants from representing or committing Seplat process. The company, which was established as
towards development of Tlou’s Lesedi project in Energy without obtaining written approval from Cairn Energy in 1996, anticipates the majority
Botswana. the Board. of these changes will be made in the coming two
The issue price represents approx. a 5.4% The lawsuit also seeks an order to set aside months. Details of Capricorn’s strategic review
discount to the closing ASX share price on 24 all unilateral actions taken by the defendants will be unveiled on 27 April.
March 2023 of AUD0.037 and a 3.8% discount without the express approval of the Board of bna/IntelliNews, 27 March 2023
to the 15-day volume weighted average price for
Tlou’s shares traded on the ASX of AUD0.0363.
Tlou Energy, 27 March 2023

PERFORMANCE
Egypt’s fuel import

bill rose by 42% y/y

to $14.3bn in 2022

Egypt’s fuel import bill shot up last year, rising
by 42% y/y to $14.3bn in 2022 largely due to
growing domestic demand for both crude oil
for refining and for refined petroleum products,
Amwal El Ghad newspaper reported.
Crude oil imports hit $4.4bn in 2022, up
$692mn from the year before, while imports of
refined petroleum products surged, growing by
44% y/y to $7.7bn in 2022. Natural gas imports
– mostly for re-export as LNG – almost doubled

P16 www. NEWSBASE .com Week 13 30•March•2023