Page 18 - AfrOil Week 28 2022

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INVESTMENT of the AIM Rules for Companies. Accordingly, Neither Lukoil nor Bowleven exercised their
San Leon expects to publish an AIM Admission right of pre-emption over New Age’s interest.
PetroNor completes Document, containing an updated CPR on OML A number of conditions to Perenco’s acqui-
18, later today. The Admission Document will sition of New Age’s interest in the Etinde permit
purchase of Aje interests provide information on the Proposed Transac- remain outstanding, including customary regu-
tions and include notice of a General Meeting latory approvals by the Cameroon government,
from Panoro Energy to seek Shareholder approval for the Proposed competition approval and, exclusive exploitation
authorisation (EEA) Titulaire confirmation (by
Transactions and certain resolutions. The Gen-
Reference is made to previous stock exchange eral Meeting will be convened for August 5, way of a letter issued by the Minister). Bowleven
releases by PetroNor E&P regarding the acquisi- 2022, at 11:30 a.m. at the Herbert Park Hotel, will provide a further update in due course.
tion of Panoro Energy’s interest in Offshore Min- Ballsbridge, Dublin 4, Ireland. Eli Chahin, Chief Executive Officer of
ing Lease no. 113 (OML 113) offshore Nigeria. Highlights: Series of transformational con- Bowleven, said: “The change of JV partner at
PetroNor confirms that it has completed on ditional transactions entered into by San Leon Etinde is a key development in accelerating
the purchase of the Panoro fully owned sub- today to increase its exposure to OML 18 and the the path to FID with the Etinde JV to be spear-
sidiaries Pan-Petroleum Nigeria Holding BV related infrastructure. headed by a high-calibre international operator
and Pan-Petroleum Services Holdings BV that Completion of the Proposed Transactions with strong and longstanding roots within the
together hold 100% of the shares in Pan-Petro- will consolidate and simplify the group structure: Cameroon ecosystem. We believe that the pro-
leum Aje. Pan Aje participates in the exploration San Leon’s exposure to the world class OML ject will benefit from best-in-class technical
for and production of hydrocarbons in Nigeria 18 asset increases four-fold to a 44.1% initial capability and a partner that brings additional
and holds a 6.502% participating interest, with indirect economic interest; and the Proposed optionality in ensuring a positive outcome for
a 16.255% cost bearing interest, representing an Transactions will increase San Leon’s owner- all stakeholders.”
economic interest of 12.1913% in OML 113, con- ship of ELI to circa 50%. ELI is progressing the Bowleven Oil & Gas, July 8 2022
taining the Aje oil and gas field. ACOES pipeline project to provide a dedicated
The upfront consideration to Panoro for the oil export route for OML 18, with the potential
transaction is $ 10mn to be paid within fifteen for third party fees. PERFORMANCE
business days via the allotment and issue of CPR on OML 18 issued today with 2P
96,577,537 new PetroNor shares. The volume of reserves of 323mn boe net attributable to San San Leon Energy announces
PetroNor shares to be issued to Panoro has been Leon with an economic NPV10 value of $1.1bn
determined with reference to the contractually (recent consensus long-term oil price and final results for 2021
determined 30-day volume weighted average assuming completion of the Proposed Trans-
price (VWAP) of PetroNor’s shares currently actions); The Company has today entered into San Leon, the independent oil and gas produc-
listed on the Oslo Børs. a $50m loan facility with MM Capital to provide tion, development and exploration company
Following the issue of the Consideration funding to San Leon; and Further Loan Note focused on Nigeria, has announced its audited
Shares, the diluted shareholding of the existing Waiver granted to Midwestern to allow for the final results for the year ended December 31,
PetroNor shareholders will be 93.2%. completion of the Proposed Transactions. 2021.
The acquisition of Panoro’s interests in OML San Leon is proposing a capital restructuring Corporate: Negotiated and announced on
113 clears the path for establishment of Aje and issue of preference shares to San Leon Share- June 24, 2021, the proposed Midwestern Reor-
Production AS as a jointly owned venture with holders immediately prior to completion with ganisation, which is described in full in the Com-
Yinka Folawiyo Petroleum (YFP), the operator the preference shareholders having a preferential pany’s Admission Document, which is being
of OML 113. right to the first $40mn of future dividends paid published later today.
Petronor, Jully 13 2022 by San Leon. On June 24, 2021, announced the conditional
In addition, Eroton, the operator of OML 18, purchase from Walstrand (Malta) Ltd of 1.323%
San Leon Energy announces is seeking to undertake a series of transactions to of ELI shares for $2mn, together with an option
increase its interests in OML 18 and increase its to purchase a further 4.302% in ELI for an addi-
proposed reorganisation funding facilities. Completion of these transac- tional $6.5mn.
tions (which are yet to be entered into) will be a
On July 7, 2021, announced conditional pay-
of Midwestern and further condition of the Proposed Transactions. ment waivers (subsequently extended) regarding
the approximately $99.3mn (par value) of pay-
San Leon Energy, July 8 2022
investments in ELI ments due from Midwestern Leon Petroleum
Ltd (MLPL) to San Leon during the second half
San Leon, the independent oil and gas produc- Bowleven to change of 2021, since the repayable amounts form part
tion, development and exploration company partner, operator at Etinde of the proposed Midwestern Reorganisation.
focused on Nigeria, has entered into a series of Payment waivers remain in place at the date of
agreements with Midwestern Oil & Gas Co. to Bowleven, the Africa-focused oil and gas Explo- this announcement pending completion of the
consolidate Midwestern’s holdings in San Leon, ration and Production Company with key inter- transactions.
Midwestern Leon Petroleum Ltd (MLPL) and ests in Cameroon, has announced the expiry of In January 2022, the Company announced
Energy Link Infrastructure (Malta) Ltd (ELI) the 30 day right of pre-emption period pertain- that some of its subsidiaries had successfully
into a single holding in San Leon. In addition, ing to New Age (African Global Energy)’s defin- concluded their ongoing legal proceedings with
San Leon announces further conditional invest- itive conditional agreement with a subsidiary of TAQA Offshore BV in relation to San Leon’s
ments in ELI. Perenco, to transfer all of New Age’s participating legacy interests in two royalties on Block Q13A,
Together the Proposed Transactions con- interests in the Etinde permit and operatorship which is located offshore the Netherlands (the
stitute a reverse takeover pursuant to rule 14 of the Etinde JV to Perenco. Amstel oilfield).

P18 www. NEWSBASE .com Week 28 13•July•2022