San Leon, an independent oil and gas exploration company focused on Nigeria, is investing $15m (€12.8m) through a loan to support a secure pipeline to extract oil from inland wells at its OML 18 site to the coast by-passing a harder swamp.

The company will invest in Energy Link Infrastructure (Malta) Limited (“ELI”), the company which owns the Alternative Crude Oil Evacuation System (ACOES) project being constructed to provide a dedicated oil export route.

The investment comprises a 10pc equity interest in ELI together with a US$15m shareholder loan at a coupon of 14pc per annum over 4 years

San Leon said it believes ACOES will have a significant effect on the operation of OML 18, by cutting downtime and losses associated with the existing export route.

LEAVE A REPLY

Please enter your comment!
Please enter your name here