San Leon Energy Share Discussion Threads

[linksdean2] 09/2/2017 15:25

nice to know!!

The funding and acquisition mechanism provides the Company with protect via the existing hedging arrangements, which are currently at a strike of ~$95/bbl less costs of ~$3/bbl, with ~6mm bbl existing under contract.

Following the acquisition of TSX-V listed Mart Resources by Bidco, a joint vehicle between San Leon and Midwestern, and the contemporaneous restructuring (collectively the “Acquisition�), San Leon has acquired a 5.40% shareholder interest in OML 18, which contains 2P Reserves of 485mm bbl of liquids and 4.7tcf of gas. The Acquisition mechanism, however, provides SLE with an effective interest on 9.72% once the impact of the financing structure is overlaid;

hxxp://www.uploadlibrary.com/SPAngel_ZacPhillips/Research/SLE/SLELN201609BUY.pdf

The guarantee is governed by the laws of England and Wales.
By a deed of confirmation dated 30 June 2016, Midwestern and Mart confirmed that the
guarantee dated 22 March 2016 remains in full force and effect and that the obligations it
secures include all obligations and liabilities of BidCo to the holders of Loan Notes

The corporate guarantee with Midwestern envisages and
provides protection for this and ensures repayment of the loan note within
four years. San Leon management are highly confident that sufficient
safeguards are in place, including cash flows from the 25mbopd Umusadege
field and pipeline tariff, and if necessary payment in equity.
Midwestern was awarded a 70 per cent. interest in the Umusadege Marginal Field,
Through additional drilling, the flow rates have
increased to approximately 20,000 bopd, with 2P reserves increasing from 5 MMbbl to 36 MMbbl

[triple seven] 09/2/2017 15:12

Tosca over 56 % now.

[triple seven] 09/2/2017 15:06

Topping up again from Tossca RNSNice amount aswell