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SLE San Leon Energy Plc

0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
San Leon Energy Plc LSE:SLE London Ordinary Share IE00BWVFTP56 ORD EUR0.01 (CDI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 16.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs USD 5.75M USD 40.72M USD 0.0905 1.82 74.24M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 16.50 GBX

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Date Time Title Posts
18/7/202419:31San Leon Energy52,443
31/7/202223:27San Leon - all hype & no delivery?134
08/4/202119:51San Leon Energy - The New Positive Thread36,604
23/2/202121:57San Leon Shorters1,145
03/7/202012:12san leon energy52

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Posted at 24/7/2024 09:20 by San Leon Energy Daily Update
San Leon Energy Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker SLE. The last closing price for San Leon Energy was 16.50p.
San Leon Energy currently has 449,913,026 shares in issue. The market capitalisation of San Leon Energy is £74,235,649.
San Leon Energy has a price to earnings ratio (PE ratio) of 1.82.
This morning SLE shares opened at -
Posted at 01/7/2024 14:02 by wsm812
Investors Chronicle - 30 mins ago:

Shares in Nigeria-focused exploration and production company San Leon Energy (SLE) have been delisted from trading on Aim after being suspended for more than six months, pending the publication of the 2022 annual accounts, 2023 interim accounts and an Aim admission document in relation to a further investment in Energy Link Infrastructure (ELI), a midstream infrastructure group. However, all is not lost.

That’s because the board expects to finally complete a refinancing later this month, which will not only enable San Leon to settle all outstanding trade creditors ($25mn of liabilities) and take majority control of ELI, but be in a position to publish its accounts within two months of receipt of the funds.

Furthermore, it is the board’s firm intention to undertake a listing, either in the UK or on an international stock exchange, in the second half of 2024 to restore liquidity for its shareholders. At that point, the directors expect San Leon will be fully funded as well as being ELI’s majority shareholder. ELI is the operator of the new subsea 100,000 barrels of oil per day (bopd) alternative crude oil evacuation system (ACOES) export pipeline within the Niger Delta OML18 acreage and a 2mn barrels of oil capacity offshore floating storage and offloading (FSO) vessel. Once commissioned, the ACOES is expected to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line to below 10 per cent.

Refinancing arrangements
Last month, San Leon became a beneficiary of a €500mn (£424mn) German government bond which it plans to use as security to obtain finance from a third party (although the legal ownership of the bond will remain with the owners). The company is in negotiations with a “well-known international finance institution” in respect of a third-party finance arrangement.

San Leon is also in advanced discussions with Midwestern Oil & Gas Company (Midwestern) in relation to a reorganisation of the two companies' holdings in Midwestern Leon Petroleum Limited (MLPL). San Leon owns 40 per cent of MLPL's issued shares, with Midwestern owning the remaining 60 per cent. Since 9 October 2023, San Leon and Midwestern have sought to align their interests, noting the $140mn of outstanding loan notes due from MLPL to San Leon (which are guaranteed by Midwestern).

The revised agreement between the parties will involve San Leon swapping a portion of the loan notes for a cash payment of $15mn, alongside a further $5mn bridging loan if required. The second stage of the transaction involves Midwestern transferring certain of its interests in Eli to San Leon. The documentation in respect of the proposed transactions with Midwestern is at an advanced stage.

Timeline for new listing
Clearly, the cancellation of the Aim listing is not ideal, but as chief executive Oisin Fanning notes "it makes no difference to the activities we are undertaking to complete our refinancing – and, in many respects, may simplify some of the processes.” He has a point as there is little change to the work stream as San Leon still needs to publish an admission document and release its delayed accounts before trading in the shares can be restored.

Moreover, the completion of the refinancing and resolution of the outstanding loan note debtors will bring much-needed clarity to investors, who will then be able to focus on a profitable and cash-generative project from which San Leon expects substantial upside through its majority ownership following completion of the proposed further investments in ELI. In the meantime, the directors plan to keep shareholders fully informed of all developments during the period the shares are not listed.

So, although shareholders in San Leon have had a roller coaster ride since I selected the shares, at 27.5p, in my 2021 Bargain Share Portfolio, hitting a high of 57p in the summer of 2022 before sliding below my entry point shortly before they were suspended, there is light at the end of the tunnel. I expect a profitable outcome on the holding in due course. Hold.
Posted at 05/6/2024 15:05 by 1kempton
Half a billion dollars say's it's a "world class asset" and the investment to be made also says shareholders gunna do very well as sle get majority holding of Eli which every barrel of oil delivered sle get cash on every barrel, a number of oil companies already signed up and pipeline can carry 250kbpd.....bring it on.
Posted at 05/6/2024 07:50 by plasybryn
Amazing. Gob smack. Well done SLE
Posted at 22/5/2024 10:27 by yohoho
According to the announcements SLE group cannot pay its creditors
Posted at 22/5/2024 09:28 by infra15
Thanks everyone, fingers crossed it goes well today for all those that have a vested interested in SLE. I nearly got caught out as a contractor on this for ELI, but thankfully didn't proceed forward back in 2020, otherwise it could have been a different outcome for the business. Really feel for those creditors who have been caught up in this and hope they get a resolution soon. A lot of money was spent on this project to date via signed contracts with suppliers. Hopefully the court realises the bigger picture, I do believe ACOES will work as everything else in this waterway is compounded by so many different issues for crude transportation. We know of parties who have been caught up in it and they are not big companies, but deserve a resolution and equally deserve to finish the project, but I am sure their compensation packages once funding has been finalised will make up for the pain and suffering they have been caused. Have to assume other parts of the SLE business are financing this legal action.
Posted at 22/5/2024 08:28 by yohoho
This is going nowhere except down the plug hole. Where is SLE getting the money to fight this petition with creditors nipping at their heels?
Posted at 21/5/2024 15:37 by infra15
New on here, but have been following the SLE/ELI/ACOES project with interest for the last 5 years. I see the Winding Up Petition is tomorrow in London, is the Pipeline Contractor also taking them to court. What is the real news with TRAM, were the funds sent, seized or just backed out at the last minute.
Posted at 17/5/2024 17:10 by white swan
Correction - DLR should be read as SLE.
Posted at 20/7/2022 14:17 by philby1
Malcy says:

Confirmation of the ELI loan documents having been signed is further good news for San Leon as the loan brings a sensible coupon as well as an investment in ELI. Final approvals just waited on now and in due course the SLE share price will rise significantly.
Posted at 23/7/2021 00:49 by hpcg
alaric - in a merger neither side gains value, at least until synergies and cost cutting kick in. By definition when two or more parties pool they have agreed what they consider to be a fair share, so the total EV should go up, but our proportional ownership decline. If Midwestern is under some element of financial duress SLE can negotiate harder. Ultimately the market will judge whether the combination is worth more on the SLE share price.
San Leon Energy share price data is direct from the London Stock Exchange

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