REG - San Leon Energy PLC - Update on Oza Field, Nigeria

San Leon EnergyAnnouncement

28/03/2024 07:00

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RNS Number : 6084I  San Leon Energy PLC  28 March 2024

28 March 2024

San Leon Energy plc

("San Leon")

 

Update on Oza field, Nigeria

 

San Leon, the independent oil and gas production, development and exploration
company focused on Nigeria, notes the announcement made on 27 March 2024 by
Decklar Resources Inc. ("Decklar") in Canada.  San Leon has a 11%
shareholding in Decklar Petroleum Limited ("DPL"), the local subsidiary of
Decklar operating in Nigeria, and has also made a US$5.5 million loan to DPL,
via 10% per annum unsecured subordinated loan notes.

 

As most recently stated in its announcement on 30 November 2023, San Leon
continues to explore a potential sale of its non-core investments in DPL,
although any completion remains subject to the proposed purchaser finalising
its own funding arrangements. A further announcement will be made in relation
to this at the appropriate time.

 

Part of the text of Decklar's announcement is set out below:

 

"- Decklar Resources Inc. and its co-venturer Millenium Oil & Gas Company
Limited announce continued crude oil injection volumes from the Oza Oil Field
through the Trans Niger Pipeline to the Bonny Export Terminal.

- Decklar and Millenium sell additional crude oil production from the Oza Oil
Field to a local refinery in Edo State.

 

Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE:
A1U1) (the "Company" or "Decklar") and its co-venturer Millenium Oil &
Gas Company Limited ("Millenium") are pleased to announce ongoing crude oil
injection volumes into the Trans Niger Pipeline ("TNP") for transport to and
export from the Bonny Export Terminal from the Oza Oil Field and continued
sales to a local refinery in Edo State.

 

Delivery of Crude Oil from the Oza Oil Field

 

Decklar and Millenium have injected over 18,400 barrels of crude oil ("bbls")
into the TNP for transport to the Bonny Export Terminal thus far in 2024.
Decklar and Millenium have injected a total of 34,600 barrels of crude oil
into the Bonny Export Terminal from commencement of TNP pipeline operation in
late 2023. Crude oil production from the Oza Oil Field through the TNP to the
Bonny Export Terminal is being sold to Shell Western Supply and Trading
Limited ("Shell"). Crude oil held in storage at the Oza Oil Field and crude
oil being produced into storage tanks from the Oza-1 and Oza-4 wells is being
transported by truck a short distance in-field to the transfer pumping station
at the Oza Oil Field for injection into the TNP. The first crude oil export
cargo of 15,000 bbls to Shell was loaded on board a vessel with a bill of
lading date of February 7, 2024, with sales proceeds expected in the last week
of March. Decklar and Millenium are expecting another crude oil export
nomination notice from Shell before the end of March 2024 for the export of
another 15,000 barrels of crude oil currently held in the Bonny Export
Terminal tanks.

 

In addition, total deliveries to date in 2024 to the Edo refinery totalled
over 15,000 bbls."

 

Enquiries:

 

 San Leon Energy plc                                +353 1291 6292
 Oisin Fanning, Chief Executive

 Julian Tedder, Chief Financial Officer
 Allenby Capital Limited                            +44 20 3328 5656

 (Nominated adviser and joint broker to San Leon)
 Nick Naylor

 Alex Brearley

 Vivek Bhardwaj
 Panmure Gordon & Co                                +44 20 7886 2500

 (Joint broker to San Leon)
 James Sinclair-Ford
 Fortified Securities                               +44 7493989014

 (Joint broker to San Leon)
 Guy Wheatley
 Tavistock                                          +44 20 7920 3150

 (Financial Public Relations)
 Nick Elwes

 Simon Hudson
 Plunkett Public Relations                          +353 1 230 3781
 Sharon Plunkett

 

 

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