Monday, May 17, 2021

Fanning’s San Leon gets $19m loan repayment from Nigerian oil well

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Irish oil and exploration company San Leon, founded by the former stockbroker Oisin Fanning, last week received a $19 million loan repayment as part of its stake in a Nigerian oil well that been troubled by technical glitches, Naija247news understands.

Oil and gas development and appraisal company San Leon Energy updated the market on its operations on Wednesday, related to its initial indirect 9.72% interest in the OML 18 project, onshore Nigeria.

The AIM-traded firm said current oil production at the project, including 50% of the Awoba field, was approximately 53,000 barrels of oil per day (bpd) before downtime and pipeline losses – down approximately 3,000 bopd since the operational update last April.

In 2017, OML 18 produced 40,360 bopd before pipeline losses, or 50,450 bopd before pipeline losses on a producing day basis.

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