Nigeria focused San Leon Energy swings to profit; to buy back shares

Africa-focused San Leon Energy swung to a first-half profit after it booked higher interest income from its loan notes. The company said it intended to ‘initially’ return no less than $10m to shareholders through a share buy-back programme, once it had completed a capital reorganisation in October or November. For the six months through June, pre-tax profit amounted to €3.7m, compared to a loss of €5.7m on-year.

Finance income of €16.2m was substantially interest income on $174.5m worth of loan notes. At the operating level, the company booked a €15.0m loss, widening from a €8.3m loss on-year, as it attempted to develop the OML 18 prospect in Nigeria.

‘With the Company on an increasingly sound financial footing, with substantial cash in hand, I am pleased to see the effects of Eroton’s well work coming through,’ chief executive Oisin Fanning said. ‘As that activity continues and is joined by new well drilling, I look forward to updating shareholders on OML 18’s performance.’

‘With the installation of LACT units, and the expected new OML 18 export system, Eroton expects a steady improvement in downtime and allocated losses, which would translate into increased sales volumes.’ At 8:42am: (LON:SLE) San Leon Energy PLC share price was +0.75p at 24.75p

Source: San Leon Energy

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