San Leon Energy plc, the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update with regards to the receipt by Eroton of cash call arrears from the Nigerian National Petroleum Corporation (“NNPC”).
The Company announced on 7 September 2017 that NNPC had begun paying its 2015-2016 cash call arrears to Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18, onshore Nigeria, but that $93 million remained outstanding. The Company is pleased to announce that it has been informed by Eroton that all of the 2015 NNPC cash call arrears have now been paid to Eroton and only approximately $20 million of arrears remain for 2016. All cash calls have been received for 2017 and are up-to-date for 2018.
Oisin Fanning, CEO of San Leon, commented:
“I consider the payment of the substantial majority of NNPC cash call arrears to be a very positive step in supporting the OML 18 new well drilling activity which began last week and is targeting increased gross oil production.”
Source: San Leon Energy