StockMarketWire.com - Oil and gas producer San Leon Energy said it would invest $15m in Energy Link Infrastructure, the owner of the Alternative Crude Oil Evacuation System project in Nigeria.
The project was being constructed to provide a dedicated oil export route from the OML 18 asset, comprising a new pipeline from OML 18 and a floating storage and offloading vessel.
The investment comprised a 10% equity interest in Energy Link Infrastructure together with a $15m shareholder loan at a coupon of 14% per annum over four years.
Funds would be provided in two tranches with the first $10m being made by San Leon this week.
The second tranche of $5m was expected to be made in the fourth quarter of 2020 following receipt from Midwestern Leon Petroleum of the next repayment of loan notes due at that time.
At 8:53am: [LON:SLE] San Leon Energy PLC share price was +0.75p at 23.35p
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.