Oisin Fanning, chief executive of San Leon Energy. The company has received a $187 million ) investment by Tri Ri Asset Management that will back the exploration company’s investments in its operations in Nigeria. Photograph: Ger Foy/Collins
The investment includes a convertible secured loan of $125 million, a $16 million subscription by TRAM for new ordinary shares in the exploration company, and a potential further investment of $46 million from the grant of 62,500,000 warrants by San Leon to Tram. “It is no secret that the past few months have been difficult for San Leon, as they have been for many businesses, but it is testament to the determination and commitment of our team that we have secured one of the largest fundraisings by an AIM oil and gas company in recent years,” said Mr Fanning.Budget day arrives, private health insurance numbers rise and navigating #MoneyTok
“Importantly our partnership with TRAM enables us to fulfil our long-held strategy of becoming the majority shareholder in ELI.”ELI is heavily indebted and needs a capital injection to meet obligations to its main contractor for the pipeline construction. The $37 million loan is viewed as essential to ELI securing customers for its pipeline, which in turn would have been detrimental to the value of San Leon’s investment in the company.
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