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

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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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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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