San Leon’s curious German bond security

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San Leon’s curious German bond security
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Oil explorer made a beneficiary of €500m German government bond

San Leon will be allowed to utilise the bond for three years by applying it as security to obtain finance from a third party.

Under the terms of the deal, San Leon will be allowed to “utilise the bond for a period of three years by applying it as security to obtain finance from a third party, although the legal ownership of the bond will remain with the owners”. That would allow it to make a greater investment in a company called Energy Link Infrastructure , which is building an oil exporting pipeline and storage system for the OML 18 prospect, in which San Leon also has a stake.San Leon has previously attempted to raise money to no avail. Earlier this year it announced that the first tranche of an expected $187 million financing deal from New York-based Tri Ri Asset Management had simply not arrived.

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