Dublin-headquartered oil and gas explorer San Leon Energy swung into profit last year as oil prices increased and it significantly scaled up operations.
The group’s annual report for 2021 shows it achieved a profit of $40.7 million (€40.1 million) compared to a loss of $11.9 million the year before. San Leon currently has cash on hand of $200,000.
San Leon chief executive Oisin Fanning said it had been “the most significant year in the company’s development”.
“We embarked upon and announced today a transaction which we believe will create a significant West African oil and gas entity which is ideally placed to take advantage of the opportunities available to it and to deliver considerable future value to all our shareholders,” he said.
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Mutiu Sunmonu, the group’s chairman, said the recovery in oil price during the year has enabled the company to approach its portfolio with “increased confidence”. As a result, San Leon has proposed a major scaling-up of its interests.
“The midwestern transactions will be transformational for the company and are expected to be cash flow positive in the near term,” he added.
