San Leon Energy plc provided an update with regards to the OML 18 reserves-based lending (‘RBL’) facility held by Eroton Exploration and Production Company Limited (‘Eroton’), the operator of OML 18. The company first highlighted on 7 September 2017, and subsequently since, that depositing three future quarterly RBL repayments into a specified Debt Service Reserve Account (‘DSRA’) was one of the conditions needing to be satisfied before the RBL lenders would allow a distribution of dividends from Eroton to its shareholders (of which the Company is an indirect shareholder). The company has now been informed by Eroton that the RBL has been successfully refinanced.  With a final repayment of $398 million, the RBL has been repaid in full and replaced by a new reserves-based lending facility with Guarantee Trust Bank (the "GT Bank RBL") for the same principal amount, with the following notable advantages: The original RBL had a repayment date in mid-2021, while the GT Bank RBL has a late-2025 repayment date, consequently reducing quarterly repayments and freeing cashflow (in excess of $80 million per year until mid-2021) for further drilling and development. The DSRA requirement under the GT Bank RBL is reduced to two future quarterly repayments which combined with the lower quarterly repayment amounts means that only approximately $50 million is required in the DSRA compared with more than $100 million previously. The refinanced interest rate is marginally higher at approximately 11% (versus 10% previously).