In October 2023, San Leon Energy PLC, the oil and gas explorer focused on Nigeria, announced a “transformative” investment of up to $187 million (€172 million) from Tri Ri Asset Management Corp (TRAM). San Leon, led by former Irish telecoms businessman Oisin Fanning, said the plan was to use the proceeds of the TRAM investment to become the largest stakeholder in Energy Link Infrastructure (Malta) Limited (ELI), which was constructing a pipeline to one of San Leon’s key exploration interests in Nigeria. Fast forward to early 2024, and the company was looking to secure a backup investor due to delays…

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