Thursday 19 October 2017

Boss Fanning's pay is five times San Leon's revenue

San Leon Energy chief Oisin Fanning
San Leon Energy chief Oisin Fanning
Gavin McLoughlin

Gavin McLoughlin

San Leon energy boss Oisin Fanning's pay package was valued at five times the company's turnover last year, according to its newly released-annual report. The report also shows that San Leon's auditors have cast doubt on the oil and gas explorer's future.

Fanning's remuneration package for last year was valued at €1.7m, including salary, bonus and share awards, with the company posting revenue of €342,000.

Last year, his package outstripped that of Dalata chief Pat McCann and would have put him among the top 10 earners if the company were part of the ISEQ20.

The company's 2016 accounts were published later than stock market rules in London allowed, resulting in a suspension of trading.

In this year's annual report, auditors KPMG stated that San Leon's directors had acknowledged the company would need further funding in the next 12 months.

It is awaiting payments from its stake in a Nigerian oil field - a deal made last year, which was described by the company as transformational. The project operator has run into difficulties making the payments.

KPMG said there were "material uncertainties, which may cast doubt" over San Leon's ability to continue as a going concern.

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