WTI (Aug) $102.73 +$4.2, Brent (Sept) $104.65 +$3.96, Diff -$1.92 -24c.

USNG $6.16 +56c, UKNG (Aug) 299.8p -0.25p, TTF €180.585 +€2.185

Oil price

A decent rally yesterday from oil where I remain convinced that the underlying feel is tight. One or two pieces of news from out east helped the bounce, the pipeline from Kazakhstan is apparently shutting temporarily but rumours abound, also the Sakhalin 1 operation is being starved of cash by the international majors who used to own it.

The EIA inventory stats were again mixed, the big rise in crude remains a red herring due to sales from the SPR, as has been the case recently products were tight. This was shown by the draw in gasoline stocks of 2.496 bbls and in distillates of 1.266 b’s. Product supplied was 20.5m b/d and gasoline demand was 9.4m b/d, some recession…. Non Farm Payroll today.

San Leon Energy

San Leon has announced that it has entered into a series of agreements with Midwestern Oil & Gas Company Limited to consolidate Midwestern’s holdings in San Leon, Midwestern Leon Petroleum Limited and Energy Link Infrastructure (Malta) Limited (“ELI”) into a single holding in San Leon (together the “Proposed Midwestern Reorganisation”). In addition, San Leon announces further conditional investments in ELI (together the “Further ELI Investments”). Taken together the Proposed Midwestern Reorganisation and Further ELI Investments are collectively referred to as the “Proposed Transactions”.

Together the Proposed Transactions constitute a reverse takeover pursuant to rule 14 of the AIM Rules for Companies. Accordingly, San Leon expects to publish an AIM Admission Document, containing an updated CPR on OML 18, later today.  The Admission Document will provide information on the Proposed Transactions and include notice of a General Meeting to seek Shareholder approval for the Proposed Transactions and certain resolutions.  The General Meeting will be convened for 5 August 2022 at 11.30am at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland.

Extracts from the Admission Document and the definitions used in the Admission Document are set out in the Schedules and appendix to this Announcement.

Highlights

Series of transformational conditional transactions entered into by San Leon today to increase its exposure to OML 18 and the related infrastructure. 

·    Completion of the Proposed Transactions will consolidate and simplify the group structure: 

o  San Leon’s exposure to the world class OML 18 asset increases fourfold to a 44.1% initial indirect economic interest; and

o  the Proposed Transactions will increase San Leon’s ownership of ELI to c.50%.  ELI is progressing the ACOES pipeline project to provide a dedicated oil export route for OML 18, with the potential for third party fees.

·    CPR on OML 18 issued today with 2P reserves of 323 mmboe net attributable to San Leon with an economic NPV10 value of US$1.1 billion (recent consensus long-term oil price and assuming completion of the Proposed Transactions);

·    The Company has today entered into a US$50m loan facility with MM Capital to provide funding to San Leon; and

·    Further Loan Note Waiver granted to Midwestern to allow for the completion of the Proposed Transactions.

San Leon is proposing a capital restructuring and issue of preference shares to San Leon Shareholders immediately prior to completion with the preference shareholders having a preferential right to the first US$40m of future dividends paid by San Leon.

In addition Eroton, the operator of OML 18, is seeking to undertake a series of transactions to increase its interests in OML 18 and increase its funding facilities.  Completion of these transactions (which are yet to be entered into) will be a condition of the Proposed Transactions.

Oisin Fanning, CEO of San Leon, commented:

“We are delighted to have entered into these agreements to effect the Proposed Transactions.  We believe that this series of transactions, when completed, will be truly transformational for the Company and will deliver value to our shareholders. The transactions will not only increase our initial indirect economic interest in OML 18, a world class asset with unrealised potential, but also our interest in ELI and the new ACOES pipeline which we have long considered to be critical to the future success of OML 18 through the expected reduction of pipeline losses and increase in the uptime for export that it is expected to provide.

“Going forward these transactions will pave the way for the Company to deliver its strategy of becoming a significant participant in the Nigerian oil and gas market, positioning San Leon to take advantage of further transactional opportunities to enhance and grow our business.”

After a long wait this truly is a transformational move for SLE and will indeed ‘consolidate and simplify the Group’ who will now be exposed to a 44.1% initial indirect economic interest and will own 50% of ELI.The CPR gives them 2P 323m barrels, an NPV of $1.1bn.

As CEO Oisin Fanning said to me this morning, ‘now the real work begins’ on SLE which has massively increased its assets and with current economics, in my view quadrupled the value of the company. I would suggest that this serious rerating will put the new combined group up there with the best in the industry.

On an operating basis the company are going to physically gain much more crude oil in two ways, the pipeline is very important and scheduled to be ready maybe by the year end thus almost totally minimising the ‘leakages’ which presently add up to some 40%. In the meantime the company has started barging operations which will also significantly remove the leakage.

Perhaps more importantly for shareholders, who have been waiting patiently during the long suspension, they are going to get a right to the substantial cash flows inherent in this deal via an issue of Preference shares. As I see it this ensures that it does as it says on the tin by giving these shareholders a preferential right to the first $40m of any future dividends paid by San Leon. 

Inevitably there will still be a  number of questions that need to be answered such as when the shares will return from suspension, I would expect pretty soon, when Government approval will come through, hopefully by September/October. 

I have been a strong supporter of San Leon in recent years as I believe that when they stated that they would return 50% of free cash to shareholders that amount of money could mean that the company will yield over 20% on an ongoing basis. There are still things to clear up such as free float and timings of some parts of the deal but as the shares return and the markets gets it the share price should rise significantly.

In the above I have put the company’s highlights and the comments from me and the CEO, below I publish the extended comments from the RNS this morning. 

 

Overview of the Proposed Transactions (including the transactions Eroton is seeking to undertake)

Midwestern Reorganisation

On completion of the Proposed Midwestern Reorganisation (which is expected to occur in Q4 2022 following the Eroton OML 18 Transactions) San Leon will own a 44.1% initial indirect economic interest in OML 18 with the remaining 55% interest being held by NNPC (the Nigerian State-owned oil company) and 0.9% by Bilton. The Further ELI Investments will result in San Leon owning on completion a c.50% interest in ELI (which is the owner of the ACOES which will be utilised by OML18) and San Leon becoming a significant holder of loan receivables from ELI.

The Proposed Midwestern Reorganisation is conditional, inter alia, on the completion of the Eroton OML 18 Transactions and regulatory approvals and includes the MLPL Reorganisation, the ELI Reorganisation and the entry into certain associated documentation (summaries of which are set out below).  Further details of these transactions and agreements are summarised in Schedule 1 and Schedule 2 to this Announcement.

The Eroton OML 18 Transactions

Eroton, the operator of the OML 18 licence, currently holds a 27% effective economic interest in the OML 18 licence. Eroton has negotiated an agreement with Sahara pursuant to which, when executed, it will conditionally agree to acquire additional interests in OML 18 through the Sahara OML 18 Transaction and the Bilton OML 18 Transaction which has been entered into today.  These Eroton OML 18 Transactions will result in the acquisition of Sahara’s and Bilton’s effective economic interests in OML 18 of 16.2% and 1.8% respectively. The MLPL Reorganisation and the ELI Reorganisation are conditional, inter alia, upon completion of the Eroton OML 18 Transactions.

In order to fund the Sahara OML 18 Transaction and Bilton OML 18 Transaction, Eroton proposes to enter into the New Eroton Debt Facilities which represent senior secured reserve-based lending facilities totaling US$750 million to be provided to Eroton by a lending consortium led by Afreximbank for the purposes of, inter alia: (i) facilitating the Eroton OML 18 Transactions; and (ii) the repayment of Eroton’s existing financing. A credit committee approved term sheet associated with the New Eroton Debt Facilities has been received from the lead lender, Afreximbank, and further information is set out in the Schedule to this Announcement. The New Eroton Debt Facilities are conditional, amongst other things, upon definitive documentation in respect of the facility and associated security package being entered into. Subject to completion of the New Eroton Debt Facilities, the New Eroton Debt Facilities will replace the Existing Eroton Debt Facility, which will be repaid in full and GTB’s security in connection with the Existing Eroton Debt Facility will be discharged.

The MLPL Reorganisation

By virtue of the MLPL Reorganisation, Midwestern will subscribe for shares in San Leon and San Leon will acquire from Midwestern the remaining 60% equity interest in MLPL that it does not currently own.

The MLPL Reorganisation will be conditional on, along with the other conditions summarised in the Schedule, the completion of the Eroton OML 18 Transactions and will be implemented immediately prior to Re-Admission by completion of the following steps:

·    the issue of 344,334,257 New Ordinary Shares by San Leon to Midwestern pursuant to the MLPL New Shares Subscription Agreement with such subscription consideration being paid for by way of the MLPL Reorganisation Loan Notes; and

·    the transfer by Midwestern of its equity interest in MLPL and the benefit of the MLPL Receivable to a member of the San Leon Group in return for the cancellation of the MLPL Loan Notes and the release of Midwestern from its guarantee in relation the MLPL Loan Notes.

The ELI Reorganisation

San Leon and Midwestern propose to effect a further reorganisation to consolidate Midwestern’s holdings in the Company and ELI into a single holding in the Company, with the Company holding an additional c.14% interest in ELI.

The ELI Reorganisation, which is conditional (amongst other things) upon ELI Shareholder Consent and completion of the MLPL Reorganisation, is made up of the following constituent parts:

·    the issue of 73,782,535 New Ordinary Shares pursuant to the ELI New Shares Subscription Agreement with such amount being left outstanding between San Leon and for the benefit of the Company;

·    the transfer by Midwestern of its 13.77% equity interest in ELI Malta to San Leon ELI; and

·    the transfer by Midwestern of its associated loan receivable of US$15,300,000 from ELI Malta to San Leon ELI.

The Further ELI Investments

San Leon currently holds 38,998 ELI Shares representing a 10% equity interest in ELI. As part of the ELI Reorganisation, San Leon will acquire an additional 53,700 ELI Shares, being Midwestern’s indirect 13.77% equity interest in ELI. The Company also currently has a conditional interest in 12,959 ELI Shares representing a 3.323% equity interest in ELI as a result of a series of transactions announced on 24 June 2021 and 12 February 2022, details of which are contained in the Schedule.

San Leon has also today conditionally agreed to make a new loan to ELI of US$16,000,000 at a coupon of 14% per annum over four years, and repayable quarterly following a one-year moratorium, which will be accompanied by San Leon subscribing for a further 48,748 new ELI Shares at nominal value, subject to ELI Shareholder Consent.

San Leon has also today entered into an agreement for  the further conditional purchase of 52 ,647 ELI Shares currently held by Ocean Pearl for US$15,000,000.

Upon completion of both the ELI Reorganisation and all of the Further ELI Investments, San Leon would become the largest shareholder in ELI, with its stake rising to 228,458 ELI Shares representing 50.64% and will be a significant lender to ELI, holding a total of US$48.3 million of loans (plus accrued interest) to ELI. The Further ELI Investments are not conditional upon the ELI Reorganisation or the MLPL Reorganisation but are all conditional upon shareholder approval as well as the conditions referred to in the Schedule.

The New Facility

The Company is also pleased to announce that it has today entered into a loan facility agreement with MM Capital Holding Limited (as lender) (the “New Facility”) pursuant to which the lender has agreed to provide a US$50 million secured loan facility to San Leon. The Company has entered into the New Facility with the purposes of funding its working capital requirements and financing the Further ELI Investments and has agreed to grant a charge over SLE Financing as security for the loan.

Issue of Preference Shares

As part of the Proposed Transactions, subject to and upon completion of the MLPL Reorganisation, Midwestern will be released from its obligations to guarantee performance of the MLPL Loan Notes. In recognition of this and the associated positive cash inflows anticipated from the increased initial indirect economic interest in OML 18, immediately prior to Re-Admission, the Company will, subject to shareholder approval at the EGM, issue the Preference Shares to Shareholders on the Company’s register of members immediately prior to Re-Admission as part of the Subdivision entitling the holders to receive the Preference Amount which is US$40,000,000.

Competent Person’s Report

San Leon commissioned PetroVision Energy Services Ltd to act as San Leon’s Competent Person as defined by the rules of the London Stock Exchange and to prepare an independent competent person’s report to assist in the assessment of the Proposed Transactions. The OML 18 development plan comprises CAPEX costs around new wells, existing active wells, workovers (re-entries, recompletion and/or side-tracks) and facilities estimated at $151 million for NFA, $3,414 million for 1P and 2P reserves and $3,714 million for 3P reserves, further details of which are available in the Schedule.

Reasons for the Proposed Transactions

San Leon is committed to the long-term development of its Nigerian assets, with a focus of delivering value to Shareholders. This is driven by its technical expertise and operational capabilities.

It is the Board’s belief that the Proposed Transactions, are expected to have the following benefits for the Company and its Shareholders:

·    the consolidation of Midwestern’s holdings in the Company and MLPL into a single holding in the Company which, in conjunction with the Eroton OML 18 Transactions, allows the Company to increase its economic exposure to OML 18;

·    increasing the Company’s economic interests in ELI will complement the Company’s proposed 100% interest in MLPL, as the ACOES is being constructed to provide a dedicated oil export route from OML 18 and therefore for the benefit of MLPL, including the expected reduction of pipeline losses and increasing the uptime for export;

·    San Leon’s larger presence by virtue of its activities, resources and commitments, will pave the way for the Company to become a significant participant in the Nigerian oil and gas market, thereby better positioning the Company to deliver value for shareholders; and

·    increasing the Company’s technical and management involvement in the OML 18 asset, serving to help optimise the development of the asset. This has been formalised through an Asset Management Agreement.

Each of these benefits is expected to contribute to the Company’s main objectives which are to:

·    use the Company’s interest in OML 18 as a platform to become a leading independent production and exploration company focused on Nigeria and West Africa by securing and developing further high potential asset opportunities that yield value for shareholders;

·    use the Company’s technical and operational expertise in securing production and near-term operating cash flow which will yield value to shareholders whilst continuing to forge close links with governments, partners and the local communities that it operates in; and

·    continue to position the Company for further transactions.

The MLPL Reorganisation and ELI Reorganisation, together with the Further ELI Investments, are considered by the Directors to represent transformational transactions for the Company. The Board appreciates that Eroton and OML 18 currently face a number of challenges, several of which are intended to be overcome via the refinancing of the Existing Eroton Debt Facility by the New Eroton Debt Facilities, the completion of the Eroton OML 18 Transactions and the associated Settlement Agreement and the ACOES coming into full operation. Further details of these key challenges can be found in paragraphs 4(b), (c) and (d) of Part 1 below.

It is emphasised that the MLPL Reorganisation is conditional, amongst other things, on the entry into and the utilisation of the New Eroton Debt Facilities and the Eroton OML 18 Transactions completing and whilst the Terms of the New Eroton Debt Facilities have been approved by the lead lender, Afreximbank, and the terms of the Sahara OML 18 Acquisition Agreement have been negotiated and the Bilton OML 18 Acquisition Agreement has been executed, subject to certain conditions, they are dependent on, inter alia, the New Eroton Debt Facilities being entered into and becoming unconditional and being utilised. Furthermore, the New Eroton Debt Facilities have not yet been entered into and once entered into will be subject to additional conditions to drawdown which will have to be satisfied prior to utilisation of the facilities and for completion of the Sahara OML 18 Transaction and the Bilton OML 18 Transaction. These matters are not under the Company’s control. Accordingly, there is no certainty that the New Eroton Debt Facilities will be entered into or that the Eroton OML 18 Transactions will proceed or that any of them will proceed on the currently proposed terms. Only once the Eroton OML 18 Transactions complete and the other conditions to the MLPL Reorganisation have been satisfied will the Company be able to proceed with the MLPL Reorganisation. There can therefore be no guarantee that the MLPL Reorganisation will occur.

The Sahara OML 18 Acquisition Agreement has not been executed at this point and is only expected to be executed once Eroton has funds available to it to satisfy the consideration under the New Eroton Debt Facilities. Accordingly, whilst the terms have been negotiated, there can be no certainty that it will be entered into or the terms on which it will be entered into.

Whilst the Bilton OML 18 Acquisition Agreement has been executed, it is also conditional upon the Sahara OML 18 Acquisition Agreement being entered into completing following the New Eroton Debt Facilities proceeding. Accordingly as there can be no certainty that the Sahara OML 18 Acquisition Agreement will be entered into or the terms on which it will be entered into and there is no certainty that this condition will be satisfied.

The Sahara OML 18 Acquisition Agreement, if executed, will be and the Bilton OML 18 Acquisition Agreement is subject to certain conditions before completion can occur. In particular, the Sahara OML 18 Acquisition Agreement, if executed will be, and the Bilton OML 18 Acquisition Agreement is conditional on the entry into the Settlement Agreement associated with certain litigation between Eroton, Bilton and Sahara.

The number of shares in the Company to be subscribed for by Midwestern as part of the MLPL Reorganisation has been agreed and fixed between Midwestern and the Company and is not subject to adjustment by reference to the market price of the Ordinary Shares or New Ordinary Shares.  Accordingly, in order for the MLPL Reorganisation to proceed the market price of the New Ordinary Shares on the date of allotment of the MLPL New Shares must be not greater than the value per share shown recorded in the MLPL Valuation Report.

The Board are of the view that the Eroton OML 18 Transactions and New Eroton Debt Facilities are important for several reasons, including:

(i)            the Eroton OML 18 Transactions underpin the valuation and rationale of the MLPL Reorganisation by delivering, indirectly, to San Leon a far greater interest in OML 18 than is currently held by Eroton;

(ii)           the Sahara OML 18 Transaction resolves a series of disputes that have arisen between Eroton and its OML 18 joint venture partner, Sahara. Several of these disputes have developed into the Eroton Litigation, although none are currently being actively pursued, and all legal actions between Eroton and Sahara will be extinguished as part of the Sahara OML 18 Transaction via the Settlement Agreement, thereby enabling Eroton to focus on the commercial development of OML 18 as a world class oil and gas field; and

(iii)          the New Eroton Debt Facilities are a condition to and are necessary to fund the Eroton OML 18 Transactions and also enable the Existing Eroton Debt Facility to be refinanced.

If the New Eroton Debt Facilities are not entered into or once entered into does not complete or the conditions to drawdown are not satisfied and/or the Eroton OML 18 Transactions do not complete then the MLPL Reorganisation cannot complete. The New Eroton Debt Facilities and the Eroton OML 18 Transactions are not in the Company’s control and even if shareholders approve the Resolutions, they may not occur. In any of these cases  San Leon would retain a 40% equity interest in MLPL with Midwestern continuing to own the remaining interest in MLPL and Eroton would retain a 27% economic interest in OML 18, meaning that San Leon would continue to have a 10.58% initial indirect economic interest in OML 18. The outstanding MLPL Loan Notes would become payable by MLPL (or by Midwestern as guarantor to the MLPL Loan Notes) to San Leon within 90 days of termination of the MLPL Reorganisation Agreement.

The New Eroton Debt Facilities and the Eroton OML 18 Transactions are also important to the future financial condition of Eroton, and given the Company’s significant focus on OML 18 and its operator Eroton, the failure of the New Eroton Debt Facilities and the Sahara OML 18 Transaction to complete, could have a material and adverse effect on Eroton, with a consequent adverse effect on Company’s business, financial condition and results.

The Directors have prepared a detailed cash flow forecast for the Group for the period from 1 June 2022 to 31 December 2023.The principal assumptions underlying the cash flow forecast and the availability of finance to the Group are as follows:

(i)            the Proposed Transactions complete in the second half of 2022. The Proposed Transactions  comprises, inter alia, a proposed consolidation of Midwestern’s indirect debt and equity interests in ELI Malta with those of the Company, as well as further new debt and new and existing equity investments to be made by San Leon pursuant to the Further ELI Investments;

(ii)           Eroton acquires an additional 18% interest in OML 18 from two of the other partners in OML 18, thereby taking Eroton’s interest in OML 18 to 45%. This is subject, inter alia, to: i) agreeing documentation; ii) finalising bank financing; and iii) receiving the relevant regulatory consents in Nigeria;

(iii)          the New Facility of $50 million has been secured to finance the Proposed Transactions;

(iv)         elimination of the MLPL Loan Notes on completion of the Proposed Transactions;

(v)          under the Asset Management Agreement with Eroton, San Leon receives $500,000 per month for technical and financial advisory services following completion of the Proposed Transactions;

(vi)         repayments from ELI of loan notes of US$37.6 million during 2022 and 2023;

(vii)        repayment from Eroton under the Master Services Agreement, of $3m during 2022; and

(viii)       a further loan of $2.5 million is given to Decklar in relation to its Oza investment pursuant to current discussions.

Due to the Proposed Transactions not having completed at the date of the Document there is an inherent material uncertainty that completion will not occur as anticipated.

The Group has modelled various other scenarios assuming the Proposed Transactions do not complete and given the Group’s well understood cost base, the principal uncertainty if the Proposed Transactions do not complete relates to the quantum and timing of receipt of interest and capital repayments on the MLPL Loan, which would remain in place, and the loan Notes with ELI.

It was originally envisaged that the MLPL Loan Note payments due to the Group would be sourced by MLPL from the receipt of dividends through its indirect interest in Eroton via Martwestern. These dividends have not been received to date and consequently MLPL has entered into loan arrangements in order to be able to make Loan Note payments to the Company. In the absence of the dividend payments, MLPL will be reliant on further advances under the loan arrangement and in turn being able to make Loan Note payments to the Company. The Company has no obligation arising from the loan arrangements entered into by MLPL.

The loan repayments due from ELI were due to start in 2021 but have been delayed due to operational readiness of the FSO and ACOES project being delayed. The Directors have a reasonable expectation that ELI will be revenue generating imminently with the commencement of barging operations, and while loan repayments have been delayed, they should commence in the second half of 2022.

Due to the uncertainty on timing of future cashflows the MLPL Loan Notes and ELI loan notes have both been credit impaired in the annual report and accounts of the Company for the year ended 31 December 2021.

In the ultimate downside scenario where no repayments are received from MLPL and ELI, the New Facility can be drawn by the Company to facilitate completion of the Further ELI Investments, with the remaining balance being used for general corporate purposes. In this scenario the working capital requirements of the Group can be met for the 12-month period from the date of approval of the financial statements, although a reduction to administrative costs is required in 2023, which the Directors believe is achievable and within their control.

However, while the working capital requirements of the Group can be met for the 12- month period, the Directors believe that the continued viability of the Group and Company into the future is dependent on the completion of the Proposed Transaction. As such, the completion of the Proposed Transactions creates significant uncertainty upon the Group and Company’s ability to continue as a going concern beyond the 12-month period. The Directors’ have concluded that this represents a material uncertainty which may cast significant doubt upon the Group and Company’s ability to continue as a going concern and that, therefore, the Group and Company may be unable to continue realising its assets and discharging its liabilities in the normal course of business.

Financial information on MLPL and ELI

For the 12 month period ended 31 December 2021, MLPL recorded an audited profit before income tax of US$47,001,000 and at that date had audited total assets of approximately US$558,807,000. Historical financial information of MLPL can be found in Part 8B of the Admission Document.

For the 12 month period ended 31 December 2021, ELI recorded an audited loss before income tax of US$10,494,402 and at that date had audited total assets of approximately US$226,958,434. Historical financial information of ELI can be found in Part 8C of the Admission Document.

Related party transactions under the AIM Rules

Midwestern is a related party of the Company for the purposes of the AIM Rules for Companies by virtue of Midwestern holding more than 10% of the Existing Ordinary Shares in the Company and the level of Midwestern’s current interest in MLPL. The MLPL Reorganisation, and the ELI Reorganisation, are therefore related party transactions under the AIM Rules for Companies. The Directors of San Leon (excluding Adekolapo Ademola who is not considered to be independent as he is a representative of Midwestern on the Company’s board) consider, having consulted with the Company’s nominated adviser, Allenby Capital, that the terms of the MLPL Reorganisation, and the ELI Reorganisation are fair and reasonable insofar as the Company’s shareholders are concerned.

Following publication of this Document, the Company proposes to grant awards pursuant to the LTIP over 18,938,209 Ordinary Shares (representing 2.18 per cent. of the Fully Enlarged Ordinary Share Capital) to certain of its employees and the Board, details of which are set out in paragraph 6.2.16 of Part 12 of this Document. The issuance of these awards to the Directors will be considered to be a related party transaction under Rule 13 of the AIM Rules for Companies and the Company will announce further details in relation to this separately in due course once the issuance of these awards has occurred.

Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Schedule.

And finally…

It’s another monster weekend of sport coming up, across the board and with big rivalries in many sports.

Let’s start with 14 hours of live rugby and that doesnt include France at the crack of dawn. So The All Blacks v Ireland at 08.05, The Wallabies v England at 10.55, The Springboks v Wales at 16.05 all topped off with The Pumas v Scotland at 20.10.

In F1 The Austrian GP is on Sunday at the Red Bull Ring, Spielberg and Max would surely like to win at home, are the Ferraris better and talking to each other?

Over at SW19 Putney’s finest Cam Norrie plays in the Semi Final against Djokovic and the winner plays Kyrgios in the final as his Semi Final oppo Rafa is out injured.

In the Womens Euros last night Northern Ireland lost 4-1 to Norway.

In the first T20 India showed England how to bat and bowl and walked out winners by 50 runs, it was a very poor performance indeed. The second and final match is tomorrow at 2.0pm at Edgbaston, Birmingham.

Racing is at Newmarket, York and Ascot tomorrow.