Update on investment in Oza Field, Nigeria

RNS Number : 6247I
San Leon Energy PLC
15 December 2020
 

 

15 December 2020

San Leon Energy plc

("San Leon" or the "Company")

 

Update on investment in Oza Field, Nigeria

 

Further to its previous announcements regarding its proposed investment in Decklar Petroleum Limited ("Decklar") and the Oza Field in Nigeria, San Leon announces that the parties have agreed to extend the completion date to early in the new year.

 

As previously announced, worldwide restrictions put in place in response to the Covid-19 pandemic have slowed the logistical process in concluding the conditions precedent in the Subscription Agreement.  Nevertheless progress continues to be made and the trading subsidiary of a major oil company, which along with a local Nigerian bank, is to provide a five year term debt to Millenium Oil and Gas Company Limited, Decklar's local partner, has provided a further written confirmation of its support of the transaction.  Given the proximity of the Christmas holiday period, the parties have decided to review the status of the outstanding conditions in the new year and assess at that time what remains outstanding.

 

Enquiries:

 

San Leon Energy plc

+353 1291 6292

Oisin Fanning, Chief Executive


Allenby Capital Limited

(Nominated adviser and joint broker to the Company)

+44 20 3328 5656

Nick Naylor

Alex Brearley

Asha Chotai


Panmure Gordon & Co

(Joint broker to the Company)

+44 20 7886 2500

Nick Lovering


Brandon Hill Capital Limited

(Joint broker to the Company)

+44 20 3463 5000

Oliver Stansfield

Jonathan Evans


Tavistock

(Financial Public Relations)

+44 20 7920 3150

Nick Elwes

Simon Hudson


Plunkett Public Relations

+353 1 230 3781

Sharon Plunkett


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
FURUSURRRKUUAUA
UK 100

Latest directors dealings