San Leon Energy PLC Update on investment in Oza Field, Nigeria (6247I)
15 December 2020 - 6:00PM
UK Regulatory
TIDMSLE
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
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