Update on investment in Oza Field, Nigeria

RNS Number : 0952G
San Leon Energy PLC
23 November 2020
 

 

23 November 2020

San Leon Energy plc

("San Leon" or the "Company")

 

Update on investment in Oza Field, Nigeria

 

Further to its announcements of 1 September 2020 and 2 November 2020 regarding its proposed investment in Decklar Petroleum Limited ("Decklar") and the Oza Field in Nigeria, San Leon announces that the parties have agreed to an additional three week extension to 14 December 2020.

 

As was the case with the previous extension, worldwide restrictions in place to slow the spread of Covid-19 have presented certain logistical challenges.  However, good progress has been made with the final drafts of all remaining conditions precedent in the Subscription Agreement currently being reviewed by the parties.  In particular, the trading subsidiary of a major oil company , which along with a local Nigerian bank, is to provide a five year term debt to Decklar has provided written confirmation setting out the remaining steps that it is addressing prior to completion. 

 

The terms of the transaction remain unchanged and all parties remain committed to bring it to a conclusion as soon as is practical.

 

 

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

Barnaby Hayward


Plunkett Public Relations

+353 1 230 3781

Sharon Plunkett


 

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