Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

San Leon confirms deadline extension for Nigeria oil deal

The deadline to deliver cash into escrow moves to Feb 22 from Feb 17.
San Leon confirms deadline extension for Nigeria oil deal
San Leon can get just less than 10% of a 30,000 bopd oilfield as a result of the deal.

San Leon Energy (LON:SLE) has told investors that the deadline has been extended on a proposed Nigerian oil field deal.

The company, last month, agreed to support a takeover of Toronto listed Mart Resources by Nigerian oil firm Midwestern Oil and Gas.

AIM quoted San Leon is helping Midwestern finance the deal and as a result it will be due just less than 10% of a Nigerian oil field that currently produces more than 30,000 barrels per day.

According to the initial deal terms it was envisaged that the money for Mart’s purchase would be delivered into escrow by February 17, and that deadline has now moved to February 24.

San Leon said the extension has been granted to allow the completion of a financing, which it added was now at an advanced stage.

"We look forward with confidence to funding the escrow on or before 24 February, and moving to complete the Nigerian transaction as outlined on 22 January, subject to necessary approvals,” said Oisin Fanning, San Leon’s chairman.

Jamie_55a91591db06b.jpg
Why Invest In SAN LEON ENERGY PLC? Read More Here

Register here to be notified of future SLE Company articles
View full SLE profile

SAN LEON ENERGY PLC Timeline

Related Articles

oil workers
November 25 2016
Field development, exploration and even acquisitions could drive SDX Energy's growth through 2017.
onshore drilling operation
May 16 2016
Wressle is expected to start production at rates of around 500 barrels of oil per day later this year, and it would deliver Union Jack Oil important cash-flows.
carnarvon-petroleum_roc2-well-757.jpg
November 22 2016
Phoenix South-2 will be drilled down to a total depth of around 5,500 metres.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.