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

San Leon: Deadline for Nigeria oil field deal extended to March 1

San Leon expects the financing for the deal to complete imminently.
San Leon: Deadline for Nigeria oil field deal extended to March 1
San Leon can get just less than 10% of a 30,000 bopd oilfield.

San Leon (LON:SLE) has confirmed that the deadline has again 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.

It has now been agreed the cash for the acquisition must be placed in escrow by 5pm Calgary time on March 1.

An original deadline of February 17 was previously extended to February.

Oisin Fanning, San Leon executive chairman, in a statement said: "The financing of the transaction has advanced considerably over the last week.  Completion of the financing is now considered to be imminent."

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

Ghazalat.jpg
November 23 2015
Production received a big boost from the joint venture that holds the East Ghazalat concession in Egypt.
oil barrels and an oil rig
August 18 2016
The oil and gas firm says it is “delighted” after having received its first payment for the gas supplied to the Tanzania Petroleum Development Corporation
soundpic.png
Fri
Work on TE-7 got underway on Thursday with aim of assessing the potential of block ahead of putting together a field development plan.

© 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.