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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."

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February 16 2016

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