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

San Leon Energy’s Nigerian oil deal nears completion

Mart shareholders voted in favour of the proposed takeover by Nigerian group Midwestern Oil & Gas.
San Leon Energy’s Nigerian oil deal nears completion
San Leon will get just less than 10% of a 30,000 bopd oilfield.

San Leon Energy’s (LON:SLE) Nigerian oil deal has taken another step closer to completion, with Mart Resources (CVE:MMT) shareholders voting in favour of the proposed takeover by Midwestern Oil & Gas.

The arrangement was approved by over 91% of the votes cast at the meeting by Mart share and option holders.

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.

San Leon announced on Wednesday that it had secured funding for Midwestern.

For the takeover to go ahead the cash consideration for the deal must be deposited into escrow by March 8.

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

Newswire
February 16 2016

Related Articles

shutterstock_115040251_5684ec00a1282.jpg
December 31 2015
Revenues were US$6.0mln (US$7.9mln) and profit before tax US$1.83mln (US$2.7mln).
gasflarelarge-(Resized).png
August 04 2015
Horse Hill has generated a great deal of interest and, in some quarters, excitement on the basis the field might host a world class discovery.
oil_platform_1.png
December 01 2015
Lekan Akinyanmi, LekOil chief executive, described it as a great result for the company’s shareholders.

© 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.