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

Related Articles

1-186983.jpg
September 05 2016
Active Energy has three stand-alone, but complementary divisions
shutterstock_355929740.jpg
March 29 2016
The Australia and New Zealand oil and gas junior could potentially invest in either the UK or Brazil, chairman John Barr said in a Proactive Investors interview.
picture of gas facility
November 02 2016
GDC is currently the only supplier of natural gas to Douala, Cameroon’s rapidly growing second city

© 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.