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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.

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Newswire
February 16 2016

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