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San Leon Energy extends deadline for Oza transaction

The company highlighted good progress with final draft documents to complete the deal, and a new deadline is set to December 14

San Leon Energy PLC - San Leon Energy extends deadline for Oza transaction

San Leon Energy PLC (LON:SLE) told investors it has agreed to a further three-week extension in order to complete the deal to invest in the Oza field, in Nigeria.

A new deadline of December 14 has now been agreed. As previously noted, the company pointed out, worldwide restrictions intended to slow the spread of the coronavirus (COVID-19) pandemic have presented certain logistical challenges.

READ: San Leon Energy rated a ‘buy’ at Panmure

Nonetheless, it said that good progress has been made with the final drafts of all remaining conditions are currently being reviewed by the parties. 

“In particular, the trading subsidiary of a major oil company , which along with a local Nigerian bank, is to provide a five-year term debt to Decklar has provided written confirmation setting out the remaining steps that it is addressing prior to completion,” San Leon said in a statement.

“The terms of the transaction remain unchanged and all parties remain committed to bring it to a conclusion as soon as is practical.”

Quick facts: San Leon Energy PLC

Price: 24.5 GBX

AIM:SLE
Market: AIM
Market Cap: £110.23 m
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