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San Leon Energy inks latest agreement to consolidate OML 18 interests

The deals see San Leon take full ownership of the MLPL vehicle in Nigeria.

San Leon Energy PLC - San Leon Energy inks latest agreement to consolidate OML 18 interests

San Leon Energy PLC (LON:SLE) told investors it has now signed a new heads of terms agreement for the proposed reorganisation and consolidation of the Midwestern Leon Petroleum Limited vehicle which holds a stake in the OML 18 oil assets in Nigeria.

Further to prior announcements, in recent weeks, the agreement sees San Leon take full ownership of the MLPL vehicle, acquiring from Midwestern its 60% in return for outstanding debts owed to San Leon which are due for repayment this year.

Last week, San Leon agreed to a waiver of a US$32mln debt repayment due on July 5 - it is one of three remaining instalments which together total US$98mln, due before the end of 2021 - as efforts continued to complete the transaction.

The MLPL vehicle owns 100% of the Martwestern Energy vehicle which holds a 98% economic interest in Eroton Exploration and Production Company that in-turn has a 27% interest and is the operator of the OML 18 asset.

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Price: 40.75 GBX

Market Cap: £183.34 m

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on 20/4/21

2 min read