San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) told investors it is in talks with its partner, Decklar Resources, to potentially extend an option deal in relation to the Oza field in Nigeria.
The company, in a brief statement, noted that the existing option agreement had an expiry date of June 30, in which San Leon could provide Decklar with an additional US$2.5mln loan. If exercised it would have increased the AIM-quoted firm’s shareholding in Decklar to 15% from 11%.
It added that it would update shareholders “as and when appropriate”.
Crude oil shipments from Oza began in May, with trucking operations moving stored oil to the Forcados Oil Export Terminal. It was a precursor to a phase of production and ramp-up.