REG - San Leon Energy PLC - Update on Oza field, Nigeria

San Leon EnergyAnnouncement

23/12/2022 07:00

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RNS Number : 6945K  San Leon Energy PLC  23 December 2022

 

 

23 December 2022

San Leon Energy plc

("San Leon")

 

Update on Oza field, Nigeria

 

San Leon, the independent oil and gas production, development and exploration
company focused on Nigeria, notes the announcement made on 22 December 2022
by Decklar Resources Inc. ("Decklar") in Canada.  San Leon has a 11%
shareholding in Decklar Petroleum Limited ("DPL"), the local subsidiary of
Decklar operating in Nigeria, and has also made a US$5.5 million loan to DPL,
via 10% per annum unsecured subordinated loan notes.  As announced by San
Leon on 20 December 2022, San Leon is currently in advanced negotiations in
respect of the proposed sale of  San Leon's non-core investments in
DPL.

 

Part of the text of Decklar's announcement is set out below:

 

"Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE:
A1U1) (the "Company" or "Decklar") is pleased to announce that Decklar and its
co-venturer Millenium Oil & Gas Company Limited ("Millenium") have
completed delivery of 10,000 barrels of crude oil ("bbls") to a small crude
oil refinery in Edo State, Nigeria.

 

Delivery of Crude Oil

Decklar and its co-venturer Millenium announce that the delivery of 10,000
bbls of crude oil have now been delivered to a small crude oil refinery in Edo
State, Nigeria, and under the terms of the sales agreement an invoice has been
issued and payment is to be received within 21 days. The initial agreement
provided for deliveries totalling 10,000 bbls, and a new agreement is being
negotiated for delivery of an additional 30,000 bbls. The parties are also in
discussions to potentially agree upon a monthly minimum quantity of barrels of
Oza Oil Field crude to be sold to the refinery going forward."

 

Enquiries:

 

 San Leon Energy plc                                +353 1291 6292
 Oisin Fanning, Chief Executive

 Julian Tedder, Chief Financial Officer
 Allenby Capital Limited                            +44 20 3328 5656

 (Nominated adviser and joint broker to San Leon)
 Nick Naylor

 Alex Brearley

 Vivek Bhardwaj
 Panmure Gordon & Co                                +44 20 7886 2500

 (Joint broker to San Leon)
 James Sinclair-Ford

 John Prior
 Tavistock                                          +44 20 7920 3150

 (Financial Public Relations)
 Nick Elwes

 Simon Hudson
 Plunkett Public Relations                          +353 1 230 3781
 Sharon Plunkett

 

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