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

San Leon EnergyAnnouncement

29/12/2022 16:45

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RNS Number : 2492L  San Leon Energy PLC  29 December 2022

 

 

29 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
executed a new sale and purchase agreement for the delivery of 30,000 barrels
of crude oil ("bbls") to the Edo Refinery and Petrochemicals Company Limited
("ERPC") in Edo State, Nigeria.

 

Decklar and its co-venturer Millenium announce that following the successful
delivery of 10,000 bbls of crude oil, a sale and purchase agreement has been
signed for delivery of an additional 30,000 bbls of crude oil to a small crude
oil refinery in Edo State, Nigeria. Under the terms of the agreement an
invoice will be issued after delivery of each 5,000 bbls of crude oil with
payment to be received within 21 days."

 

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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