San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced a further update in relation to the Proposed MLPL Reorganisation, details of which were set out in the Company's AIM Admission Document published on 8 July 2022.
Further to the announcement made on 1 December 2022, the MLPL Reorganisation Agreement's deadline for the satisfaction of the condition relating to the New Eroton Debt Facilities being entered into, which had already previously been extended to 31 December 2022, has now been further extended to 31 March 2023 by agreement between the Company and Midwestern.
As previously announced, the Sahara OML 18 Acquisition Agreement will not be entered into until after the New Eroton Debt Facilities have been entered into and the funds to allow the Eroton OML 18 Transactions to proceed are available, and therefore the MLPL Reorganisation Agreement 's deadline for the Sahara OML 18 Acquisition Agreement to be entered into has also now been further extended to 31 March 202 3 by agreement between the Company and Midwestern .
These extensions bring the timelines for the satisfaction of the MLPL Reorganisation Agreement 's conditions relating to the New Eroton Debt Facilities and the Sahara OML 18 Acquisition Agreement in line with the current longstop timelines for the completion of the MLPL Reorganisation Agreement and the ELI Reorganisation.
Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Admission Document.
Source: San Leon Energy