San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced a further extension to the longstop dates for the proposed transactions with Midwestern Oil & Gas Company and the Company's further conditional investments in Energy Link Infrastructure (Malta) Limited ('ELI') (together the 'Proposed Transactions'). Details of the Proposed Transactions were announced by the Company on 8 July 2022 and set out in an admission document published by the Company on the same day.
All longstop dates in relation to the Proposed Transactions have, in agreement with Midwestern and the other relevant parties, now been extended to 31 August 2023. The longstop dates are in relation to the New Eroton Debt Facilities, the Sahara OML 18 Acquisition Agreement, the MLPL Reorganisation Agreement and the ELI Reorganisation Agreement (details of all of which are set out in the Admission Document).
Documentation in relation to the Proposed Transactions is developed given the foundation of work undertaken by the Company in this respect over 2021 and 2022, and San Leon therefore expects to be in a position to move to proceed once the Proposed Transactions' conditions allow. This will be based, inter alia, on the conclusion of its refinancing, as well as updated due diligence in relation to the Proposed Transactions.
Further to the update on refinancing discussions and outstanding creditors announced on 3 July 2023, the Board remains optimistic on progress being made and expects to provide an update to shareholders in the near term.
Source: San Leon Energy
