San Leon Energy PLC Update on investment in Oza Field, Nigeria (8593P)
21 Octubre 2021 - 9:24AM
UK Regulatory
TIDMSLE
RNS Number : 8593P
San Leon Energy PLC
21 October 2021
21 October 2021
San Leon Energy plc
("San Leon")
Update on investment in Oza Field, Nigeria
San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, notes the announcement
made today by Decklar Resources Inc. ("Decklar Resources") in
Canada.
San Leon has entered into a conditional subscription agreement
with Decklar Petroleum Limited ("Decklar Petroleum"), the local
subsidiary of Decklar Resources, which entitles San Leon to
purchase US$7,500,000 of 10% unsecured subordinated loan notes of
Decklar Petroleum and 15% of the enlarged share capital of Decklar
Petroleum. In addition, Decklar Petroleum and San Leon have entered
into an option agreement which, at San Leon's sole discretion,
entitles San Leon to purchase an additional US$7,500,000 of loan
notes and further Decklar Petroleum shares representing an
additional 15% of the enlarged share capital of Decklar Petroleum.
Further details of these conditional investment agreements can be
found in San Leon's announcement of 1 September 2020. This
transaction is still awaiting final conditions precedents to
complete.
Part of the text of Decklar Resources' announcement is set out
below:
"Decklar Resources Inc. Announces Completion Operations for the
Oza-1 Well
Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX:
DKLRF) (FSE: A1U1 (the "Company" or "Decklar") announces the
commencement of completion operations for the Oza-1 well
re-entry.
As previously announced, the Oza-1 well re-entry has been
successfully flow-tested in the three target zones (L2.2, L2.4, and
L2.6). The final well completion design and procurement has been
concluded, with all completion equipment now having arrived on
location at the Oza-1 well. Completion operations on the well have
commenced, which include running 2 7/8" tubing, production packers,
sliding sleeves and gas lift equipment, with all activities
anticipated to conclude within 7 to 10 days. The well will be
initially configured for production from the L2.6 zone, which
tested at rates up to 2,463 bopd as previously announced.
All early production facilities have been installed and function
tested including a 5,000 bopd three phase separator, crude oil
storage tanks and export pumps."
Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive
Allenby Capital Limited
(Nominated adviser and joint broker to the Company) +44 20 3328 5656
Nick Naylor
Alex Brearley
Vivek Bhardwaj
Panmure Gordon & Co
(Joint broker to the Company) +44 20 7886 2500
Nick Lovering
James Sinclair-Ford
Brandon Hill Capital Limited
(Joint broker to the Company) +44 20 3463 5000
Oliver Stansfield
Jonathan Evans
Tavistock
(Financial Public Relations) +44 20 7920 3150
Nick Elwes
Simon Hudson
Plunkett Public Relations +353 1 230 3781
Sharon Plunkett
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END
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