San Leon extends deadline for Oza field transaction in Nigeria

Further to its previous announcements regarding its proposed investment in Decklar Petroleum (Decklar) and the Oza Field in Nigeria, San Leon announced that the parties have agreed to extend the completion date to early in the new year.

As previously announced, worldwide restrictions put in place in response to the Covid-19 pandemic have slowed the logistical process in concluding the conditions precedent in the Subscription Agreement.

Nevertheless progress continues to be made and the trading subsidiary of a major oil company, which along with a local Nigerian bank, is to provide a five year term debt to Millenium Oil and Gas, Decklar’s local partner, has provided a further written confirmation of its support of the transaction.

Given the proximity of the Christmas holiday period, the parties have decided to review the status of the outstanding conditions in the new year and assess at that time what remains outstanding.