Yemisi Izuora
San Leon Energy has disclosed that the deadline has been extended on a proposed Nigerian oil field deal.
The company, last month, agreed to support a takeover of Toronto listed Mart Resources by Nigerian oil firm Midwestern Oil and Gas.
AIM quoted San Leon is helping Midwestern finance the deal and as a result it will be due just less than 10 percent of a Nigerian oil field that currently produces more than 30,000 barrels per day.
According to the initial deal terms it was envisaged that the money for Mart’s purchase would be delivered into escrow by February 17, and that deadline has now moved to February 24.
San Leon said the extension has been granted to allow the completion of a financing, which it added was now at an advanced stage.
“We look forward with confidence to funding the escrow on or before 24 February, and moving to complete the Nigerian transaction as outlined on 22 January, subject to necessary approvals,” said Oisin Fanning, San Leon’s chairman.