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San Leon Provides Update on Investment in Oza Field

Source: www.gulfoilandgas.com 11/23/2020, Location: Africa

Further to its announcements of 1 September 2020 and 2 November 2020 regarding its proposed investment in Decklar Petroleum Limited ("Decklar") and the Oza Field in Nigeria, San Leon announces that the parties have agreed to an additional three week extension to 14 December 2020.

As was the case with the previous extension, worldwide restrictions in place to slow the spread of Covid-19 have presented certain logistical challenges. However, good progress has been made with the final drafts of all remaining conditions precedent in the Subscription Agreement currently being reviewed by the parties. In particular, the trading subsidiary of a major oil company, which along with a local Nigerian bank, is to provide a five year term debt to Decklar has provided written confirmation setting out the remaining steps that it is addressing prior to completion.

The terms of the transaction remain unchanged and all parties remain committed to bring it to a conclusion as soon as is practical.

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