San Leon Announces Successful Conclusion of the TAQA Litigation

Source: www.gulfoilandgas.com 1/31/2022, Location: Africa

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, is pleased to report that two of its wholly owned subsidiaries, San Leon (Netherlands) Limited and San Leon Energy B.V., have successfully concluded their ongoing legal proceedings with TAQA Offshore BV ("TAQA") in relation to San Leon's legacy interests in two royalties on Block Q13A , which is located offshore the Netherlands (the "Amstel Oil Field"), including an Overriding Royalty Agreement entered into with Encore Oil as part of a sale and purchase agreement entered into in 2007 (the "Royalty Agreements").

TAQA had subsequently purchased the interest from Encore Oil. Production from the Amstel Field started in 2014 but no royalties had been received. The Royalty Agreements became the subject of separate legal proceedings in the Netherlands and the UK.

San Leon is pleased to report that it has now received payments totaling more than €5.7 million from the actions taken in both jurisdictions, including an interim payment in respect of its legal costs. The royalties will continue to be payable in accordance with the terms and conditions of the Royalty Agreements. The Royalty Agreements represent legacy interests and any potential net future benefit to the Company going forward from the Amstel Oil Field on a monthly basis is not expected to be particularly material to San Leon.


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