San Leon Energy’s Nigerian Oil Deal Nears Completion
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San Leon Energy’s Nigerian oil deal has taken another step closer to completion, with Mart Resources shareholders voting in favor of the proposed takeover by Midwestern Oil & Gas.
The arrangement was approved by over 91 percent of the votes cast at the meeting by Mart share and option holders.
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.
San Leon announced on Wednesday that it had secured funding for Midwestern.
For the takeover to go ahead the cash consideration for the deal must be deposited into escrow by March 8.
Source: (March 4, 2016) Proactive Investors
About San Leon Energy
San Leon Energy plc is dedicated to maximizing value in energy exploration and production. We have a balanced portfolio of conventional and shale assets across Europe and North Africa.
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