8th Jul 2021 20:49
San Leon Energy PLC - Dublin-based oil and gas production, development and exploration company - Announces Wednesday it agreed to conditionally waive part of a loan it gave to Midwestern Leon Petroleum Ltd, its joint venture with Midwestern Oil & Gas Co Ltd.
MLPL is due to repay USD98 million to San Leon. San Leon waives USD32 million of the money owed, depending on talks with Midwestern Oil & Gas over restructuring the joint venture. The waiver expires at the end of August at the latest.
San Leon has a 40% stake in MLPL and is looking to take over the remaining 60% in the restructuring.
Current stock price: 39.97 pence
Year-to-date change: up 68%
By Aidan Lane; [email protected]
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