22nd Feb 2021 19:10
San Leon Energy PLC - oil and gas producer in Nigeria - Notes that Decklar Resources Ltd has announced a private placement financing for a total of just over CAD4 million is in the final stages of completion, which will enable it to immediately advance operational activities to re-enter the Oza-1 well at the Oza Oil Field in Nigeria. In September, San Leon said it conditionally agreed to invest USD7.5 million by way of a loan to Decklar. Says the previously announced debt funding arrangements are now in the final stages of being completed. The funds proposed to be used from San Leon on Oza are now expected to be used on the drilling of the new well on the Oza structure. The additional investment outlined by Decklar Resources is not expected by San Leon to have a material effect on San Leon's investment risk or returns, company says.
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By Arvind Bhunjun; [email protected]
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