9th May 2018 15:56
LONDON (Alliance News) - Oil and gas company San Leon Energy PLC said on Wednesday it has noted press reports concerning a claim by SunTrust Oil related to alleged payments due for the sale of its shares in Martwestern Energy Ltd.
Martwestern was a major shareholder in the operator of OML 18 block onshore Nigeria, and was partly owned by Mart Resources, Midwestern Oil & Gas Ltd and SunTrust, with San Leon agreeing to wholly acquire Mart and SunTrust's 20% stake in Martwestern in 2016.
San Leon has confirmed SunTrust has applied to seek leave from the High Court Nigeria Holden to serve a petition outside Nigeria's jurisdiction for the alleged amounts due.
However San Leon said there is no foundation for the claim, on the grounds that there were no outstanding liabilities to SunTrust from San Leon after it issued shares to SunTrust in September 2016.
San Leon said it has instructed its Nigerian solicitors to file objections restraining the SunTrust applications.
Shares in San Leon were down 5.3% at 30.30 pence on Wednesday.
Related Shares:
SLE.L