The AIM listed minnow; San Leon Energy, says that its planned investment in the 400 Barrel Per Day Oza Field onshore Niger Delta will not be realized until 2021.
The company says that the parties it is negotiating with “have agreed to extend the completion date to early in the new year”.
“As previously announced, worldwide restrictions put in place in response to the Covid-19 pandemic have slowed the logistical process in concluding the conditions precedent in the Subscription Agreement”, San Leon says in a note.
“Nevertheless progress continues to be made and the trading subsidiary of a major oil company, which along with a local Nigerian bank, is to provide a five year term debt to (licence holder) Millenium Oil and Gas Company Limited, Decklar’s local partner, has provided a further written confirmation of its support of the transaction”, San Leon explains.
“Given the proximity of the Christmas holiday period, the parties have decided to review the status of the outstanding conditions in the new year and assess at that time what remains outstanding”.