San Leon Energy PLC (AIM:SLE, OTC:SLGYF) has postponed the final dates for its anticipated deals with Midwestern Oil & Gas Company and additional conditional investments in Energy Link Infrastructure (Malta) Limited.
The deals are set to quadruple San Leon’s stake in the OML 18 oilfield in Nigeria to 44.1%.
After discussions with Midwestern and other related parties, the final dates for these anticipated deals have been shifted to 30 September.
These dates concern the new Eroton debt arrangements, the Sahara OML 18 purchase agreement, the MLPL restructuring deal, and the ELI reorganization agreement.
Talks are ongoing between San Leon and Midwestern about possibly revising the deals to enable completion, even as delays with the new Eroton debt and the Sahara OML 18 purchase persist.
San Leon highlighted that these setbacks are beyond the company’s influence.
Additionally, the firm is negotiating with a third party to secure an alternative US$50 million loan to finance more investments in ELI and settle debts with current lenders.
San Leon is also in talks with ELI about the possibility of investing an additional sum of up to US$37.0 million in ELI, contingent on the acquisition of the aforementioned US$50 million loan.
