San Leon Energy PLC Update on Oza field, Nigeria (1991Q)
17 2월 2023 - 12:57AM
UK Regulatory
TIDMSLE
RNS Number : 1991Q
San Leon Energy PLC
16 February 2023
16 February 2023
San Leon Energy plc
("San Leon")
Update on Oza field, Nigeria
San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, notes the announcement
made on 16 February 2023 by Decklar Resources Inc. ("Decklar") in
Canada. San Leon has a 11% shareholding in Decklar Petroleum
Limited ("DPL"), the local subsidiary of Decklar operating in
Nigeria, and has also made a US$5.5 million loan to DPL, via 10%
per annum unsecured subordinated loan notes.
Further to the announcement made by San Leon on 20 December
2022, San Leon remains committed to the proposed sale of San Leon's
non-core investments in DPL, although the completion of this
proposed sale still remains subject to the purchaser finalising its
own funding arrangements.
Part of the text of Decklar's announcement is set out below:
-- "Decklar and its co-venturer Millenium Oil & Gas Company
Limited ( " Millenium " ) have received another payment for the
sale of crude oil from the Oza Oil Field under the contract with
the Edo Refinery and Petrochemicals Company Limited ( " ERPC " ) in
Edo State, Nigeria.
-- Trucking of crude oil has continued from the Oza Field to the
ERPC, and an additional delivery of 5,000 barrels of crude oil ( "
bbls " ) to ERPC was completed last week, for a total of 10,000
bbls delivered under the 30,000 bbls crude sale agreement
-- Decklar and Millenium have obtained permits and are
contracting an additional ten trucks in order to increase delivery
capacity.
-- Decklar and Millenium are at an advanced stage of executing a
new 150,000 bbls crude oil sale and purchase agreement with
ERPC.
Calgary, Alberta - Decklar Resources Inc. (TSX-V: DKL) (OTCQX:
DKLRF) (FSE: A1U1) (the " Company " or " Decklar " ) and its
co-venturer Millenium are pleased to provide updates regarding
crude oil delivery operations at the Oza Oil Field in Nigeria.
Receipt of Funds for Oil Sales
Decklar and Millenium have received payment on the invoice for
delivery of the first 5,000 bbls and invoiced for the second 5,000
bbls as part of the 30,000 bbl sale agreement with ERPC. Ongoing
production and delivery of crude oil it is expected to continue to
result in regular billing and receipts for crude oil sales as each
5,000 bbl batch is delivered.
Continued Trucking of Crude Oil to Edo Refinery
Trucking of oil from the Oza Field has continued steadily to the
ERPC facility in Edo State, Nigeria. An additional volume of
approximately 3,000 bbls has been delivered since the completion of
the first 10,000 bbls previously delivered and invoiced under the
current 30,000 bbls agreement. Permits for ten additional trucks
have been obtained, resulting in a total available fleet of 20
trucks. Once the additional trucks are contracted and in operation
consistent deliveries totaling approximately 5,000 bbls per week
are expected.
Anticipated Agreement with ERPC for Additional 150,000 bbls
Decklar and Millenium are at an advanced stage of executing a
new 150,000 bbls crude oil sale and purchase agreement with ERPC,
which is expected to include terms for invoicing and payment after
the delivery of each cargo of 10,000 bbls of crude oil."
Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive
Julian Tedder, Chief Financial Officer
Allenby Capital Limited
(Nominated adviser and joint broker to San Leon) +44 20 3328 5656
Nick Naylor
Alex Brearley
Vivek Bhardwaj
Panmure Gordon & Co
(Joint broker to San Leon) +44 20 7886 2500
James Sinclair-Ford
John Prior
Tavistock
(Financial Public Relations) +44 20 7920 3150
Nick Elwes
Simon Hudson
Plunkett Public Relations +353 1 230 3781
Sharon Plunkett
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