San Leon Energy PLC Update on Oza field, Nigeria (5694R)
02 3월 2023 - 1:05AM
UK Regulatory
TIDMSLE
RNS Number : 5694R
San Leon Energy PLC
01 March 2023
1 March 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 today 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 Resources Inc. ("Decklar") and its co-venturer
Millenium Oil & Gas Company Limited ("Millenium") have executed
a sale and purchase agreement to deliver an additional 150,000
barrels of crude oil ("bbls") with the Edo Refinery and
Petrochemicals Company Limited ("ERPC") in Edo State, Nigeria.
-- Decklar and Millenium have also entered into a new sale and
purchase agreement with Duport Midstream Company Limited ("DMCL")
to deliver an initial 5,000 bbls to the Duport refinery in Edo
State, Nigeria, followed by a minimum of 2,500 bbls per month
thereafter.
-- Trucking of crude oil has continued from the Oza Field to the
ERPC refinery, and another delivery of 5,000 bbls to ERPC has been
completed, for a total of approximately 17,000 bbls delivered under
the 30,000 bbls crude sale agreement.
Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX:
DKLRF) (FSE: A1U1) (the "Company" or "Decklar") and its co-venturer
Millenium are pleased to announce execution of additional crude oil
sale and purchase agreements and to provide updates regarding crude
oil delivery operations at the Oza Oil Field in Nigeria.
Crude Oil Sales and Purchase Agreement for additional 150,000
bbls
Decklar and its co-venturer Millenium have signed a new sale and
purchase agreement with ERPC to deliver an additional 150,000 bbls
to the Edo Refinery in Edo State, Nigeria. This agreement follows
the 30,000 bbls agreement that Decklar and Millenium have been
delivering on and extends the arrangement to continue to deliver
and sell production from the Oza Oil Field after the 30,000 bbls
contract has been fulfilled.
New Crude Oil Sale and Purchaser
Decklar and Millenium have entered into a new sale and purchase
agreement with DMCL to deliver an initial 5,000 bbls to the Duport
refinery in Edo State, Nigeria, followed by a minimum 2,500 bbls
per month thereafter. This agreement expands the customer base for
the sale of crude oil from the Oza Oil Field and gives Decklar and
Millenium an alternate delivery location for additional volume.
Continued Trucking and Sale of Crude Oil to Edo Refinery
Trucking of oil from the Oza Field has continued to the ERPC
facility in Edo State, Nigeria, and delivery of an additional batch
of 5,000 bbls has been completed. Total deliveries of approximately
17,000 bbls have been completed to date, with invoices issued for
15,000 bbls. Payment for the first 5,000 bbls invoice has been
received, and payment for the subsequent invoices is expected in
the next week under the terms of 30,000 bbls sales agreement.
Additional deliveries are anticipated to continue on an ongoing
basis. The current total available fleet of 20 contracted trucks is
expected to consistently deliver approximately 5,000 bbls per
week.
With the execution of the additional 150,000 bbls sale and
purchase agreement with ERPC and the execution of the new DMCL
agreement, Decklar and Millenium plan to secure additional trucks
and permits to service the increased sales volumes and allow for
the Oza Oil Field to be produced at full capacity from the Oza-1
and Oza-4 wells."
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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