{"id":11716,"date":"2022-01-31T08:13:43","date_gmt":"2022-01-31T08:13:43","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11716"},"modified":"2022-01-31T08:13:43","modified_gmt":"2022-01-31T08:13:43","slug":"nigeria-san-leon-reports-amendment-to-investment-in-the-oza-field","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-reports-amendment-to-investment-in-the-oza-field\/","title":{"rendered":"NIGERIA: San Leon Reports Amendment to investment in the Oza field"},"content":{"rendered":"<p class=\"cs\"><span class=\"ck\">San Leon has announced<\/span> that its investment in the Oza oil field in Nigeria\u00a0 is now proceeding with the following amendments.<\/p>\n<p class=\"cs\"><span class=\"ck\">\u00a0<\/span>On 1 September 2020, San Leon announced that it had conditionally agreed to provide a US$7.5 million loan to Decklar Resources Limited, via 10% per annum unsecured subordinated loan notes of Decklar. Decklar is the holder of a Risk Service Agreement with Millenium Oil and Gas Company Limited in relation to Oza. San Leon also announced that it would conditionally subscribe for a 15% equity interest in Decklar at nominal value.<\/p>\n<p class=\"cy\"><span class=\"cg\">As previously announced, US$<\/span><span class=\"cd\">6.75 million of<span class=\"cf\">\u00a0San Leon<\/span>&#8216;s proposed investment<span class=\"cf\">\u00a0remained in escrow and was to be released upon satisfaction (or waiver) of\u00a0<\/span>certain<span class=\"cf\">\u00a0conditions precedent<\/span>. Despite delays to concluding the transaction documents, Decklar has performed the workover of the Oza-1 well, the results of which have already been announced by San Leon.\u00a0 In summary, the Oza-1 well test has indicated positive oil results from the lowermost zone, encountered gas in the middle zone and oil in the uppermost zone.\u00a0<span class=\"cf\">San Leon<\/span>\u00a0has evaluated these results and the San Leon Board has recommended that it proceeds with an investment in Oza. Decklar is in agreement with that strategy and also to fully involve San Leon in future development planning and determining the location of the first new well to be drilled on the Oza Oil Field.<\/span><span class=\"cd\">\u00a0<\/span><\/p>\n<p class=\"cy\"><span class=\"cd\">Accordingly, San Leon has entered into an amendment to its original agreement with Decklar, the principal terms of which are:<\/span><\/p>\n<p class=\"da\">1)\u00a0\u00a0\u00a0\u00a0San Leon has agreed to proceed with its investment in Oza, waiving the remaining conditions precedent.<\/p>\n<p class=\"da\">2)\u00a0\u00a0\u00a0 Of the US$6.75 million of funds held in escrow, US$4.75 million has now been released to Decklar and US$2.0 million has been returned to San Leon pending final completion. San Leon is obliged to either provide a further loan of US$2.0 million to Decklar by 30 April 2022 or, alternatively, accept a pro rata reduction in its shareholding in Decklar.<\/p>\n<p class=\"da\">3)\u00a0\u00a0\u00a0 San Leon has agreed to waive its option to invest an additional US$7.5 million in Decklar.<\/p>\n<p class=\"cs\">San Leon has previously advanced US$750,000 to Decklar as an initial deposit. As a consequence of the above transactions, upon completion San Leon will be interested in US$5,500,000 of 10% unsecured subordinated Decklar loan notes and a 11.5% equity interest in Decklar, which will be subscribed for at a nominal value of\u00a0<span class=\"bz\">N<\/span>\u00a01,294,118 (approximately US$3,400). The key terms of the loan notes remain unchanged from those described in the Company&#8217;s announcement of 1 September 2020.<span class=\"cd\">\u00a0<\/span><\/p>\n<p class=\"cz\"><span class=\"cd\">In its audited accounts for the year ended 31 December 2020,\u00a0<span class=\"cf\">Decklar<\/span>\u00a0reported a loss before tax of US$5.1 million and total assets of US$6.0 million.\u00a0\u00a0<span class=\"cf\">San Leon will be entitled to one seat on the board of Decklar.<\/span><\/span><span class=\"cd\">\u00a0<\/span><\/p>\n<p class=\"dc\"><span class=\"cd\">Oisin Fanning, CEO of San Leon Energy, commented:<\/span><span class=\"cd\">\u00a0<\/span><\/p>\n<p class=\"dd\"><span class=\"cd\">&#8220;Our investment in Oza has taken longer to conclude than originally anticipated, but Decklar&#8217;s advancement of the project in the interim period means that we are now committing funds on the back of greater clarity around the field performance, which should de-risk the project for San Leon.\u00a0 We look forward to working more closely with Decklar on the next stage of development.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Leon has announced that its investment in the Oza oil field in Nigeria\u00a0 is now proceeding with the following amendments. \u00a0On 1 September 2020, San Leon announced that it &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-reports-amendment-to-investment-in-the-oza-field\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[9443,8776,1749,8775,8029],"class_list":["post-11716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-decklar-resources","tag-millenium-oil-and-gas","tag-nigeria","tag-oza-field","tag-san-leon","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-32Y","jetpack-related-posts":[{"id":12760,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-recommences-loading-crude-oil-into-trucks-at-the-oza-oil-field\/","url_meta":{"origin":11716,"position":0},"title":"NIGERIA: San Leon Energy Recommences Loading Crude Oil into Trucks at the Oza Oil Field","author":"","date":"November 1, 2022","format":false,"excerpt":"San Leon notes the announcement made on 27 October 2022 by Decklar Resources Inc. in Canada. \u00a0San Leon has a 11% shareholding in Decklar Petroleum Limited, 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\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9012,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-provides-7-5m-funding-for-development-of-oza-field\/","url_meta":{"origin":11716,"position":1},"title":"NIGERIA: San Leon provides $7.5M funding for development of Oza Field","author":"","date":"September 1, 2020","format":false,"excerpt":"San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces that it has conditionally agreed to invest US$7.5 million by way of a loan to Decklar Petroleum Limited, the local subsidiary of Asian Mineral Resources Limited. Decklar is the holder of a Risk Service\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12215,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-extends-timing-of-its-follow-on-investment-in-the-oza-oil-field\/","url_meta":{"origin":11716,"position":2},"title":"NIGERIA: San Leon Energy Extends Timing of its follow-on investment in the Oza oil field","author":"","date":"May 5, 2022","format":false,"excerpt":"San Leon has announced the following extension to the timing of its follow-on investment in the Oza oil field in Nigeria. On 27 January 2022, San Leon announced certain amendments to the terms of its investment in Oza which included an option to provide a further loan of US$2.0 million\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13028,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-a-us5-5-million-loan-to-decklar-petroleum\/","url_meta":{"origin":11716,"position":3},"title":"NIGERIA: San Leon Energy Provides a US$5.5 million loan to Decklar Petroleum","author":"","date":"December 23, 2022","format":false,"excerpt":"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.\u00a0 As announced by San Leon on 20 December 2022, San Leon is currently\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/Oza-field.jpg?fit=750%2C664&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/Oza-field.jpg?fit=750%2C664&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/Oza-field.jpg?fit=750%2C664&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/Oza-field.jpg?fit=750%2C664&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9796,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-update-on-investment-in-oza-field-2\/","url_meta":{"origin":11716,"position":4},"title":"NIGERIA: San Leon Energy Provides Update on Investment in Oza Field","author":"","date":"February 2, 2021","format":false,"excerpt":"San Leon has provided an update on the funding arrangements by Decklar Petroleum Limited to develop the Oza Oil Field in Nigeria.\u00a0 When fully disbursed, the funding is expected to be sufficient to re-establish oil production and provide development funding for the Oza Oil Field.\u00a0 Update Regarding Funding Arrangements \u00a0The\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Nigeria-oza_field.jpg?fit=800%2C497&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9575,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-update-on-investment-in-oza-field\/","url_meta":{"origin":11716,"position":5},"title":"NIGERIA: San Leon Energy Provides Update on investment in Oza Field","author":"","date":"December 17, 2020","format":false,"excerpt":"Further to its previous announcements regarding its proposed investment in Decklar Petroleum Limited and the Oza Field in Nigeria, San Leon announces that the parties have agreed to extend the completion date to early in the new year.\u00a0 As previously announced, worldwide restrictions put in place in response to the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/nigeria-oil-gas.jpg?fit=563%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/nigeria-oil-gas.jpg?fit=563%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/nigeria-oil-gas.jpg?fit=563%2C431&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=11716"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11716\/revisions"}],"predecessor-version":[{"id":11717,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11716\/revisions\/11717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9013"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=11716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=11716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=11716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}