{"id":12215,"date":"2022-05-05T15:04:41","date_gmt":"2022-05-05T15:04:41","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12215"},"modified":"2022-05-05T15:11:24","modified_gmt":"2022-05-05T15:11:24","slug":"nigeria-san-leon-energy-extends-timing-of-its-follow-on-investment-in-the-oza-oil-field","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-extends-timing-of-its-follow-on-investment-in-the-oza-oil-field\/","title":{"rendered":"NIGERIA: San Leon Energy Extends Timing of its follow-on investment in the Oza oil field"},"content":{"rendered":"

San Leon has announced<\/span> the following extension to the timing of its follow-on investment in the Oza oil field in Nigeria.<\/span><\/span><\/p>\n

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 to Decklar by 30 April 2022 to increase its shareholding in Decklar Resources Limited (“Decklar”) from 11.5% to 15% (or otherwise accept the pro rata reduction in its shareholding to 11.5%).\u00a0 San Leon and Decklar have now agreed to extend the time period for providing this loan to 30 June 2022 on the basis that San Leon’s further loan will increase to US$2.5 million.\u00a0 This increased loan will continue to be made via 10% per annum unsecured subordinated loan notes of Decklar on the same repayment terms as originally announced on 1 September 2020. \u00a0Furthermore, the extension gives San Leon additional time to assess the fundamentals of Oza, given that Decklar Resources Inc has today made an announcement that notes that the re-entry of the Oza-1 well in the Oza oil field in Nigeria has converted several hydrocarbon zones from contingent resources to reserves, prior to San Leon deciding whether to take up the option.<\/span><\/p>\n

The extension also enables completion of San Leon’s proposed further investment in Oza to be more in line with the proposed timing for the entering into of binding conditional transaction documentation in relation to the proposed reorganisation to consolidate Midwestern Oil and Gas Company Limited’s shareholdings in: <\/span><\/p>\n

i) the Company; and <\/span><\/p>\n

ii) Midwestern Leon Petroleum Limited into a single shareholding in the Company, which also comprises, inter alia, a proposed consolidation of Midwestern’s indirect debt and equity interests in Energy Link Infrastructure (Malta) Limited (ELI) with those of the Company, as well as further new debt and new and existing equity investments to be made by San Leon in ELI, updated details of which were most recently announced on 29 April 2022.\u00a0 <\/span><\/p>\n

All other terms of the Company’s investment in Oza remain unchanged.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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 … 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":[9366,10434,1749,10435,8029],"class_list":["post-12215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-declar-resources","tag-midwestern-oil-and-gas","tag-nigeria","tag-oza","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-3b1","jetpack-related-posts":[{"id":11716,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-reports-amendment-to-investment-in-the-oza-field\/","url_meta":{"origin":12215,"position":0},"title":"NIGERIA: San Leon Reports Amendment to investment in the Oza field","author":"","date":"January 31, 2022","format":false,"excerpt":"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 had conditionally agreed to provide a US$7.5 million loan to Decklar Resources Limited, via 10% per annum unsecured subordinated loan\u2026","rel":"","context":"In "Countries"","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":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":12215,"position":1},"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 "Countries"","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":12215,"position":2},"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 "Countries"","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":9012,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-provides-7-5m-funding-for-development-of-oza-field\/","url_meta":{"origin":12215,"position":3},"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 "Countries"","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":9796,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-san-leon-energy-provides-update-on-investment-in-oza-field-2\/","url_meta":{"origin":12215,"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 "Top News"","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":12215,"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 "Countries"","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\/12215","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=12215"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12215\/revisions"}],"predecessor-version":[{"id":12218,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12215\/revisions\/12218"}],"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=12215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}