NIGERIA: San Leon Energy Provides Update on the Proposed Transactions with Midwestern

Further to the announcement made on 1 December 2022, the MLPL Reorganisation Agreement‘s deadline for the satisfaction of the condition relating to the New Eroton Debt Facilities being entered into, which had already previously been extended to 31 December 2022, has now been further extended to 31 March 2023 by agreement between the Company and Midwestern. 

As previously announced, the Sahara OML 18 Acquisition Agreement will not be entered into until after the New Eroton Debt Facilities have been entered into and the funds to allow the Eroton OML 18 Transactions to proceed are available, and therefore the MLPL Reorganisation Agreement‘s deadline for the Sahara OML 18 Acquisition Agreement to be entered into has also now been further extended to 31 March 2023 by agreement between the Company and Midwestern. 

These extensions bring the timelines for the satisfaction of the MLPL Reorganisation Agreement‘s conditions relating to the New Eroton Debt Facilities and the Sahara OML 18 Acquisition Agreement in line with the current longstop timelines for the completion of the MLPL Reorganisation Agreement and the ELI Reorganisation.