San Leon Energy PLC Update on Oza field, Nigeria (6677Y)
May 09 2023 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 6677Y
San Leon Energy PLC
09 May 2023
9 May 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 8 May 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.
San Leon continues to explore a potential sale of its non-core
investments in DPL although the completion remains subject to the
purchaser finalising its own funding arrangements, further details
of which were most recently announced by San Leon on 24 March
2023.
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") are pleased
to announce that trucking of crude oil from the Oza Oil Field to
the Edo Refinery and Petrochemicals Company Limited ("ERPC") has
continued and total deliveries have now exceeded a total of 30,000
barrels of crude oil ("bbls") in 2023 and thus completed deliveries
to satisfy the 30,000 bbls crude sale agreement.
-- Trucking of crude oil has also continued to the Duport
Midstream Company Limited ("DMCL") refinery in Edo State, with over
7,500 bbls delivered to date.
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.
Trucking and Sale of Crude Oil to ERPC's Edo Refinery
Trucking of crude oil from the Oza Oil Field to the ERPC
facility in Edo State, Nigeria has reached a cumulative volume of
over 41,000 bbls, with 10,000 bbls delivered in 2022 under the
initial sale and purchase agreement and over 31,000 bbls delivered
so far in 2023. Deliveries under the 30,000 bbls contract have now
been completed and invoiced, and deliveries will continue under the
new 200,000 bbls contract. The terms of the 200,000 bbls agreement
include an invoicing and payment cycle that is triggered as each
5,000 bbls batch is delivered and offloaded at the Edo
refinery.
Delivery of Crude Oil to DMCL's Refinery
In late March, delivery of crude oil commenced from the Oza Oil
Field to DMCL and over 7,500 bbls have been delivered to date.
Under the sale and purchase agreement with DMCL, Decklar and
Millenium initially delivered 5,000 bbls to the Duport refinery in
March and early April, followed by an additional 2,500 bbls in the
last half of April. Deliveries of an estimated 5,000 bbls per month
will continue going forward, and DMCL has agreed to purchase up to
100,000 bbls over the next 12 months. The agreement with DMCL has
added a new customer for the sale of crude oil from the Oza Oil
Field and gives Decklar and Millenium an expanded base to deliver
and sell additional crude oil volume."
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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