San Leon Energy secured the funds to needed to complete the Mart
Resources Arrangement Agreement. Completion of the arrangement agreement
is subject to necessary approvals.
This forms part of the broader
proposed transaction outlined in January that has San Leon acquiring
Mart and in addition an interest in Martwestern Energy, and to
restructure the assets and liabilities of these acquisitions with
Midwestern Oil and Gas Company, Mart’s partner on the Umusadege field
and OML 18 block, onshore Nigeria. San Leon and Midwestern will acquire,
through a Canadian acquiring entity, all of the issued and outstanding
common shares of Mart by way of a Plan of Arrangement.
Oisin
Fanning, San Leon’s Executive Chairman, commented: “We are delighted to
have secured the funds to enable this company-changing transaction to
complete, subject to necessary approvals.”
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