Natural Gas World
  • Natural Gas News

    San Leon Welcomes Midwestern's Entry

Summary

The AIM-listed indie has welcomed the replacement of one Nigerian shareholder by another.

by: Mark Smedley

Posted in:

Natural Gas & LNG News, Africa, Corporate, Exploration & Production, News By Country, Ireland, Nigeria, United Kingdom

Print This Article

San Leon Welcomes Midwestern's Entry

AIM-listed former shale gas explorer San Leon Energy said October 1 that Nigerian firm Midwestern has entered into a binding agreement with SunTrust Oil Nigeria to acquire the latter's 14.29% stake in San Leon, in exchange for stakes in assets now owned by Midwestern.

San Leon said it has been told by Midwestern that a 9.44% San Leon stake has already been transferred to Midwestern, and that the remaining shares will be transferred by SunTrust in the coming weeks, at which point Midwestern would be San Leon's second largest shareholder. San Leon CEO Oisin Fanning said he welcomed Midwestern as a significant shareholder.

San Leon has a small indirect stake in Nigeria’s OML 18 oil and gas field and a 4.5% net profit interest on the undeveloped oil field Barryroe offshore Ireland.

A year ago a Chinese bidder called off plans to acquire San Leon. The largest shareholder is Toscafund with 62.33% of San Leon.

 

Related Articles