Petroleum Africa
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Tuesday, October 2, 2018
San Leon Energy reported that it received notification from Midwestern that it has entered into a binding agreement with SunTrust Oil Company Nigeria to acquire SunTrust’s equity interest in San Leon.
Pursuant to the agreement, Midwestern will acquire a total of 71,487,179 ordinary shares in San Leon (representing 14.29 % of the issued ordinary shares of the company and SunTrust’s entire remaining interest in the company).
The shares, which are currently held directly and/or indirectly by SunTrust are being transferred to Midwestern in exchange for the transfer of interests in certain assets currently owned by Midwestern. San Leon has been informed by Midwestern that 47,243,590 ordinary shares in San Leon (representing 9.44% of issued ordinary shares) have already been transferred to Midwestern, and that the remaining shares will be transferred by SunTrust in the coming weeks.
The transaction does not directly involve San Leon or its assets.
Midwestern is a partner of San Leon in Midwestern Leon Petroleum Limited (‘MLPL’).
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