Petroleum Africa
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Monday, January 8, 2018
Discussions between San Leon Energy and two possible investors have been terminated by mutual agreement. The company had been in talks with China Great United Petroleum (Holding) Ltd. (CGUP) and Geron Energy Investment, however both firms have confirmed that they do not intend to make an offer for the issued and to be issued share capital of the company.
According to a San Leon release, discussions continue between San Leon andMidwestern Oil & Gas, that if concluded, would see what would amount to a reverse takeover. Given this the company’s ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an admission document to AIM. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.
Oisin Fanning, chief executive of San Leon Energy, commented, “While I thank both CGUP and Geron for their interest in San Leon, I am pleased that we have been able to provide this update to shareholders. These discussions have come to a conclusion by mutual agreement, which will allow the company to move on, both with its discussions with Midwestern, and with the delivery of its business plan, which is focused on cash generation from our oil and gas operations in Nigeria.”
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