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San Leon says DPL completes oil delivery; in talks to sell DPL shares

Fri, 23rd Dec 2022 14:30

(Alliance News) - San Leon Energy PLC on Friday said Declar Petroleum Ltd, which it owns 11% of, has completed a 10,000 barrel crude oil delivery.

The oil and gas production, development and exploration company said DPL had delivered 10,000 barrels of crude oil to a small crude oil refinery in Edo State Nigeria.

DPL said a new agreement is being negotiated for the delivery of an additional 30,000 barrels, with payment for the first delivery expected within 21 days.

DPL added: "The oil and gas production, development and exploration company focused on Nigeria.

San Leon announced on Tuesday that it is currently in advance negotiations regarding the proposed sale of its non-core investments in DPL. The company currently holds an 11% shareholding in DPL.

The company previously said it had made a USD5.5 million loan to DPL via 10% per year unsecured subordinated loan notes.

San Leon shares closed 1.8% lower at 30.50 pence each on Friday in London.

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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