San Leon Energy PLC - Dublin-based oil & gas exploration company - discussions and considerations with Midwestern Oil & Gas Co Ltd are ongoing in relation to consolidation of its holdings in San Leon and Midwestern Leon Petroleum Ltd into a single holding in San Leon, with San Leon holding the remaining 60% equity interest in Midwestern Leon that it does not currently own. San Leon, however notes that there continues to be no certainty that this transaction will proceed.
In addition, San Leon said it is in discussions to extend the conditional payment waiver, which expired in August. San Leon agreed with Midwestern Leon, Midwestern Oil & Gas and Martwestern Energy Ltd - a subsidiary of Midwestern Leon - to a conditional payment waiver of USD32 million of Midwestern Leon's loan notes and interest. As part of the terms of the agreement, the conditional payment waiver expires at the end of August or, if sooner, the termination of discussions or the signing of an agreement to effect the consolidation transaction.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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San Leon (SLE)