LONDON (Alliance News) - Oil and gas company San Leon Energy PLC said on Monday that Midwestern Oil & Gas Co Ltd has agreed to acquire SunTrust Oil Co Nigeria Ltd's holding in San Leon.
Midwestern will acquire 71.5 million shares, reflecting 14% of San Leon's issued share capital, in exchange for the transfer of interests in certain assets currently owned by Midwestern.
"I wish to welcome Midwestern as a significant shareholder in the company, which I believe will continue to enhance the alignment of our indirect interests in developing the value in OML 18," said Chief Executive Officer Oisin Fanning.
Shares in San Leon Energy were up 12% at 28.25 pence on Monday.
San Leon (SLE)