(Alliance News) - San Leon Energy PLC said it has not yet received funding from Tri Ri Asset Management Corp.
San Leon, a Nigeria-focused oil and gas production, development and exploration company, in October had announced that it would receive an investment of up to USD187 million from the investor in public markets.
"To date, no funds have been received by the company. Although San Leon considers that its contract with TRAM remains valid and in full force and effect, the board has nevertheless determined that it is prudent to seek an alternative solution should the TRAM investment delays continue. Over the past weeks, the company has identified and has been in discussions with a new potential financing partner in relation to a potential funding solution that is similar to the investment from TRAM," San Leon said.
San Leon shares have been suspended since July 2023 as the company still has to publish its 2022 results.
By Tom Budszus, Alliance News slot editor
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San Leon (SLE)