LONDON (Alliance News) - San Leon Energy PLC shares fell on Tuesday after it signed a memorandum of understanding with Nigerian-based energy company Northbridge Energy Ltd to form a joint venture to provide seismic acquisition and interpretation services.
San Leon shares were trading down 7.9% to 21.75 pence per share on Tuesday morning.
The deal, subject to a formal contract being drafted, is expected to be completed before the end of 2015. San Leon's wholly owned subsidiary, NovaSeis, will contribute seismic acquisition equipment and personnel together with interpretation expertise, whilst Northbridge will provide work sourcing, permitting, local personnel and services.
The joint venture will offer services in Nigeria, and San Leon said it was awarded a permit from authorities to carry out seismic acquisition, interpretation and processing work in the country before it signed the MoU with Northbridge.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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San Leon (SLE)