San Leon Regulatory News (SLE)

29 December 2022

San Leon Energy plc

("San Leon")

Update on Oza field, Nigeria

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement made on 22 December 2022 by Decklar Resources Inc. ("Decklar") in Canada. San Leon has a 11% shareholding in Decklar Petroleum Limited ("DPL"), the local subsidiary of Decklar operating in Nigeria, and has also made a US$5.5 million loan to DPL, via 10% per annum unsecured subordinated loan notes. 

As announced by San Leon on 20 December 2022, San Leon is currently in advanced negotiations in respect of the proposed sale of San Leon's non-core investments in DPL.

Part of the text of Decklar's announcement is set out below:

"Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE: A1U1) (the "Company" or "Decklar") is pleased to announce that Decklar and its co-venturer Millenium Oil & Gas Company Limited ("Millenium") have executed a new sale and purchase agreement for the delivery of 30,000 barrels of crude oil ("bbls") to the Edo Refinery and Petrochemicals Company Limited ("ERPC") in Edo State, Nigeria.

Decklar and its co-venturer Millenium announce that following the successful delivery of 10,000 bbls of crude oil, a sale and purchase agreement has been signed for delivery of an additional 30,000 bbls of crude oil to a small crude oil refinery in Edo State, Nigeria. Under the terms of the agreement an invoice will be issued after delivery of each 5,000 bbls of crude oil with payment to be received within 21 days."

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