San Leon Energy today confirmed its Nigerian acquisition has been completed.
The firm’s Mart Arrangement Agreement includes a 4.05% indirect interest in the OML 18 block located onshore in Nigeria, a minimum 65%, enhanced cash sweep of BidCo’s production proceeds from OML 18 and the right to provide oilfield services, such as workover and drilling rigs, to the OML 18 operator.
The deal is valued $73million.
San Leon is a AIM listed company focused on oil and gas exploration and production in Europe and Africa.