San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) told investors it has seen significant progress towards the completion of the transaction to consolidate its interests in the OML 18 asset, in Nigeria.
The company, in a statement, said that it now expects to publish new AIM market documents by July 8, after which it intends to seek the restoration of trading of its ordinary shares.
“OML 18 has an excellent production history as well as a vast amount of, to date, unrealised potential,” said Oisin Fanning, San Leon chief executive.
“The above series of proposed transactions that we, Eroton and ELI have been progressing for the past year have the ability to be transformational not only for OML 18 but also for San Leon itself and its shareholders.
“The potential transaction is expected to deliver to San Leon a far greater interest in this world-class asset as well as pave the way for better infrastructure enabling more efficient production from the field.
“It would be no understatement to say this has been a very challenging and complex undertaking, but I am delighted to say that we have made considerable progress with the Potential Transaction and we now expect to be in a position to publish our Admission Document alongside our report and accounts by 8 July.”
It also noted that a number of important steps will need to be completed in order for the transaction to proceed including (1) documentation for the proposed Eroton debt facilities (2) documentation for the proposed new San Leon loan facility and (3) documentation of historical financial information for the year ended 31 December 2021 for entities involved in the deal.