San Leon Energy secured the funds to needed to complete the Mart Resources Arrangement Agreement. Completion of the arrangement agreement is subject to necessary approvals.
This forms part of the broader proposed transaction outlined in January that has San Leon acquiring Mart and in addition an interest in Martwestern Energy, and to restructure the assets and liabilities of these acquisitions with Midwestern Oil and Gas Company, Mart’s partner on the Umusadege field and OML 18 block, onshore Nigeria. San Leon and Midwestern will acquire, through a Canadian acquiring entity, all of the issued and outstanding common shares of Mart by way of a Plan of Arrangement.
Oisin Fanning, San Leon’s Executive Chairman, commented: “We are delighted to have secured the funds to enable this company-changing transaction to complete, subject to necessary approvals.”