San Leon Energy PLC – oil & gas exploration company – Provides funding for development of Oza Field, Nigeria. San Leon Energy agreed to invest USD7.5 million by way of a loan to Decklar Petroleum Ltd, the local subsidiary of Asian Mineral Resources Ltd.
Decklar is the holder of a risk service agreement with Millenium Oil & Gas Co Ltd on the Oza field in Nigeria.
Until the loan and its interest are repaid, 100% of the available funds that can be distributed from Decklar’s risk services agreement proceeds will be paid to San Leon in satisfaction of those payments.
San Leon will also subscribe for a 15% equity interest in Decklar, with an option to increase to 30% equity interest based on drilling results.
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