San Leon Energy plc (“San Leon” or the “Company”), the AIM listed oil and gas production and appraisal company focused on Africa, is pleased to provide an update on litigation with SunTrust Oil (“SunTrust”).
On 09, 22 and 24 May 2018 the Company noted media articles in the Nigerian press in relation to purported claims by SunTrust over the purchase by the Company of an indirect interest in OML 18, including a petition by SunTrust to wind up the Company. The Company made it clear that, having taken legal advice, it believed that the claims had no foundation or merit.
San Leon and SunTrust have now signed binding agreements which terminate all litigation against San Leon, and preclude any future such litigation. The settlement agreement shall be filed in the High Court Lagos to perfect an Order in the terms of settlement in the Civil Suit. A notice of discontinuance of the winding up Petition has been filed in the High Court Lagos. No consideration was paid by either party to the other.
On 19 December 2018 the Company announced that Midwestern Oil & Gas Ltd (“Midwestern”) had entered into a binding agreement with SunTrust to acquire SunTrust’s entire remaining holding in San Leon. On 24 June 2019 the Company announced that Midwestern had purchased a total of 59,298,723 ordinary shares in San Leon. The Company has been informed by SunTrust that it no longer has any holding in San Leon.
Source: San Leon Energy