San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF), the independent oil and gas company, has granted a further extension to the conditional payment waiver on some loan notes.
As previously announced by San Leon, during the course of this year San Leon was due to receive the final repayments from Midwestern Leon Petroleum Limited (MLPL) of the loan notes which total over US$98 million. The repayments had been due in three equal instalments, commencing in July 2021 and completing by December 2021.
On 7 July 2021, San Leon agreed with MLPL, Midwestern Oil and Gas (which has a stake in MLPL) and Martwestern (in which MLPL has a 100% equity investment) to a conditional payment waiver in respect of the repayment of about US$32 million of MLPL’s loan notes and interest that fell due on 5 July.
The waiver has been extended until the end of this month.
San Leon also revealed that it has identified a replacement for Lisa Mitchell, its former chief financial officer. A further announcement will be made in due course after due diligence has been performed.