StockMarketWire.com - Oil company San Leon Energy said it had agreed to invest $7.5m by way of a loan to Decklar Petroleum, the Nigerian subsidiary of Toronto-listed Asian Mineral Resources.

Decklar was the holder of a risk service agreement with Millenium Oil and Gas Company on the Oza field in Nigeria.

San Leon said it would also subscribe for a 15% equity interest in Decklar.

'Oza is a further transaction in line with our strategy of investing in assets with expected near-term cash flow, where the initial investment is considered to be of limited risk and where there is material upside,' chief execuative Oisin Fanning said.

'Our technical team has reviewed the field data and work plans in detail, and is confident of the approach being taken.'


At 9:59am: [LON:SLE] San Leon Energy PLC share price was +0.55p at 27.15p



Story provided by StockMarketWire.com