Losses and downtime from Nigeria’s OML 18 have reached 32% of production, San Leon Energy has reported in its half-year results.
Irish-headquartered San Leon Energy has received a conditional offer to buy all of the shares in the company.
San Leon Energy has completed testing the Racwicz-15 well in Poland with production predicted for early 2017.
San Leon Energy today confirmed its Nigerian acquisition has been completed.
San Leon Energy said It has been unsuccessful in its appeal against the findings of the International Court of Arbitration in relation to a case between Aurelian and Avobone NV and Avobone Poland BV.
Takeover talks for San Leon Energy have ground to a halt.
The company revealed in June it planned to reduce exploration activity and refocus on appraisal, development and production to secure operational cash-flow. In line with this decision, San Leon has relinquished four licences, in addition to PKN Orlen taking on its interests in several other blocks.