Oisin Fanning, San Leon Executive Chairman, commented: “The Company has put significant effort into generating cashflow from NovaSeis, and includes a newly appointed CEO NovaSeis, Tim Branch, who has more than 30 years’ experience across multiple seismic disciplines including senior international management roles. The MoU signed with Northbridge is expected to generate near-term seismic acquisition and interpretation cashflow in Nigeria by combining NovaSeis’ extensive acquisition and interpretation experience and capability, with Northbridge’s local knowledge and networks.
The expeditious nature of the award of the permit to undertake seismic acquisition, processing and interpretation provides San Leon with great comfort that, in Northbridge, the Company has found a similar-minded and well-respected partner.”
San Leon Energy (LON:SLE) the AIM listed company focused on oil and gas exploration in Europe and North Africa, has given DirectorsTalk an update on NovaSeis, its seismic subsidiary.
NovaSeis, the Company’s 100%-owned subsidiary, has signed a Memorandum of Understanding with Northbridge Energy Ltd, a leading Nigerian-based integrated energy company. The MoU sets out a Joint Venture between the two parties, to provide seismic acquisition and interpretation services in Nigeria.
Subject to final documentation, expected to be completed before year end, NovaSeis will contribute acquisition equipment and personnel together with interpretation expertise. Northbridge will provide work sourcing, permitting, local personnel and services.
One of the conditions for San Leon entering into a MoU with Northbridge was the award of a Permit to undertake Seismic Data Acquisition and Processing and Interpretation. The Company can confirm this was duly issued by the Government of Nigeria to Northbrigde in the current quarter.
San Leon was advised by Brandon Hill on this transaction.
