Obinna Chima
Midwestern Oil & Gas Limited has made a reverse take-over (RTO) offer to San Leon Energy Plc, an energy company listed in the Alternative Investment Market (AIM) of the London Stock Exchange (LSE).
A reliable industry source disclosed to THISDAY that the initial approach for the RTO was done three years ago, adding that the offer appears to be a natural progression from the initial discussions/offer.
“Discussions are now in advanced stages,” the sources added.
Those familiar with the deal believe the transaction would put the companies in good stead to take advantage of the divestment by majors such as Shell, Chevron, Exxon and Agip from the Nigerian market.
Umusadege
Delta
Nigeria
Malta
Eriemu
Nigeria-general
Delta-state
London
City-of
United-kingdom
Nigerian
Obinna-chima