Nigeria: Third time lucky for Mart Resources?

After the failure of two previous sale arrangements, Ireland’s San Leon Energy has come forward as the latest suitor for Mart Resources, along with Mart’s Nigerian partner Midwestern Oil & Gas Company. AIM-listed San Leon on 22 January announced a $180m transaction to finance the acquisition of Mart and an additional interest in the Martwestern Energy joint venture, and to restructure the companies’ assets and liabilities with Midwestern. The acquisition and restructuring will result in San Leon securing a 9.72% indirect economic interest in OML 18.