San Leon Energy clears hurdle to $10m buy-back
Oisín Fanning's San Leon Energy is to go ahead with a $10m (€8.8m) share buy-back programme after Nigerian company SunTrust waived its objections.
SunTrust had sought to have San Leon wound up, alleging the company owed it unpaid debts, which San Leon had said it does not owe.
In a statement issued yesterday, Mr Fanning said the company would now move ahead with its plans, which had been delayed from October/November of this year.
SunTrust has sold a 9.44pc stake in San Leon to Midwestern Oil & Gas and the company expects the share transfer to be completed by mid-January.