Independent gas and oil exploration firm San Leon Energy will struggle to meet payments of €8m ($9.6m) and almost €7m, due in October and November to Polish company Avobone, as it continues to wait for payments from its stake in a Nigerian oil field. San Leon had said the company, China Great United, had expected to be in a position to make a formal offer within 45 days at an indicative price of 67p-76p per share. The delay has left the company, which is owned by US private equity group Apollo Global Management, with no choice but to file for bankruptcy, according to documents seen by Reuters.
Independent gas and oil exploration firm San Leon Energy will struggle to meet payments of €8m ($9.6m) and almost €7m, due in October and November to Polish company Avobone, as it continues to wait for payments from its stake in a Nigerian oil field. The delay has left the company, which is owned by US private equity group Apollo Global Management, with no choice but to file for bankruptcy, according to documents seen by Reuters.