Nigerian SunTrust Drops Claim against San Leon

San Leon and Nigerian SunTrust Oil have signed a cash-free settlement, ending a dispute over share ownership that began a year ago. It relates to San Leon's ownership of a stake in a Nigerian oil field. SunTrust also called for San Leon to be wound up.

San Leon and SunTrust have now signed binding agreements which terminate all litigation against San Leon, and preclude any future such litigation, the Irish explorer said June 28. The settlement agreement will be filed in the High Court Lagos to perfect an order in the terms of settlement in the Civil Suit. A notice of discontinuance of the winding up petition has been filed in the High Court Lagos. No consideration was paid by either party to the other.

San Leon announced last December that Midwestern Oil & Gas had entered into a binding agreement with SunTrust to acquire SunTrust's entire remaining holding in San Leon. This week, San Leon announced that Midwestern had purchased a total of 59,298,723 ordinary shares in San Leon. SunTrust has said it no longer has any holding in San Leon.