San Leon Energy announced Tuesday that its wholly-owned subsidiary, NovaSeis, has signed a Memorandum of Understanding with Northbridge Energy Ltd to provide seismic acquisition and interpretation services in Nigeria.
Subject to final documentation, expected to be completed before year end, NovaSeis will contribute acquisition equipment and personnel together with interpretation expertise, as part of the agreement. Northbridge, on the other hand, will provide work sourcing, permitting, local personnel and services.
Oisin Fanning, San Leon executive chairman, commented in a company statement:
"The company has put significant effort into generating cashflow from NovaSeis, and includes a newly appointed CEO NovaSeis, Tim Branch, who has more than 30 years' experience across multiple seismic disciplines including senior international management roles. The MoU signed with Northbridge is expected to generate near-term seismic acquisition and interpretation cashflow in Nigeria by combining NovaSeis' extensive acquisition and interpretation experience and capability, with Northbridge's local knowledge and networks.”
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