REG - San Leon Energy PLC - Successful conclusion of the TAQA litigation

San Leon EnergyAnnouncement

31/01/2022 07:00

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RNS Number : 0593A  San Leon Energy PLC  31 January 2022

 

 

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse (amendment) (EU Exit)
Regulations 2019/310. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

 

31 January 2022

 

San Leon Energy plc

("San Leon" or the "Company")

 

Successful conclusion of the TAQA litigation

 

San Leon, the independent oil and gas production, development and exploration
company focused on Nigeria, is pleased to report that two of its wholly owned
subsidiaries, San Leon (Netherlands) Limited and San Leon Energy B.V., have
successfully concluded their ongoing legal proceedings with TAQA Offshore BV
("TAQA") in relation to San Leon's legacy interests in two royalties on Block
Q13A , which is located offshore the Netherlands (the "Amstel Oil Field"),
including an Overriding Royalty Agreement entered into with Encore Oil as part
of a sale and purchase agreement entered into in 2007 (the "Royalty
Agreements").

 

TAQA had subsequently purchased the interest from Encore Oil. Production from
the Amstel Field started in 2014 but no royalties had been received. The
Royalty Agreements became the subject of separate legal proceedings in the
Netherlands and the UK.

 

San Leon is pleased to report that it has now received payments totaling more
than €5.7 million from the actions taken in both jurisdictions, including an
interim payment in respect of its legal costs. The royalties will continue to
be payable in accordance with the terms and conditions of the Royalty
Agreements. The Royalty Agreements represent legacy interests and any
potential net future benefit to the Company going forward from the Amstel Oil
Field on a monthly basis is not expected to be particularly material to San
Leon.

 

 

Enquiries:

 

 San Leon Energy plc                                   +353 1291 6292
 Oisin Fanning, Chief Executive

 Julian Tedder, Chief Financial Officer
 Allenby Capital Limited                               +44 20 3328 5656

 (Nominated adviser and joint broker to the Company)
 Nick Naylor

 Alex Brearley

 Vivek Bhardwaj
 Panmure Gordon & Co                                   +44 20 7886 2500

 (Joint broker to the Company)
 Nick Lovering

 James Sinclair-Ford
 Tavistock                                             +44 20 7920 3150

 (Financial Public Relations)
 Nick Elwes

 Simon Hudson
 Plunkett Public Relations                             +353 1 230 3781
 Sharon Plunkett

 

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