REG - San Leon Energy PLC - Update on Proposed Transactions

San Leon EnergyAnnouncement

01/08/2023 07:00

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RNS Number : 8165H  San Leon Energy PLC  01 August 2023

 

 

 

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, this information is now considered
to be in the public domain.

 

1 August 2023

San Leon Energy plc

("San Leon" or the "Company")

 

Update on Proposed Transactions

 

San Leon, the independent oil and gas production, development and exploration
company focused on Nigeria, announces a further extension to the longstop
dates for the proposed transactions with Midwestern Oil & Gas Company
Limited ("Midwestern") and the Company's further conditional investments in
Energy Link Infrastructure (Malta) Limited ("ELI") (together the "Proposed
Transactions").  Details of the Proposed Transactions were announced by the
Company on 8 July 2022 and set out in an admission document published by the
Company on the same day (the "Admission Document").

 

All longstop dates in relation to the Proposed Transactions have, in agreement
with Midwestern and the other relevant parties, now been extended to 31 August
2023. The longstop dates are in relation to the New Eroton Debt Facilities,
the Sahara OML 18 Acquisition Agreement, the MLPL Reorganisation Agreement and
the ELI Reorganisation Agreement (details of all of which are set out in the
Admission Document).

 

Documentation in relation to the Proposed Transactions is developed given the
foundation of work undertaken by the Company in this respect over 2021 and
2022, and San Leon therefore expects to be in a position to move to proceed
once the Proposed Transactions' conditions allow.  This will be based, inter
alia, on the conclusion of its refinancing, as well as updated due diligence
in relation to the Proposed Transactions.

 

Further to the update on refinancing discussions and outstanding creditors
announced on 3 July 2023, the Board remains optimistic on progress being made
and expects to provide an update to shareholders in the near term.

 

Unless otherwise defined herein, the capitalised defined terms used in this
announcement have the same meaning as those used in the Admission Document.

 

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)
 James Sinclair-Ford

 John Prior
 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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