REG - San Leon Energy PLC - Update on refinancing

San Leon EnergyAnnouncement

08/01/2024 07:00

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RNS Number : 8678Y  San Leon Energy PLC  08 January 2024

 

 

 

 

8 January 2024

San Leon Energy plc

("San Leon" or the "Company")

 

Update on refinancing

 

San Leon, the independent oil and gas production, development and exploration
company focused on Nigeria, announces that, further to its update announcement
on the investment from Tri Ri Asset Management Corp. ("TRAM") on 27 November
2023, San Leon has continued its dialogue with TRAM to understand the reasons
for the delay, by TRAM, in delivering funds pursuant to the terms of its
contractual arrangements with San Leon. To date, no funds have been received
by the Company. Although San Leon considers that its contract with TRAM
remains valid and in full force and effect, the Board has nevertheless
determined that it is prudent to seek an alternative solution should the TRAM
investment delays continue.  Over the past weeks the Company has identified
and has been in discussions with a new potential financing partner in relation
to a potential funding solution that is similar to the investment from TRAM.

 

The Company's ordinary shares of €0.01 each in the Company (the "Ordinary
Shares") remain suspended from trading on AIM, pending San Leon publishing:
i) its audited accounts for the year ended 31 December 2022 (the "2022
Accounts"), as required by Rule 19 of the AIM Rules for Companies; ii)
its unaudited interim results for the six months ended 30 June 2023 (the
"2023 Interim Accounts"), as stipulated by Rule 18 of the AIM Rules for
Companies; and iii) an AIM admission document in relation to the New ELI
Investments, details of which were announced by San Leon on 10 October 2023,
which are one of the proposed uses of the proceeds from the investment from
TRAM (or, alternatively, the new potential financing partner).  The Company
intends to pursue all of these requirements following the conclusion of its
refinancing.

 

Further announcements will be made in due course.

 

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
 Fortified Securities                                  +44 7493989014

 (Joint broker to the Company)
 Guy Wheatley
 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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