San Leon Energy drops as delay in refinancing prompts cashflow concerns
24/03/2023 09:00
** Shares of San Leon Energy SLEN.L down as much as 6.6%
to 20.6p, among top pct losers across all London shares
** Nigeria-focused oil and gas explorer flags limited cash
inflows on account of delay in concluding a refinancing
agreement
** Says limited cash contributing towards running day-to-day
business but several creditors remain outstanding
** Co adds proposed Midwestern Leon Petroleum Ltd (MLPL)
reorganization previously expected to be concluded by March 31
now delayed to Q2 2023 pending conclusion of San Leon's
refinancing
** Stock on track to snap three consecutive sessions of
gains, if losses hold
** As of last close, stock down ~31% so far this year
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))