San Leon Energy extends losses over cash flow concerns
21/12/2022 13:08
** Shares of London-listed oil and gas explorer San Leon
Energy Plc SLEN.L extend losses to plunge ~20% at 27.6p; top
pct loser on London stock exchange
** Stock set to post worst day since Sept. 2017, if losses
hold
** Co on Tuesday said it has not received any material cash
inflows since re-admission to trading, but has been exploring
alternative refinancing options urn:newsml:reuters.com:*:nTUC4BWMDW
** Nigeria-focused explorer adds it is in advanced talks to
dispose of its non-core investments in Oza oil field to generate
working capital
** Co says it does not consider drawing down its $50 mln
loan facility with MM Capital Holding Ltd now in the best
interest of the company or shareholders
** Talks on alternate loan facility with other creditors
have also been pushed to early next year from earlier expected
mid-December deadline - SLEN
** SLEN shares were temporarily suspended from alternative
investment market in June 2021 under reverse acquisition rules
of the market; they resumed trading on July 11, 2022
** Up to last close, down ~16% since stock resumed trading
(Reporting by Amna Karimi in Bengaluru)
((Amna.Karimi@thomsonreuters.com; +91 8083261226;))