UK's San Leon Energy set for worst day in 5 years on cash inflow worry
20/12/2022 11:09
** Shares of San Leon Energy SLEN.L fall as much as 23.8%
to 28.5p; hit their lowest since February 2021
** Stock on track to log worst day since September 2017, if
losses hold
** Stock also among top pct losers across all London shares
** The Nigeria-focused oil and gas explorer says it has not
received any material cash inflows since re-admission to
trading, but has been exploring alternative refinancing options
** San Leon's shares were temporarily suspended from
alternative investment market in June 2021 under reverse
acquisition rules of the market; they resumed trade on Aug. 11,
2022
** Company in advanced talks to dispose of its non-core
investments in Oza oil field, Nigeria to generate working
capital
** SLEN says it does not consider drawing down its
$50-million loan facility with MM Capital Holding Ltd now in the
best interest of company or shareholders
** Alternate loan facility talks with other creditors have
also been pushed to early next year from earlier expected
mid-December deadline - company
** Satisfied that alternative refinancing options are
progressing satisfactorily, even if slower than initially hoped
- SLEN
** Since resuming trade on Aug. 11 and as of last close,
stock down ~9%
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com))