UK's San Leon Energy tumbles on funding concerns
14/06/2023 08:51
** Shares of San Leon Energy Plc SLEN.L slump as much as
28.9% to 16p and are top pct losers across London stocks
** The Nigeria-focused oil & gas firm flags funding
concerns, saying refinancing talks had not progressed as fast as
board expected and co unable to access funding from alternative
loan facility
** Co says it has received only very limited cash inflows
and there is some pressure from creditors for settlement of
amounts due, adding that continuing support of creditors cannot
be guaranteed indefinitely
** SLEN says its board remains in talks for proposed sale of
its non-core investment in Oza oil field in Nigeria to generate
near-term funding and prospective buyer's own funding has taken
longer than expected to conclude
** Shares hit lowest level since April 24, 2020
** San Leon stock down over 48%, YTD
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))