Interim results

30 September 2015

Interim Results, San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, today announces its interim results for the six months ended 30 June 2015.

To view and download the results PDF, please click here.



  • Announced a gas discovery at the Rawicz-12 well; expected to be the largest gas development in Poland for 20 years.
  • The Rawicz gas field contains over 50 Bcf of 2P reserves according to a Competent Persons Report by Ryder Scott Company for Palomar Natural Resources, the operator.
  • Results of oil shale bench testing at the Timahdit oil shale licence proved the Enefit process to be applicable to the Company’s acreage, and are being used to assess the efficiency of the Chevron Lummus upgrading technology on the shale oil.
  • Post reporting period, the Laayoune-4 well on the Tarfaya conventional licence, onshore Morocco, was drilled and suspended with gas shows, pending further seismic work; and
  • Initiated asset optimisation and cost reduction strategy, resulting in relinquishing certain non-core Polish licences.


  • Announced £29 million (gross) fundraising, through a placing of new ordinary shares, together with a share capital reorganisation. Completion occurred in July 2015.
  • Cost reduction remains a priority for the Company and its Board. With effect from 1 January 2015, Oisin Fanning, Executive Chairman, has drawn only 20% of his salary in cash with the balance accruing in San Leon shares.
  • In July 2015 Jeremy Boak, Non-Executive Director of the Company, accepted a position at The University of Oklahoma, and therefore resigned from the Board.


  • Loss for the period was €8.26m (2014: loss of £6.77m).
  • Cash and cash equivalents as at 30 June 2015 of €0.75m (30 June 2014: €14.58m).
  • Equity placing to raise £29 million (gross), completed after the reporting period, together  with a share capital reorganisation.

On 24 August 2015 the Company confirmed that it had received an approach from a possible offeror, that may or may not lead to an offer being made for San Leon. There can be no certainty that an offer will be made or as to the terms on which any offer might be made. As a result, the Board has decided not to make any forward-looking statements.


San Leon Energy plc
Oisin Fanning, Executive Chairman
+353 1291 6292

Brandon Hill Capital
Oliver Stansfield
Jonathan Evans
+44 (0) 20 3463 5000

finnCap Ltd
Corporate Finance
Matt Goode
Christopher Raggett
Corporate Broking
Joanna Weaving
+44 (0) 20 7220 0500

Macquarie Capital (Europe) Limited
Jon Fitzpatrick
Nicholas Harland
+44 (0) 20 3037 2000

Westhouse Securities Ltd
Nominated Adviser
Richard Johnson
Antonio Bossi
+44 (0) 20 7601 6100

Vigo Communications
Financial Public Relations
Chris McMahon
Alexandra Roper
+44 (0) 20 7016 9572

Plunkett Public Relations
Sharon Plunkett
+353 (0) 1 280 7873

To view and download the results PDF, please click here.

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

A person interested in 1% or more of any class of relevant securities of San Leon may have disclosure obligations under Rule 8.3 of the Takeover Rules, effective from 24 August 2015.



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