News and Press Releases Rsssanleonenergy.com6/20/2018 2:32:35 PMumbraco v4News feed of San Leon EnergyenUpdate on dispute with SunTrust Oil/media-centre/news-releases/2018/may/24/update-on-dispute-with-suntrust-oil.aspx2018-05-24T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/may/24/update-on-dispute-with-suntrust-oil.aspx

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, has been provided with a copy of correspondence between SunTrust Oil ("SunTrust") and the Nigerian Department of Petroleum Resources (“DPR”). The correspondence relates to a requirement under Nigerian law for the Minister of Petroleum Resources to consent to any assignment of interests in oil and gas assets in Nigeria and the fact that such consent was not obtained prior to the purchase by the Company of its indirect interest in OML 18.

San Leon obtained legal advice prior to the purchase which confirmed that, owing to the way that the transaction was structured (and specifically the nature of its indirect interest in OML 18), it was not necessary for Eroton to obtain prior consent from the Minister. Furthermore, San Leon and its partners have today re-confirmed with their legal advisers that this position is correct and the DPR will be notified accordingly.

As previously announced, the Company remains of the view that the purported allegations by SunTrust are without any foundation or merit. The Company will provide further updates in due course.

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, has been provided with a copy of correspondence between SunTrust Oil ("SunTrust") and the Nigerian Department of Petroleum Resources (“DPR”). The correspondence relates to a requirement under Nigerian law for the Minister of Petroleum Resources to consent to any assignment of interests in oil and gas assets in Nigeria and the fact that such consent was not obtained prior to the purchase by the Company of its indirect interest in OML 18.

San Leon obtained legal advice prior to the purchase which confirmed that, owing to the way that the transaction was structured (and specifically the nature of its indirect interest in OML 18), it was not necessary for Eroton to obtain prior consent from the Minister. Furthermore, San Leon and its partners have today re-confirmed with their legal advisers that this position is correct and the DPR will be notified accordingly.

As previously announced, the Company remains of the view that the purported allegations by SunTrust are without any foundation or merit. The Company will provide further updates in due course.

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

Appointment of Non-Executive Director/media-centre/news-releases/2018/may/24/appointment-of-non-executive-director.aspx2018-05-24T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/may/24/appointment-of-non-executive-director.aspx

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, is pleased to announce the appointment of Bill Higgs as Non-Executive Director of the Company with immediate effect.

Bill Higgs (53) has nearly 30 years of global exploration, development and operations experience, including over five years in executive roles for independent Exploration and Production companies. He is a qualified geologist with extensive expertise in all engineering and other technical and commercial aspects of hydrocarbon development and production.

Bill has been COO of Genel Energy plc since November 2017 where he is responsible for managing the global exploration and production portfolio. Prior to that he was Executive Director and COO for Ophir Energy plc and before Ophir, he was CEO of Mediterranean Oil and Gas, overseeing the successful sale of the company in 2014. Bill also spent 23 years at Chevron across a number of global roles, including responsibility for reservoir management of the giant Tengiz oil and sour gas field in Kazakhstan and asset manager of the BBLT development in Block 14 while resident in Angola.

Oisin Fanning, CEO of San Leon, commented:
“It gives me great pleasure to welcome Bill onto the board of the Company. His extensive career in the oil & gas industry and particularly his senior operational roles at other listed companies will provide valuable expertise to us as we continue to work with the operator, Eroton, in developing our core asset of OML 18 in Nigeria.”

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

Regulatory Disclosures
The following disclosures are required regarding Bill Higgs’s appointment pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies:

Current directorships and partnerships:

Genel Energy Africa Exploration Limited
Genel Energy Gas Company Limited
Genel Energy Miran Bina Bawi Limited
Taq Taq Drilling Company Limited
Taq Taq Operating Company Limited

Past directorships and partnerships held over the last 5 years:

Taq Taq Petroleum Refining Company Limited
Mediterranean Oil & Gas plc
Ophir Energy plc
Ophir Energy Indonesia Limited
Ophir (Indonesia South East Sangatta) Limited
Ophir Indonesia (Bontang II) Limited
Ophir Indonesia (Kutai) Limited
Ophir Indonesia (South Sokang) Limited
Ophir Thailand (E&P) Limited
Salamander Energy (Bualuang Holdings) Limited
Salamander Energy (Holdco) Limited
Salamander Energy (JS) Limited
Salamander Energy (S.E. Asia) Limited
Salamander Energy Group Limited
Salamander Energy plc
Ophir Holdings & Services (UK) Limited
Ophir Holdings & Ventures Limited
Ophir Mexico Limited
Ophir Global New Ventures Limited
Ophir Asia Limited
Ophir East Africa Holdings Limited
Ophir East Africa Ventures Limited
Ophir Equatorial Guinea (Block R) Limited
Ophir Equatorial Guinea Holdings Limited
Ophir Gabon (Manga) Limited
Ophir Gabon (Mbeli) Limited
Ophir Gabon (Ntsina) Limited
Ophir Gas Marketing Limited
Ophir Holdings Limited
Ophir LNG Limited
Ophir Mexico Holdings Limited
Ophir Myanmar (Block AD-3) Limited
Ophir Pipeline Limited
Ophir Seychelles (Areas 1, 2 and 3) Limited
Ophir Tanzania (Block 1) Limited
Ophir Tanzania (Block 3) Limited
Ophir Tanzania (Block 4) Limited
Ophir Gabon (Nkawa) Limited
Ophir Gabon (Nkouere) Limited
Ophir Indonesia (Bangkanai) Limited
Ophir Indonesia (North East Bangkanai) Limited
Ophir Indonesia (West Bangkanai) Limited
Ophir Thailand (Bualuang) Limited
Salamander Energy (Glagah Kambuna) Limited
Salamander Energy (Malaysia) Limited
Salamander Energy (North Sumatra) Limited
Dominion Oil & Gas Limited
Ophir Malaysia (Block 2A) Limited
Ophir Cote d’Ivoire (CI-513) Limited
Ophir Energy Indonesia (Aru) Limited
Ophir Energy Indonesia (Kofiau) 1 Limited
Ophir Energy Indonesia (North Ganal) Limited
Ophir Energy Indonesia (West Papua IV) 1 Limited
Ophir Indonesia (Kofiau) 2 LLC
Ophir Indonesia (West Papua IV) 2 LLC
Ophir Indonesia (Central Kalimantan) Limited
Salamander Energy (Canada) Limited
Dominion Acquisitions Limited
Dominion Uganda Limited
Dominion Somaliland Limited
Salamander Energy (Bengara) Limited
Salamander Energy (Glagah Kambuna Holdings) Limited
Salamander Energy (Philippines) Limited
Ophir Indonesia (Simenggaris) Limited
Salamander Energy (Vietnam) Limited
Ophir Ventures (Jersey) Limited
Ophir Ventures (Jersey) No.2 Limited
Ophir Congo (Marine IX) Limited
Ophir JDZ Limited
Ophir AGC (Profond) Limited
Ophir Somaliland (Berbera) Limited
Ophir Indonesia (North Makasar Strait) Limited
Ophir Ghana (Accra) Limited
Salamander Bualuang & Kambuna Limited

Bill has no direct or indirect interest in the Company’s ordinary shares.

No further disclosure is required pursuant to AIM Rule 17 and paragraph (g) to Schedule Two of the AIM Rules for Companies.

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, is pleased to announce the appointment of Bill Higgs as Non-Executive Director of the Company with immediate effect.

Bill Higgs (53) has nearly 30 years of global exploration, development and operations experience, including over five years in executive roles for independent Exploration and Production companies. He is a qualified geologist with extensive expertise in all engineering and other technical and commercial aspects of hydrocarbon development and production.

Bill has been COO of Genel Energy plc since November 2017 where he is responsible for managing the global exploration and production portfolio. Prior to that he was Executive Director and COO for Ophir Energy plc and before Ophir, he was CEO of Mediterranean Oil and Gas, overseeing the successful sale of the company in 2014. Bill also spent 23 years at Chevron across a number of global roles, including responsibility for reservoir management of the giant Tengiz oil and sour gas field in Kazakhstan and asset manager of the BBLT development in Block 14 while resident in Angola.

Oisin Fanning, CEO of San Leon, commented:
“It gives me great pleasure to welcome Bill onto the board of the Company. His extensive career in the oil & gas industry and particularly his senior operational roles at other listed companies will provide valuable expertise to us as we continue to work with the operator, Eroton, in developing our core asset of OML 18 in Nigeria.”

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
Nick Tulloch (+44 131 257 4634)
David Porter (+44 207 894 8896)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

Regulatory Disclosures
The following disclosures are required regarding Bill Higgs’s appointment pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies:

Current directorships and partnerships:

Genel Energy Africa Exploration Limited
Genel Energy Gas Company Limited
Genel Energy Miran Bina Bawi Limited
Taq Taq Drilling Company Limited
Taq Taq Operating Company Limited

Past directorships and partnerships held over the last 5 years:

Taq Taq Petroleum Refining Company Limited
Mediterranean Oil & Gas plc
Ophir Energy plc
Ophir Energy Indonesia Limited
Ophir (Indonesia South East Sangatta) Limited
Ophir Indonesia (Bontang II) Limited
Ophir Indonesia (Kutai) Limited
Ophir Indonesia (South Sokang) Limited
Ophir Thailand (E&P) Limited
Salamander Energy (Bualuang Holdings) Limited
Salamander Energy (Holdco) Limited
Salamander Energy (JS) Limited
Salamander Energy (S.E. Asia) Limited
Salamander Energy Group Limited
Salamander Energy plc
Ophir Holdings & Services (UK) Limited
Ophir Holdings & Ventures Limited
Ophir Mexico Limited
Ophir Global New Ventures Limited
Ophir Asia Limited
Ophir East Africa Holdings Limited
Ophir East Africa Ventures Limited
Ophir Equatorial Guinea (Block R) Limited
Ophir Equatorial Guinea Holdings Limited
Ophir Gabon (Manga) Limited
Ophir Gabon (Mbeli) Limited
Ophir Gabon (Ntsina) Limited
Ophir Gas Marketing Limited
Ophir Holdings Limited
Ophir LNG Limited
Ophir Mexico Holdings Limited
Ophir Myanmar (Block AD-3) Limited
Ophir Pipeline Limited
Ophir Seychelles (Areas 1, 2 and 3) Limited
Ophir Tanzania (Block 1) Limited
Ophir Tanzania (Block 3) Limited
Ophir Tanzania (Block 4) Limited
Ophir Gabon (Nkawa) Limited
Ophir Gabon (Nkouere) Limited
Ophir Indonesia (Bangkanai) Limited
Ophir Indonesia (North East Bangkanai) Limited
Ophir Indonesia (West Bangkanai) Limited
Ophir Thailand (Bualuang) Limited
Salamander Energy (Glagah Kambuna) Limited
Salamander Energy (Malaysia) Limited
Salamander Energy (North Sumatra) Limited
Dominion Oil & Gas Limited
Ophir Malaysia (Block 2A) Limited
Ophir Cote d’Ivoire (CI-513) Limited
Ophir Energy Indonesia (Aru) Limited
Ophir Energy Indonesia (Kofiau) 1 Limited
Ophir Energy Indonesia (North Ganal) Limited
Ophir Energy Indonesia (West Papua IV) 1 Limited
Ophir Indonesia (Kofiau) 2 LLC
Ophir Indonesia (West Papua IV) 2 LLC
Ophir Indonesia (Central Kalimantan) Limited
Salamander Energy (Canada) Limited
Dominion Acquisitions Limited
Dominion Uganda Limited
Dominion Somaliland Limited
Salamander Energy (Bengara) Limited
Salamander Energy (Glagah Kambuna Holdings) Limited
Salamander Energy (Philippines) Limited
Ophir Indonesia (Simenggaris) Limited
Salamander Energy (Vietnam) Limited
Ophir Ventures (Jersey) Limited
Ophir Ventures (Jersey) No.2 Limited
Ophir Congo (Marine IX) Limited
Ophir JDZ Limited
Ophir AGC (Profond) Limited
Ophir Somaliland (Berbera) Limited
Ophir Indonesia (North Makasar Strait) Limited
Ophir Ghana (Accra) Limited
Salamander Bualuang & Kambuna Limited

Bill has no direct or indirect interest in the Company’s ordinary shares.

No further disclosure is required pursuant to AIM Rule 17 and paragraph (g) to Schedule Two of the AIM Rules for Companies.

Comment on News Article/media-centre/news-releases/2018/may/22/comment-on-news-article.aspx2018-05-22T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/may/22/comment-on-news-article.aspx

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, notes a media article in the Nigerian press which makes reference to a summons having been served on the Company and certain other entities by SunTrust Oil (“SunTrust”) in relation to a purported claim by SunTrust over the purchase by the Company of an indirect interest in OML 18.

San Leon can confirm that none of the Company, its subsidiaries or legal counsel have received any such summons to date and neither are they aware of the existence of any such summons.

Having taken legal advice, the Company is of the view that the purported allegations by SunTrust are without any foundation or merit whatsoever, the 2016 OML 18 transactions having undergone extensive due diligence and documentation. The Company will provide updates as and when appropriate in due course, and will vigorously defend any such claim received.

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
David Porter (+44 207 894 8896)
Nicholas Tulloch (+44 131 257 4634)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

 

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, notes a media article in the Nigerian press which makes reference to a summons having been served on the Company and certain other entities by SunTrust Oil (“SunTrust”) in relation to a purported claim by SunTrust over the purchase by the Company of an indirect interest in OML 18.

San Leon can confirm that none of the Company, its subsidiaries or legal counsel have received any such summons to date and neither are they aware of the existence of any such summons.

Having taken legal advice, the Company is of the view that the purported allegations by SunTrust are without any foundation or merit whatsoever, the 2016 OML 18 transactions having undergone extensive due diligence and documentation. The Company will provide updates as and when appropriate in due course, and will vigorously defend any such claim received.

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
David Porter (+44 207 894 8896)
Nicholas Tulloch (+44 131 257 4634)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

 

Comment on News Article/media-centre/news-releases/2018/may/9/comment-on-news-article.aspx2018-05-09T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/may/9/comment-on-news-article.aspx

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, notes a media article in the Nigerian press relating to a claim by SunTrust Oil (“SunTrust”) in respect of alleged payments due for the sale of their shares in Martwestern. The Company confirms it has received an application from SunTrust seeking leave (asking for permission) from the High Court Nigeria Holden to serve a petition outside the jurisdiction of Nigeria in respect of alleged amounts due.

Having taken legal advice, the Company believes the claim has no foundation (there being no outstanding liabilities to SunTrust from San Leon following the issue of San Leon shares to SunTrust in September 2016), and additionally the Nigerian courts lack jurisdiction for any such claim. The Company confirms it has instructed its Nigerian solicitors to file objections restraining the applications of SunTrust. This would have the effect of striking out the applications.

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
David Porter (+44 207 894 8896)
Nicholas Tulloch (+44 131 257 4634)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, notes a media article in the Nigerian press relating to a claim by SunTrust Oil (“SunTrust”) in respect of alleged payments due for the sale of their shares in Martwestern. The Company confirms it has received an application from SunTrust seeking leave (asking for permission) from the High Court Nigeria Holden to serve a petition outside the jurisdiction of Nigeria in respect of alleged amounts due.

Having taken legal advice, the Company believes the claim has no foundation (there being no outstanding liabilities to SunTrust from San Leon following the issue of San Leon shares to SunTrust in September 2016), and additionally the Nigerian courts lack jurisdiction for any such claim. The Company confirms it has instructed its Nigerian solicitors to file objections restraining the applications of SunTrust. This would have the effect of striking out the applications.

Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)
David Porter (+44 207 894 8896)
Nicholas Tulloch (+44 131 257 4634)

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering (+44 20 7659 1234)
Francis North (+44 20 7659 1234)

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)

Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 830 9700)
Kate Rogucheva (+44 207 830 9705)

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

Appointment of Nomad, Financial Adviser and Broker/media-centre/news-releases/2018/april/24/appointment-of-nomad-financial-adviser-and-broker.aspx2018-04-24T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/april/24/appointment-of-nomad-financial-adviser-and-broker.aspx

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, is pleased to announce the appointment of Cantor Fitzgerald Europe ("Cantor Fitzgerald") as the Company's Nominated Adviser, financial adviser and broker with immediate effect.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.   

Enquiries:

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

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)

David Porter (+44 207 894 7000)

Nicholas Tulloch (+44 131 257 4634)

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering 
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans


Vigo Communications (Financial Public Relations) +44 20 7830 9700 
Chris McMahon 
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, is pleased to announce the appointment of Cantor Fitzgerald Europe ("Cantor Fitzgerald") as the Company's Nominated Adviser, financial adviser and broker with immediate effect.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.   

Enquiries:

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

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)

David Porter (+44 207 894 7000)

Nicholas Tulloch (+44 131 257 4634)

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering 
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans


Vigo Communications (Financial Public Relations) +44 20 7830 9700 
Chris McMahon 
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873

Resumption of Trading/media-centre/news-releases/2018/april/23/resumption-of-trading.aspx2018-04-23T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/april/23/resumption-of-trading.aspx

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, received an indicative proposal from Midwestern Oil and Gas (“Midwestern”) on 11 September 2017 for San Leon to acquire Midwestern’s shares in Midwestern Leon Petroleum Limited (“MLPL”). Such an acquisition could have constituted a reverse takeover under AIM Rules for Companies (the “AIM Rules”) and accordingly, following press speculation on 03 No- vember 2017 concerning these discussions, the Company's ordinary shares (“Shares”) were suspended from trading.

Discussions with Midwestern have continued since that date and, whilst there were some clear attractions of increasing San Leon’s indirect ownership in OML 18, after careful consid- eration the board of San Leon (the “Board”) has determined that a combination with MLPL is not in the best interests of San Leon’s shareholders at this time as it does not provide a suffi- cient balance of added value for San Leon shareholders and certainty of near-term cash flow. The Company has therefore notified Midwestern of its decision to terminate discussions re- garding a potential merger and has requested the lifting of the suspension of trading of its Shares on AIM. Trading in its Shares will recommence on AIM with effect from 07.30 on 23 April 2018.

The Company continues to have a good relationship with Midwestern. The Board believes that the discussions have themselves strengthened the working relationship between the two com- panies and looks forward to working with Midwestern, as its partner, and jointly advancing production at OML 18.

San Leon has now received $58.6 million in quarterly payments, and since its Shares were suspended in November 2017 has settled its dispute with Avobone and repaid material out- standing liabilities. As at 19 April 2018, San Leon had a cash balance of approximately $13.5 million. The Company is now in a strong financial position, with the benefit of an expected regular future income stream from its ongoing quarterly loan note repayments (of approxi- mately US$19 million).

Accordingly, the Company is now able to progress with the capital reduction, subject to the confirmation of the High Court in Ireland, which has already been approved by the sharehold- ers, to allow capital returns to shareholders.

Oisin Fanning, CEO of San Leon, commented:
“The Company has worked hard with Midwestern over the recent months to see if there was a transaction that would be beneficial to existing San Leon shareholders. Whilst the Company received an interesting proposal from Midwestern, the Board does not feel the structure of the combination (which would have included the Loan Notes being deemed to have been re- paid) reflected the true value of the Company’s portfolio. Accordingly, we have elected to terminate discussions with Midwestern.

Our financial position is much stronger than when discussions with Midwestern commenced. We are pleased to report that the first three quarterly payments have been received. Conse- quently, San Leon is now on a solid financial footing with a cash balance of $13.5 million and all material problems with creditors and litigation are behind us. I am therefore pleased to say that the Company is progressing its capital reorganisation in order to allow shareholder distributions. I thank all shareholders, and in particular, our largest shareholder, Toscafund for their patience and support during this period.

The Company has experienced a number of positive developments across its business over the last few months (as described below), whilst the backdrop of improving oil prices is encourag- ing. I look forward to updating shareholders with continued progress.”

Notable Additional Developments during the period of temporary suspension

A number of important events occurred during the period of suspension, each of which has been already announced.

Repayment of Midwestern Leon Petroleum Limited Loan Notes
As previously stated, San Leon entered into an arrangement in September 2016 with MLPL, whereby SLE would be repaid $174.5 million plus an annual coupon of 17% through to 2020. The Instrument had an inbuilt grace period as historically explained (see the Half year results announced on 29 September 2017). This grace period has now lapsed and, as announced on 03 April 2018, a payment of US$19 million was received, being the third such quarterly payment of the outstanding Loan Notes, with payments received now totalling $58.6 million. A further $168.6 million of principal and interest remains outstanding and payable, along with future interest, in similar quarterly instalments to those received to date.

In the event of default of any of the future quarterly payments, SLE may demand immediate repayment of the full outstanding principal amount of the Loan Notes, all unpaid accrued in- terest and any other sum then payable from MLPL. SLE also has the benefit of a security package including guarantees from Midwestern Oil & Gas Company Limited (60% shareholder in MLPL) and Mart Resources Limited to guarantee the obligations of MLPL under the Instru- ment, as well as a share pledge.

Settlement of Outstanding Material Creditors
At the time of suspension, San Leon was involved in a legal dispute with Avobone N.V. over outstanding payments and their timing to Avobone N.V. The Company announced on 19 De- cember 2018 that all outstanding payments to Avobone (totalling €11.53 million) had been settled.

Barryroe Farm Out
On 28 March 2018, Providence Resources Plc announced it had entered into a farm out agree- ment on the Barryroe Field, offshore Ireland, with a Chinese consortium who would fund the cost of drilling three wells and associated side-tracks. San Leon regards this as a positive de- velopment in a material asset in which the Company holds a 4.5% Net Profit Interest across the whole field and is not required to pay any further appraisal or development costs on the licence.

To download the press release, please click here.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering

Francis North
Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, received an indicative proposal from Midwestern Oil and Gas (“Midwestern”) on 11 September 2017 for San Leon to acquire Midwestern’s shares in Midwestern Leon Petroleum Limited (“MLPL”). Such an acquisition could have constituted a reverse takeover under AIM Rules for Companies (the “AIM Rules”) and accordingly, following press speculation on 03 No- vember 2017 concerning these discussions, the Company's ordinary shares (“Shares”) were suspended from trading.

Discussions with Midwestern have continued since that date and, whilst there were some clear attractions of increasing San Leon’s indirect ownership in OML 18, after careful consid- eration the board of San Leon (the “Board”) has determined that a combination with MLPL is not in the best interests of San Leon’s shareholders at this time as it does not provide a suffi- cient balance of added value for San Leon shareholders and certainty of near-term cash flow. The Company has therefore notified Midwestern of its decision to terminate discussions re- garding a potential merger and has requested the lifting of the suspension of trading of its Shares on AIM. Trading in its Shares will recommence on AIM with effect from 07.30 on 23 April 2018.

The Company continues to have a good relationship with Midwestern. The Board believes that the discussions have themselves strengthened the working relationship between the two com- panies and looks forward to working with Midwestern, as its partner, and jointly advancing production at OML 18.

San Leon has now received $58.6 million in quarterly payments, and since its Shares were suspended in November 2017 has settled its dispute with Avobone and repaid material out- standing liabilities. As at 19 April 2018, San Leon had a cash balance of approximately $13.5 million. The Company is now in a strong financial position, with the benefit of an expected regular future income stream from its ongoing quarterly loan note repayments (of approxi- mately US$19 million).

Accordingly, the Company is now able to progress with the capital reduction, subject to the confirmation of the High Court in Ireland, which has already been approved by the sharehold- ers, to allow capital returns to shareholders.

Oisin Fanning, CEO of San Leon, commented:
“The Company has worked hard with Midwestern over the recent months to see if there was a transaction that would be beneficial to existing San Leon shareholders. Whilst the Company received an interesting proposal from Midwestern, the Board does not feel the structure of the combination (which would have included the Loan Notes being deemed to have been re- paid) reflected the true value of the Company’s portfolio. Accordingly, we have elected to terminate discussions with Midwestern.

Our financial position is much stronger than when discussions with Midwestern commenced. We are pleased to report that the first three quarterly payments have been received. Conse- quently, San Leon is now on a solid financial footing with a cash balance of $13.5 million and all material problems with creditors and litigation are behind us. I am therefore pleased to say that the Company is progressing its capital reorganisation in order to allow shareholder distributions. I thank all shareholders, and in particular, our largest shareholder, Toscafund for their patience and support during this period.

The Company has experienced a number of positive developments across its business over the last few months (as described below), whilst the backdrop of improving oil prices is encourag- ing. I look forward to updating shareholders with continued progress.”

Notable Additional Developments during the period of temporary suspension

A number of important events occurred during the period of suspension, each of which has been already announced.

Repayment of Midwestern Leon Petroleum Limited Loan Notes
As previously stated, San Leon entered into an arrangement in September 2016 with MLPL, whereby SLE would be repaid $174.5 million plus an annual coupon of 17% through to 2020. The Instrument had an inbuilt grace period as historically explained (see the Half year results announced on 29 September 2017). This grace period has now lapsed and, as announced on 03 April 2018, a payment of US$19 million was received, being the third such quarterly payment of the outstanding Loan Notes, with payments received now totalling $58.6 million. A further $168.6 million of principal and interest remains outstanding and payable, along with future interest, in similar quarterly instalments to those received to date.

In the event of default of any of the future quarterly payments, SLE may demand immediate repayment of the full outstanding principal amount of the Loan Notes, all unpaid accrued in- terest and any other sum then payable from MLPL. SLE also has the benefit of a security package including guarantees from Midwestern Oil & Gas Company Limited (60% shareholder in MLPL) and Mart Resources Limited to guarantee the obligations of MLPL under the Instru- ment, as well as a share pledge.

Settlement of Outstanding Material Creditors
At the time of suspension, San Leon was involved in a legal dispute with Avobone N.V. over outstanding payments and their timing to Avobone N.V. The Company announced on 19 De- cember 2018 that all outstanding payments to Avobone (totalling €11.53 million) had been settled.

Barryroe Farm Out
On 28 March 2018, Providence Resources Plc announced it had entered into a farm out agree- ment on the Barryroe Field, offshore Ireland, with a Chinese consortium who would fund the cost of drilling three wells and associated side-tracks. San Leon regards this as a positive de- velopment in a material asset in which the Company holds a 4.5% Net Profit Interest across the whole field and is not required to pay any further appraisal or development costs on the licence.

To download the press release, please click here.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering

Francis North
Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Payment Received Against MLPL Loan Notes/media-centre/news-releases/2018/april/3/payment-received-against-mlpl-loan-notes.aspx2018-04-03T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/april/3/payment-received-against-mlpl-loan-notes.aspx

Repayment of Midwestern Leon Petroleum Limited ("MLPL") Loan Notes (the "Loan Notes")

San Leon Energy plc (the "Company"), the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, is scheduled to be paid approximately US$19 million per quarter by MLPL in respect of the Loan Notes. San Leon can now confirm that it has received approximately $19 million in full satisfaction of MLPL's obligations for Q1 2018 in respect of the Loan Notes.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Repayment of Midwestern Leon Petroleum Limited ("MLPL") Loan Notes (the "Loan Notes")

San Leon Energy plc (the "Company"), the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, is scheduled to be paid approximately US$19 million per quarter by MLPL in respect of the Loan Notes. San Leon can now confirm that it has received approximately $19 million in full satisfaction of MLPL's obligations for Q1 2018 in respect of the Loan Notes.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Barryroe Farm-Out Update Agreement/media-centre/news-releases/2018/march/28/barryroe-farm-out-update-agreement.aspx2018-03-28T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/march/28/barryroe-farm-out-update-agreement.aspx

San Leon notes the announcement today from Providence Resources Plc ("Providence") regarding the Barryroe Field, offshore Ireland, in which San Leon holds a 4.5% Net Profit Interest. San Leon Energy is not required to pay any further appraisal or development costs on the Licence. The main text of Providence's announcement is set out below for reference.

The Company wishes Providence a successful completion to the farm-out.

Start of text from Providence's announcement:

  • PROVIDENCE & LANSDOWNE AGREE TO FARM-OUT A 50% WORKING INTEREST IN BARRYROE TO A CHINESE CONSORTIUM ("THE CONSORTIUM") LED BY APEC ENERGY ENTERPRISE LIMITED ("APEC")
  • THE CONSORTIUM TO FUND 100% OF DRILLING COSTS FOR 3 WELLS AND ASSOCIATED SIDE-TRACKS
  • THE CONSORTIUM TO FINANCE PROVIDENCE & LANSDOWNE'S 50% SHARE OF DRILLING PROGRAMME COSTS BY WAY OF A NON-RECOURSE LOAN WHICH IS SECURED AGAINST FUTURE BARRYROE PRODUCTION CASHFLOW
  • APEC TO BE GRANTED WARRANTS WITH THE RIGHT TO SUBSCRIBE FOR 59.2 MILLION PROVIDENCE SHARES AT GBP0.12 PER SHARE POST COMPLETION OF THE DRILLING PROGRAMME

Dublin and London - March 28, 2018 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" or the "Company"), today provides a commercial update on Standard Exploration Licence ("SEL") 1/11 that contains the Barryroe oil accumulation. SEL 1/11 is operated by EXOLA DAC ("EXOLA")(80%), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea Limited ("Lansdowne")(20%), collectively referred to as the "Barryroe Partners". The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.

Standard Exploration Licence ("SEL") 1/11 Farm-Out

The Company is pleased to announce that the Barryroe Partners have signed a Farm-Out Agreement ("FOA") with APEC in relation to SEL 1/11. APEC is a privately owned Chinese company which has a strategic partnership with China Oilfield Services Co., Ltd ("COSL") and JIC Capital Management Limited ("JIC") for the investment and development of offshore oil and gas opportunities worldwide utilising Chinese drilling units, services and equipment.

Under the terms of the FOA, in consideration for APEC being assigned a 50% working interest in SEL 1/11:

Commercial Terms

  • APEC will be directly responsible for paying 50% of all the cost obligations associated with the drilling of 3 vertical wells, plus any associated side-tracks and well testing (hereinafter referred to as the "Drilling Programme");
  • APEC will provide a drilling unit and related operational services for the Drilling Programme;
  • APEC will finance, by way of a non-recourse loan facility (the "Loan"), the remaining 50% of all costs of the Barryroe Partners in respect of the Drilling Programme;
  • The Loan, drawable against the budget for the Drilling Programme, will incur an annual interest rate of LIBOR +5% and will be repayable from production cashflow from SEL 1/11 with APEC being entitled to 80% of production cashflow from SEL 1/11 until the Loan is repaid in full;
  • Following repayment of the Loan, APEC will be entitled to 50% of production cashflow from SEL 1/11 with EXOLA and Lansdowne being entitled to 40% and 10% of production cashflow, respectively.

Operational Terms

  • EXOLA will act as Operator for the Drilling Programme with technical assistance being provided by the APEC Consortium; and,
  • After the completion of the Drilling Programme, APEC will have the right to become Operator for the development/production phase.

Issuance of Warrants to APEC

  • Upon completion of the Drilling Programme, APEC will be able to subscribe for warrants over 59.2 million shares in Providence at a strike price of GBP0.12 per share (the "Warrants").
  • The Warrants, representing circa 9.9% of the current issued share capital of Providence, are exercisable for a period of 6 months following the completion of the Drilling Programme.

 

Closing

The Closing of the Farm-Out ("Closing"), which is expected to occur in Q3 2018, is conditional on completion of all ancillary legal documentation required to implement the terms of the FOA, and is subject to the approval of the Minister of State at the Department of Communications, Climate Action and Environment and the approval of the Chinese government. In addition, the details of and schedule for the Drilling Programme are subject to further ongoing technical discussions between the Consortium, Exola and Lansdowne. Subject to Closing, the revised equity in SEL 1/11 will be EXOLA (Operator, 40%), APEC (50%) & Lansdowne (10%).

Further announcements on the transaction will be made in due course.

Speaking today, Tony O'Reilly, Chief Executive of Providence said:

"This is a significant transaction for Providence and Lansdowne which will deliver multiple new penetrations of the areally extensive Barryroe field. In addition, it also provides for the acquisition of modern dynamic well test data that should assist in advancing the field to production. Over the coming months, we will be working with the APEC Consortium to close the transaction and finalise the specific timeline and the precise details of the drilling programme. We are very pleased to have agreed this deal, which will allow us to avail of 'state of the art' drilling units and technical capabilities in order to advance Barryroe to first oil."

Mr. Colin Lui , Chairman of APEC Energy Enterprise Limited commented:

"APEC, supported by Jianyin Investment Company and China Offshore Services Ltd, are very pleased to have strategically joined forces with Providence and Lansdowne to develop the Barryroe field. This field has significant recoverable resources and we look forward to jointly developing this opportunity. Whilst the Farm-Out Agreement has been agreed specifically for Barryroe, the parties have also agreed to jointly investigate further opportunities in other licensed blocks offshore Ireland in the future."    

End of text from Providence's announcement

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon notes the announcement today from Providence Resources Plc ("Providence") regarding the Barryroe Field, offshore Ireland, in which San Leon holds a 4.5% Net Profit Interest. San Leon Energy is not required to pay any further appraisal or development costs on the Licence. The main text of Providence's announcement is set out below for reference.

The Company wishes Providence a successful completion to the farm-out.

Start of text from Providence's announcement:

  • PROVIDENCE & LANSDOWNE AGREE TO FARM-OUT A 50% WORKING INTEREST IN BARRYROE TO A CHINESE CONSORTIUM ("THE CONSORTIUM") LED BY APEC ENERGY ENTERPRISE LIMITED ("APEC")
  • THE CONSORTIUM TO FUND 100% OF DRILLING COSTS FOR 3 WELLS AND ASSOCIATED SIDE-TRACKS
  • THE CONSORTIUM TO FINANCE PROVIDENCE & LANSDOWNE'S 50% SHARE OF DRILLING PROGRAMME COSTS BY WAY OF A NON-RECOURSE LOAN WHICH IS SECURED AGAINST FUTURE BARRYROE PRODUCTION CASHFLOW
  • APEC TO BE GRANTED WARRANTS WITH THE RIGHT TO SUBSCRIBE FOR 59.2 MILLION PROVIDENCE SHARES AT GBP0.12 PER SHARE POST COMPLETION OF THE DRILLING PROGRAMME

Dublin and London - March 28, 2018 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" or the "Company"), today provides a commercial update on Standard Exploration Licence ("SEL") 1/11 that contains the Barryroe oil accumulation. SEL 1/11 is operated by EXOLA DAC ("EXOLA")(80%), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea Limited ("Lansdowne")(20%), collectively referred to as the "Barryroe Partners". The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.

Standard Exploration Licence ("SEL") 1/11 Farm-Out

The Company is pleased to announce that the Barryroe Partners have signed a Farm-Out Agreement ("FOA") with APEC in relation to SEL 1/11. APEC is a privately owned Chinese company which has a strategic partnership with China Oilfield Services Co., Ltd ("COSL") and JIC Capital Management Limited ("JIC") for the investment and development of offshore oil and gas opportunities worldwide utilising Chinese drilling units, services and equipment.

Under the terms of the FOA, in consideration for APEC being assigned a 50% working interest in SEL 1/11:

Commercial Terms

  • APEC will be directly responsible for paying 50% of all the cost obligations associated with the drilling of 3 vertical wells, plus any associated side-tracks and well testing (hereinafter referred to as the "Drilling Programme");
  • APEC will provide a drilling unit and related operational services for the Drilling Programme;
  • APEC will finance, by way of a non-recourse loan facility (the "Loan"), the remaining 50% of all costs of the Barryroe Partners in respect of the Drilling Programme;
  • The Loan, drawable against the budget for the Drilling Programme, will incur an annual interest rate of LIBOR +5% and will be repayable from production cashflow from SEL 1/11 with APEC being entitled to 80% of production cashflow from SEL 1/11 until the Loan is repaid in full;
  • Following repayment of the Loan, APEC will be entitled to 50% of production cashflow from SEL 1/11 with EXOLA and Lansdowne being entitled to 40% and 10% of production cashflow, respectively.

Operational Terms

  • EXOLA will act as Operator for the Drilling Programme with technical assistance being provided by the APEC Consortium; and,
  • After the completion of the Drilling Programme, APEC will have the right to become Operator for the development/production phase.

Issuance of Warrants to APEC

  • Upon completion of the Drilling Programme, APEC will be able to subscribe for warrants over 59.2 million shares in Providence at a strike price of GBP0.12 per share (the "Warrants").
  • The Warrants, representing circa 9.9% of the current issued share capital of Providence, are exercisable for a period of 6 months following the completion of the Drilling Programme.

 

Closing

The Closing of the Farm-Out ("Closing"), which is expected to occur in Q3 2018, is conditional on completion of all ancillary legal documentation required to implement the terms of the FOA, and is subject to the approval of the Minister of State at the Department of Communications, Climate Action and Environment and the approval of the Chinese government. In addition, the details of and schedule for the Drilling Programme are subject to further ongoing technical discussions between the Consortium, Exola and Lansdowne. Subject to Closing, the revised equity in SEL 1/11 will be EXOLA (Operator, 40%), APEC (50%) & Lansdowne (10%).

Further announcements on the transaction will be made in due course.

Speaking today, Tony O'Reilly, Chief Executive of Providence said:

"This is a significant transaction for Providence and Lansdowne which will deliver multiple new penetrations of the areally extensive Barryroe field. In addition, it also provides for the acquisition of modern dynamic well test data that should assist in advancing the field to production. Over the coming months, we will be working with the APEC Consortium to close the transaction and finalise the specific timeline and the precise details of the drilling programme. We are very pleased to have agreed this deal, which will allow us to avail of 'state of the art' drilling units and technical capabilities in order to advance Barryroe to first oil."

Mr. Colin Lui , Chairman of APEC Energy Enterprise Limited commented:

"APEC, supported by Jianyin Investment Company and China Offshore Services Ltd, are very pleased to have strategically joined forces with Providence and Lansdowne to develop the Barryroe field. This field has significant recoverable resources and we look forward to jointly developing this opportunity. Whilst the Farm-Out Agreement has been agreed specifically for Barryroe, the parties have also agreed to jointly investigate further opportunities in other licensed blocks offshore Ireland in the future."    

End of text from Providence's announcement

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Operating and Corporate Update/media-centre/news-releases/2018/february/21/operating-and-corporate-update.aspx2018-02-21T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/february/21/operating-and-corporate-update.aspx

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, is pleased to provide an update on operations and finances related to its initial indirect 9.72 per cent. interest in the OML 18 project, onshore Nigeria. 

OML 18 Operations Overview

  • Current oil production, including 50% of the Awoba field, is approximately 53,000 barrels of oil per day ("bopd") before downtime and pipeline losses, down approximately 3,000 bopd since the operational update of 19 April 2017.
  • In 2017, OML 18, including 50% of the Awoba field, produced 40,360 bopd before pipeline losses, or 50,450 bopd before pipeline losses on a producing day basis.
  • In 2017, average oil sales, including 50% of the Awoba field, (after downtime and disputed pipeline losses) were 26,440 bopd (compared with 30,969 bopd in 2016).
  • The discrepancy between the sales and production numbers, and delays in production increases, continue largely to be attributable to three main factors: (i) workover/drilling progress (ii) production downtime and (iii) estimated pipeline losses. Each of these is being addressed by Eroton, the operator of OML 18, and is explained further below.
  • Current gas sales are approximately 50 million standard cubic feet per day ("mmscf/d"). In 2017 the average gas sales were 45.2mmscf/d, after downtime.
  • Production at OML 18 has continued uninterrupted by any security issues in 2017. During January 2018 illegal bunkering activity caused a fire on a non-operational well on the Buguma field. This did not affect production, and there were no casualties. The fire was swiftly brought under control by Eroton without a reportable spill.
  • The Krakama field was brought into production in January 2017 on schedule. Further well activity on the field has yet to commence. Current oil production from Krakama is approximately 4,500 bopd.
  • The Buguma Creek field, previously expected to go online in Q4 2017 with production transported in bulk to the Krakama facility, is now expected online during Q3 2018.
  • Field development plans ("FDPs") for Akaso, Cawthorne Channel and Alakiri have been submitted to the Nigerian National Petroleum Company ("NNPC"), with approval expected during Q1 2018.
  • Eroton is working on an updated reserves report, with an expectation of adding material oil and condensate volumes. A summary of the finalised reserves report will be communicated to shareholders once it is available and after review by the Company.   

OML 18 2017 Production Summary and Commentary   

Delays in production increases have been as a result of:

(i) Workover/drilling progress

  • Non-rig workovers performed during 2017 continued to proceed less quickly than expected due primarily to downhole challenges.
  • There were some challenges in execution due to the process of approvals with JV partners. Given the positive improvement in the prompt settlement of ongoing partner cash calls, Eroton expects the JV approvals process to continue to improve.
  • San Leon's senior operations manager has now been working as an appointee in Eroton for approximately two months, bringing with him a wealth of downhole operational experience. Together with Eroton's team, this experience is being applied to the ongoing non-rig workovers and will also be used for rig-based workovers and new wells.
  • Following the 2018 budgetary planning process, and assuming the approval of various FDPs, the Company now expects that rig-based workovers, previously anticipated to commence in Q4 2017, will commence in Q3 2018, and new wells will be drilled commencing Q4 2018. As mentioned in previous operational updates, this type of drilling activity has yielded material production gains in similar fields elsewhere in Nigeria and the Company remains confident the work will add materially to Eroton's production base. Such activity was the basis for the production gains reflected in the Admission Document.

(ii) Production downtime

  • Tank tops and cargo shipping delays at the Bonny Terminal, as well as intermittent upstream outages on the Nembe Creek Trunk Line pipeline ("NCTL"), the export pipeline used to transport oil to the Bonny Terminal, has resulted in material production downtime at OML 18.
  • Eroton is evaluating a number of independent alternative oil evacuation routes that will improve consistency of supply to the market. The preferred evacuation route selected by Eroton is a new dedicated pipeline and offshore Floating Storage and Offloading ("FSO") system.

(iii) Pipeline losses

  • Following the installation of new Lease Automatic Custody Transfer ("LACT") units on the NCTL line in 2016, the Bonny Terminal operator allocated an average of approximately 35% pipeline losses to all operators using NCTL for 2017 (compared with 9% assumed and documented in the Company's admission document dated 26 August 2016 ("Admission Document")). Eroton disputes the allocation and has requested that the relevant regulatory authorities investigate the allocation of such excessive losses with a view to reallocating losses in Eroton's favour (thereby boosting the sales numbers). Those discussions are ongoing.
  • LACT units for OML 18 are now in Nigeria and, following commissioning and regulatory sign off, are anticipated by Eroton to be operational in H2 2018. The use of these units is expected to provide accurate measurements at the transfer point and therefore reduced the pipeline losses allocated to Eroton.
  • The proposed alternative crude evacuation (pipeline) and storage facilities are anticipated to realise significant advantages with respect to pipeline loss allocation and production up-time, coinciding with the expected timing of the production increases from rig-based activity. The Company expects tendering and approval by JV partners to occur in the next 6 months.

Nigeria Financial

In accordance with the terms of the $174.5 million loan note instruments held by San Leon pursuant to the OML 18 assets (as described more fully in the Interim Statement dated 29 September 2017), the average quarterly scheduled amount of principal and interest to date is approximately $19 million. To date, $39.6 million has been received by San Leon in order to avoid a default under the loan note instruments. SLE is also due to receive approximately $19 million by 1 April 2018 from or on behalf of Midwestern Leon Petroleum Limited ("MLPL"), and further similar quarterly amounts thereafter, until all Notes have been repaid.

The Reserves Based Lending ("RBL") conditions required for the payment of dividends by Eroton have been met, with the exception of satisfying the amount payable to Debt Service Reserve Account ("DSRA") and the filing of Eroton's 2017 financial accounts. Eroton awaits repayment of the majority of NNPC's historic operational expenditure and capital expenditure cash calls from 2015 and 2016, although encouragingly such repayments began in Q4 2017 and have continued. NNPC has also paid the large majority of it 2017 cash calls promptly and continues to do so in 2018.

The delayed receipt of NNPC 2015/2016 arrears has had two main impacts to date.

  • First, as announced on 7 September 2017, this has been a contributory factor to some work programme delays (such as well workovers and the drilling of new wells). These delays to heavy workovers and new well drilling, which target significant hikes in production rates, in turn impact the cash generated by Eroton.
  •  Secondly, as also announced on 7 September 2017, depositing three future quarterly reserves based lending ("RBL") repayments into the debt service reserve account ("DSRA") attached to Eroton's existing RBL facility, is one of the conditions that needs to be met before the RBL lenders will allow distribution of dividends from Eroton to its shareholders. The cumulative amount required to fill the DSRA varies according to the RBL amortisation schedule and is approximately $90m for much of 2018. The DSRA balance however fluctuates according to operational needs and due to some of the funding challenges experienced.

Any future payment of dividends by Eroton, and receipt by MLPL, will be used to pay the principal and interest due on the loan notes, and to pay dividends to San Leon. Given the delays in operational activity, downtime and pipeline losses, dividend payments by Eroton are not expected until the impact of the alternative export pipeline and/or the rig-based well activity have materially increased sales volumes of oil.

During January 2018, Eroton put in place a new hedge covering its RBL borrowing base. The hedge is a put option at a price of $50/bbl for 10,170 bopd until 30 June 2019.

Nigeria Administrative

As provided for in the shareholders agreement between San Leon Energy Nigeria Limited, Midwestern Oil and Gas Company Limited and MLPL dated 22 March 2016, San Leon has the right to nominate people for appointment to the following positions within Eroton.

  • Two Eroton Board members: Mr. Oisin Fanning and Mr. Mutiu Sunmonu sit on the Eroton Board.
  • The Chair of the Finance Committee: an appointee has been agreed with Eroton, and will formally assume the role at the next Eroton Board meeting.
  • A Senior Technical Manager who has extensive experience in Nigeria and similar environments: Mr. Les Johnson has now been in place for two months. 

Oisin Fanning, San Leon's CEO, commented:

"San Leon has been part of OML 18 for nearly 18 months. The pressure on production levels caused by a scarcity of capital available to OML 18 for investment in well activity, together with securing permissions, has been exacerbated by downtime and pipeline losses caused by external factors. This has resulted in materially lower production and sales volumes compared with those assumed and documented in the Admission Document. We look forward to receiving the new competent person's report which will form a new basis for evaluating the development plans, forward production profile and economics of the OML 18 project.

Most importantly, these issues are not expected to affect, materially, the long-term field performance, whilst in the shorter term San Leon has a number of protections in place for receiving loan note repayments which are expected to be approximately $19 million per quarter.

The Company anticipates a turnaround in OML 18's net production (after downtime and pipeline losses) once several events have occurred.

First, capital needs to be available at Eroton level for well activity. This may include the receipt of NNPC arrears payments, and external finance (for instance).

Secondly, rig-based activity needs to begin, in combination with the non-rig workovers already occurring. This is expected materially to increase gross production.

Thirdly, the alternative crude evacuation and storage facilities must be installed, which the Company expects to bring the combined downtime plus pipeline losses to below 10%. This would provide a large boost to net oil production (sales oil)."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, is pleased to provide an update on operations and finances related to its initial indirect 9.72 per cent. interest in the OML 18 project, onshore Nigeria. 

OML 18 Operations Overview

  • Current oil production, including 50% of the Awoba field, is approximately 53,000 barrels of oil per day ("bopd") before downtime and pipeline losses, down approximately 3,000 bopd since the operational update of 19 April 2017.
  • In 2017, OML 18, including 50% of the Awoba field, produced 40,360 bopd before pipeline losses, or 50,450 bopd before pipeline losses on a producing day basis.
  • In 2017, average oil sales, including 50% of the Awoba field, (after downtime and disputed pipeline losses) were 26,440 bopd (compared with 30,969 bopd in 2016).
  • The discrepancy between the sales and production numbers, and delays in production increases, continue largely to be attributable to three main factors: (i) workover/drilling progress (ii) production downtime and (iii) estimated pipeline losses. Each of these is being addressed by Eroton, the operator of OML 18, and is explained further below.
  • Current gas sales are approximately 50 million standard cubic feet per day ("mmscf/d"). In 2017 the average gas sales were 45.2mmscf/d, after downtime.
  • Production at OML 18 has continued uninterrupted by any security issues in 2017. During January 2018 illegal bunkering activity caused a fire on a non-operational well on the Buguma field. This did not affect production, and there were no casualties. The fire was swiftly brought under control by Eroton without a reportable spill.
  • The Krakama field was brought into production in January 2017 on schedule. Further well activity on the field has yet to commence. Current oil production from Krakama is approximately 4,500 bopd.
  • The Buguma Creek field, previously expected to go online in Q4 2017 with production transported in bulk to the Krakama facility, is now expected online during Q3 2018.
  • Field development plans ("FDPs") for Akaso, Cawthorne Channel and Alakiri have been submitted to the Nigerian National Petroleum Company ("NNPC"), with approval expected during Q1 2018.
  • Eroton is working on an updated reserves report, with an expectation of adding material oil and condensate volumes. A summary of the finalised reserves report will be communicated to shareholders once it is available and after review by the Company.   

OML 18 2017 Production Summary and Commentary   

Delays in production increases have been as a result of:

(i) Workover/drilling progress

  • Non-rig workovers performed during 2017 continued to proceed less quickly than expected due primarily to downhole challenges.
  • There were some challenges in execution due to the process of approvals with JV partners. Given the positive improvement in the prompt settlement of ongoing partner cash calls, Eroton expects the JV approvals process to continue to improve.
  • San Leon's senior operations manager has now been working as an appointee in Eroton for approximately two months, bringing with him a wealth of downhole operational experience. Together with Eroton's team, this experience is being applied to the ongoing non-rig workovers and will also be used for rig-based workovers and new wells.
  • Following the 2018 budgetary planning process, and assuming the approval of various FDPs, the Company now expects that rig-based workovers, previously anticipated to commence in Q4 2017, will commence in Q3 2018, and new wells will be drilled commencing Q4 2018. As mentioned in previous operational updates, this type of drilling activity has yielded material production gains in similar fields elsewhere in Nigeria and the Company remains confident the work will add materially to Eroton's production base. Such activity was the basis for the production gains reflected in the Admission Document.

(ii) Production downtime

  • Tank tops and cargo shipping delays at the Bonny Terminal, as well as intermittent upstream outages on the Nembe Creek Trunk Line pipeline ("NCTL"), the export pipeline used to transport oil to the Bonny Terminal, has resulted in material production downtime at OML 18.
  • Eroton is evaluating a number of independent alternative oil evacuation routes that will improve consistency of supply to the market. The preferred evacuation route selected by Eroton is a new dedicated pipeline and offshore Floating Storage and Offloading ("FSO") system.

(iii) Pipeline losses

  • Following the installation of new Lease Automatic Custody Transfer ("LACT") units on the NCTL line in 2016, the Bonny Terminal operator allocated an average of approximately 35% pipeline losses to all operators using NCTL for 2017 (compared with 9% assumed and documented in the Company's admission document dated 26 August 2016 ("Admission Document")). Eroton disputes the allocation and has requested that the relevant regulatory authorities investigate the allocation of such excessive losses with a view to reallocating losses in Eroton's favour (thereby boosting the sales numbers). Those discussions are ongoing.
  • LACT units for OML 18 are now in Nigeria and, following commissioning and regulatory sign off, are anticipated by Eroton to be operational in H2 2018. The use of these units is expected to provide accurate measurements at the transfer point and therefore reduced the pipeline losses allocated to Eroton.
  • The proposed alternative crude evacuation (pipeline) and storage facilities are anticipated to realise significant advantages with respect to pipeline loss allocation and production up-time, coinciding with the expected timing of the production increases from rig-based activity. The Company expects tendering and approval by JV partners to occur in the next 6 months.

Nigeria Financial

In accordance with the terms of the $174.5 million loan note instruments held by San Leon pursuant to the OML 18 assets (as described more fully in the Interim Statement dated 29 September 2017), the average quarterly scheduled amount of principal and interest to date is approximately $19 million. To date, $39.6 million has been received by San Leon in order to avoid a default under the loan note instruments. SLE is also due to receive approximately $19 million by 1 April 2018 from or on behalf of Midwestern Leon Petroleum Limited ("MLPL"), and further similar quarterly amounts thereafter, until all Notes have been repaid.

The Reserves Based Lending ("RBL") conditions required for the payment of dividends by Eroton have been met, with the exception of satisfying the amount payable to Debt Service Reserve Account ("DSRA") and the filing of Eroton's 2017 financial accounts. Eroton awaits repayment of the majority of NNPC's historic operational expenditure and capital expenditure cash calls from 2015 and 2016, although encouragingly such repayments began in Q4 2017 and have continued. NNPC has also paid the large majority of it 2017 cash calls promptly and continues to do so in 2018.

The delayed receipt of NNPC 2015/2016 arrears has had two main impacts to date.

  • First, as announced on 7 September 2017, this has been a contributory factor to some work programme delays (such as well workovers and the drilling of new wells). These delays to heavy workovers and new well drilling, which target significant hikes in production rates, in turn impact the cash generated by Eroton.
  •  Secondly, as also announced on 7 September 2017, depositing three future quarterly reserves based lending ("RBL") repayments into the debt service reserve account ("DSRA") attached to Eroton's existing RBL facility, is one of the conditions that needs to be met before the RBL lenders will allow distribution of dividends from Eroton to its shareholders. The cumulative amount required to fill the DSRA varies according to the RBL amortisation schedule and is approximately $90m for much of 2018. The DSRA balance however fluctuates according to operational needs and due to some of the funding challenges experienced.

Any future payment of dividends by Eroton, and receipt by MLPL, will be used to pay the principal and interest due on the loan notes, and to pay dividends to San Leon. Given the delays in operational activity, downtime and pipeline losses, dividend payments by Eroton are not expected until the impact of the alternative export pipeline and/or the rig-based well activity have materially increased sales volumes of oil.

During January 2018, Eroton put in place a new hedge covering its RBL borrowing base. The hedge is a put option at a price of $50/bbl for 10,170 bopd until 30 June 2019.

Nigeria Administrative

As provided for in the shareholders agreement between San Leon Energy Nigeria Limited, Midwestern Oil and Gas Company Limited and MLPL dated 22 March 2016, San Leon has the right to nominate people for appointment to the following positions within Eroton.

  • Two Eroton Board members: Mr. Oisin Fanning and Mr. Mutiu Sunmonu sit on the Eroton Board.
  • The Chair of the Finance Committee: an appointee has been agreed with Eroton, and will formally assume the role at the next Eroton Board meeting.
  • A Senior Technical Manager who has extensive experience in Nigeria and similar environments: Mr. Les Johnson has now been in place for two months. 

Oisin Fanning, San Leon's CEO, commented:

"San Leon has been part of OML 18 for nearly 18 months. The pressure on production levels caused by a scarcity of capital available to OML 18 for investment in well activity, together with securing permissions, has been exacerbated by downtime and pipeline losses caused by external factors. This has resulted in materially lower production and sales volumes compared with those assumed and documented in the Admission Document. We look forward to receiving the new competent person's report which will form a new basis for evaluating the development plans, forward production profile and economics of the OML 18 project.

Most importantly, these issues are not expected to affect, materially, the long-term field performance, whilst in the shorter term San Leon has a number of protections in place for receiving loan note repayments which are expected to be approximately $19 million per quarter.

The Company anticipates a turnaround in OML 18's net production (after downtime and pipeline losses) once several events have occurred.

First, capital needs to be available at Eroton level for well activity. This may include the receipt of NNPC arrears payments, and external finance (for instance).

Secondly, rig-based activity needs to begin, in combination with the non-rig workovers already occurring. This is expected materially to increase gross production.

Thirdly, the alternative crude evacuation and storage facilities must be installed, which the Company expects to bring the combined downtime plus pipeline losses to below 10%. This would provide a large boost to net oil production (sales oil)."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Appointment of Non-Executive Director/media-centre/news-releases/2018/january/16/appointment-of-non-executive-director.aspx2018-01-16T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/january/16/appointment-of-non-executive-director.aspx

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, is pleased to announce the appointment with immediate effect of Linda Beal (56) as a Non-Executive Director. Linda will chair the Audit Committee, and also be a member of the Remuneration Committee.

Linda is a chartered accountant. She was previously a tax partner at PwC for 16 years focussed on the natural resources sector, and subsequently was global leader for energy and natural resources at Grant Thornton until June 2016.
Linda brings extensive experience of working with African - in particular Nigerian - oil and gas groups, African-based advisers, and corporate and asset transactions.

Linda is Chairman of the Audit Committee of AIM-listed Tax Systems Plc, and also a Director of Auxxilia Limited and a partner in Linda Beal Consulting LLP.

Oisin Fanning, CEO, commented:
“I am delighted to welcome Linda as a Director of the Company. Her wealth of pertinent experience is expected to be a real asset to San Leon, and she will immediately be fully involved with the audit process for the results to 31 December 2017.”

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Appendix:
Linda Janice Beal, aged 56, currently holds or has held the following directorships and partnerships in the last five years:


Current Directorships
Auxxilia Limited
Linda Beal Consulting LLP
Tax Systems Plc

Past Directorships
Grant Thornton UK LLP
Pricewaterhousecoopers LLP

Linda does not currently have an interest in any of the Company’s shares.

This announcement sets out all of the disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, is pleased to announce the appointment with immediate effect of Linda Beal (56) as a Non-Executive Director. Linda will chair the Audit Committee, and also be a member of the Remuneration Committee.

Linda is a chartered accountant. She was previously a tax partner at PwC for 16 years focussed on the natural resources sector, and subsequently was global leader for energy and natural resources at Grant Thornton until June 2016.
Linda brings extensive experience of working with African - in particular Nigerian - oil and gas groups, African-based advisers, and corporate and asset transactions.

Linda is Chairman of the Audit Committee of AIM-listed Tax Systems Plc, and also a Director of Auxxilia Limited and a partner in Linda Beal Consulting LLP.

Oisin Fanning, CEO, commented:
“I am delighted to welcome Linda as a Director of the Company. Her wealth of pertinent experience is expected to be a real asset to San Leon, and she will immediately be fully involved with the audit process for the results to 31 December 2017.”

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Appendix:
Linda Janice Beal, aged 56, currently holds or has held the following directorships and partnerships in the last five years:


Current Directorships
Auxxilia Limited
Linda Beal Consulting LLP
Tax Systems Plc

Past Directorships
Grant Thornton UK LLP
Pricewaterhousecoopers LLP

Linda does not currently have an interest in any of the Company’s shares.

This announcement sets out all of the disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.

Update on Discussions with Potential Offerors/media-centre/news-releases/2018/january/5/update-on-discussions-with-potential-offerors.aspx2018-01-05T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/january/5/update-on-discussions-with-potential-offerors.aspx

The Directors of San Leon today confirm that discussions with both China Great United Petroleum (Holding) Limited ("CGUP"), originally announced on 28 June 2017, and Geron Energy Investment ("Geron"), originally announced on 21 December 2016, have been terminated. Both CGUP and Geron have confirmed that they do not intend to make an offer for the issued and to be issued share capital of San Leon.

As announced on 8 December 2017, discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.

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 accordancewith the facts and does not omit anything likely to affect the import of such information.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Oisin Fanning, Chief Executive of San Leon Energy PLC, commented: "While I thank both CGUP and Geron for their interest in San Leon, I am pleased that we have been able to provide this update to shareholders today. These discussions have come to a conclusion by mutual agreement, which will allow the Company to move on, both with its discussions with Midwestern, and with the delivery of its business plan, which is focussed on cash generation from our oil and gas operations in Nigeria."

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

The Directors of San Leon today confirm that discussions with both China Great United Petroleum (Holding) Limited ("CGUP"), originally announced on 28 June 2017, and Geron Energy Investment ("Geron"), originally announced on 21 December 2016, have been terminated. Both CGUP and Geron have confirmed that they do not intend to make an offer for the issued and to be issued share capital of San Leon.

As announced on 8 December 2017, discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.

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 accordancewith the facts and does not omit anything likely to affect the import of such information.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Oisin Fanning, Chief Executive of San Leon Energy PLC, commented: "While I thank both CGUP and Geron for their interest in San Leon, I am pleased that we have been able to provide this update to shareholders today. These discussions have come to a conclusion by mutual agreement, which will allow the Company to move on, both with its discussions with Midwestern, and with the delivery of its business plan, which is focussed on cash generation from our oil and gas operations in Nigeria."

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Shares In Issue/media-centre/news-releases/2018/january/2/shares-in-issue.aspx2018-01-02T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/january/2/shares-in-issue.aspx

San Leon Energy plc announces, in accordance with Rule 2.10 of the Takeover Rules, that following the allotment of 43,976,232 ordinary shares to nominees of funds managed by Toscafund Asset Management LLP (together, "Toscafund") as announced previously, at the close of business on 29 December 2017 San Leon had the following relevant securities (within the meaning of the Takeover Rules) in issue: (i) 500,256,857 ordinary shares in the Company (excluding shares held in Treasury), (ii) options issued by the Company which if exercised would result in the issue of 18,417,936 new ordinary shares and (iii) warrants issued by the Company which if exercised would result in the issue of 16,308,703 new ordinary shares.

The ISIN reference number for these securities is IE00BWVFTP56 with SEDOL code BWVFTP5.

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.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon Energy plc announces, in accordance with Rule 2.10 of the Takeover Rules, that following the allotment of 43,976,232 ordinary shares to nominees of funds managed by Toscafund Asset Management LLP (together, "Toscafund") as announced previously, at the close of business on 29 December 2017 San Leon had the following relevant securities (within the meaning of the Takeover Rules) in issue: (i) 500,256,857 ordinary shares in the Company (excluding shares held in Treasury), (ii) options issued by the Company which if exercised would result in the issue of 18,417,936 new ordinary shares and (iii) warrants issued by the Company which if exercised would result in the issue of 16,308,703 new ordinary shares.

The ISIN reference number for these securities is IE00BWVFTP56 with SEDOL code BWVFTP5.

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.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Update on Convertible Loan Facility and Repayment of Avobone.../media-centre/news-releases/2018/january/2/update-on-convertible-loan-facility-and-repayment-of-avobone-payments-received-against-mlpl-loan-notes-polish-asset-sale-agreement-update.aspx2018-01-02T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2018/january/2/update-on-convertible-loan-facility-and-repayment-of-avobone-payments-received-against-mlpl-loan-notes-polish-asset-sale-agreement-update.aspx

Update on Convertible Loan Facility and Repayment of Avobone, Payments Received Against MLPL Loan Notes, Polish Asset Sale Agreement Update

Update on Convertible Loan Facility
San Leon Energy plc (the “Company”), the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has settled in full the loan facility agreement (“Facility Agreement”) with nominees of funds managed by Toscafund Asset Management LLP (together, "Toscafund") in relation to a £11 million convertible secured loan facility (the "Loan"), including interest and fees. As a result, the security provided to Toscafund by San Leon during the tenure of the Facility Agreement will be released in due course.

Payments to creditors
The Company has paid approximately €11.53 million to Avobone N.V. and Avobone Poland BV (together, "Avobone") which has fully settled all amounts due to Avobone. The Company has also made its agreed Q4 2017 payment to YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville").

Repayment of Midwestern Leon Petroleum Limited (“MLPL”) Loan Notes (the “Loan Notes”)
The Company is scheduled to be paid approximately US$19 million per quarter by MLPL in respect of the Loan Notes from Q4 2017. The Company has previously announced the receipt of US$11million in satisfaction of payment of amounts due for Q4 2017. A further US$7.75 million has also now been received, meaning that MLPL’s obligations for Q4 2017 in respect of the Loan Notes have been met.

Polish Asset Sale Agreement Update
On 17 November 2016, the Company signed a sale and purchase agreement (“SPA”) for the sale of its 35% interest in the Rawicz gas field in the Permian Basin, to Palomar Natural Resources ("Palomar"). The sale was effected through the sale of SLE’s 35% share in TSH Energy Joint Venture BV (“TSH”). The total cash consideration due to the Company was US$9.0 million, of which US$4.5 million was received in November 2016. The balance of US$4.5 million plus accrued interest (the “Amount Due”) was due to paid to San Leon on or before 01 October 2017. Under a novation agreement and extension agreement dated 22 December 2017, the Amount Due is now the full responsibility of NSP Investments Holdings Ltd, a BVI registered company that holds a 35% interest in TSH.

The Company announces that it has now received a further US$1.5 million payment of the Amount Due. The Company is due to receive a further $3.6 million, including an extension fee plus any further accrued interest on or before 01 September 2018.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Update on Convertible Loan Facility and Repayment of Avobone, Payments Received Against MLPL Loan Notes, Polish Asset Sale Agreement Update

Update on Convertible Loan Facility
San Leon Energy plc (the “Company”), the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has settled in full the loan facility agreement (“Facility Agreement”) with nominees of funds managed by Toscafund Asset Management LLP (together, "Toscafund") in relation to a £11 million convertible secured loan facility (the "Loan"), including interest and fees. As a result, the security provided to Toscafund by San Leon during the tenure of the Facility Agreement will be released in due course.

Payments to creditors
The Company has paid approximately €11.53 million to Avobone N.V. and Avobone Poland BV (together, "Avobone") which has fully settled all amounts due to Avobone. The Company has also made its agreed Q4 2017 payment to YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville").

Repayment of Midwestern Leon Petroleum Limited (“MLPL”) Loan Notes (the “Loan Notes”)
The Company is scheduled to be paid approximately US$19 million per quarter by MLPL in respect of the Loan Notes from Q4 2017. The Company has previously announced the receipt of US$11million in satisfaction of payment of amounts due for Q4 2017. A further US$7.75 million has also now been received, meaning that MLPL’s obligations for Q4 2017 in respect of the Loan Notes have been met.

Polish Asset Sale Agreement Update
On 17 November 2016, the Company signed a sale and purchase agreement (“SPA”) for the sale of its 35% interest in the Rawicz gas field in the Permian Basin, to Palomar Natural Resources ("Palomar"). The sale was effected through the sale of SLE’s 35% share in TSH Energy Joint Venture BV (“TSH”). The total cash consideration due to the Company was US$9.0 million, of which US$4.5 million was received in November 2016. The balance of US$4.5 million plus accrued interest (the “Amount Due”) was due to paid to San Leon on or before 01 October 2017. Under a novation agreement and extension agreement dated 22 December 2017, the Amount Due is now the full responsibility of NSP Investments Holdings Ltd, a BVI registered company that holds a 35% interest in TSH.

The Company announces that it has now received a further US$1.5 million payment of the Amount Due. The Company is due to receive a further $3.6 million, including an extension fee plus any further accrued interest on or before 01 September 2018.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Replacement: Issue of Equity/media-centre/news-releases/2017/december/21/replacement-issue-of-equity.aspx2017-12-21T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/december/21/replacement-issue-of-equity.aspx

Replacement: Issue of Equity
The following announcement replaces the announcement “Issue of Equity” with RNS number 0715A,
released today at 10:47 am.
San Leon Energy plc
(“San Leon” or the “Company”)
Issue of Equity

San Leon announces that, pursuant to the convertible loan facility announced on 19 December 2017, it has conditionally agreed to issue 43,976,232 ordinary shares of EUR 0.01 each in the Company (the “New Ordinary Shares”) to Toscafund Asset Management LLP, Toscafund GP Limited and related entities (together, “Toscafund”) in order to repay amounts drawndown by San Leon pursuant to the convertible loan facility. The conversion price per New Ordinary Share is 25 pence each. The New Ordinary Shares will rank pari passu in all respects with the issued ordinary shares of the Company.

Following the issue and allotment of the New Ordinary Shares (which, subject to satisfaction of the remaining conditions to issue and allotment, is expected to occur on 29 December 2017), Toscafund will hold 311,821,927 ordinary shares of EUR0.01 each (“Ordinary Shares”) in the Company, representing 62.33 per cent of the Company’s enlarged issued share capital.

Application for admission to trading of the New Ordinary Shares will be made to the London Stock Exchange and admission is expected to occur on or after 29 December 2017. Following the issue of the New Ordinary Shares, the total number of Ordinary Shares in issue will be 500,256,857 each with one voting right. No Ordinary Shares are held in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement


Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) +44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Replacement: Issue of Equity
The following announcement replaces the announcement “Issue of Equity” with RNS number 0715A,
released today at 10:47 am.
San Leon Energy plc
(“San Leon” or the “Company”)
Issue of Equity

San Leon announces that, pursuant to the convertible loan facility announced on 19 December 2017, it has conditionally agreed to issue 43,976,232 ordinary shares of EUR 0.01 each in the Company (the “New Ordinary Shares”) to Toscafund Asset Management LLP, Toscafund GP Limited and related entities (together, “Toscafund”) in order to repay amounts drawndown by San Leon pursuant to the convertible loan facility. The conversion price per New Ordinary Share is 25 pence each. The New Ordinary Shares will rank pari passu in all respects with the issued ordinary shares of the Company.

Following the issue and allotment of the New Ordinary Shares (which, subject to satisfaction of the remaining conditions to issue and allotment, is expected to occur on 29 December 2017), Toscafund will hold 311,821,927 ordinary shares of EUR0.01 each (“Ordinary Shares”) in the Company, representing 62.33 per cent of the Company’s enlarged issued share capital.

Application for admission to trading of the New Ordinary Shares will be made to the London Stock Exchange and admission is expected to occur on or after 29 December 2017. Following the issue of the New Ordinary Shares, the total number of Ordinary Shares in issue will be 500,256,857 each with one voting right. No Ordinary Shares are held in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement


Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) +44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

£11,000,000 Convertible Loan Facility and Repayment of Avobone/media-centre/news-releases/2017/december/19/11-000-000-convertible-loan-facility-and-repayment-of-avobone.aspx2017-12-19T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/december/19/11-000-000-convertible-loan-facility-and-repayment-of-avobone.aspx

San Leon Energy plc (the “Company”), the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has today entered into a loan facility agreement (“Facility Agreement”) with Toscafund Asset Management LLP, Toscafund GP Limited and related entities (together, "Toscafund") in relation to a £11 million convertible secured loan facility (the "Loan").

The company has issued drawdown notices totalling £10,961,025 in order to repay €11.53 million due to Avobone N.V. and Avobone Poland BV (together, "Avobone") which will fully settle all amounts due to Avobone and to meet San Leon’s immediate obligations due to certain other creditors.

Key terms of the loan
The Loan bears an interest rate of 10% per annum, accruing on a daily basis. The Company is also required to repay an arrangement fee of 5% of the total facility in cash to Toscafund. The loan and the arrangement fee are repayable by 29 December 2017 (or such later date as the Company and Toscafund may agree). The Company has the option to convert outstanding amounts of the Loan by the issue to Toscafund of ordinary shares of €0.01 each in the Company ("Ordinary Shares"). The issue price for any Ordinary Shares issued on a conversion will be 25 pence per share, which represents a 1.5% premium to the mid-market price of San Leon before the Company’s shares were suspended on 03 November 2017.

Pursuant to the share authorities obtained at the Company's last AGM, the Directors can issue up to 45,628,062 Ordinary Shares without applying statutory pre-emption rights. At the issue price of 25 pence per share, assuming San Leon convert the full amount of Loan plus accrued interest as of 29 December 2017 into Ordinary Shares, Toscafund would hold 311,821,927 Ordinary Shares in the Company, representing 62.33 per cent of the Company’s then enlarged Ordinary Share capital.

The Company has provided Toscafund with the following security in connection with the Facility Agreement:

  • An assignment of the Company's rights as the holder of the loan notes issued by Midwestern Leon Petroleum Limited ("MLPL") pursuant to an instrument dated 22 March 2016 (as amended and restated) (the "Loan Notes").
  • An Irish law debenture over all of the assets of the Company.
  • The Company's subsidiary San Leon Nigeria B.V. ("SLN") has entered into a guarantee agreement pursuant to which it has guaranteed the repayment of the Loan by the Company.
  • Within five business days of the date of the Facility Agreement, the Company will be required to enter into a Dutch law share pledge, pursuant to which the Company pledges all its shares in SLN in favour of Toscafund (the "Share Pledge"). SLN holds 40% of the issued share capital of MLPL.

Related Party Transaction
Toscafund is a substantial shareholder of the Company and therefore regarded as a related party as defined by the AIM Rules for Companies (the "AIM Rules"). The Facility Agreement and the Loan is therefore deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules. The Company’s directors consider, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the Facility Agreement and the Loan are fair and reasonable insofar as shareholders are concerned.

Repayment of MLPL Loan Notes
As previously announced, the Company is scheduled to be paid approximately US$19 million per quarter by MLPL in respect of the Loan Notes from Q4 2017, with the next instalment due to be received by the Company on or before 1 January 2018. The Company has previously announced the receipt of US$5 million in satisfaction of payment of amounts due. A further US$6 million has also now been received.

Excluding the Loan from Toscafund, the Company will have an outstanding debt of US$3,806,955 with YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville"). The Company has agreed to make a payment to Yorkville at the end of each quarter, with the final payment due shortly after the 3rd quarter of 2018. In addition, the Company will have short-term trade and other payables inclusive of Yorkville of approximately €13.7 million. Excluding any monies owed to San Leon as the holder of the Loan Notes issued by Midwestern Leon Petroleum, San Leon has estimated trade and other receivables owing to it of €10.6 million resulting in a net trade and other payables position of €3.1 million.

Oisin Fanning, Chief Executive Officer said “We are very grateful to Toscafund for its continued support. This facility removes certain matters that proved to be an extensive drain on management time, time which can now be focussed on increasing the value of the Company’s interest in OML 18”

Martin Hughes, Founder and Chief Executive Toscafund Asset Management LLP, commented “It is advantageous for all stakeholders in San Leon that the Company enters 2018 with a robust balance sheet which this proposal has addressed."

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) +44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon Energy plc (the “Company”), the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has today entered into a loan facility agreement (“Facility Agreement”) with Toscafund Asset Management LLP, Toscafund GP Limited and related entities (together, "Toscafund") in relation to a £11 million convertible secured loan facility (the "Loan").

The company has issued drawdown notices totalling £10,961,025 in order to repay €11.53 million due to Avobone N.V. and Avobone Poland BV (together, "Avobone") which will fully settle all amounts due to Avobone and to meet San Leon’s immediate obligations due to certain other creditors.

Key terms of the loan
The Loan bears an interest rate of 10% per annum, accruing on a daily basis. The Company is also required to repay an arrangement fee of 5% of the total facility in cash to Toscafund. The loan and the arrangement fee are repayable by 29 December 2017 (or such later date as the Company and Toscafund may agree). The Company has the option to convert outstanding amounts of the Loan by the issue to Toscafund of ordinary shares of €0.01 each in the Company ("Ordinary Shares"). The issue price for any Ordinary Shares issued on a conversion will be 25 pence per share, which represents a 1.5% premium to the mid-market price of San Leon before the Company’s shares were suspended on 03 November 2017.

Pursuant to the share authorities obtained at the Company's last AGM, the Directors can issue up to 45,628,062 Ordinary Shares without applying statutory pre-emption rights. At the issue price of 25 pence per share, assuming San Leon convert the full amount of Loan plus accrued interest as of 29 December 2017 into Ordinary Shares, Toscafund would hold 311,821,927 Ordinary Shares in the Company, representing 62.33 per cent of the Company’s then enlarged Ordinary Share capital.

The Company has provided Toscafund with the following security in connection with the Facility Agreement:

  • An assignment of the Company's rights as the holder of the loan notes issued by Midwestern Leon Petroleum Limited ("MLPL") pursuant to an instrument dated 22 March 2016 (as amended and restated) (the "Loan Notes").
  • An Irish law debenture over all of the assets of the Company.
  • The Company's subsidiary San Leon Nigeria B.V. ("SLN") has entered into a guarantee agreement pursuant to which it has guaranteed the repayment of the Loan by the Company.
  • Within five business days of the date of the Facility Agreement, the Company will be required to enter into a Dutch law share pledge, pursuant to which the Company pledges all its shares in SLN in favour of Toscafund (the "Share Pledge"). SLN holds 40% of the issued share capital of MLPL.

Related Party Transaction
Toscafund is a substantial shareholder of the Company and therefore regarded as a related party as defined by the AIM Rules for Companies (the "AIM Rules"). The Facility Agreement and the Loan is therefore deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules. The Company’s directors consider, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the Facility Agreement and the Loan are fair and reasonable insofar as shareholders are concerned.

Repayment of MLPL Loan Notes
As previously announced, the Company is scheduled to be paid approximately US$19 million per quarter by MLPL in respect of the Loan Notes from Q4 2017, with the next instalment due to be received by the Company on or before 1 January 2018. The Company has previously announced the receipt of US$5 million in satisfaction of payment of amounts due. A further US$6 million has also now been received.

Excluding the Loan from Toscafund, the Company will have an outstanding debt of US$3,806,955 with YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville"). The Company has agreed to make a payment to Yorkville at the end of each quarter, with the final payment due shortly after the 3rd quarter of 2018. In addition, the Company will have short-term trade and other payables inclusive of Yorkville of approximately €13.7 million. Excluding any monies owed to San Leon as the holder of the Loan Notes issued by Midwestern Leon Petroleum, San Leon has estimated trade and other receivables owing to it of €10.6 million resulting in a net trade and other payables position of €3.1 million.

Oisin Fanning, Chief Executive Officer said “We are very grateful to Toscafund for its continued support. This facility removes certain matters that proved to be an extensive drain on management time, time which can now be focussed on increasing the value of the Company’s interest in OML 18”

Martin Hughes, Founder and Chief Executive Toscafund Asset Management LLP, commented “It is advantageous for all stakeholders in San Leon that the Company enters 2018 with a robust balance sheet which this proposal has addressed."

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 20 3463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) +44 20 7830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Update on discussions with Midwestern/media-centre/news-releases/2017/december/8/update-on-discussions-with-midwestern.aspx2017-12-08T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/december/8/update-on-discussions-with-midwestern.aspx

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, provides an update on its discussions with Midwestern Oil and Gas Limited (“Midwestern”).

On 3 November 2017, the Company announced that it had received an indicative proposal that included San Leon acquiring Midwestern’s shares in Midwestern Leon Petroleum Limited (“MLPL”). Whilst not part of the written indicative proposal received by the Company, discussions included the possibility of an offer, as defined in the Irish Takeover Code (an “Offer”) by Midwestern for the issued and to be issued share capital of San Leon.

Discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company’s ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern. However, Midwestern has now confirmed to the board of San Leon that it does not intend to make an Offer.

A further announcement will be made in due course.

This announcement is being made with the approval of Midwestern.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors’ Responsibility Statement
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.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Richard Hail
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint brokers
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
Sharon Plunkett
+353 1 280 7873
Sharon Plunkett

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, provides an update on its discussions with Midwestern Oil and Gas Limited (“Midwestern”).

On 3 November 2017, the Company announced that it had received an indicative proposal that included San Leon acquiring Midwestern’s shares in Midwestern Leon Petroleum Limited (“MLPL”). Whilst not part of the written indicative proposal received by the Company, discussions included the possibility of an offer, as defined in the Irish Takeover Code (an “Offer”) by Midwestern for the issued and to be issued share capital of San Leon.

Discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company’s ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern. However, Midwestern has now confirmed to the board of San Leon that it does not intend to make an Offer.

A further announcement will be made in due course.

This announcement is being made with the approval of Midwestern.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors’ Responsibility Statement
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.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Richard Hail
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint brokers
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
Sharon Plunkett
+353 1 280 7873
Sharon Plunkett

Relinquishment of certain Polish assets/media-centre/news-releases/2017/december/5/relinquishment-of-certain-polish-assets.aspx2017-12-05T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/december/5/relinquishment-of-certain-polish-assets.aspx

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions (Gdansk West & Szczawno), onshore Poland. This represents a significant reduction of SLE’s involvement in exploration operations in Poland, leaving the Company with the conventional assets which are subject to the transactions announced on 19 September 2017.

The impairment charge on the balance sheet as a result of relinquishing these assets is approximately €7.3 million. The annual cost saving from the relinquishments is approximately €250,000, plus any work commitments.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Oisin Fanning, CEO, commented:
“The Company continues to focus on its core Nigerian asset, and this reduction in the exposure in Poland is a natural step towards achieving this.”

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Richard Hail

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions (Gdansk West & Szczawno), onshore Poland. This represents a significant reduction of SLE’s involvement in exploration operations in Poland, leaving the Company with the conventional assets which are subject to the transactions announced on 19 September 2017.

The impairment charge on the balance sheet as a result of relinquishing these assets is approximately €7.3 million. The annual cost saving from the relinquishments is approximately €250,000, plus any work commitments.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Oisin Fanning, CEO, commented:
“The Company continues to focus on its core Nigerian asset, and this reduction in the exposure in Poland is a natural step towards achieving this.”

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Richard Hail

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Avobone Court Petition Withdrawn, Remaining Payment Schedule/media-centre/news-releases/2017/november/24/avobone-court-petition-withdrawn-remaining-avobone-payment-schedule.aspx2017-11-24T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/november/24/avobone-court-petition-withdrawn-remaining-avobone-payment-schedule.aspx

Further to the announcements on 1 November and 10 November 2017, San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that Avobone has withdrawn the petition to wind up the Company before the High Court of Ireland in Dublin.

The agreed payment schedule in respect of sums owed by San Leon to Avobone (including interest and costs), is as follows:

  • €4.2 million on or before 27 November 2017, which has been paid
  • €3.3 million on or before 19 December 2017
  • €8.3 million on or before 15 January 2018

As previously announced, the Company is scheduled to be repaid approximately US$19 million per quarter on its loan notes from Q4 2017, with the next payment due to be received by the Company on or before 1 January 2018. The Company has received $5 million of the sum due this quarter to date, which was allocated to Avobone.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:

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

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Further to the announcements on 1 November and 10 November 2017, San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that Avobone has withdrawn the petition to wind up the Company before the High Court of Ireland in Dublin.

The agreed payment schedule in respect of sums owed by San Leon to Avobone (including interest and costs), is as follows:

  • €4.2 million on or before 27 November 2017, which has been paid
  • €3.3 million on or before 19 December 2017
  • €8.3 million on or before 15 January 2018

As previously announced, the Company is scheduled to be repaid approximately US$19 million per quarter on its loan notes from Q4 2017, with the next payment due to be received by the Company on or before 1 January 2018. The Company has received $5 million of the sum due this quarter to date, which was allocated to Avobone.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:

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

SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Update on Avobone settlement agreement /media-centre/news-releases/2017/november/10/update-on-avobone-settlement-agreement.aspx2017-11-10T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/november/10/update-on-avobone-settlement-agreement.aspx

As announced on 1 November 2017, the Company’s lawyers agreed with Avobone’s lawyers an extension on paying Avobone the balance of sums owed until 15 January 2017. Subsequently Avobone has sought to change the terms of that agreement, demanding that the Company provides further security. These additional requested terms are totally unacceptable to the Company, and are contrary to the agreement secured and confirmed by the Company’s lawyers on 31 October 2017. Avobone was informed of this.

A petition has now been issued by the High Court Dublin returnable for hearing on 4 December 2017 seeking an order to wind up the Company by reason of the Company failing to discharge its outstanding liabilities to Avobone.

The Company has already provided security of payment and shall robustly defend the application.

San Leon can see no reason for Avobone’s actions given the imminent payment expected to Avobone of all outstanding sums.

Trading in the Company’s ordinary shares on AIM was suspended on 3 November 2017, and thatsuspension remains in place.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information forthe purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors' Responsibility Statement
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.

Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser) +44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker) +44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company) +44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) +44 207 830 9700
Chris McMahon
Alexandra Roper

Plunkett Public Relations +353 1 280 7873
Sharon Plunkett


As announced on 1 November 2017, the Company’s lawyers agreed with Avobone’s lawyers an extension on paying Avobone the balance of sums owed until 15 January 2017. Subsequently Avobone has sought to change the terms of that agreement, demanding that the Company provides further security. These additional requested terms are totally unacceptable to the Company, and are contrary to the agreement secured and confirmed by the Company’s lawyers on 31 October 2017. Avobone was informed of this.

A petition has now been issued by the High Court Dublin returnable for hearing on 4 December 2017 seeking an order to wind up the Company by reason of the Company failing to discharge its outstanding liabilities to Avobone.

The Company has already provided security of payment and shall robustly defend the application.

San Leon can see no reason for Avobone’s actions given the imminent payment expected to Avobone of all outstanding sums.

Trading in the Company’s ordinary shares on AIM was suspended on 3 November 2017, and thatsuspension remains in place.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information forthe purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors' Responsibility Statement
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.

Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser) +44 20 3470 0470
Richard Morrison
Ewan Leggat

Whitman Howard Limited (Financial adviser and Joint broker) +44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company) +44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) +44 207 830 9700
Chris McMahon
Alexandra Roper

Plunkett Public Relations +353 1 280 7873
Sharon Plunkett


Temporary Suspension/media-centre/news-releases/2017/november/3/temporary-suspension.aspx2017-11-03T00:00:00San Leon Energysanleonenergy.com/media-centre/news-releases/2017/november/3/temporary-suspension.aspx

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, notes the recent article in City AM. The Company’s shares have been suspended from 11 a.m. pending the release of a further announcement.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev
Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North
Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Alexandra Roper
Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, notes the recent article in City AM. The Company’s shares have been suspended from 11 a.m. pending the release of a further announcement.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:
San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated Adviser)
+44 20 3470 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev
Whitman Howard Limited (Financial adviser and Joint broker)
+44 20 7659 1234
Nick Lovering
Francis North
Brandon Hill Capital Limited (Joint broker to the Company)
+44 203 463 5000
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial Public Relations)
+44 207 830 9700
Chris McMahon
Alexandra Roper
Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett