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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
San Leon Energy Plc | AQSE:SLE.GB | Aquis Stock Exchange | Ordinary Share | IE00BWVFTP56 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.50 | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSLE
RNS Number : 5531O
San Leon Energy PLC
08 November 2016
08 November 2016
San Leon Energy plc
Settlement with Avobone
On 7 November 2016, Avobone N.V. and Avobone Poland B.V. ("Avobone") (together, "Avobone") and San Leon Energy Plc ("San Leon") settled a number of ongoing disputes between them and between Avobone and certain of San Leon's subsidiaries, including Aurelian Oil & Gas Limited, Aurelian Oil & Gas Poland Sp. z.o.o, Energia Zachod Holdings Sp. z.o.o and AOG Finance Limited, in Poland, Netherlands, Ireland, England & Wales in respect of various matters including a final award in an ICC arbitration dated 21 May 2015. The total settlement of EUR23.3 million plus interest to be paid to Avobone by San Leon will be paid as follows, with EUR2.0 million being paid by 21 November 2016, EUR8.0 million by 28 April 2017, EUR8.0 million by 16 October 2017 and EUR5.3 million by 30 December 2017. Interest will accrue at a rate of 5% per annum on instalments until paid.
The provision made in the 2015 audited accounts for the Avobone dispute was approximately EUR20.6 million. The difference been the settlement figure and the provision is due to interest, exchange rate fluctuations, and further legal costs.
San Leon is confident that this settlement will not affect the previously-announced capital distribution policy, whereby 50% of free cash flow from San Leon's interest in the OML 18 asset will be returned to shareholders via either share buybacks or dividends for five years.
Enquiries:
San Leon Energy plc Oisin Fanning, Executive Chairman +353 1291 6292 Brandon Hill Capital Limited Joint Broker Oliver Stansfield +44 (0) 20 Jonathan Evans 3463 5000 SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Ewan Leggat +44 (0) 20 Richard Morrison 3470 0470 Whitman Howard Limited Joint Broker Nick Lovering +44 (0) 20 Francis North 7659 1234 Vigo Communications Financial Public Relations Chris McMahon +44 (0) 20 Alexandra Roper 7830 9700 Plunkett Public Relations +353 (0) 1 Sharon Plunkett 280 7873
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 08, 2016 02:00 ET (07:00 GMT)
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