San Leon Energy PLC Update on Proposed Transactions (0323L)

TIDMSLE

RNS Number : 0323L

San Leon Energy PLC

01 September 2023

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

1 September 2023

San Leon Energy plc

(" San Leon " or the " Company ")

Update on Proposed Transactions

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces a further extension to the longstop dates for the proposed transactions with Midwestern Oil & Gas Company Limited ("Midwestern") and the Company's further conditional investments in Energy Link Infrastructure (Malta) Limited ("ELI") (together the "Proposed Transactions"). Details of the Proposed Transactions were announced by the Company on 8 July 2022 and set out in an admission document published by the Company on the same day (the "Admission Document").

All longstop dates in relation to the Proposed Transactions have, in agreement with Midwestern and the other relevant parties, now been extended to 30 September 2023. The longstop dates are in relation to the New Eroton Debt Facilities, the Sahara OML 18 Acquisition Agreement, the MLPL Reorganisation Agreement and the ELI Reorganisation Agreement (details of all of which are set out in the Admission Document).

The Company is in discussions with Midwestern on whether a potential revision to the Proposed Transactions can be agreed to allow completion to occur whilst the New Eroton Debt Facilities and the Sahara OML 18 Acquisition continue to be delayed for reasons outside of the Company's control. There can be no guarantee that any such revised terms will be agreed.

Further to the update on refinancing discussions and outstanding creditors (including the US$5.0 million loan from funds managed by Toscafund Asset Management LLP) announced on 8 August 2023, San Leon remains in discussions with a third party in relation to securing an alternative loan facility of US$50.0 million and will provide an update to shareholders when the loan facility is entered into.

Further to the Company's announcement of 8 August 2023, San Leon remains in discussions with ELI regarding making further potential investments of up to US$37.0 million, in ELI, which would be conditional, inter alia, on San Leon completing the alternative loan facility of US$50.0 million referred to above.

Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Admission Document.

Enquiries:

 
 San Leon Energy plc                                     [phone] 
 Oisin Fanning, Chief Executive 
  Julian Tedder, Chief Financial Officer 
 Allenby Capital Limited 
  (Nominated adviser and joint broker to the Company)    [phone] 
 Nick Naylor 
  Alex Brearley 
  Vivek Bhardwaj 
 Panmure Gordon & Co 
  (Joint broker to the Company)                          [phone] 
 James Sinclair-Ford 
  John Prior 
 Tavistock 
  (Financial Public Relations)                           [phone] 
 Nick Elwes 
  Simon Hudson 
 Plunkett Public Relations                               [phone] 
 Sharon Plunkett 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDPBMLTMTAJBIJ

(END) Dow Jones Newswires

September 01, 2023 02:00 ET (06:00 GMT)