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SLE San Leon Energy Plc

16.50
0.00 (0.00%)
26 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
San Leon Energy Plc LSE:SLE London Ordinary Share IE00BWVFTP56 ORD EUR0.01 (CDI)
  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 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 5.75M 40.72M 0.0905 1.82 74.24M

San Leon Energy PLC Cash Receipt of US$40 Million (9846I)

07/04/2020 7:00am

UK Regulatory


San Leon Energy (LSE:SLE)
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RNS Number : 9846I

San Leon Energy PLC

07 April 2020

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

7 April 2020

San Leon Energy plc

("San Leon" or the "Company")

Cash Receipt of US$40 Million

San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, is pleased to announce that it has received a Loan Notes payment of US$40 million.

The Company also announces that it has entered into an agreement dated 6 April 2020 amending the Loan Notes Instrument (the "Amendment") between San Leon and Midwestern Leon Petroleum Limited ("MLPL"). Under the terms of the Amendment, the remaining balance payable is approximately US$82 million. A further US$10 million will be paid to the Company on or before 6 October 2020, with the balance of the Loan Notes receivable payable in three quarterly instalments, commencing July 2021 and completing by December 2021.

The balance will continue to accrue interest at a coupon of 17% per annum until repaid. All other material terms of the Loan Notes Instrument remain unchanged.

The Company has received just over US$190 million from Loan Notes payments to date, and has a cash balance at 7 April 2020 of approximately US$74 million with no debt.

Midwestern Oil & Gas Company Limited ("Midwestern") remains as the guarantor of the loan notes. Midwestern is a related party of the Company for the purposes of the AIM Rules by virtue of its shareholding of 13.18% of the existing Ordinary Shares. The Amendment is therefore a related party transaction under the AIM Rules. The Directors consider, having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, that the terms of the Amendment are fair and reasonable insofar as the Company's shareholders are concerned.

Oisin Fanning, Chief Executive Officer, commented:

"The Company is in a very strong position armed with such significant cash. We believe that this is a situation that will continue. San Leon has around US$100 million of additional Loan Notes and interest receipts expected by the end of next year, as well as income from the provision of our technical services to Eroton as operator of OML 18. In addition, the Company expects to receive dividends from its indirect shareholding in Eroton in due course. I look forward with confidence to updating shareholders on the Company's growth and progress."

Joel Price, Chief Operating Officer, has approved the contents of this announcement.

Enquiries:

 
                                         + 353 1291 
 San Leon Energy plc                      6292 
 Oisin Fanning, Chief Executive 
 
 Cantor Fitzgerald Europe 
  (Nominated adviser and joint broker    +44 207 894 
  to the Company)                         7000 
 David Porter 
  Rick Thompson 
 
 
   Whitman Howard Limited                +44 20 7659 
   (Joint broker to the Company)          1234 
 Nick Lovering 
 
 Brandon Hill Capital Limited            +44 20 3463 
  (Joint broker to the Company)           5000 
 Oliver Stansfield 
  Jonathan Evans 
 
 Tavistock                               +44 20 7920 
  (Financial Public Relations)            3150 
 Nick Elwes 
  Simon Hudson 
  Barnaby Hayward 
 
 Plunkett Public Relations               +353 1280 7873 
 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 rns@lseg.com or visit www.rns.com.

END

MSCUPUMCCUPUPPQ

(END) Dow Jones Newswires

April 07, 2020 02:00 ET (06:00 GMT)

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