[ADVERT]
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 0.0% 40.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -8.6 -2.3 - 200

San Leon Energy PLC Further extension of Conditional Payment Waiver

01/10/2021 4:30pm

UK Regulatory (RNS & others)


San Leon Energy (LSE:SLE)
Historical Stock Chart


From Sep 2021 to Nov 2021

Click Here for more San Leon Energy Charts.

TIDMSLE

RNS Number : 8056N

San Leon Energy PLC

01 October 2021

1 October 2021

San Leon Energy plc

("San Leon" or the "Company")

Further extension of the Conditional Payment Waiver in relation to the MLPL Loan Notes

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, provides the following update regarding the outstanding loan notes due from Midwestern Leon Petroleum Limited ("MLPL") (the "Loan Notes").

Further to the announcement on 20 September 2021, San Leon has agreed with MLPL, Midwestern and Martwestern to a further extension of the Conditional Payment Waiver, as described and defined below, to the end of October 2021 or, if sooner, the termination of discussions or the signing of an agreement to effect the Potential Transaction (but otherwise on the same terms as announced on 7 July 2021), in conjunction with an additional waiver on the same terms of Midwestern's obligations to make payment on 30 September 2021 of an amount equal to US$ 30,212,730 million (collectively the "Extended Conditional Payment Waiver"). The sums to which the Extended Conditional Payment Waiver relates (and those falling due within 30 days after the expiry of the Extended Conditional Payment Waiver) will be payable 90 days after such expiry, save for, inter alia, if there is an event of default.

Background

As previously announced by San Leon, during the course of this year San Leon was due to receive the final repayments of the Loan Notes which total over US$98 million. The repayments are due in three equal instalments, commencing in July 2021 and completing by December 2021.

MLPL is part of the structure through which San Leon holds its current 10.58% indirect economic interest in OML 18. San Leon currently has a 40% equity interest in MLPL with the remaining interest in MLPL being owned by Midwestern Oil and Gas Company Limited ("Midwestern"). Midwestern is also the guarantor of the Loan Notes. MLPL has a 100% equity investment in Martwestern Energy Limited ("Martwestern"), which in turn has a 98% economic interest in Eroton Exploration and Production Company Limited ("Eroton"), which holds a 27% working interest in OML 18 and is its operator.

On 24 June 2021, San Leon announced that, inter alia, the Company was in preliminary discussions with Midwestern in relation to a transaction to reorganize Midwestern's holdings in the Company and MLPL into a single holding in the Company, through the transfer to the Company of the 60% equity interest in MLPL that it does not currently own (the "Potential Transaction"). It was also announced that it is expected that, inter alia, as part of the Potential Transaction, the amounts owed to San Leon by MLPL pursuant to the Loan Notes will be taken into account in the overall structure and eliminated from the resulting structure.

On 7 July 2021, San Leon agreed with MLPL, Midwestern and Martwestern to a conditional payment waiver in respect of the repayment of approximately US$32 million of MLPL's Loan Notes and interest that fell due on 5 July (the "Conditional Payment Waiver"). As part of the terms to the agreement, the Conditional Payment Waiver was to expire at the end of August 2021 or, if sooner, the termination of discussions or the signing of an agreement to effect the Potential Transaction, and interest will accrue on this installment of the Loan Notes over this period. The sums to which the Conditional Payment Waiver relates (and those falling due within 30 days after the expiry of the Conditional Payment Waiver) will be payable 90 days after such expiry, save for, inter alia, if there is an event of default. On 20 September 2021, the Conditional Payment Waiver was extended to expire on 30 September 2021 under the same terms as announced on 7 July 2021.

Related party transaction disclosure

Midwestern and MLPL are related parties of the Company for the purposes of the AIM Rules by virtue of Midwestern holding more than 10% of the existing Ordinary Shares in the Company and the level of Midwestern's current interest in MLPL . The Extended Conditional Payment Waiver is therefore a related party transaction under the AIM Rules. The Directors of San Leon (excluding Adekolapo Ademola who is not considered to be independent as he is a representative of Midwestern on the Company's board ) consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the Extended Conditional Waiver are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

 
 San Leon Energy plc                                     +353 1291 6292 
 Oisin Fanning, Chief Executive 
 Allenby Capital Limited 
  (Nominated adviser and joint broker to the Company)    +44 20 3328 5656 
 Nick Naylor 
  Alex Brearley 
  Vivek Bhardwaj 
 Panmure Gordon & Co 
  (Joint broker to the Company)                          +44 20 7886 2500 
 Nick Lovering 
  James Sinclair-Ford 
 Brandon Hill Capital Limited 
  (Joint broker to the Company)                          +44 20 3463 5000 
 Oliver Stansfield 
  Jonathan Evans 
 Tavistock 
  (Financial Public Relations)                           +44 20 7920 3150 
 Nick Elwes 
  Simon Hudson 
 Plunkett Public Relations                               +353 1 230 3781 
 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.

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

MSCZZMGGKMNGMZM

(END) Dow Jones Newswires

October 01, 2021 11:30 ET (15:30 GMT)

1 Year San Leon Energy Chart

1 Year San Leon Energy Chart

1 Month San Leon Energy Chart

1 Month San Leon Energy Chart
ADVFN Advertorial
Your Recent History
LSE
SLE
San Leon E..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20211130 01:36:44