REG - San Leon Energy PLC - Further update on the proposed transactions

San Leon EnergyAnnouncement

03/01/2023 07:00

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RNS Number : 4073L  San Leon Energy PLC  03 January 2023

 

 

 

3 January 2023

San Leon Energy plc

("San Leon" or the "Company")

 

Further update on the proposed transactions with Midwestern

 

San Leon, the independent oil and gas production, development and exploration
company focused on Nigeria, announces a further update in relation to the
Proposed MLPL Reorganisation, details of which were set out in the Company's
AIM Admission Document published on 8 July 2022 (the "Admission Document").

 

Further to the announcement made on 1 December 2022, the MLPL Reorganisation
Agreement's deadline for the satisfaction of the condition relating to the New
Eroton Debt Facilities being entered into, which had already previously been
extended to 31 December 2022, has now been further extended to 31 March 2023
by agreement between the Company and Midwestern.

 

As previously announced, the Sahara OML 18 Acquisition Agreement will not be
entered into until after the New Eroton Debt Facilities have been entered into
and the funds to allow the Eroton OML 18 Transactions to proceed are
available, and therefore the MLPL Reorganisation Agreement's deadline for the
Sahara OML 18 Acquisition Agreement to be entered into has also now been
further extended to 31 March 2023 by agreement between the Company and
Midwestern.

 

These extensions bring the timelines for the satisfaction of the MLPL
Reorganisation Agreement's conditions relating to the New Eroton Debt
Facilities and the Sahara OML 18 Acquisition Agreement in line with the
current longstop timelines for the completion of the MLPL Reorganisation
Agreement and the ELI Reorganisation.

 

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                                   +353 1291 6292
 Oisin Fanning, Chief Executive

 Julian Tedder, Chief Financial Officer
 Allenby Capital Limited                               +44 20 3328 5656

 (Nominated adviser and joint broker to the Company)
 Nick Naylor

 Alex Brearley

 Vivek Bhardwaj
 Panmure Gordon & Co                                   +44 20 7886 2500

 (Joint broker to the Company)
 James Sinclair-Ford

 John Prior
 Tavistock                                             +44 20 7920 3150

 (Financial Public Relations)
 Nick Elwes

 Simon Hudson
 Plunkett Public Relations                             +353 1 230 3781
 Sharon Plunkett

 

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