Arbitration Update

RNS Number : 6466P

San Leon Energy PLC

19 February 2016

 

19 February 2016

San Leon Energy PLC

("San Leon" or "the Company")

Arbitration Update

As a supplement to the RNS dated 16 February 2016 concerning the ongoing dispute between certain of the Company's subsidiaries, including Aurelian Oil & Gas Limited (together, "Aurelian") and Avobone N.V. and Avobone Poland B.V. (together, "Avobone"), on 4 February 2016 the Company received particulars of a claim from Avobone alleging that a guarantee exists by the Company over the liability of Aurelian of £15.5 million which sum covers the award of £13 million as announced on 26 May 2015 with accrued interest.

The guarantee in question relates to liabilities of Aurelian for the financial year ending 31 December 2014. In the Company's opinion, having conferred with Counsel, Avobone's claim is specious as:  a) it is completely based on a standard Companies House audit exemption form, and there are no reported cases of such a form creating the guarantee claimed by Avobone, and b) none of the sums claimed by Avobone constitutes a guarantee because none of the sums were outstanding liabilities to which Aurelian was subject as at 31 December 2014.

San Leon will defend this guarantee claim vigorously, and has been advised by Counsel that there will not likely be a final decision in respect of the claim for 18 to 24 months.

For further information contact:

San Leon Energy plc  Oisin Fanning, Executive Chairman Stockdale Securities Ltd Nominated Adviser Antonio Bossi Robert Finlay	[phone] [phone]
finnCap Ltd  Corporate Finance Matt Goode Christopher Raggett Corporate Broking Joanna Weaving	[phone]
Brandon Hill Capital Oliver Stansfield Jonathan Evans	[phone]
Macquarie Capital (Europe) Limited Jon Fitzpatrick Nicholas Harland	[phone]
Vigo Communications Financial Public Relations Chris McMahon Alexandra Roper	[phone]
Plunkett Public Relations Sharon Plunkett	[phone]

 www.sanleonenergy.com 

 

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