Extension of Timing on Onshore Production Deal

RNS Number : 4968P

San Leon Energy PLC

18 February 2016

 

18 February 2016

San Leon Energy Plc

("San Leon" or "the Company")

Extension of Timing on Onshore Production Deal

San Leon Energy Plc (the "Company"), the AIM listed company focused on oil and gas exploration and production in Europe and Africa, announces that it has agreed to an extension on the timelines required to complete its obligations under the Mart Resources Inc Arrangement Agreement (the "Arrangement Agreement") announced on 22 January 2016.

San Leon originally undertook for the Mart Resources purchase price to be delivered into escrow on or before 17 February 2016.  As provided for in the Arrangement Agreement, the parties (the Company, Midwestern Oil and Gas Limited and Mart Resources, Inc.) have now mutually agreed through the signature of an Amendment Agreement that the purchase price should be placed into escrow on or before 24 February 2016.  Other than certain corresponding date changes, all other material terms of the Arrangement Agreement remain unchanged.

The extension has been granted to allow completion of the financing, a process which is already well advanced.

Oisin Fanning, San Leon's Chairman, commented:

"We look forward with confidence to funding the escrow on or before 24 February, and moving to complete the Nigerian transaction as outlined on 22 January, subject to necessary approvals."

Enquiries:

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

www.sanleonenergy.com 

 

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