Final Results

RNS Number : 5844R

San Leon Energy PLC

30 June 2015

 

30 June 2015

San Leon Energy Plc

("San Leon" or "the Company")

Final Results

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, today announces its audited final results for the year ended 31 December 2014.

Highlights:

Operational

·    Farm-in to Rawicz conventional field and the Siekierki tight gas field by Palomar Natural Resources for $20m and a 65% working interest. Planned five well work programme and no up-front drilling costs to San Leon. Post year end, announced Rawicz-12 a commercial gas discovery and expected to be the largest gas development in Poland for 20 years.   ·     Lewino-1G2 in the Gdansk W concession in Poland's Baltic Basin regarded by the Board as the best single vertical frac in a European shale well to date. A horizontal multi-fracced well has been fully designed and engineered with farm-out discussions ongoing. ·    Initiated a three well shallow drilling programme in the Karpaty area and Permian Basin in Poland. The Kęty and Gierałtowice wells in Karpaty did not flow commercial hydrocarbons. Niwiska, the third well (Permian Basin), was put on hold due to the low oil price. ·    Positive results from core sampling and bench test retorting on the Timahdit oil shale licence, onshore Morocco. Signed a MOU with Chevron Lummus Global to upgrade the shale oil to synthetic crude. ·    Preparations were made to drill the first will in the conventional Tarfaya licence onshore Morocco. This is expected to spud in early Q3 2015. ·    The SM-1 well offshore Morocco recovered high quality oil during drilling and testing but did not achieve sustained flow and was plugged and abandoned. Evaluation work ongoing.

Corporate

·     Significant efforts have been made in reducing costs. ·     As part of its asset optimisation strategy San Leon exited Germany and Slovakia, relinquished all or part of a number of Polish licences, as well as relinquishing the Tarfaya oil shale licence in Morocco. ·     Oisin Fanning, Executive Chairman of San Leon, agreed with the Board in 2014 to take 80 per cent of his salary in shares, which came into effect on 1 January 2015.

Financial

·     Total comprehensive loss for the year of €34.4m (2013: loss of €25m). ·     Total assets decreased to €281m at 31 December 2014 (2013: €308m). ·     At year end the group had cash and cash equivalents of €1.8m (2013: €11.4m). ·     Post year end, San Leon announced a contingent Placing of £29 million, as well as a share capital reorganisation.

Outlook

·     ToscaFund showed continued support by committing £16 million as part of the £29 million placing, subject to shareholder approval at the EGM. These funds will help transform San Leon to a cash-generating producer, and will bring other assets towards development. ·     Together with PNR, San Leon is in advanced stages of the planning and design of several development scenarios focused on bringing the Rawicz gas field online in early 2016.

Enquiries:

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

www.sanleonenergy.com 

Chairman's statement

2014 was a transformational year for San Leon Energy and for the whole energy industry, but for different reasons.

For key energy players around the world, 2014 was the year when the price of oil fell significantly, putting enormous pressure on their financial performances and share prices, forcing some of them to cut costs and jobs. For San Leon, 2014 was the year when one of our assets, the Rawicz-12 well on the Rawicz gas field in Southwestern Poland, tested at a highly successful 4.5 million standard cubic feet per day.

2014 saw San Leon move considerably closer to its production and cash flow goal, enhanced by the placing announced in June 2015. The partnership deal, struck in July 2014 with Palomar Natural Resources around its Rawicz and Siekierki fields, involves significant work programmes and an up-front payment to the Company of $20 million, positioning San Leon for near-term production.

Rawicz saw the first well drilled since the 1980s, and in early 2015, after the reporting period, we announced a highly successful well test which is expected to lead to Rawicz being the largest gas development in Poland for 20 years. This has now booked material reserves for San Leon.

Siekierki has an existing stock of three wells that tested at 3 mmscf/d each.

Poland

Besides Rawicz and Siekierki, the significant success of the Lewino-1G2 well in the Gdansk W concession in Poland's Baltic Basin makes it the most successful single shale frac in a vertical well in Europe. During 2014 a horizontal multi-fracced well was fully designed and engineered and is now the subject of ongoing farm-out activity. Other Operators' work in this area adds further weight to there being a significant chance that the planned well could prove the commerciality of this enormous play potential.

Other well activity has been less successful. The Company carried out drilling in two wells in its three well shallow drilling programme in Poland. Unfortunately neither well flowed commercial hydrocarbons, and the results will be used to high-grade the portfolio. Niwiska, the third well in the programme, has been put on hold due to the low oil price.

Morocco

The SM-1 well offshore Morocco, operated by Genel Energy, recovered high quality oil during drilling and testing, but did not achieve sustained flow and was plugged and abandoned. San Leon was carried for part of the well cost, although the drilling problems encountered and the addition of well testing to the programme, required material funding by the Company. The Company expects follow-up well activity on the block.

Onshore, preparations were made to drill our first well in the Tarfaya licence, in the conventional Tertiary sandstone.

The 36 Km² (c7000 acres) Timahdit oil shale licence continues to show real promise. In August 2014, surface and core samples of oil shale were bench tested by Enefit in Germany to assess the ability of the Enefit process to generate shale oil. The results, announced in January 2015, prove the Enefit process (which is already used in Estonia) to be applicable to the Company's acreage, with attractive yields per tonne of rock, and will now be used to assess the efficiency of the Chevron Lummus upgrading technology on the shale oil.

Corporate

Significant efforts have been made to manage costs. The Company has exited Germany and Slovakia, and relinquished all or part of a number of Polish licences. The Warsaw office has been moved to new premises, roughly halving its rental overhead. During 2014 I agreed with the Board that I would take 80 per cent of my salary in Company shares from 1st January 2015. These shares will be issued in due course.

Once again the Company recorded no Lost Time Incidents (LTIs) for the year, reflecting the firm HSEQ commitment of all staff and contractors. It remains our top priority.

Outlook

Our Company is now poised to generate cash flow from 2016, starting with the Rawicz gas field, followed by Siekierki, and then joined in 2018 by the Barryroe oil field, offshore Ireland.

The proposed recent placing will enable the Company to retain and benefit from those assets, as well as to execute other exciting activities from the portfolio. Immediate priorities are drilling the Tarfaya-1 gas well, onshore Morocco, and a well in Albania using an onshore drilling location to target an offshore oil target.

While deal-making in the Exploration & Production sector has slowed with the depressed oil price, we continue to experience significant interest in many of our assets. In particular, the Baltic Basin shale and tight sandstone assets in Poland are ripe for further appraisal and are considered by San Leon to be on the cusp of proving commerciality. In addition, our Romanian assets combine a discovery with a variety of exploration targets that are ready to drill.

I believe San Leon now has the critical mass to capitalise on its cash flow and existing assets and to deliver the shareholder value that we have been working towards.  The proposed increase in ToscaFund's stake in the Company to approximately 42% makes San Leon strong and resilient, and positions us as one of the few AIM production growth stories.

LONG TERM PROJECTS

Morocco

Oil shale technology development

The 36 Km² Timahdit oil shale block onshore Morocco moved a step closer to development with the testing of the Enefit oil shale process on 10 tonnes of oil shale samples from the block, in what is effectively a small-scale version of the plant operational in Estonia. Positive results were obtained, showing that the shale is suitable for the Enefit process, has a high yield of shale oil, and can be run effectively at a relatively low temperature (thus reducing power requirements). A Memorandum of Understanding was signed in 2013 with Chevron Lummus Global LLC to cooperate in oil shale upgrading technology to produce high quality synthetic crude oil from the shale oil, and results from the Enefit trial are being provided to them.

An update to the existing pre-feasibility study for developing the asset is expected to be carried out by a major engineering company in due course.

France

Shale gas licences

In France, San Leon continues to hold over 2.4 million acres (c9,000 Km²) of licences under application. These are pending due to the current moratorium in France. In the event of France lifting the moratorium, San Leon would have first mover advantage. Our position is retained at a very low cost.

Spain

Shale gas

In Spain, we hold more than 1.5 million acres which contain significant gas potential. As with France, this position is held at a low cost to the Company.

EXPLORATION ASSETS

Albania offshore

The Company's licence extension on its offshore Albania Durresi block continues to July 2015. Despite plenty of interest, securing a farm-in partner for a high cost offshore oil well has proved difficult in the oil price climate of the past nine months as some companies' budgets have become constrained. San Leon will instead now drill an exploration well targeting an offshore Burdigalian carbonate from an onshore location. This is a substantial prospect, with a best estimate of around 11 mmbbl oil and some associated gas, and from a wellsite location that is in close proximity to an oil refinery and gas infrastructure.

Spain

Conventional

San Leon holds over 1.5 million net acres (c6000 Km²) in Spain, a country currently under-explored, with fewer than 500 exploration wells drilled.

Conventional potential exists here, in addition to the shale prospectivity already mentioned under the "Long-Term Projects" section.

Morocco

Morocco offshore (Sidi Moussa, Foum Draa)

The Genel-operated well on Sidi Moussa (San Leon net 10.0% interest) targeting the Noor oil prospect was drilled in the second half of 2014. High quality oil (26 API) was recovered during drilling and testing operations, but no sustainable hydrocarbon flow was possible. The extensive dataset gathered is being analysed to determine next steps on the licence. Cost exposure to San Leon was reduced by a significant carry.

The Foum Draa block, in which San Leon holds a 14.33% equity interest, continues to be evaluated by Operator, Cairn Energy, following the drilling of a well in late 2013.

Morocco onshore (Zag, Tarfaya)

A commitment well targeting Tertiary channel sands will be drilled in 2015 in the onshore Tarfaya licence. This is updip of gas found in an old well, and within easy pipeline distance of a phosphate production plant for marketing gas. Several other channel sands would be follow-on prospects in the event of success, and deeper stacked horizons also exist. The extensive Zag licence continues to be evaluated and may be the subject of further geophysical surveying in the medium term.

Poland

During the last year a three-well shallow drilling programme was planned in Poland, targeting gas in the Karpaty area (in conjunction with 40% partner PGNiG) and oil in the Permian Basin (as the final stage of a farm-in agreement with Celtique Energy).

The Kety and Gieratowice wells in the Karpaty area were both drilled and well tested, but in each case the gas rate tested was sub-commercial. The wells have been plugged and abandoned. Data acquired during the drilling will be used to re-evaluate the blocks and develop a forward plan.

The Niwiska well in the Permian Basin has been deferred while the oil price is low, as it could no longer be justified on a risk-reward basis.

Romania

In the Romanian Carpathians we have over 350,000 gross acres (c1400 Km²). In addition to the Voitinel gas discovery well, the Company has several other shallow and deep targets in a region with existing gas production.

APPRAISAL AND READY TO DEVELOP

Poland

Baltic Basin

LEWINO-1G2 FRAC SUCCESS

In January 2014, we announced highly successful flow test results on our hydraulic fracture of the Lewino-1G2 well in Gdansk W concession in the Baltic Basin, Poland. A horizontal multi-fracced well is planned and has been engineered. The Company is confident that this horizontal well, following what the Board believes is the most successful single frac in a vertical well in Europe, has a good chance of proving the commerciality of this huge resource as the existing positive frac results are scaled up to the individual well configuration which would be used for a development. San Leon has 220,000 net acres in the Gdansk W concession alone, and around 1.2 million net acres across the Baltic Basin. We are currently looking for a partner to continue appraisal on this promising asset.

BRANIEWO S CONCESSION

Both shales (Silurian and Ordovician) and tight Cambrian sandstone are oil targets in this concession. Further well activity, such as a multi-fractured horizontal well in the tight sandstone, has been put on hold until the oil price improves the economics. Oil is already produced commercially from the sandstone in the region.

NEAR-TERM INCOME

Ireland

Net Profit Interest

San Leon's 4.5% Net Profit Interest (NPI) on the Barryroe oil field provides access to future revenue streams with no additional capital required. A number of approaches have been received to execute a transaction on the NPI and provide monetisation, but the Company believes maximum shareholder value will be realised by retaining it and its cash flows. Internal economic modelling, based upon the Barryroe 2013 CPR summary and reasonable pricing assumptions, indicates cash flow of more than $700 million net to San Leon through field life.

Poland

Mature assets in the Carboniferous and Permian Basin

In July 2014, Palomar Natural Resources farmed into our assets in Poland's Carboniferous and Permian Basins. The Rawicz and Siekierki fields were identified for early production and cash flow. Palomar paid a total of $20 million up-front for a 65% equity stake and will execute work programmes as Operator.

On Rawicz, Palomar agreed to drill and test two wells at no up-front cost to San Leon, with the Company only paying back its 35% share of drilling costs through production. The first of those wells, Rawicz-12, was drilled in late 2014 and tested in early 2015 after the end of the reporting period. It was a great success, with stable flow reaching 4.5 mmscf/d, and allowed a number of wells drilled on the structure in the 1970s to be re-evaluated. In May 2015 a Competent Persons Report (CPR) was completed for Palomar by Ryder Scott Company, yielding just over 50 Bcf of Probable reserves for the full field. When an offtake agreement is signed, Palomar and San Leon expect some reserves to be moved to Proved. Production is targeted for Q1 2016.

On Siekierki, Palomar has undertaken to carry San Leon for the workover of three existing wells, with the aim of tying in gas production to the nearby distribution network.

 

The following financial information on San Leon Energy Plc represents the Group's audited final results for the year ended 31 December 2014.

Consolidated income statement for the year ended 31 December 2014 

			31/12/14	31/12/13
			€	€
Continuing operations
Revenue			2,942	3,013
Cost of sales			(543)	(453)
Gross profit			2,399	2,560
Other income			-	4,229,277
Loss on disposal of subsidiaries			(6,429,007)	-
Administrative expenses			(16,877,640)	(10,899,228)
Impairment of exploration and evaluation assets			(9,149,836)	(7,036,679)
Impairment of equity accounted investments			(3,345,664)	(7,036,679)
Loss from operating activities			(35,799,748)	(13,704,070)
Finance expense			(1,796,659)	(1,587,240)
Finance income			231,352	1,751,393
Share of loss of equity-accounted investments			(54,002)	(141,745)
Loss before income tax			(37,419,057)	(13,681,662)
Income tax expense			(875,557)	(19,778)
Loss for the year after tax from continuing operations			(38,294,614)	(13,701,440)
Discontinued operations
Profit / (loss) from discontinued operations (net of income tax)			30,258	(3,350,138)
Loss for the year attributable to equity holders of the Group			(38,264,356)	(17,051,578)

Loss per share (cent) - continuing operations
Basic and diluted loss per ordinary share			(1.52) cent	(0.70) cent
(Loss) / earnings per share (cent) - discontinued operations
Basic and diluted earnings / (loss) per ordinary share			0.01 cent	(0.17) cent
Loss per share (cent) - total
Basic and diluted loss per ordinary share			(1.51) cent	(0.87) cent

Consolidated statement of other comprehensive income for the year ended 31 December 2014

		31/12/14	31/12/13
		€	€
Loss for the year		(38,264,356)	(17,051,578)
Items that may be reclassified subsequently to the income statement
Foreign currency translation differences - foreign operations		817,175	(5,282,870)
Fair value movements in available-for-sale financial assets		5,102,461	(2,658,522)
Deferred tax on fair value movements in available-for-sale financial assets		(2,084,197)	-
Total comprehensive loss for the year		(34,428,917)	(24,992,970)

Consolidated statement of changes in equity for the year ended 31 December 2014

	Share capital reserve	Share Premium reserve	Currency translation in Group	Share based payment reserve	Fair value reserve		Retained earnings		Attributable to equity holders					Non-controlling interest			Total equity
	€	€	€	€	€		€		€					€			€
Balance at 1 January 2014	126,560,947	164,232,712	(1,388,753)	10,213,497	(3,095,243)		(12,604,325)		283,918,835					527,851			284,446,686
Total comprehensive income for year
Loss for the year	-	-	-	-	-		(38,264,356)		(38,264,356)					-			(38,264,356)
Other comprehensive income
Foreign currency translation differences - foreign operations	-	-	817,175	-	-		-		817,175					-			817,175
Fair value movements in available-for-sale financial assets	-	-	-	-	5,102,461		-		5,102,461					-			5,102,461
Deferred tax on fair value movements	-	-	-	-	(2,084,197)		-		(2,084,197)					-			(2,084,197)
Total comprehensive income for year	-	-	817,175	-	3,018,264		(38,264,356)		(34,428,917)					-			(34,428,917)
Transactions with owners recognised directly in equity
Contributions by and distributions to owners
Cost of issue of shares for cash in 2013	-	(473,715)	-	-	-		-		(473,715)					-			(473,715)
Share based payment	-	-	-	1,211,407	-		-		1,211,407					-			1,211,407
Effect of share options exercised	26,825	5,859	-	-	-		-		32,684					-			32,684
Shares issued to Realm shareholders on conversion of exchangeable shares	190,861	334,742	-	-	-		-		525,603					(525,603)			-
Total transactions with owners	217,686	(133,114)	-	1,211,407	-		-		1,295,979					(525,603)			770,376
Balance at 31 December 2014	126,778,633	164,099,598	(571,578)	11,424,904	(76,979)		(50,868,681)		250,785,897					2,248			250,788,145

Consolidated statement of changes in equity for the year ended 31 December 2014

	Share capital reserve	Share Premium reserve	Currency translation in Group	Share based payment reserve	Fair value reserve		Retained earnings		Attributable to equity holders			Non-controlling interest				Total equity
	€	€	€	€	€		€		€			€				€
Balance at 1 January 2013	61,471,639	131,511,450	3,894,117	7,974,447	(436,721)		4,295,235		208,710,167			1,440,050				210,150,217
Total comprehensive income for year
Loss for the year	-	-	-	-	-		(17,051,578)		(17,051,578)			-				(17,051,578)
Other comprehensive income
Foreign currency translation differences - foreign operations	-	-	(5,282,870)	-	-		-		(5,282,870)			-				(5,282,870)
Fair value movements in available-for-sale financial assets	-	-	-	-	(2,658,522)		-		(2,658,522)			-				(2,658,522)
Total comprehensive income for year	-	-	(5,282,870)	-	(2,658,522)		(17,051,578)		(24,992,970)			-				(24,992,970)
Transactions with owners recognised directly in equity
Contributions by and distributions to owners
Issue of shares related to business combinations	32,126,484	29,002,133	-	-	-		-		61,128,617			-				61,128,617
Issue of shares for cash	32,631,579	3,138,175	-	-	-		-		35,769,754			-				35,769,754
Share based payment	-	-	-	3,821,953	-		-		3,821,953			-				3,821,953
Effect of share warrants forfeit	-	-	-	(29,948)	-		29,948		-			-				-
Effect of share options forfeit	-	-	-	(1,552,955)	-		122,070		(1,430,885)			-				(1,430,885)
Shares issued to Realm shareholders on conversion of exchangeable shares	331,245	580,954	-	-	-		-		912,199			(912,199)				-
Total transactions with owners	65,089,308	32,721,262	-	2,239,050	-		152,018		100,201,638			(912,199)				99,289,439
Balance at 31 December 2013	126,560,947	164,232,712	(1,388,753)	10,213,497	(3,095,243)		(12,604,325)		283,918,835			527,851				284,446,686

Consolidated statement of financial position as at 31 December 2014

			31/12/14	31/12/13
			€	€
Assets
Non-current assets
Exploration and evaluation assets			163,375,424	186,052,006
Equity accounted investments			44,483,000	23,728,594
Property, plant and equipment			10,831,903	10,514,451
Other non-current assets			833,045	3,407,821
Financial assets			42,534,544	37,432,083
Other financial assets			5,360,034	-
			267,417,950	261,134,955
Current assets
Inventory			320,043	229,978
Trade and other receivables			10,344,339	13,216,437
Other financial assets			1,335,361	6,274,202
Cash and cash equivalents			1,808,715	11,420,968
Assets classified as held for sale			-	15,705,353
			13,808,458	46,846,938
Total assets			281,226,408	307,981,893
Equity and liabilities
Equity
Called up share capital			126,778,633	126,560,947
Share premium account			164,099,598	164,232,712
Share based payments reserve			11,424,904	10,213,497
Currency translation reserve			(571,578)	(1,388,753)
Fair value reserve			(76,979)	(3,095,243)
Retained earnings			(50,868,681)	(12,604,325)
Attributable to equity holders of the Group			250,785,897	283,918,835
Non-controlling interest			2,248	527,851
Total equity			250,788,145	284,446,686
Non-current liabilities
Derivative			4,017	208,434
Deferred tax liabilities			12,198,995	9,329,447
			12,203,012	9,537,881
Current liabilities
Trade and other payables			10,963,732	6,228,211
Loans and borrowings			5,814,022	-
Provisions			1,457,497	1,397,094
Liabilities classified as held for sale			-	6,372,021
			18,235,251	13,997,326
Total liabilities			30,438,263	23,535,207
Total equity and liabilities			281,226,408	307,981,893

 

Consolidated statement of cash flows for the year ended 31 December 2014

			31/12/14	31/12/13
			€	€
Cash flows from operating activities
Loss before tax - Continuing operations			(37,419,057)	(13,681,662)
Profit / (loss) before tax - Discontinued operations			30,258	(3,350,138)
Adjustments for:
Depletion and depreciation			101,570	118,006
Finance expense			1,796,659	1,587,240
Finance income			(231,352)	(1,751,393)
Share based payments charge			249,064	639,954
Foreign exchange			(1,739,289)	(1,172,367)
Gain on Talisman acquisition			-	(4,229,277)
Impairment of exploration and evaluation assets - continuing operations			9,149,836	7,036,679
Impairment of equity accounted assets - continuing operations			3,345,664	3,579,880
Impairment of exploration and evaluation assets - discontinued operations			-	3,579,880
Decrease / (increase) in other non-current assets			457,051	(1,116,161)
Loss on disposal of subsidiaries			6,429,007	-
(Increase) / decrease in inventory			(90,065)	360,233
Decrease / (increase) in trade and other receivables			2,398,785	(2,746,657)
Increase / (decrease) in trade and other payables			5,483,083	(2,766,513)
Other non-current assets			2,117,728	-
Share of loss of equity-accounted investments			54,002	141,745
Tax paid			(21,031)	(31,122)
Net cash flows in operating activities			(7,888,087)	(17,381,553)
Cash flows from investing activities
Expenditure on exploration and evaluation assets			(19,909,050)	(31,250,052)
Joint venture partner share of exploration costs			363,293	4,045,909
Purchases of property, plant and equipment			(1,701,433)	(1,854,578)
Interest received			3,515	36,699
Decrease / (increase) in restricted cash			325,354	(5,517,332)
Advances to equity-accounted investments			(1,054,618)	(1,631,488)
Proceeds of farm-out arrangement			14,806,537	-
Proceeds of offshore Morocco farm-out			-	1,210,217
Net cash acquired with subsidiary			-	31,897,712
Cash acquired with asset acquisition			-	3,949,107
Payment to acquire financial assets			-	(1,329,349)
Net cash outflow from investing activities			(7,166,402)	(443,155)
Cash flows from financing activities
Proceeds from issue of share capital, net of costs			-	35,769,754
Cost of issue of shares in 2013			(473,715)
Proceeds from drawdown of other loans			8,415,037	2,612,315
Repayment of other loans			(3,070,671)	(9,258,223)
Movement in director loan			2,201,471	(859,373)
Interest and arrangement fees paid			(1,641,403)	(881,298)
Net cash inflow from financing activities			5,430,719	27,383,175
Net (decrease) / increase in cash and cash equivalents			(9,623,770)	9,558,467
Effect of foreign exchange fluctuation on cash and cash equivalents			11,517	37,702
Cash and cash equivalents at start of year			11,420,968	1,824,799
Cash and cash equivalents at end of year			1,808,715	11,420,968

General

San Leon Energy plc ("the Company") is a company incorporated in Ireland. The Group financial statements consolidate those of the Company with those of its subsidiaries (together referred to as "the Group").

The financial information presented in this report has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union and as set out in the Group's annual financial statements in respect of the year ended 31 December 2014. The financial information herein does not include all the information and disclosures required in the annual financial statements, however the full financial statements are included within the Annual Report which are being distributed to shareholders and which are available on the Company's website www.sanleonenergy.com. It will also be filed with the Company's Annual Return in the Companies Registration Office. The financial information herein for the prior year ended 31 December 2013 represents an abbreviated version of the Group's statutory financial statements and the financial statements for the year ended 31 December 2013 have been filed with the Companies Registration Office.

Annual Report and Accounts

Copies of the Annual Report and Accounts, together with a notice of the annual general meeting, are being posted to shareholders today and are available within the Investor Relations section of the Company's website www.sanleonenergy.com

 

END

 

 

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