Further Extension for Mart Arrangement Agreement

RNS Number : 5825R

San Leon Energy PLC

09 March 2016

 

9 March 2016

San Leon Energy Plc

("San Leon" or "the Company")

Further Extension for Mart Arrangement Agreement

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 it has agreed to a further extension on the timelines required to complete its obligations under the Mart Resources Inc Arrangement Agreement (the "Arrangement Agreement") announced on 22 January 2016, and the extensions announced on 18 February, 25 February and 2 March 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 21 March 2016.  Other than certain corresponding date changes, all other material terms of the Arrangement Agreement remain unchanged.

Midwestern Oil & Gas Company Limited has agreed to deposit US$1.0 million in cash with Mart as a deposit towards the obligation to pay the San Leon Reverse Break Fee should the Arrangement not proceed.

On 2 March 2016 the Company announced that it had secured funds to enable the transaction to complete (subject to necessary approvals).  Today's extension is required to allow sufficient time to complete the administrative tasks associated with the transfer of those funds.

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	[phone]
Stockdale 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 

 

END

 

 

MSCKMGGFFLDGVZM