Further update on the proposed transactions

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

 

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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, t he 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 3 1 December 2022, has now been further extended to 3 1 March 202 3 by agreement between the Company and Midwestern.

 

As previously announced, t he 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 202 3 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

(Nominated adviser and joint broker to the Company)

+44 20 3328 5656

Nick Naylor

Alex Brearley

Vivek Bhardwaj

 

Panmure Gordon & Co

(Joint broker to the Company)

+44 20 7886 2500

James Sinclair-Ford

John Prior

 

Tavistock

(Financial Public Relations)

+44 20 7920 3150

Nick Elwes

Simon Hudson

 

Plunkett Public Relations

+353 1 230 3781

Sharon Plunkett

 

 

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