Midwestern Becomes Significant Shareholder

RNS Number : 4334C

San Leon Energy PLC

01 October 2018

 

01 October 2018

San Leon Energy plc

("San Leon", "SLE" or "the Company")

Midwestern Oil & Gas Company Limited ("Midwestern") Becomes Significant Shareholder

San Leon Energy plc ("San Leon" or "the Company"), the AIM-listed oil and gas exploration and production company focused on Africa and Europe, announces that Midwestern has notified the Company that Midwestern has entered into a binding agreement with SunTrust Oil Company Nigeria Limited ("SunTrust") to acquire SunTrust's equity interest in San Leon.

Pursuant to the agreement, Midwestern will acquire a total of 71,487,179 ordinary shares in San Leon (representing 14.29 % of the issued ordinary shares of the Company and SunTrust's entire remaining interest in the Company). The shares which are currently held directly and/or indirectly by SunTrust are being transferred to Midwestern in exchange for the transfer of interests in certain assets currently owned by Midwestern.  San Leon has been informed by Midwestern that 47,243,590 ordinary shares in San Leon (representing 9.44% of issued ordinary shares) have already been transferred to Midwestern, and that the remaining shares will be transferred by SunTrust in the coming weeks.

The transaction does not directly involve San Leon or its assets.

Midwestern is a partner of the Company, in Midwestern Leon Petroleum Limited ("MLPL").

Charles Odita, Managing Director/CEO of Midwestern, commented:

"Midwestern is delighted to become a significant shareholder with San Leon, our partner in MLPL, which has indirect interests in OML 18.  I expect this transaction to further cement the partnership."

Oisin Fanning, CEO of San Leon, commented:

"I wish to welcome Midwestern as a significant shareholder in the Company, which I believe will continue to enhance the alignment of our indirect interests in developing the value in OML 18."

Enquiries:

San Leon Energy plc

Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)

Nick Tulloch ([phone])

David Porter ([phone])

Whitman Howard Limited (Financial adviser and joint broker to the Company)

Nick Lovering ([phone])

Brandon Hill Capital Limited (Joint broker to the Company)

Oliver Stansfield ([phone])

Jonathan Evans ([phone])

Vigo Communications (Financial Public Relations)

Chris McMahon ([phone])

Kate Rogucheva ([phone])

Plunkett Public Relations                                                                                          

Sharon Plunkett ([phone])       

 

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