Relinquishment of certain Polish assets

RNS Number : 3533Y

San Leon Energy PLC

05 December 2017

 

San Leon Energy plc

("San Leon" or the "Company")

Relinquishment of certain Polish assets

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions (Gdansk West & Szczawno), onshore Poland.  This represents a significant reduction of SLE's involvement in exploration operations in Poland, leaving the Company with the conventional assets which are subject to the transactions announced on 19 September 2017.

The impairment charge on the balance sheet as a result of relinquishing these assets is approximately €7.3 million.  The annual cost saving from the relinquishments is approximately €250,000, plus any work commitments.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Oisin Fanning, CEO, commented:

"The Company continues to focus on its core Nigerian asset, and this reduction in the exposure in Poland is a natural step towards achieving this."

Enquiries:

San Leon Energy plc	+ 353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated Adviser)	[phone]
Richard Morrison
Richard Hail
Whitman Howard Limited (Financial adviser and Joint broker)	[phone]
Nick Lovering
Francis North
Brandon Hill Capital Limited (Joint broker to the Company)	[phone]
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial Public Relations)	[phone]
Chris McMahon
Kate Rogucheva
Plunkett Public Relations	[phone]
Sharon Plunkett

 

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