Replacement - Morocco Update

RNS Number : 7384C

San Leon Energy PLC

19 April 2017

 

19 April 2017

This announcement replaces the announcement released at 11:15am on 19 April 2017 (RNS Number 7230C) and now includes the Directors Responsibility Statement. 

San Leon Energy plc

("San Leon" or the "Company")

Morocco Update

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that the Office National des Hydrocarbures et des Mines ("ONHYM") has written to the Company regarding the non-performance of the work programme on its Zag Licence, onshore Morocco. ONHYM has assumed control of the existing bank guarantee (San Leon's share being $1,400,000 - an amount listed in the Company's accounts as restricted cash), and has requested a penalty of the same amount again to be paid. The Company is in negotiations with ONHYM regarding the future of the licence, including the work programme. The Zag licence is in a geographical area which the Company believes justifies a declaration of force majeure due to the regional security situation. San Leon will update the market in due course.

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.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

The announcement is being made without the specific approval of the Offeror.

Enquiries:

San Leon Energy plc	+ 353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated Adviser)	[phone]
Richard Morrison
Richard Hail
Soltan Tagiev
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
Alexandra Roper
Plunkett Public Relations	[phone]
Sharon Plunkett

Notes: San Leon is operator and has a net 52.5% interest in Zag, the remaining interest in Zag is held by PetroMaroc (22.5%) and ONHYM (25% carried through first production).

 

END

 

 

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