Revised terms to the Avobone settlement agreement

RNS Number : 1802V

San Leon Energy PLC

01 November 2017

 

1 November 2017

San Leon Energy plc ("San Leon" or the "Company")

Revised terms to the settlement agreement with Avobone

Further to the announcement on 5 June 2017, San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that San Leon and Avobone N.V. and Avobone Poland B.V. (together "Avobone") have agreed a revised payment schedule in respect of sums owed to Avobone. The remaining payments of €8,000,000 (previously due during October 2017) and €6,694,840 (previously due during November 2017) will now be paid using Nigerian funds to be received by San Leon, to be paid to Avobone as soon as received by San Leon and no later than by 15 January 2018. The Company is scheduled to be repaid approximately US$19 million per quarter on its loan notes from Q4 2017, with the next payment due to be received by the Company on or before 1 January 2018.

Other terms of the settlement agreement remain unchanged.

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.

Enquiries:

San Leon Energy plc	+ 353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated Adviser)	[phone]
Richard Morrison
Ewan Leggat
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

 

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