Update on discussions with Midwestern

RNS Number : 8643Y
San Leon Energy PLC
08 December 2017
 

8 December 2017

 

 

 

San Leon Energy plc

("San Leon" or the "Company")

 

Update on discussions with Midwestern

 

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, provides an update on its discussions with Midwestern Oil and Gas Limited ("Midwestern").

 

On 3 November 2017, the Company announced that it had received an indicative proposal that included San Leon acquiring Midwestern's shares in Midwestern Leon Petroleum Limited ("MLPL").  Whilst not part of the written indicative proposal received by the Company, discussions included the possibility of an offer, as defined in the Irish Takeover Code (an "Offer") by Midwestern for the issued and to be issued share capital of San Leon.

 

Discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies.  Therefore, the Company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.  However, Midwestern has now confirmed to the board of San Leon that it does not intend to make an Offer. 

 

A further announcement will be made in due course.

 

This announcement is being made with the approval of Midwestern.

 

 

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)

+44 20 3470 0470

Richard Morrison


Richard Hail


Soltan Tagiev




Whitman Howard Limited (Financial adviser and Joint broker)

+44 20 7659 1234

Nick Lovering


Francis North




Brandon Hill Capital Limited (Joint broker to the Company)

+44 203 463 5000

Oliver Stansfield


Jonathan Evans






Vigo Communications (Financial Public Relations)

+44 207 830 9700

Chris McMahon


Kate Rogucheva




Plunkett Public Relations

+353 1 280 7873

Sharon Plunkett


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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