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)	[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
Kate Rogucheva
Plunkett Public Relations	[phone]
Sharon Plunkett

 

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