Update on Island and Loan

RNS Number : 9817G

San Leon Energy PLC

11 February 2010

 



11 February 2010

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

Extension of Working Capital Facility to Island

Further to the announcements on 23 December 2009 and 29 January 2010 regarding the provision of a €500,000 working capital facility ("the Loan") to Island Oil & Gas plc ("Island"), San Leon is pleased to announce that it has agreed to extend the Loan to 26 February 2010.

The Loan and accrued interest will now be repayable on 26 February 2010 if San Leon and Island do not make an announcement pursuant to rule 2.5 of the Irish Takeover Rules ("2.5 Announcement") in relation to Island by this date and is also immediately repayable if a 2.5 Announcement is made in relation to Island by any person other than San Leon. All other terms of the Loan remain the same.

Discussions between San Leon and Island are continuing and both companies are working towards an agreement on an offer for Island, which the Directors of Island currently intend to recommend.

For further information contact:

San Leon Energy plc                + 353 1291 6292

Oisin Fanning, Chairman

Philip Thompson, Chief Executive Officer

Arbuthnot Securities               + 44 (0) 20 7012 2000

Nick Tulloch

Alasdair Younie

Andrew Fairclough

The directors of San Leon accept responsibility for the information contained in this announcement.  To the best of the knowledge and belief of the Company's Directors (who have taken all reasonable care to ensure that 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.

 

END

 

 

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