Update on Island & Loan

RNS Number : 3822G

San Leon Energy PLC

29 January 2010

 



29 January 2009

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

Extension of Working Capital Facility to Island Oil & Gas plc

Further to the announcement on 23 December 2009 regarding the provision of a working capital facility ("the Loan") of up to €500,000 to Island Oil & Gas plc ("Island"), San Leon announces that it has agreed to extend by a further period of 10 days from 31 January 2010 a deadline in the working capital facility agreement requiring repayment of the Loan.

As a result, the Loan and accrued interest will now be repayable on 10 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

Andrew Fairclough

Alasdair Younie

 

END

 

 

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