San Leon Energy PLC Update On SunTrust Litigation (7448D)
June 28 2019 - 2:01AM
UK Regulatory
TIDMSLE
RNS Number : 7448D
San Leon Energy PLC
28 June 2019
28 June 2019
San Leon Energy plc
("San Leon", "SLE" or the "Company")
Update On SunTrust Litigation
San Leon Energy plc ("San Leon" or the "Company"), the AIM
listed oil and gas production and appraisal company focused on
Africa, is pleased to provide an update on litigation with SunTrust
Oil ("SunTrust").
On 09, 22 and 24 May 2018 the Company noted media articles in
the Nigerian press in relation to purported claims by SunTrust over
the purchase by the Company of an indirect interest in OML 18,
including a petition by SunTrust to wind up the Company. The
Company made it clear that, having taken legal advice, it believed
that the claims had no foundation or merit.
San Leon and SunTrust have now signed binding agreements which
terminate all litigation against San Leon, and preclude any future
such litigation. The settlement agreement shall be filed in the
High Court Lagos to perfect an Order in the terms of settlement in
the Civil Suit. A notice of discontinuance of the winding up
Petition has been filed in the High Court Lagos. No consideration
was paid by either party to the other.
On 19 December 2018 the Company announced that Midwestern Oil
& Gas Ltd ("Midwestern") had entered into a binding agreement
with SunTrust to acquire SunTrust's entire remaining holding in San
Leon. On 24 June 2019 the Company announced that Midwestern had
purchased a total of 59,298,723 ordinary shares in San Leon. The
Company has been informed by SunTrust that it no longer has any
holding in San Leon.
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.
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief
Executive (+ 353 1291 6292)
Cantor Fitzgerald Europe (Nominated adviser, financial adviser
and joint broker to the Company)
David Porter (+44 207 894 7000)
Rick Thompson (+44 207 894 7000)
Whitman Howard Limited (Financial adviser and joint broker
to the Company)
Nick Lovering (+44 20 7659 1234)
Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield (+44 203 463 5000)
Jonathan Evans (+44 203 463 5016)
Vigo Communications (Financial Public Relations)
Chris McMahon (+44 207 390 0236)
Simon Woods (+44 207 390 0236)
Plunkett Public Relations
Sharon Plunkett (+353 1 280 7873)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPGUPGQUPBPWM
(END) Dow Jones Newswires
June 28, 2019 02:01 ET (06:01 GMT)
San Leon Energy (LSE:SLE)
Historical Stock Chart
From Mar 2024 to Apr 2024
San Leon Energy (LSE:SLE)
Historical Stock Chart
From Apr 2023 to Apr 2024