San Leon Energy PLC Response to press speculation
April 11 2024 - 5:19AM
RNS Regulatory News
RNS Number : 2785K
San Leon Energy PLC
11 April 2024
11 April 2024
San Leon Energy
plc
("San
Leon" or the "Company")
Response to press
speculation
San Leon, the independent oil and gas production,
development and exploration company focused on Nigeria, notes
the comments in today's Irish press about a petition by Ocean
Pearl Maritime SA ("Ocean
Pearl") to wind up one of its subsidiaries, San Leon
ELI Limited.
On 10 October 2023, San Leon announced amongst other
matters its proposal to acquire a further 13.5 per cent. of Energy
Link Infrastructure (Malta) Limited's ("ELI") existing shares from Ocean
Pearl for US$12 million. This proposal was part of wider
series of investments in ELI which, when completed, will make San
Leon the majority shareholder in ELI. Furthermore, this
proposal had been successfully negotiated down from the indicative
price of US$15 million as set out in the Company's admission
document published in July 2022.
It is self-evident that the acquisition from Ocean
Pearl was conditional on completion of San Leon's
refinancing. Furthermore, as all shares in ELI are pledged to
ELI's senior lender, completion of any transfer of shares requires
the consent of the lender. The agreement with Ocean Pearl
requires the parties to work together to secure that consent.
However, to date, Ocean Pearl has made no offer or representations
in this regard. Instead, Ocean Pearl has lodged a petition
for the winding up of San Leon ELI Limited, which is the member of
the San Leon group that contracted with Ocean Pearl.
San Leon considers the petition to be both aggressive
and vexatious in nature. The directors of the Company believe
that it will have no bearing on the speed at which funding can be
put in place and is arguably detrimental to Ocean Pearl's own
interests if prospective funding partners object to Ocean Pearl's
approach. San Leon has strongly advised Ocean Pearl to
withdraw its petition and instead work constructively with the
Company towards an expedient completion of the acquisition of its
13.5 per cent interest in ELI. If Ocean Pearl does not withdraw its
winding up petition, then San Leon has retained legal advisers to
robustly defend and overturn the petition.
Enquiries:
|
San Leon Energy
plc
|
+353 1291 6292
|
|
Oisin Fanning, Chief Executive
Julian Tedder, Chief Financial Officer
|
|
|
Allenby Capital
Limited
(Nominated adviser
and joint broker to the Company)
|
+44 20 3328 5656
|
|
Nick Naylor
Alex Brearley
Vivek Bhardwaj
|
|
|
Panmure Gordon &
Co
(Joint broker to the
Company)
|
+44 20 7886 2500
|
|
James Sinclair-Ford
|
|
|
Fortified
Securities
(Joint broker to the
Company)
|
+44 7493989014
|
|
Guy Wheatley
|
|
|
Tavistock
(Financial Public
Relations)
|
+44 20 7920 3150
|
|
Nick Elwes
Simon Hudson
|
|
|
Plunkett Public
Relations
|
+353 1 230 3781
|
|
Sharon Plunkett
|
|
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
RSPGPURGCUPCUBG
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
