San Leon Energy PLC Update on publication of annual accounts (3913K)
07 July 2017 - 4:00PM
UK Regulatory
TIDMSLE
RNS Number : 3913K
San Leon Energy PLC
07 July 2017
7 July 2017
San Leon Energy plc
("San Leon" or the "Company")
Update on publication of annual accounts
San Leon hereby provides an update on the publication of its
accounts for the year ended 31 December 2016 (the "Accounts"). The
Company announced on 3 July 2017 that it had not been able to
publish the Accounts by 30 June 2017 as required by Rule 19 of the
AIM Rules for Companies (the "AIM Rules"). Therefore dealings in
San Leon's ordinary shares were temporarily suspended under AIM
Rule 40 until such time as the Accounts have been duly published in
compliance with AIM Rule 19.
The Company's main asset is an indirect interest in the OML 18
block, onshore Nigeria, together with the expected receipt of loan
principal and interest repayments from the OML 18 transaction
completed in September 2016.
The delay in publication of the Accounts has been for procedural
reasons due to the need for San Leon to incorporate the
consolidated financial statements of Midwestern Leon Petroleum
Limited, to include the results of both Martwestern Energy Limited
and Eroton Exploration & Production Company Limited (the
operator of OML 18). San Leon will account for its share of that
consolidation using the equity method of accounting.
The consolidation process involves several jurisdictions, and
has taken longer than expected for what is the first such
consolidation and equity accounted investment in Nigeria for San
Leon. When this process is completed, it will be followed by a
number of normal audit confirmatory and technical review matters,
which when completed will then put the company in a position to
finalise and publish its financial statements.
Dealings in San Leon's ordinary shares will remain temporarily
suspended until such time as the Accounts have been duly
published.
Notwithstanding the temporary suspension of trading in the
Ordinary Shares, the Company will continue to make announcements as
and when there are any developments that require announcement under
the AIM Rules.
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:
+ 353 1291
San Leon Energy plc 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP
(Nominated adviser and joint broker +44 20 3470
to the Company) 0470
Richard Morrison
Ewan Leggat
Soltan Tagiev
Whitman Howard Limited (Financial +44 20 7659
adviser to the Company) 1234
Nick Lovering
Brandon Hill Capital Limited (Joint +44 203 463
broker to the Company) 5000
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial +44 207 830
Public Relations) 9700
Chris McMahon
Alexandra Roper
+353 1 280
Plunkett Public Relations 7873
Sharon Plunkett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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