San Leon Energy PLC Update on proposed transaction (8345E)
12 July 2021 - 4:00PM
UK Regulatory
TIDMSLE
RNS Number : 8345E
San Leon Energy PLC
12 July 2021
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
12 July 2021
San Leon Energy plc
("San Leon" or the "Company")
Update on proposed transaction with Midwestern Oil and Gas
Company Limited
Further to the Company's announcements made on 24 June 2021 and
7 July 2021, San Leon, the independent oil and gas production,
development and exploration company focused on Nigeria, is pleased
to announce that heads of terms have been signed in respect of,
inter alia, the proposed reorganisation to consolidate Midwestern
Oil and Gas Company Limited's ("Midwestern") holdings in the
Company and Midwestern Leon Petroleum Limited ("MLPL") into a
single holding in the Company (the "Potential Transaction").
Following the Potential Transaction, the Company will own 100% of
the equity in MLPL. San Leon currently owns 40% of the equity in
MLPL and Midwestern owns the remaining 60% of the equity in
MLPL.
The heads of terms, which are subject, inter alia, to due
diligence, agreement of final contracts, Nigerian regulatory
approvals and the approval of San Leon's shareholders, sets out the
structure of the Potential Transaction and includes, inter alia,
the proposed further debt and equity investments to be made by San
Leon in Energy Link Infrastructure (Malta) Limited ("ELI"). The
parties are now engaging with their respective advisers to prepare
the necessary transaction documentation (including publishing an
AIM admission document, given that the Potential Transaction will
be classified as a reverse takeover under the AIM Rules for
Companies (the "AIM Rules")) and to carry out due diligence.
In accordance with Rule 14 of the AIM Rules, the Company's
ordinary shares will remain suspended from trading on AIM until
such time as either an AIM admission document is published or an
announcement is released confirming that the reverse takeover in
contemplation is not proceeding.
There can be no guarantee at this stage that the Potential
Transaction or the proposed debt and equity investments in ELI will
complete. The Company will release further announcements as and
when appropriate.
Enquiries:
San Leon Energy plc +353 1291 6292
Oisin Fanning, Chief Executive
Allenby Capital Limited
(Nominated adviser and joint broker to the Company) +44 20 3328 5656
Nick Naylor
Alex Brearley
Panmure Gordon & Co
(Joint broker to the Company) +44 20 7886 2500
Nick Lovering
Brandon Hill Capital Limited
(Joint broker to the Company) +44 20 3463 5000
Oliver Stansfield
Jonathan Evans
Tavistock
(Financial Public Relations) +44 20 7920 3150
Nick Elwes
Simon Hudson
Plunkett Public Relations +353 1 230 3781
Sharon Plunkett
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END
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