San Leon Energy PLC Update on proposed transactions - Midwestern & ELI (8389X)
01 Settembre 2022 - 8:00AM
UK Regulatory
TIDMSLE
RNS Number : 8389X
San Leon Energy PLC
01 September 2022
1 September 2022
San Leon Energy plc
("San Leon" or the "Company")
Update on proposed transactions with Midwestern and ELI
San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, announces the following
update in relation to its forthcoming Proposed MLPL Reorganisation
and the Further ELI Investments, as defined in the Company's AIM
Admission Document published on 8 July 2022 (the "Admission
Document").
On 8 July 2022 the Company announced that it had entered into a
series of agreements with Midwestern Oil & Gas Company Limited
("Midwestern") to consolidate Midwestern's holdings in San Leon,
Midwestern Leon Petroleum Limited ("MLPL") and Energy Link
Infrastructure (Malta) Limited ("ELI") into a single holding in San
Leon (together the "Proposed Midwestern Reorganisation"). In
addition, San Leon announced further conditional investments in ELI
(together the "Further ELI Investments"). Taken together the
Proposed Midwestern Reorganisation and Further ELI Investments are
collectively referred to as the "Proposed Transactions". The
Admission Document set out details of the Proposed Transactions and
the Proposed Transactions were approved by shareholders at an
extraordinary general meeting of the Company held on 5 August
2022.
Extension of timeline for New Eroton Debt Facilities
Completion of the Proposed MLPL Reorganisation is subject to a
number of conditions, details of which were set out in the
Company's announcement of 8 July 2022 and in the Admission
Document. Several of these conditions have been satisfied, notably
the publication of the Admission Document and approval of relevant
matters pertinent to the Proposed Transactions by shareholders at
the Company's extraordinary general meeting held last month.
In order to acquire additional interests in OML 18 and take its
economic interest to 45% of OML 18, Eroton proposes to enter into
new senior secured reserve-based lending facilities totaling US$750
million (the "New Eroton Debt Facilities"), to be provided to
Eroton by a lending consortium headed by Afreximbank. Whilst this
process has advanced it remains a complex procedure with several
interested parties and, as a result, additional time is needed to
finalise the loan agreements and ancillary documentation.
Consequently the condition relating to the New Eroton Debt
Facilities, which had been due to be finalised by 31 August 2022,
has now been extended to 30 September 2022 by agreement with
Midwestern. Aside from the extension of timing, the structure of
the New Eroton Debt Facilities remains in accordance with the
description set out in the Admission Document.
The board of San Leon remains confident that the Proposed
Transactions will complete by or during the final quarter of this
year, as originally set out in the Admission Document.
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
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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