San Leon Energy PLC Cash Receipt of US$40 Million (9846I)
07 Aprile 2020 - 8:00AM
UK Regulatory
TIDMSLE
RNS Number : 9846I
San Leon Energy PLC
07 April 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
7 April 2020
San Leon Energy plc
("San Leon" or the "Company")
Cash Receipt of US$40 Million
San Leon, the independent oil and gas production, development
and exploration company focussed on Nigeria, is pleased to announce
that it has received a Loan Notes payment of US$40 million.
The Company also announces that it has entered into an agreement
dated 6 April 2020 amending the Loan Notes Instrument (the
"Amendment") between San Leon and Midwestern Leon Petroleum Limited
("MLPL"). Under the terms of the Amendment, the remaining balance
payable is approximately US$82 million. A further US$10 million
will be paid to the Company on or before 6 October 2020, with the
balance of the Loan Notes receivable payable in three quarterly
instalments, commencing July 2021 and completing by December
2021.
The balance will continue to accrue interest at a coupon of 17%
per annum until repaid. All other material terms of the Loan Notes
Instrument remain unchanged.
The Company has received just over US$190 million from Loan
Notes payments to date, and has a cash balance at 7 April 2020 of
approximately US$74 million with no debt.
Midwestern Oil & Gas Company Limited ("Midwestern") remains
as the guarantor of the loan notes. Midwestern is a related party
of the Company for the purposes of the AIM Rules by virtue of its
shareholding of 13.18% of the existing Ordinary Shares. The
Amendment is therefore a related party transaction under the AIM
Rules. The Directors consider, having consulted with the Company's
nominated adviser, Cantor Fitzgerald Europe, that the terms of the
Amendment are fair and reasonable insofar as the Company's
shareholders are concerned.
Oisin Fanning, Chief Executive Officer, commented:
"The Company is in a very strong position armed with such
significant cash. We believe that this is a situation that will
continue. San Leon has around US$100 million of additional Loan
Notes and interest receipts expected by the end of next year, as
well as income from the provision of our technical services to
Eroton as operator of OML 18. In addition, the Company expects to
receive dividends from its indirect shareholding in Eroton in due
course. I look forward with confidence to updating shareholders on
the Company's growth and progress."
Joel Price, Chief Operating Officer, has approved the contents
of this announcement.
Enquiries:
+ 353 1291
San Leon Energy plc 6292
Oisin Fanning, Chief Executive
Cantor Fitzgerald Europe
(Nominated adviser and joint broker +44 207 894
to the Company) 7000
David Porter
Rick Thompson
Whitman Howard Limited +44 20 7659
(Joint broker to the Company) 1234
Nick Lovering
Brandon Hill Capital Limited +44 20 3463
(Joint broker to the Company) 5000
Oliver Stansfield
Jonathan Evans
Tavistock +44 20 7920
(Financial Public Relations) 3150
Nick Elwes
Simon Hudson
Barnaby Hayward
Plunkett Public Relations +353 1280 7873
Sharon Plunkett
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END
MSCUPUMCCUPUPPQ
(END) Dow Jones Newswires
April 07, 2020 02:00 ET (06:00 GMT)
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