SLE San Leon Energy Plc

TIDMSLE

RNS Number : 8790K

San Leon Energy PLC

27 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.

27 April 2020

San Leon Energy plc

("San Leon" or the "Company")

Proposed Special Dividend

San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, is pleased to announce that the Board has approved a special dividend of approximately GBP27 million (US$33 million), or 6 pence per ordinary share.

As at 24 April 2020, the Company had a cash balance of US$73 million (GBP59 million) and expects to receive further income from various sources as set out in the RNS of 7 April 2020.

To date, including the proposed special dividend, San Leon has returned approximately US$66 million (GBP52 million) to shareholders via the repurchase of its ordinary shares and now via dividend, which is in line with its 2016 Capital Distribution Policy. The directors note that the Company's business strategy has reduced costs outside its core area of Nigeria, and that visibility of future cash flow is strong. Such future cash flow is expected to include further Loan Notes receipts, income from the provision of technical services to Eroton, and in due course income from the Company's indirect equity interest in OML 18. The directors expect that the Company will continue to have more than sufficient cash to deliver its strategy and business development activities to grow the Company.

The Company intends to pay the dividend on 29 May 2020 to those shareholders on the register on 11 May 2020. The ex-dividend date will be 7 May 2020.

Oisin Fanning, Chief Executive Officer, commented:

"This special dividend demonstrates the Company's continued commitment to its Capital Distribution Policy, and fulfils the undertaking we made on 30 September 2019 to pay our first dividend. We are proud to have returned a total of US$66 million (GBP52 million) to shareholders so far, including the proposed special dividend. We have a very strong cash position with clear visibility on our healthy future income stream. This has enabled us to propose the special dividend whilst continuing to pursue growth opportunities which are prevalent in the current market. I look forward with confidence to updating shareholders on the Company's growth and progress."

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 
 
                                         +353 1 230 
 Plunkett Public Relations                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.

END

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April 27, 2020 02:00 ET (06:00 GMT)

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