Nigeria focused oil firm San Leon sees collapse in share sale discussions

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The Directors of San Leon today confirm that discussions with both China Great United Petroleum (Holding) Limited (“CGUP”), originally announced on 28 June 2017, and Geron Energy Investment (“Geron”), originally announced on 21 December 2016, have been terminated. Both CGUP and Geron have confirmed that they do not intend to make an offer for the issued and to be issued share capital of San Leon.

As announced on 8 December 2017, discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company’s ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordancewith the facts and does not omit anything likely to affect the import of such information.

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.

Oisin Fanning, Chief Executive of San Leon Energy PLC, commented: “While I thank both CGUP and Geron for their interest in San Leon, I am pleased that we have been able to provide this update to shareholders today. These discussions have come to a conclusion by mutual agreement, which will allow the Company to move on, both with its discussions with Midwestern, and with the delivery of its business plan, which is focused on cash generation from our oil and gas operations in Nigeria.”

 

Source: Press Release