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San Leon Energy Plc
San Leon Energy PLC - Update on refinancing
8th January 2024, 07:00
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RNS Number : 8678Y
San Leon Energy PLC
08 January 2024
 

 

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8 January 2024

San Leon Energy plc

("San Leon" or the "Company")

 

Update on refinancing

 

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces that, further to its update announcement on the investment from Tri Ri Asset Management Corp. ("TRAM") on 27 November 2023, San Leon has continued its dialogue with TRAM to understand the reasons for the delay, by TRAM, in delivering funds pursuant to the terms of its contractual arrangements with San Leon. To date, no funds have been received by the Company. Although San Leon considers that its contract with TRAM remains valid and in full force and effect, the Board has nevertheless determined that it is prudent to seek an alternative solution should the TRAM investment delays continue.  Over the past weeks the Company has identified and has been in discussions with a new potential financing partner in relation to a potential funding solution that is similar to the investment from TRAM. 

 

The Company's ordinary shares of €0.01 each in the Company (the "Ordinary Shares") remain suspended from trading on AIM, pending San Leon publishing: i) its audited accounts for the year ended 31 December 2022 (the "2022 Accounts"), as required by Rule 19 of the AIM Rules for Companies; ii) its unaudited interim results for the six months ended 30 June 2023 (the "2023 Interim Accounts"), as stipulated by Rule 18 of the AIM Rules for Companies; and iii) an AIM admission document in relation to the New ELI Investments, details of which were announced by San Leon on 10 October 2023, which are one of the proposed uses of the proceeds from the investment from TRAM (or, alternatively, the new potential financing partner).  The Company intends to pursue all of these requirements following the conclusion of its refinancing.

 

Further announcements will be made in due course. 


 

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

 

Fortified Securities

(Joint broker to the Company)

+44 7493989014

Guy Wheatley

 

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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