SLE.L

San Leon Energy Plc
San Leon Energy PLC - Update on Ocean Pearl winding up petition
21st May 2024, 14:56
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 3406P
San Leon Energy PLC
21 May 2024
 

image1.png

 

 

 

21 May 2024

San Leon Energy plc

("San Leon" or the "Company")

 

Update on Ocean Pearl winding up petition

 

On 11 April 2024 San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announced that it had been made aware of a petition by Ocean Pearl Maritime SA ("Ocean Pearl") to wind up one of its subsidiaries, San Leon ELI Limited.  San Leon ELI Limited is the Company's subsidiary that holds San Leon's investments in Energy Link Infrastructure (Malta) Limited ("ELI"). The petition hearing is due to take place on 22 May 2024.

 

The petition relates to San Leon's proposal to acquire a further 13.5 per cent. of ELI's existing shares ("Shares") from Ocean Pearl for US$12 million. This proposal was part of a wider series of investments by San Leon in ELI which, when completed, will make San Leon the majority shareholder in ELI and constitute a reverse takeover under the AIM Rules for Companies as noted in the Company's announcement of 10 October 2023, which will require the publication of an AIM admission document by the Company. 

 

As previously announced, San Leon considers Ocean Pearl's petition to be both aggressive and vexatious.  In particular, the Company has been advised that, as all shares in ELI are pledged to GT Bank Nigeria ("GTB") as part of ELI's wider security package, any transfer of shares in ELI cannot be effected without the consent of GTB. San Leon is therefore taking all actions to defend the petition and instead prevail upon Ocean Pearl to work constructively with the Company towards an expedient completion of the acquisition of its 13.5 per cent interest in ELI.   

 

Further announcements will be made as appropriate.

 

 

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

 

 

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDABMITMTATBAI]]>
TwitterFacebookLinkedIn