San Leon Energy PLC Avobone Court Petition Withdrawn (5124X)

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RNS Number : 5124X

San Leon Energy PLC

24 November 2017

San Leon Energy plc

("San Leon" or the "Company")

Avobone Court Petition Withdrawn, Remaining

Avobone Payment Schedule

Further to the announcements on 1 November and 10 November 2017, San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that Avobone has withdrawn the petition to wind up the Company before the High Court of Ireland in Dublin.

The agreed payment schedule in respect of sums owed by San Leon to Avobone (including interest and costs), is as follows:

   --     EUR4.2 million on or before 27 November 2017, which has been paid 
   --     EUR3.3 million on or before 19 December 2017 
   --     EUR8.3 million on or before 15 January 2018

As previously announced, the Company is scheduled to be repaid approximately US$19 million per quarter on its loan notes from Q4 2017, with the next payment due to be received by the Company on or before 1 January 2018. The Company has received $5 million of the sum due this quarter to date, which was allocated to Avobone.

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.

Enquiries:

 
   San Leon Energy plc                         + 353 1291 6292 
   Oisin Fanning, Chief Executive 
   SP Angel Corporate Finance LLP (Nominated       +44 20 3470 
    Adviser)                                              0470 
   Richard Morrison 
   Ewan Leggat 
    Soltan Tagiev 
   Whitman Howard Limited (Financial               +44 20 7659 
    adviser and Joint broker)                             1234 
   Nick Lovering 
   Francis North 
   Brandon Hill Capital Limited (Joint             +44 203 463 
    broker to the Company)                                5000 
   Oliver Stansfield 
   Jonathan Evans 
   Vigo Communications (Financial Public           +44 207 830 
    Relations)                                            9700 
   Chris McMahon 
   Kate Rogucheva 
   Plunkett Public Relations                   +353 1 280 7873 
   Sharon Plunkett

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 24, 2017 11:51 ET (16:51 GMT)

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