San Leon Energy PLC Relinquishment of certain Polish assets (3533Y)
December 05 2017 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 3533Y
San Leon Energy PLC
05 December 2017
San Leon Energy plc
("San Leon" or the "Company")
Relinquishment of certain Polish assets
San Leon, the AIM listed company focused on oil and gas
development and appraisal in Africa and Europe, announces that it
has informed the Ministry of Environment in Poland of its intention
to relinquish its interest in its remaining Baltic Basin shale gas
concessions (Gdansk West & Szczawno), onshore Poland. This
represents a significant reduction of SLE's involvement in
exploration operations in Poland, leaving the Company with the
conventional assets which are subject to the transactions announced
on 19 September 2017.
The impairment charge on the balance sheet as a result of
relinquishing these assets is approximately EUR7.3 million. The
annual cost saving from the relinquishments is approximately
EUR250,000, plus any work commitments.
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, CEO, commented:
"The Company continues to focus on its core Nigerian asset, and
this reduction in the exposure in Poland is a natural step towards
achieving this."
Enquiries:
+ 353 1291
San Leon Energy plc 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP +44 20 3470
(Nominated Adviser) 0470
Richard Morrison
Richard Hail
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 +44 207 830
Public Relations) 9700
Chris McMahon
Kate Rogucheva
+353 1 280
Plunkett Public Relations 7873
Sharon Plunkett
This information is provided by RNS
The company news service from the London Stock Exchange
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