San Leon Energy PLC Relinquishment of certain Polish assets (3533Y)

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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December 05, 2017 02:00 ET (07:00 GMT)

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