San Leon Energy PLC Update on discussions with Midwestern (8643Y)

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RNS Number : 8643Y

San Leon Energy PLC

08 December 2017

8 December 2017

San Leon Energy plc

("San Leon" or the "Company")

Update on discussions with Midwestern

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, provides an update on its discussions with Midwestern Oil and Gas Limited ("Midwestern").

On 3 November 2017, the Company announced that it had received an indicative proposal that included San Leon acquiring Midwestern's shares in Midwestern Leon Petroleum Limited ("MLPL"). Whilst not part of the written indicative proposal received by the Company, discussions included the possibility of an offer, as defined in the Irish Takeover Code (an "Offer") by Midwestern for the issued and to be issued share capital of San Leon.

Discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern. However, Midwestern has now confirmed to the board of San Leon that it does not intend to make an Offer.

A further announcement will be made in due course.

This announcement is being made with the approval of Midwestern.

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.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

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 
 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         +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

END

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December 08, 2017 10:10 ET (15:10 GMT)

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