San Leon Energy PLC Successful conclusion of the TAQA litigation (0593A)
January 31 2022 - 1:59AM
UK Regulatory
TIDMSLE
RNS Number : 0593A
San Leon Energy PLC
31 January 2022
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse (amendment) (EU Exit) Regulations 2019/310. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
31 January 2022
San Leon Energy plc
("San Leon" or the "Company")
Successful conclusion of the TAQA litigation
San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, is pleased to report
that two of its wholly owned subsidiaries, San Leon (Netherlands)
Limited and San Leon Energy B.V., have successfully concluded their
ongoing legal proceedings with TAQA Offshore BV ("TAQA") in
relation to San Leon's legacy interests in two royalties on Block
Q13A , which is located offshore the Netherlands (the "Amstel Oil
Field"), including an Overriding Royalty Agreement entered into
with Encore Oil as part of a sale and purchase agreement entered
into in 2007 (the "Royalty Agreements").
TAQA had subsequently purchased the interest from Encore Oil.
Production from the Amstel Field started in 2014 but no royalties
had been received. The Royalty Agreements became the subject of
separate legal proceedings in the Netherlands and the UK.
San Leon is pleased to report that it has now received payments
totaling more than EUR5.7 million from the actions taken in both
jurisdictions, including an interim payment in respect of its legal
costs. The royalties will continue to be payable in accordance with
the terms and conditions of the Royalty Agreements. The Royalty
Agreements represent legacy interests and any potential net future
benefit to the Company going forward from the Amstel Oil Field on a
monthly basis is not expected to be particularly material to San
Leon.
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
Nick Lovering
James Sinclair-Ford
Tavistock
(Financial Public Relations) +44 20 7920 3150
Nick Elwes
Simon Hudson
Plunkett Public Relations +353 1 230 3781
Sharon Plunkett
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END
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