Relinquishment of certain Polish assets

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 €7.3 million.  The annual cost saving from the relinquishments is approximately €250,000, 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:

 

San Leon Energy plc                                         

+ 353 1291 6292

Oisin Fanning, Chief Executive

 

 

SP Angel Corporate Finance LLP (Nominated Adviser)

+44 20 3470 0470

Richard Morrison

 

Richard Hail

 

 

 

Whitman Howard Limited (Financial adviser and Joint broker)

+44 20 7659 1234

Nick Lovering

 

Francis North

 

 

 

Brandon Hill Capital Limited (Joint broker to the Company)

+44 203 463 5000

Oliver Stansfield

 

Jonathan Evans

 

 

 

Vigo Communications (Financial Public Relations)

+44 207 830 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
 
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