Update on Dispute with SunTrust Oil

RNS Number : 2447P

San Leon Energy PLC

24 May 2018

 

24 May 2018

San Leon Energy plc

("San Leon" or the "Company")

Update on dispute with SunTrust Oil

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, has been provided with a copy of correspondence between SunTrust Oil ("SunTrust") and the Nigerian Department of Petroleum Resources ("DPR").  The correspondence relates to a requirement under Nigerian law for the Minister of Petroleum Resources to consent to any assignment of interests in oil and gas assets in Nigeria and the fact that such consent was not obtained prior to the purchase by the Company of its indirect interest in OML 18. 

 San Leon obtained legal advice prior to the purchase which confirmed that, owing to the way that the transaction was structured (and specifically the nature of its indirect interest in OML 18), it was not necessary for Eroton to obtain prior consent from the Minister.  Furthermore, San Leon and its partners have today re-confirmed with their legal advisers that this position is correct and the DPR will be notified accordingly.

As previously announced, the Company remains of the view that the purported allegations by SunTrust are without any foundation or merit.  The Company will provide further updates in due course.

Enquiries:                                                                                                                                                            

San Leon Energy plc                                                       

Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)

Nick Tulloch ([phone])

David Porter ([phone])

Whitman Howard Limited (Financial adviser and joint broker to the Company)

Nick Lovering ([phone])

Francis North ([phone])

Brandon Hill Capital Limited (Joint broker to the Company)                       

Oliver Stansfield ([phone])             

Jonathan Evans ([phone])   

Vigo Communications (Financial Public Relations)                                         

Chris McMahon ([phone])               

Kate Rogucheva ([phone])               

Plunkett Public Relations                                                                                           

Sharon Plunkett ([phone])              

 

END

 

 

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