Update on publication of annual accounts

RNS Number : 3913K

San Leon Energy PLC

07 July 2017

 

7 July 2017

San Leon Energy plc

("San Leon" or the "Company")

Update on publication of annual accounts

San Leon hereby provides an update on the publication of its accounts for the year ended 31 December 2016 (the "Accounts").  The Company announced on 3 July 2017 that it had not been able to publish the Accounts by 30 June 2017 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules").  Therefore dealings in San Leon's ordinary shares were temporarily suspended under AIM Rule 40 until such time as the Accounts have been duly published in compliance with AIM Rule 19.

The Company's main asset is an indirect interest in the OML 18 block, onshore Nigeria, together with the expected receipt of loan principal and interest repayments from the OML 18 transaction completed in September 2016.

The delay in publication of the Accounts has been for procedural reasons due to the need for San Leon to incorporate the consolidated financial statements of Midwestern Leon Petroleum Limited, to include the results of both Martwestern Energy Limited and Eroton Exploration & Production Company Limited (the operator of OML 18).  San Leon will account for its share of that consolidation using the equity method of accounting.

The consolidation process involves several jurisdictions, and has taken longer than expected for what is the first such consolidation and equity accounted investment in Nigeria for San Leon. When this process is completed, it will be followed by a number of normal audit confirmatory and technical review matters, which when completed will then put the company in a position to finalise and publish its financial statements.

Dealings in San Leon's ordinary shares will remain temporarily suspended until such time as the Accounts have been duly published.

Notwithstanding the temporary suspension of trading in the Ordinary Shares, the Company will continue to make announcements as and when there are any developments that require announcement under the AIM Rules.

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.

Enquiries:

San Leon Energy plc	+ 353 1291 6292
Oisin Fanning, Chief Executive
SP Angel Corporate Finance LLP (Nominated adviser and joint broker to the Company)	[phone]
Richard Morrison
Ewan Leggat
Soltan Tagiev
Whitman Howard Limited (Financial adviser to the Company)	[phone]
Nick Lovering
Brandon Hill Capital Limited (Joint broker to the Company)	[phone]
Oliver Stansfield
Jonathan Evans
Vigo Communications (Financial Public Relations)	[phone]
Chris McMahon
Alexandra Roper
Plunkett Public Relations	[phone]
Sharon Plunkett

 

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